佳鑫国际资源(03858)涨超7%，截至发稿，涨7.08%，报87.7港元，成交额8128.9万港元。 消息面上，据中钨在线消息，钨市依旧一派火热景象，自钨原料到钨材、钨合金，再到钨废料的全产业 链价格屡创新高。1月26日，以人民币吨价计，钨精矿价格逼近55万关口，仲钨酸铵价格站上80万高 位，钨粉价格突破130万大关。第一上海此前认为，公司稀缺钨矿资源开启商业化，估值重构在即。该 行指出，佳鑫国际资源正处在一个关键的价值释放拐点，且坐拥世界级核心资产，资源禀赋奠定长期增 长基石。公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。 ...

Summary of the Conference Call for Jiaxing International Resources Company Company Overview - Jiaxing International Resources Company is a Chinese tungsten mining enterprise listed on both the Hong Kong Stock Exchange and the Astana Exchange in Kazakhstan. The company benefits from the "Belt and Road" initiative and has significant investments in the Bakuta Tungsten Mine project, which is expected to commence commercial production in April 2025 [2][5]. Industry Insights - Tungsten is classified as a strategic metal, with global resources being scarce. Although China's tungsten reserves are declining, its production remains high, leading to supply pressures. The demand for tungsten is expected to grow due to emerging industries and infrastructure projects, driven by geopolitical conflicts that increase overseas demand [2][6][7]. Key Points from the Conference Call Bakuta Tungsten Mine Project - The Bakuta Tungsten Mine has a JORC-compliant resource of 107.5 million tons, with an average tungsten trioxide grade of 0.2%, translating to 230,000 tons of tungsten trioxide resources. The project has a planned processing capacity of 3.3 million tons and 4.95 million tons per year for its first and second phases, respectively [2][3]. - The mine's mining rights are valid until 2040, allowing for a mining depth of 300 meters [4]. Production Capacity and Growth - The company anticipates that by the first quarter of 2027, it will achieve a production capacity of over 10,000 tons annually. The processing capacity is expected to increase to 4.95 million tons per year by 2026 [2][8]. - The compound annual growth rate (CAGR) for China's hard alloy and tungsten material consumption over the past five years has been 6.5% and 5.8%, respectively [3][9]. Market Demand and Supply Dynamics - The global tungsten supply-demand gap is projected to be between 10,000 to 20,000 metal tons, accounting for approximately 18% to 20% of the market. As of November last year, inventories of APT producers and carbide producers in China had decreased by 61% and 17%, respectively, indicating a tight supply situation [3][14]. - The overseas consumption of tungsten is expected to grow at a CAGR of 2.9% from 2023 to 2028, driven by increased military spending and large infrastructure projects [11][13]. Financial Projections - Jiaxing International's revenue is projected to reach RMB 1 billion, RMB 2.3 billion, and RMB 4.5 billion in 2025, 2026, and 2027, respectively, with corresponding growth rates of 221% and 38%. The expected tungsten concentrate production is forecasted to increase from 5,292 tons in 2025 to over 11,000 tons by 2027 [17]. - The average price of tungsten concentrate is expected to stabilize around RMB 450,000 per ton by 2026, with a decrease in production costs from RMB 136,000 to RMB 98,500 per ton [17]. Competitive Advantages - The Bakuta Tungsten Mine project has several competitive advantages, including rich resources, low costs, and favorable geographical location, benefiting from the "Belt and Road" initiative. The project is positioned to become a leading player in the Central Asian mining sector [15][16]. Pricing and Valuation - The initial coverage pricing for Jiaxing International is set at HKD 95, with a target valuation of RMB 38.9 billion or HKD 43.3 billion, based on a PE ratio of 22.6 times. The valuation considers comparable companies and a DCF analysis [18]. Market Price Trends - The market is closely monitoring future price trends, with expectations of a sustained bull market in prices due to supply constraints and increased demand from emerging industries and geopolitical tensions [19][20]. This summary encapsulates the key insights and projections discussed during the conference call, highlighting the strategic positioning of Jiaxing International Resources Company within the tungsten industry and its growth potential.

责任编辑：张俊 SF065 责任编辑：张俊 SF065 Almonty Industries（多伦多证券交易所代码：AII）已在韩国桑东（Sangdong）矿山启动产能爬坡，并 签署了一项对美供应协议，旨在减少对由外国主导的钨供应链的依赖。 Almonty Industries（多伦多证券交易所代码：AII）已在韩国桑东（Sangdong）矿山启动产能爬坡，并 签署了一项对美供应协议，旨在减少对由外国主导的钨供应链的依赖。 ...

Core Viewpoint - The stock of Jaxin International Resources (03858) has surged over 6%, reaching a new high of 45.8 HKD, driven by rising tungsten prices and strong market interest in the company [1] Group 1: Company Overview - Jaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten project [1] - The company is recognized for its top-tier resource endowment, collaboration with state-owned enterprises, rapid capacity release, and future cost advantages, making it an attractive investment in the capital market [1] Group 2: Market Dynamics - As of December 18, tungsten concentrate, ammonium paratungstate, and tungsten powder prices have continued to rise, with tungsten powder (≥99.7%) reaching 1.01 million CNY per ton, a 219.6% increase since the beginning of the year [1] - Domestic tungsten powder prices (≥99.7%) have also increased to 1.045 million CNY per ton, with a noticeable acceleration in the price increase compared to November [1] - The recent surge in tungsten prices is attributed to supply contraction as the year-end approaches and adjustments in long-term contract prices [1] Group 3: Investment Potential - Jaxin International is viewed as a highly elastic investment opportunity in the context of the ongoing tungsten price surge, with potential for significant long-term value that is not yet fully reflected in its current stock price [1] - The long-term intrinsic value of Jaxin International is primarily determined by three core variables: production, price, and cost, which can be assessed through simple calculations to anchor the company's true long-term value [1]

Core Viewpoint - The price of tungsten has surged significantly, leading to a bullish trend in the metal market, with Jaxin International (03858) being recognized as a key player benefiting from this price increase [1][2]. Group 1: Tungsten Price Dynamics - Tungsten prices have increased by 12%-18% weekly, with a year-to-date increase exceeding 200%, making it one of the most aggressively rising metals expected to continue this trend into 2025 [1][2]. - Key tungsten products have reached new highs, with black tungsten concentrate priced at 430,000 CNY per standard ton (up 15.3% week-on-week), ammonium paratungstate (APT) at 650,000 CNY per ton (up 17.1% week-on-week), and tungsten powder surpassing 1,030 CNY per kilogram (up 13.2% week-on-week) [2][3]. - The price surge is driven by tight supply and structural demand growth, with domestic mining quotas decreasing and limited overseas production to fill the gap [2][3]. Group 2: Demand Drivers - Demand for tungsten is increasing across various sectors, particularly in photovoltaics, military, and high-end manufacturing, with significant projected growth in tungsten usage for solar applications and military hard alloys [3]. - The implementation of export restrictions on tungsten products in China is expected to further elevate overseas prices [3]. Group 3: Jaxin International's Position - Jaxin International is recognized as the "elastic king" in the tungsten market due to its substantial open-pit tungsten mine and strategic partnerships with state-owned enterprises, ensuring efficient production and market positioning [4][5]. - The company has a significant resource base with 107 million tons of ore and a tungsten resource of 227,300 tons, making it the largest open-pit tungsten mine globally [5]. - Jaxin's production capacity is set to increase significantly, with targets of 1.205 million tons of tungsten concentrate in 2025 and 1.37 million tons by 2027, alongside a projected reduction in production costs [6][7]. Group 4: Financial Outlook - Jaxin International's stock has seen a remarkable increase, with a historical high of 44.38 HKD per share, reflecting a 306% rise from its IPO price of 10.92 HKD [1][8]. - The company is expected to achieve a gross profit of 5.5 to 6 billion CNY by 2027, based on projected production and price levels, indicating strong potential for future profitability [8][9]. - The market anticipates that Jaxin's stock could replicate the tenfold growth seen by Zijin Mining in 2021, driven by resource value reassessment and production capacity realization [9].

Group 1 - The price of mainstream domestic 65% black tungsten concentrate has reached 416,600 CNY per ton, an increase of over 190% since the beginning of the year [1] - Short-term outlook suggests that tungsten prices are expected to continue to run strong and reach new highs due to supply-side constraints, including declining ore grades and stricter regulations [1] - Domestic production is under pressure due to reduced mining quotas and a general slowdown in production pace, while demand remains stable, primarily driven by essential purchases and PCB tool demand [1] Group 2 - Long-term expectations indicate that the global tungsten supply-demand relationship will remain tight, driving the price center of tungsten to continue rising [1] - Global tungsten production is projected to increase from 79,500 tons in 2023 to 89,900 tons by 2028, while global demand is expected to rise from 96,200 tons to 110,000 tons during the same period [1] - Major domestic tungsten companies have raised long-term prices for early December, boosting market bullish sentiment [1]

消息面上，据华源证券，近两周，黑钨精矿价格上涨9.76%至37.10万元/吨，仲钨酸铵价格上涨12.12% 至55.50万元/吨。供给端，钨精矿开采指标缩减，矿山普遍放缓生产节奏，行业流通继续收紧为主。需 求端，国内需求基本保持稳定，刚需采购为主，PCB刀具需求景气。近期，国内钨主流企业上调12月上 半月长单价格，提振市场看涨情绪。中邮证券认为，短期看钨价供需矛盾难解，12月预计钨全产业链将 延续上涨行情。 中金此前指，据佳鑫国际资源公告，公司开发运营的哈萨克斯坦巴库塔钨矿已于2025年4月正式进入商 业化生产，公司计划于2H25、2026、2027年分别生产3638、10900、13665吨钨精矿（65%WO3口 径），该行测算哈萨克斯坦巴库塔钨矿占到2025-2027年全球原钨供给的比重有望达4%、7%、8%。 智通财经APP获悉，佳鑫国际资源(03858)涨超8%，截至发稿，涨8.29%，报41.8港元，成交额2870.73万 港元。 ...

Group 1 - The core viewpoint is that tungsten prices have significantly increased due to extreme supply tightness and surging demand from various sectors, including new energy fields like photovoltaics and solid-state batteries [1] - As of November 17, the average price of tungsten powder reached 747,500 yuan per ton, marking a cumulative increase of 100% for the year [1] - The price of 65% black tungsten concentrate rose to 320,000 yuan per standard ton, reflecting a year-to-date increase of 123.8% [1] - The price of 65% white tungsten concentrate reached 319,000 yuan per standard ton, also showing a year-to-date increase of 124.7% [1] - Ammonium paratungstate (APT) price was reported at 478,000 yuan per ton, with a year-to-date increase of 126.5% [1] Group 2 - The supply side is experiencing extreme tightness, with domestic tungsten mining quotas for 2025 reduced to 58,000 tons, a year-on-year decrease of 6.45% [1] - Key production areas like Jiangxi and Hunan have further reduced their quotas, and some low-capacity mines have not received mining indicators, leading to a continuous contraction in supply [1] - Short-term demand is driven by traditional inventory replenishment and peak installation in the photovoltaic sector, maintaining a low inventory situation [1] - In the medium to long term, tightening mining quotas, normalized environmental policies, and growth in emerging sector demand are expected to persist, with a projected global supply-demand gap of 4,679 tons [1] - The price center is anticipated to continue rising due to these factors [1]

Core Viewpoint - The company confirmed its registration in Hainan but clarified that its wholly-owned subsidiary, Shizhu Garden Company, is located in Hunan, indicating no mining operations in Hainan [1] Group 1 - The company has a registered location in Hainan [1] - The wholly-owned subsidiary, Shizhu Garden Company, operates in Hunan [1]

Core Insights - The article discusses the strategic importance of tungsten in military applications, highlighting that 80% of the world's tungsten is produced in China, which raises concerns for the U.S. regarding supply chain vulnerabilities [1][6]. Group 1: U.S. Strategic Moves - The U.S. is actively seeking alternative sources of tungsten outside of China, with a focus on Central Asia, particularly Kazakhstan, where a significant mining cooperation agreement has been signed [2][4]. - Cove Capital, a U.S. company, has acquired a 70% stake in a major tungsten mine in Kazakhstan, indicating a competitive move against Chinese interests [4]. - The U.S. aims to establish a new critical mineral supply chain, with Kazakhstan's tungsten mine being a key component in this strategy [6][9]. Group 2: Kazakhstan's Position - Kazakhstan is caught between major powers, balancing its economic ties with China, which accounts for 40% of its trade, and the emerging relationship with the U.S. [4][8]. - The country is under pressure to navigate its alliances carefully, especially in light of geopolitical tensions exemplified by the situation in Ukraine [4][8]. Group 3: Challenges and Considerations - The development costs of the Kazakhstan tungsten mine are estimated to be two to three times higher than those in China, raising questions about the economic viability for U.S. companies [11]. - Local environmental concerns are emerging, with protests anticipated against the mining operations, which could complicate the development process [11]. - The timeline for the mine to start producing tungsten is projected to take several years, creating uncertainty regarding U.S. policy continuity and investment [11][13]. Group 4: Future Implications - The article suggests that the competition for critical minerals like tungsten will intensify, with potential legislative moves in the U.S. to militarize critical mineral resources [13]. - China's advanced tungsten recycling technology and industry advantages are expected to mitigate short-term supply shortages, but the geopolitical landscape remains volatile [13].