Group 1 - The core viewpoint of the article is that Jiaxin International Resources (03858) has reported a significant turnaround in its financial performance, expecting a net profit of approximately HKD 300 million to HKD 340 million for the year ending December 31, compared to a loss in the previous year [1] - The expected turnaround to profit is attributed to the fact that the group has not yet commenced operations in 2024, resulting in no revenue generation and previous losses [1] - The company is set to begin commercial production in April 2025, which is anticipated to mark the start of revenue generation and profitability [1] Group 2 - The tungsten market is experiencing a tight supply and high price environment, with the price of 65% black tungsten concentrate reported at RMB 685,000 per standard ton, reflecting a 48.9% increase since the beginning of the year [1] - The price of ammonium paratungstate (APT) is reported at RMB 1,000,000 per ton, which is a 49.3% increase from the start of the year [1] - Market focus is shifting from transactions to expectations for the period following the Spring Festival [1]