人民财讯8月26日电，据中钨在线，8月26日钨市场行情：钨市涨势仍在持续，钨精矿市场上，严格的安 全生产管控增加供应偏紧预期，市场挺价基础稳固，但是下游短期承接压力大，市场价格传导机制失 衡。65%黑钨精矿价格报23.3万元/标吨，较年初涨62.9%。65%白钨精矿价格报23.2万元/标吨，较年初 涨63.4%；仲钨酸铵(APT)市场上，在钨原料价格节节攀高的形势下，供应商持货待涨情绪浓厚，APT 一货难求，行情跳涨，市场不安情绪紧绷，整体流动性较弱。仲钨酸铵(APT)价格报35万元/吨，较年初 涨65.9%。欧洲APT价格485—520美元/吨度(折合人民币30.8—33万元/吨)，较年初涨52.3%。 ...

假设超额配股权并无获行使及按发售价每股发售股份10.92港元计算，扣除集团于全球发售中应付的包 销费用及开支后，集团估计集团将获得所得款项净额约10.88亿港元。集团计划将全球发售所得款项净 额用于以下用途：(i)约55.0%将用作拨付巴库塔钨矿项目开发的资本成本。其中约17.5%将用作拨付有 关巴库塔钨矿项目开发尾矿库的资本成本。约27.5%将用作拨付有关巴库塔钨矿项目建立选矿厂的资本 成本。约10.0%将用作拨付为集团二期商业生产建立矿石分选系统;(ii)约10.0%将用作发展集团的仲钨酸 铵(APT)生产能力。其中约6.0%将用于仲钨酸铵生产设施的初步设计。约2.0%将用于进行有关潜在客户 及仲钨酸铵需求的市场研究。约1.0%将用于进行仲钨酸铵生产的可行性研究。约1.0%将用于杂项开 支，主要包括差旅及交通开支;(iii)约25.0%将用作偿还集团部分以欧元计值的银行贷款的本金总额及应 计利息;(iv)约10.0%将分配作营运资金及其他一般公司用途。 于往绩记录期，集团主要专注于筹备巴库塔钨矿项目的商业生产，因此，于2022年、2023年及2024年12 月31日止年度以及截至2025年6月30日止6个 ...

集团已与中国信达(香港)资产管理有限公司(信达)、新加坡鲁银贸易有限公司(鲁银)、广发基金管理及广 发国际资产管理(统称广发基金)、富国香港及富国基金、Zhengxin Group Investment Limited(Zhengxin) (分别称为"基石投资者"及统称"基石投资者")订立基石投资协议(分别称为"基石投资协议"及统称"基石 投资协议")，据此，基石投资者同意在若干条件规限下，按发售价认购或促使其指定实体按发售价认购 可按相当于7638万美元的总金额(按1.00美元兑7.8498港元的转换率计算)购买的有关数目发售股份(向下 约整至最接近每手400股股份的完整买卖单位)(基石配售)。根据发售价每股股份10.92港元，基石投资者 将认购的发售股份总数将为5490.44万股发售股份。 假设超额配股权并无获行使及按发售价每股发售股份10.92港元计算，扣除集团于全球发售中应付的包 销费用及开支后，集团估计集团将获得所得款项净额约10.88亿港元。集团计划将全球发售所得款项净 额用于以下用途：(i)约55.0%将用作拨付巴库塔钨矿项目开发的资本成本。其中约17.5%将用作拨付有 关巴库塔钨矿项目开发尾矿 ...

集团订立基石投资协议，据此，基石投资者同意在若干条件规限下，按发售价认购或促使其指定实体按 发售价认购可按相当于7638万美元的总金额购买的有关数目发售股份。基石投资者包括中国信达(香港) 资产管理有限公司("信达"，中国信达(01359.HK)的全资附属公司)、新加坡鲁银贸易有限公司("鲁银"， 国有企业山东招金集团有限公司的全资附属公司)、广发基金管理及广发国际资产管理(统称"广发基 金")、富国香港及富国基金、Zhengxin Group Investment Limited("Zhengxin")。 假设超额配股权并无获行使及按发售价每股发售股份10.92港元计算，估计集团将获得所得款项净额约 10.877亿港元。集团计划将全球发售所得款项净额用于以下用途：约55.0%将用作拨付巴库塔钨矿项目 开发的资本成本；约10.0%将用作发展集团的仲钨酸铵(APT)生产能力；约25.0%将用作偿还集团部分以 欧元计值的银行贷款的本金总额及应计利息，集团一直主要以银行贷款拨付集团巴库塔钨矿项目的建设 发展；以及约10.0%将分配作营运资金及其他一般公司用途。 格隆汇8月20日丨佳鑫国际资源(03858.HK)发布 ...

格隆汇8月12日｜据中钨在线，钨市涨声继续，钨精矿和主要钨制品价格迭创新高。月初市场经历短暂 微跌后迅速回归稳健，消费端虽未得到充分喘息，但原料端挺市态度坚决，整体钨价走势坚挺。行情的 主要驱动因素仍为供给端紧缺与持货商惜售，叠加国际价格传导与政策预期共振。截至发稿，仲钨酸铵 (APT)价格报29.1万元/吨，较年初涨37.9%；钨粉价格报438元/公斤，较年初涨38.6%；70钨铁价格报30 万元/吨，较年初涨39.5%；废钨棒材价格报327元/公斤，较年初涨48.6%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is recognized as one of the largest tungsten ore resources globally [4]. - The Bakuta tungsten mine is projected to start commercial production in April 2025, with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [4]. Group 2: Resource Estimates - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3 [5]. - The mine has a credible ore reserve of 68.4 million tons with an average grade of 0.206% WO3, translating to 140.8 thousand tons of WO3 [5]. Group 3: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - For the six months ending June 30, 2025, the projected operating loss is approximately HKD 69.72 million [6]. - The company has not generated any revenue in the years leading up to 2024, with projected revenue of HKD 126.31 million for 2025 [8].

Core Insights - The importance of strategic metals has been further highlighted, with the Chinese government implementing export controls on key strategic minerals to safeguard national security and development interests [2][5][9] - Recent export control measures have led to significant price increases for certain strategic metals, indicating a tightening supply chain and heightened market volatility [4][6][7] Group 1: Export Control Measures - The Chinese government has organized multiple meetings to strengthen the export control of strategic minerals, including gallium, germanium, antimony, tungsten, and rare earth elements [2][5] - The export control measures are seen as a response to external pressures, particularly from the U.S., and aim to prevent the outflow of strategic resources while promoting compliance in trade [5][9] Group 2: Price Dynamics - Following the implementation of export controls, prices for certain strategic metals have surged, with European prices for dysprosium and terbium increasing by approximately three times since April [6][7] - The price disparity between domestic and international markets has reached historical peaks, with antimony price differences reaching 180,000 yuan per ton [6][7] Group 3: Market Implications - Analysts predict that the current high prices for strategic metals may not be sustainable in the long term, but a significant price increase of 20% to 50% could occur in the short term due to supply chain pressures [8] - The strategic metal sector is expected to undergo a value reassessment, with long-term price trends indicating a potential annual increase of 20% from 2025 to 2030 [8][9]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Military Trade and Defense Industry**: The discussion revolves around the military trade sector and its market dynamics, particularly focusing on companies like 成飞集成 (Chengfei Integration) and its role in the defense supply chain [1][3]. - **Tungsten Industry**: The records highlight the tungsten market, emphasizing its strategic importance in defense and the impact of geopolitical factors on supply and demand [4]. - **AI and Edge Computing**: 瑞芯微 (Rockchip) is mentioned in the context of AI applications and edge computing, indicating its role in the technology sector [5]. Core Points and Arguments - **Market Sentiment and Trends**: The market is experiencing fluctuations with a shift in sentiment, particularly in the military trade sector, where expectations remain unclear. The focus is on whether high-profile stocks will rebound [1][3]. - **Chengfei Integration's Role**: As a key supplier for Chengfei Group, the company is crucial in the aviation parts manufacturing sector, specifically for the J-10 fighter jet, indicating its strategic importance in the defense supply chain [3]. - **Tungsten Price Surge**: The price of tungsten has reached a three-year high, driven by supply constraints and increased demand due to geopolitical tensions. The market is characterized by a "mining-led rally" affecting the entire industry chain [4]. - **Geopolitical Impact on Tungsten Supply**: Export controls and reduced mining quotas in China are tightening tungsten supply, while the EU's strategic reserve initiatives are exacerbating resource shortages [4]. - **AI Chip Demand**: The demand for specialized AI chips for edge computing is rising, with 瑞芯微 positioned to benefit from the growing market for AI applications in smart industries and cities [5]. Other Important but Possibly Overlooked Content - **Market Dynamics**: The records indicate a defensive posture in the market, with a focus on high-dividend stocks like banks, while technology stocks are underperforming [1]. - **Potential for Military Stocks**: There is speculation about the potential for military-related stocks to rebound, particularly in light of government commentary on enhancing military capabilities [1]. - **Tungsten's Strategic Importance**: The records emphasize tungsten's critical role in national defense, highlighting its classification as "the soul of the defense industry" and its extensive applications in weapon manufacturing [4]. - **Edge Computing Growth**: The anticipated growth in edge computing and AI applications is expected to drive significant increases in product shipments for 瑞芯微, reflecting broader trends in technology adoption [5].