据中钨在线，自2025年3月以来，中国钨价呈现持续攀升态势，8月份出现阶段性暴涨，至9月上旬达到 历史峰值并实现主要钨制品价格年内翻番。公开资料显示，佳鑫国际资源是扎根于哈萨克斯坦的钨矿公 司。招商证券指出，佳鑫国际资源核心资产为巴库塔钨矿，为全球最大露天钨矿，在单体钨矿中拥有全 球最大的设计钨矿产能。公司核心资产目前已投产，未来仍有增产预期，受益钨价上行，公司利润有望 高速增长。 佳鑫国际资源(03858)午后涨近10%，高见38.16港元，较招股价10.92港元累涨近250%。截至发稿，涨 10.13%，报38.04港元，成交额1.44亿港元。 ...

港股金属有色行业：成长性与防御性兼具的优质赛道 20250924 摘要 预期降息增强，资金涌入具金融属性的有色金属，港股中小型有色金属 公司估值低、弹性高，配置价值凸显。 钴行业预计 2026 年后出现约 3 万吨短缺，钴价或持续上涨至接近 40 万元/吨。力群资源受益于印尼湿法冶炼产能，利润弹性大，预计 2026 年镍部分利润超 40 亿元。 黄金价格受降息周期和去美元化驱动，预计将向 4,000 美元/盎司迈进。 紫金黄金国际估值偏低，上市后有望炒至 3,000 亿港币以上。 铜矿供应紧张，多家公司下调产量预期，预计 2025 年至 2026 年上半 年为全球铜矿最紧张时期，铜价易创新高，明年上半年或达 12,000 美 元/吨以上。 钨矿供应受配额下降、超采减少和政策限制，需求端稳健，预计 2025 年至 2027 年供需缺口持续，支撑钨价高位运行。嘉欣国际受益于钨价 上涨，利润空间大，目前市值被低估。 Q&A 港股有色金属板块的投资价值如何？ 港股有色金属板块具有较高的投资价值，主要原因包括基本面的供需格局改善、 价格支撑以及相关行业净利润增长超预期。此外，内资和外资对该板块的关注 度持续提升，尤其是 ...

Core Viewpoint - The company is China's largest integrated copper producer, with potential incremental growth from overseas resource expansion [1] Group 1: Company Overview - Jiangxi Copper is the largest copper production base in China, with stable production of copper and by-product gold [2] - The company owns multiple operating copper mines, including the large open-pit Dexing Copper Mine, which has a cash cost below the industry average [2] - As of December 31, 2024, the company has approximately 8.8991 million tons of copper resources, 239.08 tons of gold, 8,252.60 tons of silver, and 166,200 tons of molybdenum [2] Group 2: Production and Financial Performance - The company has maintained stable annual production of approximately 200,000 tons of copper and 5 tons of by-product gold over the past five years [2] - In the first half of 2025, the company achieved revenue of 257 billion yuan, a decrease of 5%, and a net profit attributable to shareholders of 4.2 billion yuan, an increase of 15% [7] - The company's A-share PE for 2025 is projected at 12.2 times, while the Hong Kong share PE is 10.1 times, significantly below the copper sector median of 17.2 times [7] Group 3: Growth Opportunities - The Bakuta tungsten mine, in which the company holds a 31.2% stake, is expected to increase production to 4.95 million tons of tungsten ore by 2025 [3] - The company is the largest shareholder of First Quantum Minerals Ltd., which is working towards restarting the Cobre Panamá copper mine, potentially adding 65,000 tons of copper annually if production resumes [4][5] - The company holds a 25% stake in the Aynak copper mine in Afghanistan, with development expected to begin by the end of 2025 [6] Group 4: Future Projections - The company anticipates revenue growth from 537 billion yuan in 2025 to 554.9 billion yuan in 2027, with corresponding net profits increasing from 8.067 billion yuan to 9.324 billion yuan [9] - The projected PE ratios for 2025 to 2027 are 12.21, 11.38, and 10.56 times, indicating a potential for valuation recovery [9]

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource-based companies going public [1][2] - Zijin Gold International, a spin-off of Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource-based companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [4][5] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [4][7] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, utilizing a low-temperature Bayer process for alumina production [4][7] Group 3 - Jiexin International Resources, based in Kazakhstan, is notable for being the first company to dual-list in both Hong Kong and the Astana International Exchange, with significant tungsten resources [5] - Several resource-based companies, including Jinxun Co., Zhihui Mining, and Innovation International, are currently in the pipeline for IPOs in Hong Kong, primarily aiming to develop international markets and acquire overseas projects [6][7] - The trend of resource companies seeking Hong Kong listings reflects a strategy to enhance governance, competitiveness, and market influence in the context of globalization and the Belt and Road Initiative [7]

Group 1 - The core viewpoint of the article highlights that Jaxin International Resources (03858) has seen a significant increase in stock price, rising over 6% to 30.2 HKD, with a trading volume of 90.225 million HKD [1] - The tungsten market is experiencing a notable decrease in transaction volume due to high prices, which are affecting downstream industries, particularly the hard alloy sector, leading to reduced operational activity [1] - Despite the current market challenges, SMM believes that the supply-demand mismatch in the tungsten market remains unresolved, indicating that a significant price correction is unlikely, with expectations of continued strong fluctuations [1] Group 2 - Jaxin International is focused on developing the Bakuta tungsten mine in Kazakhstan, which is currently in production [1] - According to招商证券, the core asset of the company is the Bakuta tungsten mine, which is expected to see production increases in the future, benefiting from rising tungsten prices [1] - The company's profits are anticipated to grow rapidly as a result of the upward trend in tungsten prices [1]

Summary of Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals sector is benefiting from the global macro cycle, with U.S. interest rate cuts and Trump-era policies releasing liquidity, driving resource prices into an upward cycle [1][2] - The anticipated interest rate cuts in Q4 2025 and the increase in the U.S. debt ceiling are expected to have significant impacts on the sector [1][2] Key Insights on Gold Stocks - Gold stocks have shown high certainty in the current market, experiencing a 20% pullback despite gold price fluctuations [4] - Historical data indicates that prior to price increases, gold stocks typically see a rise in both EPS and PE [4] - The average gold price in 2025 is projected to be significantly higher than in 2024, suggesting strong performance for companies like Shandong Gold, Chifeng Jilong Gold, and Zhongjin Gold [4] Electrolytic Aluminum Sector - The supply of electrolytic aluminum is constrained, with actual new capacity in early 2025 expected to be around 500,000 to 600,000 tons, lower than the anticipated 1 million tons [5] - Global PMI recovery is expected to gradually restore demand for electrolytic aluminum, with price expectations increasing [5] - The sector's valuation is at historical lows, with mainstream stocks valued at less than 10 times earnings, indicating significant room for recovery [6] Copper Sector Outlook - The copper sector presents investment opportunities driven by financial and industrial attributes, with expectations of price increases due to U.S. interest rate cuts and improved demand from China [7][8] - Supply disruptions from global mining events are contributing to a tightening supply situation, while demand is expected to grow due to macroeconomic factors [7][8] Tungsten Market Dynamics - The rise in tungsten prices is driven by supply contraction, export controls, and its strategic importance [3][9] - China's tungsten product exports have significantly decreased, leading to shortages in overseas markets [10] - The impact of export quotas on prices is critical, with expectations of a potential price increase if the second batch of quotas is reduced [12] Companies to Watch - Recommended companies include Shandong Gold, Chifeng Jilong Gold, Zhongjin Gold, Xiamen Tungsten, China Tungsten High-Tech, and Anyuan Coal Industry, which are seen as having investment potential in the current market environment [4][14]

Group 1: Company Overview and Strategy - Zhongtung High-tech Materials Co., Ltd. is a platform for tungsten industry management under China Minmetals, integrating mining, smelting, and deep processing [2] - The company will actively seize opportunities from the Hainan Free Trade Port policies to enhance its tungsten industry and improve the quality of the listed company [3] Group 2: Market Conditions and Impact on Profit - Tungsten prices are currently high due to supply-demand dynamics, influenced by national mining quotas, stricter environmental regulations, and declining resource grades [3] - The high tungsten prices are beneficial for the company's performance, as it owns quality mining enterprises that directly benefit from rising tungsten and associated metal prices [3] Group 3: Future Plans and Acquisitions - The company plans to actively pursue the acquisition of assets from four other mines to minimize related transactions and eliminate industry competition, thereby enhancing profitability [3]

Core Viewpoint - China's tungsten resources, despite being the largest producer and holder of reserves globally, have been sold at low prices, but recent government actions are leading to a significant price increase and a shift in market dynamics [1][11][14] Group 1: Tungsten's Importance - Tungsten is referred to as "industrial teeth" and is more precious than rare earth elements, with the highest melting point among metals at 3422 degrees Celsius [3][4] - It is essential in various high-tech applications, including aerospace engines and armor-piercing ammunition, highlighting its strategic value [4][6] Group 2: China's Dominance in Tungsten - China holds 52% of the world's tungsten reserves (290 million tons) and produces 82% of the global output (7.9 million tons) [6] - The province of Jiangxi alone accounts for 60% of China's tungsten production, showcasing the concentration of resources [6] Group 3: Historical Pricing Issues - In 2015, 56% of Chinese tungsten companies were operating at a loss, with prices for tungsten concentrate dropping to as low as 20,000 yuan per ton, significantly undervaluing the resource [8] - Factors contributing to low prices included excessive competition, a focus on low-value primary products, and a lack of advanced processing capabilities [8][9] Group 4: Recent Changes and Future Outlook - Since 2020, the Chinese government has implemented strict controls on tungsten mining and announced export restrictions, leading to a dramatic price increase to 170,000 yuan per ton by 2025 [11][14] - The shift from merely exporting raw materials to developing high-value products indicates a strategic transformation in China's tungsten industry, enhancing its market power [13][14]

Group 1: Market Overview - The Hang Seng Index fell by 1.21%, down 305 points, closing at 25,037 points, while the Hang Seng Tech Index dropped by 1.66% [1] - The trading volume in the Hong Kong stock market reached 169.3 billion HKD in the morning session [1] Group 2: Solar and Renewable Energy Stocks - Solar stocks performed well, with several new energy operators receiving subsidy funds, which is expected to support domestic demand in the coming year [1] - GCL-Poly Energy (03800) rose by 2.33%, while Kaisa New Energy (01108) increased by 3.65%, and Fuyao Glass (06865) gained 1.98% [1] - October Rice Field (09676) surged over 8%, with adjusted net profit increasing by 97.7% year-on-year, indicating deepened channel penetration [1] - Haotian International Investment (01341) rose over 5%, with 35.75 million HKD from an unused placement being redirected to purchase Ethereum [1] - Jiaxin International Resources (03858) increased by over 3%, benefiting from the ongoing rise in tungsten prices, with rich resources at the Bakuta tungsten mine [1] Group 3: Semiconductor and Oil Stocks - Semiconductor stocks faced significant declines, with SMIC (00981) and Hua Hong Semiconductor (01347) both dropping over 6% [2] - Oil stocks collectively fell, with CNOOC Services (02883) down over 3%, Sinopec (00386) and Yanchang Petroleum dropping over 2%, and PetroChina (00857) and CNOOC (00883) decreasing by 1.36% [2]

Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices, with major tungsten product prices doubling compared to the average price in 2024 [1] - As of September 3, the price of 65% black tungsten concentrate reached 278,000 CNY per standard ton, marking a 94.4% increase since the beginning of the year [1] - The company, Jiexin International Resources, is focused on tungsten resource development in Kazakhstan, with its Bakuta tungsten mine having a resource volume of 107.5 million tons of tungsten ore and a grade of 0.211% [1] Group 2 - The Bakuta tungsten mine has a reserve of 68.4 million tons of tungsten ore with a grade of 0.206%, containing 140,800 tons of WO [1] - According to招商证券, the company's core asset, the Bakuta tungsten mine, is already in production, and there are expectations for future production increases [1] - The company is expected to benefit from rising tungsten prices, leading to a potential rapid growth in profits [1]