Group 1 - The A-share market showed mixed performance on February 11, with small metals sector leading the gains, particularly companies like Dongfang Molybdenum and Zhongtung High-tech hitting the daily limit, while Zhangyuan Tungsten and Xianglu Tungsten reached new highs [1] - The rapid development of high-demand sectors such as new energy and photovoltaics has significantly increased the demand value for tungsten and other small metals, which are essential functional materials [1] - According to data released by Zhongtung Online on February 11, the domestic price for 65% black tungsten concentrate rose to 697,000 yuan per ton, an increase of 7,000 yuan per ton compared to the previous trading day; similarly, the price for 65% white tungsten concentrate also increased by 7,000 yuan per ton to 696,000 yuan per ton [1] Group 2 - Huaxi Securities indicated that expectations for post-Spring Festival inventory replenishment are rising as the market approaches 2026, leading some holders to replenish their positions at lower prices, which has improved short-term transaction volume marginally [1] - The current situation of tight supply for tungsten raw materials has not yet eased [1]

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]

Group 1 - The Ministry of Water Resources and the National Development and Reform Commission issued an implementation opinion to improve the construction, operation, and management mechanisms of major water conservancy projects, emphasizing high-quality construction and efficient management to ensure flood control, water supply, food, and ecological safety [3] - As of the end of January, China's foreign exchange reserves reached $33,991 billion, an increase of $412 billion from the end of December 2025, representing a growth rate of 1.23% [3] - As of the end of January, China's gold reserves amounted to 74.19 million ounces, with a month-on-month increase of 40,000 ounces [3] Group 2 - The global ETF asset size reached $19.7 trillion by the end of 2025, with an average annual compound growth rate of over 20% over the past 20 years [3] - The domestic ETF market also performed well, with the number of listed ETF products reaching 1,381, a 35.7% increase from the end of 2024, and a total size of 6.02 trillion yuan, a 61.4% increase from the end of 2024, surpassing Japan to become Asia's largest ETF market [3] - As of February 6, the total amount of cornerstone investments by institutions in Hong Kong's new stocks exceeded 30 billion Hong Kong dollars this year [13]

Core Viewpoint - Jiajin International Resources (03858) has seen a stock price increase of over 4%, currently trading at 78.2 HKD with a transaction volume of 64.246 million HKD, amidst a generally declining market for precious and base metals [1] Group 1: Market Performance - The tungsten market is performing strongly despite a broader decline in global precious and base metals [1] - As of the latest update, the price of 65% black tungsten concentrate is 632,000 RMB per standard ton, reflecting a 37.4% increase since the beginning of the year [1] - The price of ammonium paratungstate (APT) is 940,000 RMB per ton, which is a 40.3% increase year-to-date [1] Group 2: Company Valuation - First Shanghai believes that the company's scarce tungsten mining resources are entering a phase of commercialization, indicating an imminent revaluation [1] - The company is at a critical point for value release and possesses world-class core assets, which lay the foundation for long-term growth [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jaxin International Resources (03858), which has increased over 7% and is currently trading at 74.5 HKD, with a market capitalization nearing 35 billion HKD [1] - Recent data from Zhongtung Online indicates that the prices of key products in the tungsten industry continue to rise, with black tungsten concentrate prices surpassing 500,000 RMB per ton, an increase of 10.87% since the beginning of the year [1] - The price of domestic APT (Ammonium Paratungstate) is reported at 750,000 RMB per ton, reflecting an 11.94% increase year-to-date, while tungsten powder prices have exceeded 1,200 RMB, currently at 1,210 RMB per kilogram, marking a 12.04% rise since the start of the year [1] Group 2 - According to Zhito Finance APP, Jaxin International Resources is projected to experience over tenfold growth in net profit attributable to shareholders from 2025 to 2027, transitioning into a growth stock [1] - Given the high explosiveness of its performance and the scarcity of pure tungsten mining assets, if a 30x valuation is applied for 2026, the market capitalization of Jaxin International Resources could potentially reach 100 billion RMB, indicating a threefold growth potential from its current market value [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jaxin International Resources (03858), which has increased over 7% and is currently trading at 74.5 HKD, with a total market capitalization nearing 35 billion HKD [1] - The latest monitoring data from Zhongtung Online indicates that the prices of key products in the tungsten industry continue to rise, reaching new highs. The price of 65% black tungsten concentrate has surpassed 500,000 RMB per ton, up 10.87% since the beginning of the year [1] - The price of domestic APT (Ammonium Paratungstate) is reported at 750,000 RMB per ton, reflecting an increase of 11.94% year-to-date, while tungsten powder prices have exceeded 1,200 RMB, currently quoted at 1,210 RMB per kilogram, marking a 12.04% rise since the start of the year [1] Group 2 - The article suggests that from 2025 to 2027, Jaxin International Resources is expected to see a more than tenfold increase in net profit attributable to shareholders, indicating a transition to a growth stock [1] - Given the high explosive potential of its performance and the scarcity of pure tungsten mining assets, if a valuation of 30 times is applied for 2026, the market capitalization of Jaxin International Resources could potentially reach the trillion RMB level, representing a threefold growth compared to its current market value [1]

Core Viewpoint - Tungsten prices are stabilizing, with market activities decreasing as year-end approaches, leading to cautious sentiment among traders and end-users [1] Group 1: Market Conditions - The tungsten market is experiencing a steady and horizontal price trend, with reduced purchasing activities due to increasing financial pressure as the New Year approaches [1] - Suppliers are showing profit-taking behavior, particularly in the scrap tungsten market, which has seen panic fluctuations, while the raw material market remains cautious [1] Group 2: Price Trends - In the tungsten concentrate market, sellers maintain a bullish outlook, with prices remaining stable despite some cashing out; 65% black tungsten concentrate is priced at 462,000 yuan per standard ton, up 223.1% from the beginning of the year [1] - The price for 65% white tungsten concentrate is reported at 461,000 yuan per standard ton, reflecting a 224.7% increase since the start of the year [1] Group 3: Scrap Tungsten Market - The scrap tungsten market is experiencing panic due to profit-taking, leading some recyclers to lower prices or halt purchases, resulting in market disorder [1] - Scrap tungsten bar prices are at 650 yuan per kilogram, up 195.5% year-to-date, while scrap tungsten drill prices are at 620 yuan per kilogram, reflecting a 171.9% increase since the beginning of the year [1]

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]

Group 1 - The Chinese Ministry of Foreign Affairs responded to reports of the Thai military seizing Chinese-made anti-tank missiles in Cambodia, emphasizing that China's defense cooperation with Thailand and Cambodia does not target any third party and is unrelated to the conflict at the border [1] - The Central Economic Work Conference highlighted that expanding domestic demand is the top priority for the coming year, with domestic demand contributing 71% to economic growth in the first three quarters of the year [2] Group 2 - Dongxing Securities announced that it plans to be absorbed by China International Capital Corporation (CICC) and Xinda Securities through a share swap, with trading resuming on December 18, 2025 [2] - CICC's share swap price is set at 36.91 yuan per share, with each share of Dongxing Securities being exchangeable for 0.5188 shares of CICC [9] Group 3 - The price of tungsten powder has surged to 1 million yuan per ton, marking a 216.5% increase since the beginning of the year, while ammonium paratungstate (APT) has also seen significant price increases [8]

Group 1 - The core point of the article highlights a significant increase in tungsten prices, with tungsten powder rising to 1 million yuan per ton, reflecting a 216.5% increase since the beginning of the year [1] - The latest price for 65% black tungsten concentrate is reported at 420,000 yuan per standard ton, which is a 193.7% increase from the start of the year [1] - Ammonium paratungstate (APT) is currently priced at 620,000 yuan per ton, marking a 193.8% rise compared to the beginning of the year [1]