Jiaxin International Resources (03858) rose more than 4%, with a gain of 4.48% to HK$78.2 at the time of writing, and a turnover of HK$64.246 million.

Despite a general downturn in global precious and base metals recently, the tungsten market has demonstrated remarkable resilience, operating firmly against the trend.

As of this report, the price for 65% black tungsten concentrate stands at 632,000 yuan per metric ton, a significant increase of 37.4% since the beginning of the year; meanwhile, the price for ammonium paratungstate (APT) has reached 940,000 yuan per ton, surging 40.3% year-to-date.

First Shanghai previously expressed the view that the company's scarce tungsten mineral resources are commencing commercialization, suggesting an imminent re-rating of its valuation.

The institution noted that the company is currently at a critical inflection point for value realization, possessing world-class core assets, with its resource endowment laying a solid foundation for long-term growth.