JIAXIN INTL RES (03858) shares climbed more than 6%, trading at HK$55.5 with a turnover of HK$122 million as of press time, marking a 6.12% gain.

Market sentiment is buoyed by a report from CICC highlighting that emerging sectors such as AI and high-end equipment are driving rapid demand growth, improving profit margins across key segments of China's tungsten supply chain, including downstream and midstream stages. After stabilizing following a July decline, domestic tungsten prices have shown signs of a fresh uptick, while the overseas premium has reached a historic high. The brokerage believes that leading Chinese tungsten companies are poised for both volume and price growth, with current valuations offering significant appeal.

UBS forecasts that JIAXIN INTL RES will produce 8,600 tonnes of concentrate this year, increasing to 11,100 tonnes in 2027 and 11,700 tonnes in 2028 as Phase 2 ramps up, with gross margins projected to rise to 77% by 2028.