JIAXIN INTL RES (03858) rose more than 7%, gaining 7.58% to HK$123.5 by the time of writing, with a trading volume of HK$204 million. On the news front, according to statistics from China Tungsten Online, within just the first two months of 2026, the price of key tungsten raw materials has increased by approximately 85%, while the price of tungsten scrap has surged by 120%. China Tungsten Online indicated that market optimism primarily stems from long-term supply constraints driven by policy and sentiment, alongside the reinforced status of tungsten as a strategic critical mineral resource and increased capital allocation preferences, collectively supporting a firm trend in tungsten prices. CICC previously noted that against the backdrop of ongoing geopolitical conflicts overseas, demand for strategic stockpiling is expected to emerge. Global consumption of primary tungsten is projected to grow at a compound annual growth rate (CAGR) of +2.7% from 2023 to 2028. The institution anticipates that the global supply-demand balance for tungsten may remain tight over the long term, and with global tungsten inventories already drawn down to low levels, the price center for tungsten is expected to continue rising. First Shanghai previously suggested that the company's scarce tungsten ore resources are commencing commercialization, with a valuation reassessment imminent.