Jiaxin International Resources (03858) has surged more than 6% in morning trading, currently up 6.24% to HK$58.75, with a turnover of HK$134 million.

On the news front, Jiaxin International Resources previously issued a profit alert, forecasting a net profit attributable to equity holders of approximately HK$1.45 billion to HK$1.55 billion for the first half of 2026, marking a significant turnaround from a loss in the same period last year. This was primarily due to the fact that the prior-year period had just commenced commercial production, operating for less than two months, and the average selling price of tungsten concentrate surged sharply during this period. The company recently announced that it plans to utilize up to HK$200 million for a share buyback program in the second half of the year.

According to China Minmetals Securities, rising geopolitical risks have introduced volatility to tungsten prices. In the short term, the core characteristics of the tungsten market include a recovery in domestic demand, supply shortages in overseas markets, and cautious downstream procurement. Domestic supply and demand are expected to remain in a fragile balance. However, if geopolitical tensions escalate further, linking global military and strategic reserve demands, the tungsten price benchmark could face a renewed upward adjustment.