JIAXIN INTL RES (03858) surged more than 8% again. As of writing, the stock was up 7.9%, trading at HK$74.4 with a turnover of HK$36.28 million, bringing its total market capitalization close to HK$35 billion.

On the news front, tungsten prices have maintained their strong momentum entering 2026. According to data from China Tungsten Online, as of January 14, the price of black tungsten concentrate, calculated per ton, broke through the 500,000 yuan mark, while the price of APT (ammonium paratungstate) surpassed 730,000 yuan, and tungsten powder prices approached the 1.2 million yuan threshold.

Western Securities released a research report stating that in the latter half of December 2025, China's tungsten industry entered the final long-term contract pricing window for the year. As multiple companies successively announced their quotations, the annual long-term contract pricing for tungsten enterprises concluded with an upward trend.

First Shanghai issued a research note highlighting that the core asset of JIAXIN INTL RES is the Bakuta Tungsten Mine project. The company's business model encompasses the entire chain of tungsten mining, including exploration, extraction, processing, and sales, with tungsten concentrate being its primary product.

The brokerage believes the company is 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. As a rare pure-play tungsten mining stock in the market, the current share price offers a high margin of safety and strong appeal.