JIAXIN INTL RES (03858) surged more than 7% again. At the time of writing, the stock was up 4.93% to HK$74.5, with a turnover of HK$31.7019 million. The company's total market capitalization is now approaching HK$35 billion.

On the news front, according to the latest monitoring data from China Tungsten Online on January 16, prices for core products in the tungsten industry chain continued to rise, hitting new record highs.

Specifically, the price of 65% black tungsten concentrate broke through the 500,000 yuan barrier, reaching 510,000 yuan per metric ton, a 10.87% increase since the beginning of the year. The domestic APT (Ammonium Paratungstate) price was quoted at 750,000 yuan per ton, up 11.94% from the start of the year. Furthermore, the tungsten powder price surpassed 1,200 yuan, quoted at 1,210 yuan per kilogram, marking a 12.04% increase since the year began.

It was previously pointed out that from 2025 to 2027, JIAXIN INTL RES's net profit attributable to shareholders could potentially see growth exceeding tenfold, thereby re-categorizing the company as a growth stock. Given its potential for explosive earnings performance and the scarcity of pure-play tungsten mining assets, if a valuation of 30 times 2026 earnings is applied, JIAXIN INTL RES's market capitalization by 2026 could potentially rise to the hundred-billion-yuan level, suggesting a potential threefold increase from its current market value.