JIAXIN INTL RES (03858) rose more than 6%. As of writing, the stock was up 6.16%, trading at HK$87.05 with a turnover of HK$91.55 million.

In the first quarter of this year, the domestic tungsten industry's prosperity continued to soar. Leading listed tungsten companies entered a period of significant earnings growth, with major tungsten producers such as Zhangyuan Tungsten, China Tungsten and High-tech, and Xiamen Tungsten generally reporting substantial profit increases. Notably, although tungsten prices experienced a correction in April, the market's long-term rationale for higher tungsten prices has not changed.

Analysis indicates that the current supply of tungsten products continues to be constrained by mining quotas, environmental regulations, and export controls, resulting in limited overall supply elasticity and low raw material inventories within the industry. Meanwhile, emerging demand from sectors like photovoltaic fine tungsten wire, high-purity tungsten for semiconductors, and high-end military materials is steadily expanding, while traditional demand for cemented carbide remains resilient. In the short term, tungsten prices are expected to maintain high levels with volatility; over the medium to long term, a supply-demand gap is projected to gradually emerge.

China Securities (CSC) pointed out that the company's core asset is the Bakuta Tungsten Mine located in the Almaty region of Kazakhstan. The theoretical tungsten concentrate production for the years 2026 to 2028 is 8,003 tons, 11,927 tons, and 13,906 tons, respectively. Actual production in 2025 was 5,008 tons, indicating significant potential for output growth over the next three years. Against a backdrop of continuously growing demand for tungsten metal, tightening domestic quotas, and limited new supply from overseas mines, the projected supply-demand gap for tungsten concentrate is estimated at 5.0% in 2026 and 6.4% in 2027, supporting sustained high prices for tungsten concentrate.