JIAXIN INTL RES (03858) rose nearly 7% again. At the time of writing, the stock was up 6.63%, trading at HK$88.4, with a turnover of HK$87.28 million. The company announced that it expects a net profit attributable to equity holders of approximately HK$300 million to HK$340 million for 2025, representing a turnaround from a loss to a profit compared to the previous year. The anticipated profit is primarily attributed to the group commencing commercial production in April 2025 and generating revenue for the first time, leading to a profitable year. In contrast, the group was not operational in 2024 and incurred a loss without any revenue.

Huayuan Securities released a research note indicating that the price of black tungsten concentrate has increased by 25.19% over the past two weeks to 671,000 yuan per tonne, while the price of ammonium paratungstate has risen by 24.68% to 985,000 yuan per tonne. On the supply side, stricter safety and environmental controls on mines have led to reduced operations and shipments from some mines towards the year-end, resulting in a noticeable phase of tight tungsten ore supply. Demand remains relatively stable domestically, driven primarily by essential procurement, with robust demand for PCB cutting tools. Recently, mines have adopted conservative production strategies, leading to weak expectations for market supply growth, and some companies have further raised their long-term contract prices for January.