JIAXIN INTL RES (03858) surged more than 7%, with a gain of 7.08% to HK$87.7 at the time of writing, recording a turnover of HK$81.289 million. The tungsten market continues to exhibit strong momentum, with prices across the entire industry chain—from raw tungsten materials to tungsten products, alloys, and even scrap—repeatedly hitting new highs. On January 26, measured in RMB per ton, the price of tungsten concentrate approached the 550,000 threshold, ammonium paratungstate climbed above 800,000, and tungsten powder prices broke through the 1.3 million mark. First Shanghai previously suggested that the company's scarce tungsten mine resources are commencing commercialization, with a valuation reassessment imminent. The brokerage emphasized that JIAXIN INTL RES 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 tungsten mining play in the market, the company’s current share price offers substantial downside protection and strong appeal.