JIAXIN INTL RES (03858) surged more than 5%, reaching a new high of HK$63.15, representing a near five-fold increase from its IPO price of HK$10.62. At the time of writing, the stock was up 5.36% to HK$62.9, with a turnover of HK$36.73 million. On the news front, Zhangyuan Tungsten announced its long-term contract procurement prices for the first half of January 2026 on the evening of January 5, with price increases for its 55% grade black tungsten concentrate, 55% grade white tungsten concentrate, and zero-grade ammonium paratungstate compared to the second half of December 2025. Huayuan Securities pointed out that the supply-demand tightness is intensifying, pushing tungsten prices past 480,000 yuan per ton to set another historic record. Public information shows that JIAXIN INTL RES is a tungsten mining development enterprise headquartered in Kazakhstan, with its core asset being the Bakuta Tungsten Mine project. The company's business model covers the entire chain of tungsten ore exploration, mining, processing, and sales, with tungsten concentrate as its primary product. First Shanghai believes the company is at a critical inflection point for value realization, possessing world-class core assets where its resource endowment lays 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 attractiveness.