JIAXIN INTL RES (03858) saw its shares rise more than 6% during morning trading. At the time of writing, the stock was up 5.12%, trading at HKD 89.25, with a turnover of HKD 66.13 million.

Market analysis indicates that following the holiday period, the domestic tungsten market has moved away from its pre-holiday stability and strengthened once again. Leading companies such as Zhangyuan Tungsten and Xianglu Tungsten have continued to raise their long-term contract prices, further solidifying market expectations for a price increase. This pushed the average price of black tungsten concentrate to a record high of CNY 733,500 per metric ton on February 25, representing a year-to-date increase of 61.74%. The price of ammonium paratungstate (APT) has also risen in tandem, recording a year-to-date gain of 61.94%.

Concurrently, research suggests that downstream inventories in the European tungsten market remain persistently low. During the Spring Festival holiday, overseas tungsten prices experienced a strong rally, creating a synchronized pattern of rising global tungsten prices.

Analysts point out that recent bipartisan proposals from U.S. legislators aim to establish a strategic resilience reserve with a scale of USD 2.5 billion. In the context of increased strategic stockpiling overseas, tungsten is likely to be a high-priority material. Furthermore, China's announcement regarding strengthened export controls on dual-use items to Japan, coupled with reports of a proposed increase in U.S. military spending for the 2027 fiscal year, suggests that high levels of inventory building abroad may continue, providing further support for rising prices.