HK Stock Market Move | JIAXIN INTL RES (03858) rose more than 5%. The Bakuta tungsten mine has entered commercial production. CICC continues to be optimistic about the tungsten price bull market.

JIAXIN INTL RES (03858) rose by more than 5%, rising to 5.25% as of the report, reaching HK$37.68, with a turnover of HK$12.79 million. On the news front, CICC pointed out that since March this year, the price of Chinese tungsten concentrate has risen from 142,000 yuan/ton to a high of 288,000 yuan/ton on September 10, and then stabilized around 267,000 yuan. Since mid-October, tungsten prices have once again started to rise, setting consecutive record highs. As of December 5, the price of tungsten reached 351,000 yuan/ton, with a year-to-date increase of up to 147%. The bank continues to be optimistic about the bullish market for tungsten prices. In the next 3-5 years, global tungsten supply will remain relatively tight, but strategic actions by various countries on tungsten resources are worth paying attention to. In terms of overseas supply, CICC expects that in the next 3-5 years, only Kazakhstan and South Korea will contribute significantly to the increase. According to the announcement by JIAXIN INTL RES, the company's Bukutan tungsten mine in Kazakhstan officially entered commercial production in April 2025, and the company plans to produce 3,638, 10,900, and 13,665 tons of tungsten concentrate (65% WO3 grade) respectively in the 2H25, 2026, and 2027. The bank estimates that the share of Kazakhstan's Bukutan tungsten mine in global primary tungsten supply in 2025-2027 is expected to reach 4%, 7%, and 8%, respectively.