JIAXIN INTL RES (03858) saw its shares increase by over 7% in the afternoon trading session, currently up 6.98% at HKD 39.22, with a trading volume of HKD 53.51 million. The tungsten sector’s Q3 earnings reports have outperformed market expectations. Recently, Xiamen Tungsten's financial report indicated that its net profit attributable to the parent company for the third quarter reached RMB 810 million, reflecting a year-on-year increase of 109.85%. Meanwhile, the performance announcement from China Tungsten High-tech showed a non-recurring net profit of RMB 297 million for the third quarter, soaring by 725.45% year-on-year. JIAXIN INTL RES is primarily focused on the development of the Bakuta tungsten project in Kazakhstan. Huayuan Securities noted that in the past two weeks, the price of black tungsten concentrate rose by 3.73% to RMB 278,000 per ton, while ammonium paratungstate prices climbed 3.70% to RMB 406,000 per ton. On the supply side, tungsten concentrate mining indices have been reduced, causing production to slow down across mines, leading to tightening in industry circulation. On the demand side, domestic demand has remained generally stable, driven primarily by essential procurement. In the latter half of October, major enterprises announced long-term contract prices, where the long-term contract price for 55% black tungsten concentrate was around RMB 273,000 per standard ton, supporting high price fluctuations.