The Zhitong Finance App learned that Jiaxin International Resources (03858) rose more than 6% in the afternoon. As of press release, it had risen 5.9% to HK$66.4, with a turnover of HK$158 million.

According to the news, Jiaxin International Resources will meet with the board of directors on August 24 to review the interim results. The company previously announced Yingxi. It is estimated that the net profit due to equity holders in the first half of the year was about HK$1.45 billion to HK$1.55 billion, a sharp reversal of losses over the previous year, mainly due to the fact that commercial production was just started in the same period last year, and production took less than 2 months; the average selling price of tungsten concentrate rose sharply during the current period.

Orient Securities pointed out that the current domestic tungsten concentrate price has gradually stabilized in August after falling by more than 60% from a high of one million yuan in March, and the purchase price for long orders by leading companies increased slightly from month to month. Looking ahead to the second half of the year, hard alloys and cutting tools are expected to pick up as the peak manufacturing season approaches in September-October, and as overseas tool manufacturers once again intensively raise prices, the cost performance ratio of high-end Chinese tools will rapidly pick up, and downstream demand is expected to be released during the peak season, or catalyze a rebound in the market.

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