铜：本周 LME 铜价-7.07%到 11834.5 美元/吨，沪铜-5.55%到 9.47 万元/吨。供应端，据 SMM，进口铜精矿加工费周度 指数跌至-67.32 美元/吨；截至本周四，全国主流地区铜库存环比上周四下降 8.85%，总库存同比去年同期增加 17.67 万吨，各地区均有所去库。冶炼端，因精废价差收窄，废产阳极板企业开工率下降，主要为交付长单进行生产，本周 废产阳极板企业开工率为 58.31%，环比下降 0.50 个百分点，随铜价大跌，预计下周企业开工率将下降至 54.65%。消 费端，据 SMM，本周铜价大幅走低，线缆企业订单虽有增加，但增幅相对有限，开工率环比仅增 3.93 个百分点至 70.52%。 主因部分终端客户存在畏跌情绪，不过企业前期在手订单较为充裕，为排产提供一定支撑，此外，铜价回落带动线缆 企业原料补库，但在价格持续走弱背景下，企业采购情绪亦逐渐转向谨慎；本周漆包线行业机台开机率环比回升 3.8 个百分点至 88.93%；新增订单大幅回暖，环比提升 24.97 个百分点，核心驱动力为铜价下行带动下游需求集中释放。 铝：本周 LME 铝价-7.18%到 3192.0 美元/吨， ...

证券研究报告|行业研究周报 ►印尼 RKAB 审批进度不及预期，供应不确定性对镍矿 价格或有支撑 截止到 3 月 20 日，LME 镍现货结算价报收 16770 美元/ 吨，较 3 月 13 日下跌 3.29%，LME 镍总库存为 283512 吨， 较 3 月 13 日减少 0.40%；沪镍报收 13.33 万元/吨，较 3 月 13 日价格下跌 2.73%，沪镍库存为 63661 吨，较 3 月 13 日增加 0.02%；截止到 3 月 20 日，硫酸镍报收 3.36 万元/吨，较 3 月 13 日价格上涨 2.13%。根据 SMM，目前，ESDM 截至 3 月中 旬已批准镍矿配额约 1 亿吨的 RKAB 配额，剩余的 1.6 亿至 1.7 亿吨预计将在 3 月底前完成审批。然而，受 3 月 18 日至 24 日开斋节假期影响，审批进度或将出现滞后，导致短期内 供应紧张局面难以缓解。此外，根据金十数据 3 月 9 日消息， 在上月一处工厂废弃物区域发生致命山体滑坡后，印尼四家镍 厂已暂时停产。据知情人士透露，位于印尼苏拉威西岛莫罗瓦 利工业园(印尼大型镍生产中心)运营的四座高压酸浸(HPAL)工 厂已停产 ...

证券代码：600549 证券简称：厦门钨业 公告编号：临-2026-017 厦门钨业股份有限公司 关于使用闲置募集资金进行现金管理部分到期赎回 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门钨业股份有限公司（以下简称"公司"）于 2025 年 11 月 25 日召开第 十届董事会第二十一次会议，审议通过了《关于公司及权属公司继续使用部分闲 置募集资金进行现金管理的议案》，同意公司使用额度不超过人民币 21 亿元的 闲置募集资金进行现金管理，用于购买安全性高、流动性好、单项产品期限最长 不超过 12 个月的各类保本型现金管理产品，包括存款、理财产品或中国证监会 认可的其他投资品种等（包括但不限于结构性存款、大额存单、国债逆回购、银 行理财产品等），且该等投资产品不得用于质押，不用于以证券投资为目的的投 资行为。本次现金管理决议的有效期限自公司董事会审议通过之日起的 12 个月 内有效，在上述额度和期限范围内，资金可以滚动使用。具体内容详见公司于 2025 年 11 月 26 日披露于上海证券交易所网站（www.ss ...

一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 3 月 10 日 (二) 股东会召开的地点：厦门市思明区展鸿路 81 号翔业国际大厦 21 层本 公司 1 号会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：600549 证券简称：厦门钨业 公告编号：临-2026-016 | 1、出席会议的股东和代理人人数 | 3,217 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 828,915,216 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.2123 | | 份总数的比例（%） | | 厦门钨业股份有限公司 2026年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 2、董事会秘书出席本次会议；其他高管列席本次会议。 二、 议案审议情况 1 / 3 (一) 非累积投票议案 1、议案名称：《关于部分募投项目变更并将剩余募集资金投入新项目的议 ...

关于厦门钨业股份有限公司 2026 年第二次临时股东会的 法 意 见 书 律 電壓 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码: 350025 电话:（0591）8806 5558 传真:（0591）8806 8008 网址: http://www.zenithlawyer.com e a 福建至理律师事务所 关于厦门钨业股份有限公司 2026 年第二次临时股东会的 法律意见书 福建至理律师事务所(以下简称"本所")接受厦门钨业股份有限公司(以 下简称"公司")之委托,指派魏吓虹、刘昭怡律师出席公司 2026 年第二次临时 股东会(以下简称"本次会议"),并依据《中华人民共和国公司法》(以下简称 《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上市公司股东 会规则》(中国证券监督管理委员会公告〔2025〕7 号,以下简称《股东会规则》、 《上海证券交易所上市公司自律监管指引第 1 号 -- 规范运作(2025年5月修 订 >>(以下简称《监管指引第 1 号》) 等有关法律、法规、规范性文件以及《厦 门钨业股份有限公司章程》(以下简称《公司章程 ...

Group 1: Copper - LME copper price decreased by 3.21% to $12,869.0 per ton, while Shanghai copper fell by 2.76% to ¥101,100 per ton [1] - Domestic copper inventory increased by 8.56% week-on-week, with a year-on-year increase of 20,920 tons [1] - Major cable enterprises' operating rate rose by 33.17 percentage points to 60.90%, indicating a recovery in production [1] Group 2: Aluminum - LME aluminum price increased by 9.22% to $3,431.0 per ton, and Shanghai aluminum rose by 3.69% to ¥24,700 per ton [2] - Domestic aluminum rod inventory was reported at 398,000 tons, showing a trend of first increasing and then decreasing [2] - The operating rate of downstream aluminum processing enterprises increased by 2.5 percentage points to 59.5% [2] Group 3: Precious Metals - COMEX gold price decreased by 2.90% to $5,181.3 per ounce, with SPDR gold holdings dropping by 28.01 tons to 1,073.32 tons [3] - Geopolitical risks influenced the gold market, leading to a strong fluctuation pattern [3] - The 10-year TIPS rose by 0.04 percentage points to 1.80% [3] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 4.54% this week [4] - The price center has been rising since the beginning of the year, likely related to upcoming supply-side documents for 2024-2025 [4] - The rare earth sector is expected to see a resonance in supply and demand due to ongoing supply reforms and more relaxed export expectations [4] Group 5: Tungsten - Tungsten price increased by 16.72% this week, indicating a strong demand outlook [4] - Recent actions against illegal mining in Ganzhou may support tungsten prices [4] - The priority of tungsten is expected to be high due to increased strategic stockpiling overseas [4] Group 6: Lithium - The average price of lithium carbonate decreased by 3.0% to ¥159,800 per ton, while lithium hydroxide fell by 0.6% to ¥161,000 per ton [4] - Total lithium carbonate production increased to 22,600 tons, reflecting a slight rise [4] - The market is experiencing a strong purchasing intention from downstream material manufacturers despite price declines [4] Group 7: Cobalt - Cobalt price decreased by 1.7% to ¥431,500 per ton, while cobalt intermediate prices saw a slight increase [4] - The supply side remains tight due to slow export progress from the Democratic Republic of Congo [4] - The market is currently in a phase of inventory digestion, with potential upward price movement expected as demand clarifies [4] Group 8: Nickel - LME nickel price decreased by 1.4% to $17,500 per ton, while Shanghai nickel fell by 2.9% to ¥136,300 per ton [4] - Nickel inventory at LME decreased by 0.04 million tons to 287,600 tons [4] - The market is currently constrained by weak demand and high inventory levels, but strong bottom support is noted [4]

Investment Rating - The report indicates a positive investment outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 9.61% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 5.85 percentage points and 9.61 percentage points respectively [1][12]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, influenced by supply-side reforms and upcoming regulatory documents for 2024-2025. The processing fees for certain rare earth minerals have increased, indicating a trend towards industry consolidation and optimization [2][16][17]. - Tin prices are expected to rise due to potential export bans from Indonesia, which could create significant restocking demand in the processing sector. The long-term outlook for tin remains positive, supported by advancements in AI and the automotive sector [3][26]. - Tungsten prices have surged significantly, driven by both civilian and military demand. The report notes that recent government actions to combat illegal mining may further support tungsten prices [3][38]. - Antimony prices are anticipated to recover as exports stabilize, with a noted increase in domestic demand. The report suggests that resource scarcity and reduced global supply will continue to drive prices upward [4][45]. - Molybdenum prices are stabilizing and are expected to rise due to low inventory levels and increased defense spending, which could benefit quality resource companies [5][49]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 43,063.68 points, reflecting a 9.61% increase [1][12]. - Prices for various metals showed significant changes, with rare earth oxides and tungsten experiencing notable increases [15]. 2. Main Product Fundamentals and Views Rare Earths - The price of praseodymium and neodymium oxide is 850,200 CNY/ton, with a slight increase of 0.04%. Dysprosium oxide is priced at 1,490,000 CNY/ton, up by 2.76%, while terbium oxide decreased by 2.79% to 6,280,000 CNY/ton [2][17]. - The report recommends focusing on companies like China Rare Earth, Zhong Rare Metals, and Northern Rare Earth due to their strong market positions and benefits from supply-side reforms [2][17]. Tin - Tin ingot prices are at 400,200 CNY/ton, reflecting a 5.82% increase. The report emphasizes the potential for price increases due to export restrictions from Indonesia [3][26]. Tungsten - Tungsten concentrate prices have risen to 907,700 CNY/ton, a 30.29% increase, while ammonium paratungstate is at 1,335,400 CNY/ton, also up by 30.25% [3][38]. Antimony - Antimony ingot prices are at 172,100 CNY/ton, up by 4.21%, with antimony concentrate at 146,100 CNY/ton, up by 1.40%. The report anticipates a recovery in exports leading to price increases [4][45]. Molybdenum - Molybdenum concentrate is priced at 4,450 CNY/ton, with a 7.23% increase, and molybdenum iron at 281,000 CNY/ton, up by 6.44% [5][49]. 3. Price Trends and Forecasts - The report provides detailed price trends for various metals, indicating a generally upward trajectory for most small metals due to supply constraints and increasing demand across sectors [15][16].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

Group 1 - The core point of the article highlights the performance of the Huashan Nonferrous ETF (512940), which opened down by 1.94% at 1.010 yuan on March 6 [1] - Major holdings in the Huashan Nonferrous ETF experienced declines, including Zijin Mining down 1.75%, Luoyang Molybdenum down 1.68%, Northern Rare Earth down 1.41%, and China Aluminum down 2.70% [1] - The performance benchmark for the Huashan Nonferrous ETF is the CSI Nonferrous Metals Mining Theme Index return, managed by Huashan Fund Management Co., with a return of 3.01% since its establishment on February 4, 2026 [1] Group 2 - The article provides a detailed overview of the performance of various stocks within the nonferrous sector, indicating a general downward trend among major companies [1] - Specific stock performances include Ganfeng Lithium down 0.66%, and Xiamen Tungsten up 0.81%, showcasing mixed results within the sector [1] - The article emphasizes the importance of cautious investment in the current market environment, reflecting the inherent risks associated with the nonferrous metals sector [1]

厦门钨业股份有限公司 证券代码：600549 证券简称：厦门钨业 公告编号：临-2026-015 截至本公告日，公司最近12个月使用暂时闲置募集资金进行现金管理的情况 | 如下： | | --- | | 序 | 现金管理类型 | 实际投入金额 | 实际收回本金 | 实际收益 | 尚未收回本金 | | --- | --- | --- | --- | --- | --- | | 号 | | （万元） | （万元） | （万元） | 金额（万元） | | 1 | 农业银行结构性存款 | 40,000.00 | 40,000.00 | 151.41 | 0 | | 2 | 工商银行结构性存款 | 50,000.00 | 50,000.00 | 544.11 | 0 | | 3 | 兴业银行7天通知存款 | 5,000.00 | 5,000.00 | 34.58 | 0 | | 4 | 兴业银行结构性存款 | 25,000.00 | 25,000.00 | 501.78 | 0 | | 5 | 兴业银行结构性存款 | 16,000.00 | 16,000.00 | 89.55 | 0 | | 6 | 兴业银行7天通知存 ...