会议以 8 票同意，0 票反对，0 票弃权的表决结果《关于控股子公司厦钨电 机拟购置电机产业园二期首批用地并建设产业园 A、B 区项目的议案》。会议同 意公司控股子公司厦钨电机工业有限公司投资 94,243.92 万元用于购置电机产 业园二期首批用地并建设产业园 A、B 区项目。本项目预计于 2029 年 9 月建成 （具体建设周期以实际建设情况为准）。项目将与电机产业园现有一期项目形成 联动，为公司稀土永磁电机板块预留发展空间，有利于吸引上下游企业入驻，形 成协同发展的产业集群，进一步助推产业发展，符合公司未来整体战略发展方向。 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-112 厦门钨业股份有限公司 第十届董事会第二十二次会议决议公告 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。 厦门钨业股份有限公司（以下简称"公司"）第十届董事会第二十二次会议 于 2025 年 12 月 2 日以通讯方式召开，会前公司董秘办公室于 2025 年 11 月 26 日以电子邮件及专人送达的方式通知了全体董事。会议由 ...

厦门钨业公告称，公司第十届董事会第二十二次会议审议通过议案，同意控股子公司厦钨电机工业有限 公司投资购置电机产业园二期首批用地并建设产业园A、B区项目。项目预计2029年9月建成，将与一期 项目联动，预留稀土永磁电机板块发展空间，吸引上下游企业形成产业集群。不过，行业政策、市场环 境等不确定因素或影响项目进度、回报及公司预期收益，提醒投资者注意风险。 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-111 | | 挂钩汇率区 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 间累计型法 | | | | | | | | | | | | | | | 人人民币结 | | | | | | | | | | | | | | 中国工商银 | | | | | | | | 0.95% | | | | | | | | 构性存款产 | | 保本浮 | 2025 | 年 1 | 2025年11 | | | 2025 | 年 | 11 | | | | 行股份有限 | | 50,000.00 | | | | | | - | | | | 50,000.00 | 544.111918 | | | 品-专户型 | | 动收益 | 月 3 | 日 | 月 28 | 日 | | 月 | 28 日 | | | | | 公司 | | | | | | | | 1.80% | | | | | | | | ...

厦门钨业11月28日在互动平台表示，在ITER朗缪尔探针这一核聚变高端核心部件的开发中，厦钨实现 了从技术攻关到知识产权布局的全方位突破，在钨材料制备和加工、精密注射成形技术、先进涂层及连 接技术等方面取得多项创新和成果。项目累计申请发明专利5项、实用新型专利2项，构建了完整且独立 的知识产权体系，彻底打破了该领域核心技术的进口依赖，实现核聚变高端部件国产化自主可控。 ...

Core Viewpoint - Xiamen Tungsten announced the development of the Langmuir probe, a critical diagnostic component for the ITER divertor, which will operate under high thermal load conditions to measure key parameters such as temperature and density of plasma near the divertor target plate, providing essential data support for the operation and optimization of the ITER device [1] Group 1 - The Langmuir probe is an important diagnostic component for the ITER divertor [1] - The probe will work under high thermal load conditions to measure critical plasma parameters [1] - Xiamen Tungsten has achieved multiple innovations in tungsten material preparation, processing, precision injection molding technology, advanced coating, and connection technology [1] Group 2 - The project has applied for a total of 5 invention patents and 2 utility model patents [1] - The development breaks the reliance on imported core technologies in this field [1] - The project aims to achieve domestic control and localization of high-end components for nuclear fusion [1]

格隆汇11月28日丨厦门钨业(600549.SH)在投资者互动平台表示，公司控股子公司厦钨新能法国正极材 料基地正在进行工厂建设前期工作。 ...

Group 1 - The core viewpoint highlights the significant rise in rare metal stocks driven by the dual forces of new energy transition and high-end manufacturing upgrades, with the rare metal theme index showing a strong performance [1][2] - As of November 27, 2025, the rare metal ETF fund has accumulated a 15.14% increase over the past three months, indicating strong investor interest and market momentum [1] - The liquidity of the rare metal ETF fund is notable, with a turnover rate of 5.29% and a total transaction volume of 975.95 million yuan, reflecting active trading [1] Group 2 - The strategic value of rare metals is emphasized, with traditional demand remaining stable while emerging fields like humanoid robots and low-altitude economy are becoming significant growth drivers [2] - The industry is experiencing increased concentration due to tighter domestic supply controls and enhanced export regulations, which are expected to support rising rare metal prices and improve corporate profitability [2] - The top ten weighted stocks in the rare metal theme index account for 60% of the index, with companies like Northern Rare Earth and Luoyang Molybdenum leading the way [2][4]

Core Viewpoint - The rare metals sector is experiencing a rebound, driven by increased demand from downstream industries such as energy storage and power batteries, alongside supply-side uncertainties [1] Industry Summary - As of November 27, 2025, the China Securities Rare Metals Theme Index rose by 0.54%, with notable increases in stocks such as Yunnan Zhenye (+5.63%) and Tin Industry Co. (+4.90%) [1] - The price of lithium carbonate futures previously exceeded 100,000 yuan/ton due to significant growth in demand and supply constraints [1] - The scarcity of strategic minor metals, coupled with rapid growth in demand from sectors like new energy, semiconductors, and military industries, is intensifying supply-demand conflicts [1] - Future price trends for rare metals are expected to continue upward due to ongoing resource scarcity, demand structure upgrades, and policy adjustments [1] Company Summary - According to Shenwan Hongyuan Research, the small metals sector is anticipated to see positive changes in 2026, with energy storage demand driving an earlier reversal in the lithium carbonate industry cycle [1] - The value of strategic minor metals such as rare earths, tungsten, and antimony is expected to be continuously reassessed in the context of de-globalization [1] - The restructuring of the global credit landscape and the continuation of the Federal Reserve's interest rate cuts will support the favorable trends for precious and minor metals [1] - As of October 31, 2025, the top ten weighted stocks in the China Securities Rare Metals Theme Index accounted for 60% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [1]

型及矿 机械设备/ 旗 : 的空 2025 年 11 月 27 日 版农行业 若研究报 证券分析师 成本+需求双轮驱动涨价,刀具公 司业绩有望持续改善 -刀具行业点评 事件: 进入四季度以来，钨矿价格加速上涨，带来硬质合金刀具厂成本迅速攀升，国内外刀具厂商 株洲钻石、欧科亿、沃尔德、克洛伊、肯纳金属等纷纷发布涨价函，陆续在 11 月至次年 1 月 生效。 行业点评: 请务必仔细阅读正文之后的各项信息披露与声明 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 苏萌 A0230524080011 sumeng@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共3页 简单金融 成就梦想 | 公司代码 | 筒称 | | 2025/11/26 归母浄利润 (亿) | | | | ...

机械设备/ 行 业 及 产 业 通用设备 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 苏萌 A0230524080011 sumeng@swsresearch.com 2025 年 11 月 27 日 成本+需求双轮驱动涨价，刀具公 司业绩有望持续改善 看好 ——刀具行业点评 事件： 进入四季度以来，钨矿价格加速上涨，带来硬质合金刀具厂成本迅速攀升，国内外刀具厂商 株洲钻石、欧科亿、沃尔德、克洛伊、肯纳金属等纷纷发布涨价函，陆续在 11 月至次年 1 月 生效。 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 行业点评： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 供给收紧+战略性溢价双重驱动钨价持续上涨。供给端，2025 年钨精矿开采指标显著 ...