Core Insights - The small metals sector experienced a rise of 1.03% on September 25, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Small Metals Sector Performance - Zhongkuang Resources (002738) closed at 43.49, up 4.32%, with a trading volume of 401,800 shares and a transaction value of 1.754 billion [1] - Xianglu Tungsten Industry (002842) closed at 10.60, up 3.72%, with a trading volume of 280,100 shares [1] - Western Materials (002149) closed at 17.64, up 3.40%, with a trading volume of 218,100 shares and a transaction value of 381 million [1] - Xiamen Tungsten Industry (600549) closed at 28.78, up 2.68%, with a trading volume of 1,570,900 shares and a transaction value of 1.628 billion [1] - Northern Rare Earth (600111) closed at 47.28, up 1.59%, with a trading volume of 1,483,800 shares and a transaction value of 7.025 billion [1] Capital Flow Analysis - The small metals sector saw a net inflow of 478 million from institutional investors, while retail investors experienced a net outflow of 823 million [2][3] - Northern Rare Earth (600111) had a net inflow of 27.7 million from institutional investors, but a net outflow of 360 million from retail investors [3] - Xiamen Tungsten Industry (600549) recorded a net inflow of 126 million from institutional investors, with a significant net outflow of 198 million from retail investors [3]

Group 1: Market Performance - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 6.47% with a transaction volume of 529 million yuan [3] - Over the past month, the average daily transaction volume of the Rare Earth ETF reached 505 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 1.716 billion yuan in the last month, also ranking first among comparable funds [3] - The number of shares for the Rare Earth ETF increased by 90.5 million shares this month, leading among comparable funds [3] - In the last 18 trading days, the fund attracted a total of 454 million yuan [3] - The net value of the Rare Earth ETF has risen by 105.55% over the past year, placing it in the top 11.10% among index equity funds [3] Group 2: Industry Outlook - The implementation of the "Rare Earth Management Regulations" in October 2024 will strengthen industry control, while the interim measures for total quantity control of rare earth mining and smelting will further tighten supply [4] - Leading companies like Northern Rare Earth will gain enhanced pricing power due to these regulations [4] - The rare earth industry is entering a new era of high-quality and standardized development, driven by growing demand from sectors such as electric vehicles, air conditioning, and consumer electronics [4] - The supply-demand gap for praseodymium and neodymium oxide is expected to reach 5.8% and 4.6% in 2025 and 2026, respectively, indicating a potential upward trend in price [4] - The performance of the rare earth industry chain is expected to improve quarter by quarter in the second half of the year, highlighting strategic allocation value [4] Group 3: Key Stocks - The top ten weighted stocks in the CSI Rare Earth Industry Index account for 62.15% of the index, with Northern Rare Earth and China Rare Earth being the top two [3] - Notable stock performances include Northern Rare Earth with a rise of 2.47% and China Rare Earth with an increase of 1.16% [6] - Investors can also access rare earth investment opportunities through the Rare Earth ETF Jiashi connecting fund (011036) [6]

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 4.62%, with a transaction volume of 115 million yuan [1] - Over the past month, the average daily transaction volume of the rare metal ETF reached 218 million yuan, ranking first among comparable funds [1] - In the last two weeks, the rare metal ETF's scale increased by 53.46 million yuan, achieving significant growth and ranking first among comparable funds [1] - The ETF's shares grew by 13 million shares in the last two weeks, also ranking first among comparable funds [1] - In the last ten trading days, the rare metal ETF attracted a total of 195 million yuan in inflows [1] - As of September 22, 2025, the net value of the rare metal ETF increased by 86.19% over the past year [1] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being four months and a maximum increase of 58.56% [1] - The average return during the rising months was 8.77% [1] - The annualized return over the last three months exceeded the benchmark by 5.76% [1] Group 2: Market Dynamics and Policy Impact - The unique resource characteristics of minor metals lead to greater price elasticity, benefiting from high beta during market uptrends [2] - The Democratic Republic of Congo's cobalt export policy, effective September 21, extends the cobalt export ban until October 15, 2025, followed by a quota system [2] - The quota for October to December 2025 is set at 18,125 tons, with a total quota of 96,600 tons for 2026-2027, representing a 56% decrease from the 2024 production levels [2] - The Congolese government's firm pricing stance is expected to compel downstream companies to initiate large-scale inventory replenishment, driving cobalt prices upward [2] - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index accounted for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [2] Group 3: Stock Performance Overview - The stock performance of key companies in the rare metals sector showed declines, with Northern Rare Earth down 4.79% and Ganfeng Lithium down 0.76% [4] - Other notable declines included Luoyang Molybdenum at -2.75% and Tianqi Lithium at -3.01% [4] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [4]

Index Performance - The CSI A500 Index experienced a slight increase of 0.02%, closing at 5433.29 points on September 19 [5] - The average daily trading volume for the week was 9126.33 billion yuan, reflecting a week-on-week increase of 2.7% [5] Component Stocks Performance - The top ten gainers for the week included: - Junsheng Electronics (600699.SH) with a rise of 44.25% - Shanghai Construction (600170.SH) up by 31.70% - Sanhua Intelligent Control (002050.SZ) increasing by 20.72% [3] - The top ten losers for the week included: - Northern Rare Earth (600111.SH) down by 12.20% - Junshi Biosciences (688180.SH) decreasing by 9.84% - Xiamen Tungsten (000960.SZ) falling by 9.45% [3] Fund Performance - A total of 39 CSI A500 funds mostly saw increases, with the top performer being Guolian An with a rise of 0.424% [5] - The total scale of CSI A500 funds reached 1865.27 billion yuan, with the largest funds being Huatai Baichuan (221.82 billion yuan), Guotai Fund (204.94 billion yuan), and E Fund (204.55 billion yuan) [5] Economic Context - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00%-4.25% on September 17, restarting the rate cut cycle [6] - Short-term market expectations for rate cuts have been largely priced in, potentially leading to volatility as actual policy effects and economic data unfold [6] - In the medium to long term, the Fed's rate cuts are expected to positively impact the A-share market, with a stronger yuan improving foreign investment sentiment [6]

厦门钨业股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召开第 十届董事会第九次会议和第十届监事会第七次会议，审议通过了《关于公司及权 属公司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 22 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、 产品合同有保本约定、单项产品期限最长不超过 12 个月的各类现金管理产品， 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、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 2024 年 12 月 31 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《关于公司及权属公司使用部分闲置募集资金进行现金管 理的公告》（临-2024-110）。 一、本次使用闲置募集资金进行现金管理到期赎回情况 股票代码：600549 股票简称：厦门钨业 公告编号：临-202 ...

Core Points - The company announced a cash dividend of 0.184 CNY per share for the first half of 2025, totaling approximately 292.12 million CNY [2][4] - The dividend distribution was approved by the board on August 20, 2025, following authorization from the annual general meeting held on May 28, 2025 [2][3] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [3] - The total number of shares for the dividend calculation is 1,587,585,826 [4] Implementation Details - Cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited for shareholders who have completed designated transactions [5] - Certain shareholders, including specific companies, will receive dividends directly from the company [8] Taxation Information - Individual shareholders and securities investment funds will not have personal income tax withheld at the time of dividend distribution, but tax will be calculated based on the holding period when shares are sold [9] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.1656 CNY per share [10]

Group 1 - The company announced a profit distribution plan for the first half of 2025, with a cash dividend of 0.184 yuan per share (tax included) for A-shares [1] - The record date for the dividend is set for September 25, 2025, while the ex-dividend date and the date of cash dividend payment are both scheduled for September 26, 2025 [1]

Market Overview - The Shanghai Composite Index closed at 3831.66 points, down 1.15% with a total trading volume of 31666.43 billion yuan [1] - A total of 357 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Notable Stocks - Xiamen Tungsten (600549) saw a decline of 3.77%, with its 5-day moving average at 29.95 yuan, down 1.62% from the 10-day moving average [1] - Aikang Cyber (688719) decreased by 1.95%, with a 5-day moving average of 39.50 yuan, down 1.57% from the 10-day moving average [1] - Dier Laser (300776) fell by 0.98%, with a 5-day moving average of 71.54 yuan, down 1.36% from the 10-day moving average [1] Additional Stocks with Death Cross - Huali Chuangtong (300045) dropped by 2.99%, with a 5-day moving average of 23.64 yuan, down 1.34% from the 10-day moving average [1] - Shijia Photon (688313) increased by 2.06%, with a 5-day moving average of 71.95 yuan, still below the 10-day moving average [1] - Kuaiji Elevator (002774) decreased by 4.53%, with a 5-day moving average of 10.66 yuan, down 1.24% from the 10-day moving average [1] Other Stocks of Interest - Yuntianhua (600096) fell by 3.01%, with a 5-day moving average of 26.64 yuan, down 0.98% from the 10-day moving average [1] - ST Jinglun (600355) decreased by 4.55%, with a 5-day moving average of 3.48 yuan, down 0.94% from the 10-day moving average [1] - Miao Technology (300795) dropped by 1.91%, with a 5-day moving average of 15.77 yuan, down 0.72% from the 10-day moving average [2]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-085 厦门钨业股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.184元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/25 | － | 2025/9/26 | 2025/9/26 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 28 日的2024年年度股东大会授权董事会在符合利 润分配条件的情况下，制定具体的 2025 年中期分红方案，本次利润分配方案经 2025 年 8 月 20 日召开的第十届董事会第十六次会议审议通过。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- ...

Group 1 - The company announced a cash dividend distribution of 0.184 yuan per share, totaling approximately 292.12 million yuan [1] - The total share capital for the dividend distribution is 1,587,585,826 shares [1] - The A-share equity registration date is set for September 25, 2025, with the ex-dividend date and cash dividend payment date on September 26, 2025 [1] Group 2 - The dividend will be distributed by China Securities Depository and Clearing Corporation Limited, Shanghai Branch, except for certain self-distributing recipients [1] - Different tax policies apply to various types of shareholders, and investors are encouraged to contact the company's secretariat for inquiries [1]