Group 1 - The core viewpoint indicates that the rare earth industry is experiencing positive momentum, with the China Rare Earth Industry Index rising by 0.89% and the Rare Earth ETF Fund showing a significant increase of 5.94% over the past two weeks, leading among comparable funds [1][4] - The Rare Earth ETF Fund has seen a notable increase in trading volume, with a turnover rate of 1.69% and a total transaction value of 30.82 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The fund's scale has grown significantly, with an increase of 63.04 million yuan in the past week, also ranking first among comparable funds, and a growth of 42 million shares in the same period [4] Group 2 - In terms of exports, China exported 58,100 tons of rare earth permanent magnet materials in 2024, with the export volume accounting for approximately 24% of the total production of neodymium-iron-boron [5] - The export control on medium and heavy rare earths is expected to tighten supply overseas, potentially driving up prices both internationally and domestically [5] - The top ten weighted stocks in the China Rare Earth Industry Index account for 57.42% of the index, indicating a concentrated investment landscape [5]

Core Viewpoint - The company has experienced rapid growth over the past five years primarily driven by energy new materials, and it anticipates that tungsten and rare earth deep processing and applications will be the main growth drivers in the next five years [1][3]. Group 1: Business Strategy and Focus Areas - The company will focus on the application of magnetic materials in new scenarios such as rare earth permanent magnet motors, industrial robots, and humanoid robots, with related products currently under development [4]. - The company plans to transition from a traditional sales model of hard alloy cutting tools to providing comprehensive solutions and services, potentially through mergers and acquisitions to accelerate business growth [4]. - The company aims to enhance its resource assurance rate from the current 20% to 70% in the future [5]. Group 2: Technological Development and Market Position - In the energy new materials sector, the company will focus on solid-state battery technology and hydrogen energy technologies, having already developed lithium sulfide technology [5]. - The company recognizes the importance of recycling in all its industries, as they involve rare strategic metals [5]. - The company has strategically positioned itself to minimize impacts from current international trade challenges, with an export revenue of approximately 5.4 billion yuan, accounting for 16% of its main business income [5]. Group 3: International Expansion and Investment - The company has invested in an 800-ton hard alloy bar project in Thailand, aimed at the U.S. and ASEAN markets, with a total investment of about 190 million yuan and an average return on investment exceeding 20% [5]. - The company is currently advancing the construction of a second phase project in Thailand, having acquired 130 acres of land to expand hard alloy production and develop tungsten powder, tungsten carbide, CNC blades, and complete tool businesses [6].

厦门钨业股份有限公司 关于开立募集资金理财产品专用结算账户的公告 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"或"厦门钨业"）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 及权属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 个月的各种存款、理财产品或中国证监会认可的其他投资品种等，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 日在上 海证券交易所网站（www.sse.com.cn）上披露的《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》（公告编号：临-2024-110）。 一、开立募集资金理财产品专用结算账户情况 因募集资金现金管 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Tungsten Industry**: Focus on strategic minerals and the impact of export controls on tungsten - **Huaihe Energy**: Involvement in coal, electricity, and logistics sectors - **5G-A Technology**: Development and deployment of advanced 5G technology Core Points and Arguments Tungsten Industry 1. **Export Control Measures**: The government has initiated actions to combat the smuggling of strategic minerals, including tungsten, which is essential in various industries such as automotive and aerospace [3][1] 2. **Tungsten Characteristics**: Tungsten is recognized for its high melting point, hardness, density, and thermal conductivity, earning it the nickname "industrial teeth" [3][1] 3. **Global Tungsten Supply**: By 2024, global tungsten reserves are projected to reach 4.6 million metric tons, with China contributing over 80% of the world's tungsten production [7][1] 4. **Demand and Applications**: The demand for tungsten is expected to reach 142,000 metric tons in 2024, primarily for hard alloys and tungsten steel, with significant applications in automotive and defense sectors [7][1] 5. **Recycling and Supply Challenges**: China's tungsten recycling rate is only 17%, indicating a gap in recovery and quality compared to international standards, which may affect future supply [7][1] Huaihe Energy 1. **Asset Injection Impact**: The company plans to acquire a significant stake in Huaihe Energy Power Group, which is expected to enhance its operational capacity and increase net profit by 105% [8][1] 2. **Coal Supply and Production**: Huaihe Energy has a strong coal supply chain, with a high coverage rate for long-term contracts, which positions it competitively in the market [11][1] 3. **Future Growth Potential**: The company has additional coal and power assets that could further increase its operational scale, with potential for significant growth in the coming years [11][1] 5G-A Technology 1. **Performance Enhancements**: 5G-A technology is expected to increase upload and download speeds by tenfold, significantly improving connectivity and reducing latency [12][1] 2. **Global Deployment**: Testing networks for 5G-A have been established across 31 provinces in China, with plans for expansion into international markets [12][1] 3. **Investment in Infrastructure**: There is a notable increase in capital expenditure from operators for 5G-A, indicating a strong commitment to enhancing network capabilities [15][1] Other Important but Possibly Overlooked Content - **Market Trends**: The tungsten sector is experiencing a bullish trend due to government actions against smuggling and the strategic importance of tungsten in various applications [4][1] - **Stock Performance**: Several companies within the tungsten industry and those involved in 5G technology have seen significant stock price increases, reflecting positive market sentiment [9][1][13][1] - **Long-term Outlook**: The overall outlook for both the tungsten industry and 5G-A technology remains positive, with expectations of sustained demand and growth opportunities in the coming years [7][1][15][1]

Group 1: Overview of Rare Earth Industry - The rare earth industry includes 17 metallic chemical elements, categorized into light and heavy rare earths, with applications in various fields, particularly in permanent magnet materials for electric vehicles and wind power [1][2] - The industry chain encompasses mining, smelting, separation, and processing, ultimately producing functional materials used across multiple industries [1][2] Group 2: Global Supply Landscape - Global rare earth reserves are concentrated, with China holding 48% of the total reserves and accounting for 69% of global production, thus dominating the industry chain [1][2] - Recent efforts by Western countries aim to diversify supply chains and reduce dependency on China by increasing rare earth mining and production capacity [1][2][3] Group 3: China's Resource Management - China implements total control over rare earth mining and smelting, leading to a dual structure of "North Light and South Heavy" in resource management [1][2] - Policies are expected to enhance market concentration and reshape international supply-demand dynamics [1][2] Group 4: Market Size and Growth - From 2018 to 2023, China's rare earth industry value has grown, with significant increases in the smelting and separation sectors, and rapid expansion in the functional materials market [1][2] - The market for rare earth functional materials is projected to continue its rapid growth, driven by policy support and increasing demand [1][2] Group 5: Functional Materials Market - Permanent magnet materials dominate the rare earth consumption landscape, with China leading the global market, valued at over 100 billion yuan [2][3] - Catalytic materials have a market size of 6 to 8 billion yuan in China, with foreign companies holding a monopoly, while domestic firms are catching up in certain areas [2][3] - Hydrogen storage materials are primarily produced in China, which supplies over 90% of the global market, although there is a technological gap with Japan [2][3] Group 6: Strategic Importance - Rare earths are considered strategic resources with critical applications in high-tech fields such as renewable energy, defense, and electronics, making them central to global industrial competition and geopolitical dynamics [1][2][3] - The U.S. and its allies view reducing reliance on Chinese rare earths as a national security priority, leading to policies aimed at establishing alternative supply chains [1][2][3]

本次活动将于 2025 年 5 月 15 日（星期四）15:40-17:00 在深圳市全景网 络有限公司提供的网上平台进行（网址：http://ir.p5w.net）。 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-043 厦门钨业股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会 暨投资者网上集体接待日活动的公告 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。 重要内容提示： 召开时间：2025 年 5 月 15 日（星期四）15:40-17:00 召开方式：本次活动将通过深圳市全景网络有限公司提供的网上平台进 行，投资者可以登录全景网投资者关系互动平台（网址：http://ir.p5w.net） 参与网络在线交流。 一、活动类型 为进一步加强与投资者的互动交流，厦门钨业股份有限公司（以下简称"公 司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合 举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体接待日活 动"。 二、召开时间 三、参加人员 出席本 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an operating revenue of 35.196 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to the parent company was 1.728 billion yuan, an increase of 7.88% year-on-year [2][4]. - In Q1 2025, the company reported an operating revenue of 8.376 billion yuan, a quarter-on-quarter decrease of 5.11%, but the net profit attributable to the parent company increased by 20.10% to 391 million yuan [2][4]. - The company continues to optimize operations, with significant contributions to profits from the tungsten and molybdenum, as well as rare earth segments, while the impact of real estate disposals on investment income has diminished [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 35.196 billion yuan, with a gross profit margin of 18% [17]. - The net profit attributable to the parent company was 1.728 billion yuan, with a profit margin of 4.9% [17]. - For Q1 2025, the company achieved a revenue of 8.376 billion yuan, with a net profit of 391 million yuan [2][4]. Business Segments - **Tungsten and Molybdenum**: In 2024, this segment generated revenue of 17.414 billion yuan, a year-on-year increase of 5.78%, with a profit of 2.525 billion yuan, up 7.55% [10]. - **Energy New Materials**: This segment saw a revenue of 13.297 billion yuan in 2024, a decrease of 23.19%, but the output of positive materials increased significantly [10]. - **Rare Earth Materials**: Revenue was 4.435 billion yuan, down 19.21%, but profits increased by 67.44% [10]. - **Real Estate**: The real estate segment generated revenue of 51 million yuan, a decrease of 62.41%, but the loss was reduced by 1.03 billion yuan [10]. Future Outlook - The company plans to achieve a revenue of 40.078 billion yuan in 2025, aiming for a year-on-year profit growth [11]. - The company is recognized as a leader in tungsten resources and deep processing, with ongoing investments in R&D, which amounted to 1.456 billion yuan in 2024 [11].

Core Insights - The article emphasizes the importance of technological innovation in China's rare earth industry, highlighting government support for research and development in various applications and processes [1][4][8]. Summary by Sections Technological Innovation Directions - The Chinese government encourages technological innovation in the rare earth sector, focusing on basic research, cutting-edge technology, and key industrial technology development [1]. - In 2024, the China Rare Earth Society and the China Rare Earth Industry Association will award 8 first prizes and 24 second prizes for outstanding projects in rare earth science and technology [1]. - Award-winning projects include efficient catalysts for ultra-low emissions in automotive exhaust, applications of rare earth upconversion luminescent nanomaterials in cancer treatment, and low-temperature high-performance magnetic refrigeration materials [1]. Industry Technology Transformation - The government is accelerating technological upgrades in rare earth enterprises, with specific measures to improve mining, refining, and metal production processes [4][6]. - Key measures include adopting efficient green mining technologies, advanced refining techniques to reduce waste, and eliminating outdated production capacities [6]. Policy Planning for Technological Innovation - The rare earth industry is crucial for strategic emerging industries, with China being the world's leading producer and exporter [4]. - The Ministry of Industry and Information Technology's "14th Five-Year Plan" emphasizes enhancing technological innovation capabilities, promoting green transformation, and integrating domestic and international resources [4][7]. Integration with New Energy - The rapid development of new technologies like 5G and artificial intelligence is driving the digital transformation of the rare earth industry [8]. - Key applications of new technologies in the rare earth sector include high-performance magnetic materials for wind power and hydrogen storage materials for energy applications [9]. R&D Dynamics of Representative Companies - Northern Rare Earth is involved in key national R&D projects focusing on intelligent preparation technologies and has established a carbon emission accounting platform [11]. - China Rare Earth is enhancing its core business through various R&D initiatives, including high-value utilization of rare earth elements and new energy materials [11]. - Other companies like Baotou Steel and Xiamen Tungsten are also advancing their R&D efforts in high-performance magnetic materials and rare earth recovery technologies [11].

智能车ETF泰康紧密跟踪中证智能电动汽车指数，中证智能电动汽车指数选取主营业务涉及智能电动汽 车动力系统、感知系统、决策系统、执行系统、通讯系统、整车生产以及汽车后市场的上市公司证券作 为指数样本，以反映智能电动汽车产业上市公司证券的整体表现。 4月上半月整体车市热度仍维持较高水平，下半月上海车展开幕；新车型集中上市，新能源热点产品逐 一开启交付，预计将为新能源市场提供新的增长动能，有力支撑整车市场。 民生证券认为，智能化奇点已来，自主技术输出孵化机遇。智能化能力将成为车企竞争的重要因素。随 着特斯拉FSD使用率拐点显现，自主新势力城市辅助驾驶加速落地和小鹏开启全新商业模式；我们判断 智能驾驶正逐步迎来技术、用户接受度和商业模式的三重拐点，看好智能化布局相对领先、产品周期、 品牌周期向上的优质自主车企。 相关产品：智能车ETF泰康(159720)。 截至2025年5月6日 10:31，智能车ETF泰康(159720)上涨1.61%，盘中成交额迅速走阔，跟踪指数中证智 能电动汽车指数(H11052)强势上涨1.43%，成分股伯特利(603596)上涨5.81%，湖南裕能(301358)上涨 4.97%，北京君正 ...

Core Viewpoint - The company experienced a decline in revenue in 2024, but its gross margin improved due to lower raw material costs, while the tungsten-molybdenum segment showed resilience with increasing profit contribution [2][4]. Group 1: Sales Performance - In 2024, the company sold 7,352 tons of hard alloys, an increase of 8.35% year-on-year. Cutting tools sales reached approximately 51.3 million units, up 2.22% [1]. - The sales of fine tungsten wire reached 135.4 billion meters, a significant increase of 55.97%, driven by market demand growth and optimized marketing strategies [1]. - Lithium cobalt oxide sales were 46,200 tons, up 33.52%, attributed to the recovery in the 3C industry and the launch of new 4.5V high-voltage lithium cobalt oxide products [1]. - Sales of ternary materials reached 51,400 tons, an increase of 37.45%, due to accelerated demand in the new energy sector [1]. - In Q1 2025, fine tungsten wire sales dropped to 32.5 billion meters, a year-on-year decrease of 5%, with revenue declining by 28% due to reduced demand in downstream photovoltaic applications [1]. Group 2: Financial Performance - The company achieved operating revenue of 35.196 billion yuan in 2024, a decrease of 10.66%. Tungsten-molybdenum revenue was 17.414 billion yuan, up 5.78%, while energy new materials revenue fell by 23.19% to 13.297 billion yuan [2]. - The overall gross margin for 2024 was 18.03%, an increase of 1.51 percentage points, primarily due to lower costs of energy new materials and rare earth raw materials [2]. - In Q1 2025, the company reported operating revenue of 8.376 billion yuan, a year-on-year increase of 1.29%, with rare earth revenue rising by 46.36% due to increased sales of deep-processing magnetic materials [2]. - The gross margin for Q1 2025 was 16.47%, a decrease of 0.22 percentage points compared to the previous year [2]. Group 3: Cost and Profitability - The company's expense ratio increased to 9.04% in 2024, with selling expenses rising to 1.17% and management expenses to 2.86% due to higher employee compensation and depreciation [3]. - The net profit attributable to shareholders for 2024 was 1.728 billion yuan, an increase of 7.88%. However, in Q1 2025, net profit decreased by 8.46% to 391 million yuan [3]. - The cash flow remained stable, with a cash collection ratio of 0.8545, down 1.45 percentage points, and a cash payment ratio of 0.7924, down 0.73 percentage points [3]. - The company's asset-liability ratio decreased to 46.44%, down 5 percentage points, due to a significant increase in cash and cash equivalents [3]. Group 4: Investment Outlook - The company has a significant advantage in the tungsten-molybdenum sector, with a continuous increase in profit contribution, indicating a long-term positive trend [4]. - Projected net profits for 2025-2027 are 1.984 billion, 2.301 billion, and 2.531 billion yuan, respectively, maintaining a "strongly recommended" rating [5].