证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-083 厦门钨业股份有限公司 2025年第二次临时股东大会决议公告 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 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 16 日 (二)股东大会召开的地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 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： | 1、出席会议的股东和代理人人数 | 1,403 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 676,384,156 | | 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 | 42.6045 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次表决符合《公司法》及《公司章程》的规定，本次大会由董事长黄长庚先 生主持。 (五)公司董事、监事 ...

Group 1 - The cobalt metal concept sector declined by 0.67%, ranking among the top declines in the concept sectors, with companies like Zhongtung High-tech, Dadi Bear, and Xiamen Tungsten Industry experiencing significant drops [1][2] - Among the stocks in the cobalt sector, 9 stocks saw price increases, with Xingye Silver Tin, Tianqi Co., and Daoshi Technology leading the gains at 2.30%, 1.81%, and 1.37% respectively [1][2] - The cobalt sector experienced a net outflow of 4.766 billion yuan in main funds, with 32 stocks seeing net outflows, and 11 stocks exceeding 100 million yuan in outflows, led by Zijin Mining with a net outflow of 1.304 billion yuan [2][3] Group 2 - The top gainers in the market today included the decelerator sector at 3.72%, humanoid robots at 3.58%, and automotive thermal management at 3.28%, while the pig farming sector saw a decline of 1.93% [2] - The main funds saw inflows into stocks such as Xingye Silver Tin, Pengxin Resources, and Hailiang Co., with inflows of 28.5589 million yuan, 21.8665 million yuan, and 16.7374 million yuan respectively [2][3] - The stocks with the highest net outflows in the cobalt sector included Zijin Mining, Huayou Cobalt, and Dangsheng Technology, with net outflows of 1.304 billion yuan, 629.438 million yuan, and 404.963 million yuan respectively [2][3]

Core Viewpoint - The rare metals sector is experiencing a mixed performance, with recent regulatory changes and supply-demand dynamics influencing market trends [1][4][5]. Group 1: Market Performance - As of September 16, 2025, the China Securities Rare Metals Theme Index has decreased by 2.23%, with leading stocks such as Guangsheng Nonferrous Metals and Northern Rare Earths showing declines [1]. - The Rare Metals ETF (562800) has seen a 13.27% increase over the past month, indicating a strong recovery trend [1]. - The Rare Metals ETF has achieved a record high in scale, reaching 2.735 billion yuan, and a record high in shares at 3.558 billion, leading among comparable funds [4]. Group 2: Trading Activity - The Rare Metals ETF recorded an intraday turnover of 8.19%, with a transaction volume of 218 million yuan [4]. - Over the past week, the ETF has maintained an average daily transaction volume of 230 million yuan, ranking first among comparable funds [4]. - The ETF has seen a net inflow of 231 million yuan recently, with three out of the last five trading days showing positive net inflows totaling 304 million yuan [4]. Group 3: Supply and Demand Dynamics - The supply side remains tight, with upstream raw ore separation enterprises maintaining stable operations, although some face reduced operating rates due to raw material supply constraints [5]. - Demand from downstream magnetic material companies remains strong, with major manufacturers maintaining high operating rates and sufficient order reserves [5]. - Recent data indicates a 3.4% month-on-month decrease in China's rare earth exports in August, while export value increased by 51%, reflecting a "volume decrease, price increase" trend [4]. Group 4: Key Stocks - The top ten weighted stocks in the rare metals index account for 57.58% of the total index, with Northern Rare Earths and Luoyang Molybdenum being the most significant contributors [5]. - Notable declines in stock prices include Northern Rare Earths down by 3.98% and Guangsheng Nonferrous Metals down by 1.66% [7].

Group 1: Liquidity and Fund Performance - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 4.11% and a transaction volume of 340 million yuan [3] - Over the past month, the average daily transaction volume of the Rare Earth ETF reached 559 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 23.8 million yuan in the past week, with a total share growth of 94.5 million shares this month, also ranking first among comparable funds [3] - In the last 10 trading days, the Rare Earth ETF attracted a total of 180 million yuan in inflows [3] - As of September 15, the fund's net value has increased by 124.59% over the past year, placing it in the top 3.12% among 3013 index equity funds [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly gain being 4 months and a maximum increase of 83.89% [3] Group 2: Market Trends and Demand Drivers - The average spot prices for praseodymium and neodymium metals were 540,000 yuan/ton and 441,000 yuan/ton respectively in the first half of the year, reflecting year-on-year increases of 11.9% and 12.7% [4] - Demand for rare earth materials is rapidly growing due to policies promoting "carbon neutrality," as well as the recovery in traditional manufacturing and the acceleration of humanoid robot deployment [4] - Guojin Securities believes that the rare earth sector may enter a third phase of supply-side reform, with significant increases in magnetic material exports observed in July, up 75% month-on-month and 6% year-on-year [4] - The combination of price increases, supply-side reforms, and supply disruptions is expected to enhance the strategic attributes of the rare earth sector, leading to a dual increase in valuation and performance [4] Group 3: Key Stocks and Weightings - The top ten weighted stocks in the China Rare Earth Industry Index account for a total of 62.15%, including Northern Rare Earth, China Rare Earth, Lingyi Zhi Zao, and others [3] - Notable stock performances include Northern Rare Earth down 4.76% and China Rare Earth down 4.67%, with respective weights of 13.22% and 5.63% [6]

Group 1 - Xiamen Tungsten Co., Ltd. experienced a decline of 5.06% on September 16, with a stock price of 28.89 CNY per share and a trading volume of 1.487 billion CNY, resulting in a total market capitalization of 45.865 billion CNY [1] - The company, established on December 30, 1997, and listed on November 7, 2002, is located in Xiamen, Fujian Province, and engages in the production, sales, and R&D of tungsten and molybdenum intermediate products, battery materials, rare earth materials, and other energy new materials, alongside real estate development [1] - The revenue composition of the company includes 46.21% from tungsten and molybdenum products, 39.28% from battery materials, 14.36% from rare earth business, and 0.14% from real estate and related management [1] Group 2 - CT Securities Asset Management has a fund that heavily invests in Xiamen Tungsten, specifically the Zhongtai Tianze Stable 6-Month Holding Mixed Fund (FOF) A, which held 50,000 shares, accounting for 1.27% of the fund's net value, making it the second-largest holding [2] - The fund, established on March 21, 2023, has a current scale of 42.8303 million CNY and has achieved a year-to-date return of 12.64%, ranking 552 out of 1050 in its category, with a one-year return of 19.75%, ranking 608 out of 1010 [2]

Core Viewpoint - The rare earth index experienced a significant decline, dropping over 4% during intraday trading, indicating a bearish trend in the sector [1]. Group 1: Market Performance - The rare earth sector saw widespread declines among its constituent stocks, with notable drops including China Rare Earth down 5.64%, Northern Rare Earth down 5.09%, Guangsheng Nonferrous down 4.30%, Shenghe Resources down 3.96%, and Xiamen Tungsten down 3.48% [1].

Summary of Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals sector is benefiting from the global macro cycle, with U.S. interest rate cuts and Trump-era policies releasing liquidity, driving resource prices into an upward cycle [1][2] - The anticipated interest rate cuts in Q4 2025 and the increase in the U.S. debt ceiling are expected to have significant impacts on the sector [1][2] Key Insights on Gold Stocks - Gold stocks have shown high certainty in the current market, experiencing a 20% pullback despite gold price fluctuations [4] - Historical data indicates that prior to price increases, gold stocks typically see a rise in both EPS and PE [4] - The average gold price in 2025 is projected to be significantly higher than in 2024, suggesting strong performance for companies like Shandong Gold, Chifeng Jilong Gold, and Zhongjin Gold [4] Electrolytic Aluminum Sector - The supply of electrolytic aluminum is constrained, with actual new capacity in early 2025 expected to be around 500,000 to 600,000 tons, lower than the anticipated 1 million tons [5] - Global PMI recovery is expected to gradually restore demand for electrolytic aluminum, with price expectations increasing [5] - The sector's valuation is at historical lows, with mainstream stocks valued at less than 10 times earnings, indicating significant room for recovery [6] Copper Sector Outlook - The copper sector presents investment opportunities driven by financial and industrial attributes, with expectations of price increases due to U.S. interest rate cuts and improved demand from China [7][8] - Supply disruptions from global mining events are contributing to a tightening supply situation, while demand is expected to grow due to macroeconomic factors [7][8] Tungsten Market Dynamics - The rise in tungsten prices is driven by supply contraction, export controls, and its strategic importance [3][9] - China's tungsten product exports have significantly decreased, leading to shortages in overseas markets [10] - The impact of export quotas on prices is critical, with expectations of a potential price increase if the second batch of quotas is reduced [12] Companies to Watch - Recommended companies include Shandong Gold, Chifeng Jilong Gold, Zhongjin Gold, Xiamen Tungsten, China Tungsten High-Tech, and Anyuan Coal Industry, which are seen as having investment potential in the current market environment [4][14]

Group 1 - The expectation of a Federal Reserve interest rate cut is increasing, with a projected 25 basis points reduction in the upcoming meeting [1][2] - The U.S. economic data, including a 2.9% year-on-year increase in CPI and a 2.6% year-on-year increase in PPI, supports the Fed's rate cut expectations [2][3] - The industrial metal prices are expected to rise due to improved demand and supply dynamics, with the Zhongzheng Shenwan Nonferrous Metals Index up 58.7% year-to-date [1][2] Group 2 - The industrial metal sector is experiencing a shift from off-peak to peak season, with increased processing rates and supply disruptions providing support for prices [3] - The copper industry is set for growth, with policies aimed at enhancing supply chain resilience and increasing domestic copper resource availability by 5%-10% by 2027 [3] - Companies like Zijin Mining and Luoyang Molybdenum are leading in copper production, with Zijin Mining producing 570,000 tons in the first half of 2025 [6] Group 3 - The prices of non-ferrous metals have shown an upward trend, with copper, tungsten, and molybdenum prices increasing by 10%, 102%, and 21% respectively since the beginning of the year [5] - A significant number of companies in the non-ferrous metal sector reported profitability, with 129 out of 141 companies achieving profits in the first half of 2025 [5] - Companies such as Zijin Mining and Luoyang Molybdenum reported substantial increases in net profits, with Zijin Mining's net profit rising by 18.8% in Q2 2025 [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].