股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-122 厦门钨业股份有限公司 第十届董事会第二十三次会议决议公告 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"）第十届董事会第二十三次会议 于 2025 年 12 月 29 日在厦门市思明区展鸿路 81 号翔业国际大厦 21 层本公司 1 号会议室以现场与通讯相结合的方式召开，会前公司董秘办公室于 2025 年 12 月 23 日以电子邮件及专人送达的方式通知了全体董事。会议由董事长黄长庚先 生主持，应到董事 9 人，实到董事 9 人。公司高级管理人员列席了本次会议。会 议的召开符合《中华人民共和国公司法》和《公司章程》的规定。会议审议通过 了如下议案： 一、会议以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于控 股子公司厦门金鹭向其全资子公司德国金鹭增资的议案》。会议同意公司控股子 公司厦门金鹭特种合金有限公司向其全资子公司德国金鹭硬质合金有限公司（以 下简称"德国金鹭"）增资 1,490.11 万欧 ...

一、审议通过了《关于向参股公司厦门赤金厦钨金属资源有限公司增资暨 关联交易的议案》。 厦门钨业股份有限公司 第十届董事会独立董事专门会议第十二次会议决议 厦门钨业股份有限公司第十届董事会独立董事专门会议第十二次会议于 2025 年 12 月 29 日在厦门市展鸿路 81 号翔业国际大厦 21 层本公司 1 号会议室 以现场与通讯相结合的方式召开。本次会议的召集和召开程序符合《公司法》和 《公司章程》等相关规定。会议由独立董事专门会议召集人叶小杰主持，应到独 立董事 3 人，实到独立董事 3 人。会议审议通过了如下议案： 经核查，本次公司向参股公司厦门赤金厦钨金属资源有限公司增资，进一步 筑牢公司稀土深加工产业链原料安全屏障，提升整体竞争力。本次关联交易对公 司持续经营能力及资产状况不会产生重大影响，不存在损害公司及全体股东特别 是中小股东利益的情形，符合公司整体战略发展规划。会议同意将本次向厦门赤 金厦钨金属资源有限公司增资的事项提交公司第十届董事会第二十三次会议审 议。 表决结果：3 票同意，0 票反对，0 票弃权。 二、逐项审议通过了《关于 2026 年度日常关联交易预计的议案》。 1.《关于 2026 ...

每经AI快讯，12月29日，厦门钨业（600549）(600549.SH)公告称，公司控股子公司厦门金鹭的全资子 公司德国金鹭拟以1000万欧元为基础价收购德国mimatic刀具公司100%股权，并计划在收购完成后增资 490.11万欧元。同时，厦门金鹭拟向德国金鹭增资1490.11万欧元，用于支付收购价款。本次交易不构成 关联交易和重大资产重组。交易完成后，德国金鹭将持有mimatic刀具公司100%股权。 ...

（文章来源：第一财经） 厦门钨业公告称，公司控股子公司厦门金鹭的全资子公司德国金鹭拟以1000万欧元为基础价收购德国 mimatic刀具公司100%股权，并计划在收购完成后增资490.11万欧元。同时，厦门金鹭拟向德国金鹭增 资1490.11万欧元，用于支付收购价款。本次交易不构成关联交易和重大资产重组。交易完成后，德国 金鹭将持有mimatic刀具公司100%股权。 ...

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

标配（维持） 有色金属行业双周报（2025/12/12-2025/12/25） 行 业 有色金属行业 国际金价首次突破 4500 美元，白银价格刷新历史高位 2025 年 12 月 26 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年12月25日，申万有色金属行业近两周上涨5.71%，跑赢 沪深300指数3.73个百分点，在申万31个行业中排名第3名。截至2025年12月 25日，近两周有色金属行业子板块中，小金属板块上涨7.51%，能源金属板块 上涨6.89%，金属新材料板块上涨6.31%，贵金属板块上涨5.66%，工业金属板 块上涨4.82%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 申万有色金属行业指数走势 贵金属。12月23日，COMEX黄金价格收于4515美元/盎司，首度突破4500美元， 较 ...

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 证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-121 厦门钨业股份有限公司 | 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 | 28.48 | 0 | | 2 | 工商银行结构性存款 | 10,000.00 | 10,000.00 | 12.66 | 0 | 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 ...

Core Viewpoint - Tungsten powder prices have stabilized after a 12-day increase, indicating a potential shift in market dynamics driven by short-term demand fluctuations and long-term value support [1] Demand Side - The recent price increase was primarily driven by downstream inventory replenishment, but this phase has ended, leading to a rational purchasing approach and reduced short-term demand [1] - The hard alloy sector, which accounts for over 60% of tungsten powder consumption, has seen a slowdown in procurement as firms complete year-end stocking, with a 3% drop in operating rates noted in late December [2] - In the photovoltaic and semiconductor sectors, while demand remains steady, significant incremental demand has not yet materialized, with a projected 60% increase in photovoltaic tungsten wire demand by 2025 [3] Supply Side - Despite short-term demand slowing, tungsten powder prices remain stable due to a "tight balance" in the supply side, characterized by limited raw material availability and price stabilization from leading companies [5] - Domestic tungsten mining quotas have tightened, with a 6.45% year-on-year reduction in the first batch for 2025, leading to increased raw material costs and a reluctance among companies to sell at lower prices [6] - Leading companies like Zhongtung High-tech and Xiamen Tungsten have made strategic acquisitions and expansions, enhancing supply security and supporting price stability [7][8] Inventory and Market Sentiment - Industry inventory levels are low, which prevents significant price drops, creating a stable pricing environment characterized by tight supply and low inventory [9] - Year-end financial pressures and the withdrawal of speculative funds have contributed to the stabilization of tungsten powder prices, with traders opting to lock in profits [10] Market Outlook - Short-term price fluctuations are expected to remain within the range of 1.1 million to 1.12 million yuan per ton, influenced by year-end financial pressures and cautious market sentiment [11] - Long-term prospects remain positive, with high-end demand expected to grow, driven by sectors such as photovoltaic, semiconductor, and electric vehicles, alongside a tightening supply environment [12]

Group 1: Tungsten Industry - Tungsten is a strategic metal with high melting point and hardness, widely used in key sectors such as aerospace and electronics. China dominates global tungsten resources, with 2024 production expected to reach 67,000 tons and reserves at 2.4 million tons, both ranking first globally [15][16][17] - The supply of tungsten is tightening due to reduced mining quotas and environmental regulations, with a 6.5% decrease in the 2025 mining quota compared to the previous year. This is expected to support tungsten prices, which have already increased over 210% year-to-date [16][17] - The demand for tungsten is driven by hard alloys, military alloys, and photovoltaic tungsten wires, with hard alloys accounting for about 60% of tungsten consumption. The consumption of hard alloys in 2024 is projected to reach 41,400 tons, reflecting steady growth [30][39] Group 2: Molybdenum Industry - Molybdenum is primarily used in the steel industry to enhance strength and corrosion resistance. China holds 39% of global molybdenum reserves, with 2024 production expected to be 260,000 tons, a 6% increase from 2023 [40][43][49] - The supply of molybdenum is expected to remain stable, but the demand is increasing due to high-strength alloys and new applications in renewable energy and aerospace. The domestic molybdenum production from January to November 2025 is reported at 293,400 tons, an 8.66% increase year-on-year [47][49] - Molybdenum prices are supported by high demand in steel and other industries, with the average price of molybdenum iron in the first half of 2025 at 228,800 yuan per ton, reflecting a slight increase [54][55] Group 3: Germanium Industry - Germanium is classified as a strategic mineral, with its supply structure being concentrated and sensitive to price fluctuations. Global germanium production in 2023 was 138 tons, with China producing 94 tons [55][60] - The demand for germanium is expanding in high-growth sectors such as military infrared, low-orbit satellites, and telecommunications, with the price of germanium ingots averaging 15,625 yuan per kilogram in the first half of 2025, a 61.92% increase year-on-year [66][70] - The supply of germanium is tightening due to export controls and environmental policies, with expectations of a gradual increase in prices as demand continues to grow [70] Group 4: Zirconium Industry - Zirconium is widely used in various industries, including electronics, ceramics, and nuclear energy. The demand for zirconium products is driven by traditional sectors and emerging high-end applications [71][80] - The traditional ceramic sector remains the largest consumer of zirconium, with expectations of stabilization due to macroeconomic policies. The construction and real estate sectors are anticipated to support demand for zirconium products [80] - Emerging applications in renewable energy, artificial gemstones, and biomedical ceramics are expected to drive significant growth in zirconium demand, with projections indicating a compound annual growth rate of 133% for solid-state batteries from 2024 to 2030 [81][82]

Core Viewpoint - The price of tungsten, known as "industrial teeth," has significantly increased in 2023 due to supply constraints and surging demand from emerging sectors, creating a supply-demand gap that presents development opportunities for China's tungsten industry [1]. Industry Overview - Tungsten is widely used in various fields such as automotive, military, aerospace, machinery, new energy, and semiconductors due to its high melting point, hardness, density, and good thermal conductivity [1]. - The demand for tungsten has seen robust growth, particularly in traditional sectors and emerging markets, with significant increases in demand for tungsten wire in photovoltaic products and hard alloy tools [1][2]. Market Sentiment - Analysts express optimism about the market outlook, indicating that the supply-demand imbalance is expected to persist, keeping tungsten prices at high levels in the coming years [2]. - The market for tungsten is anticipated to remain strong due to limited new mining projects and ongoing demand from various industries [2]. Company Strategies - Companies in the tungsten industry are focusing on resource acquisition, high-value product development, and positioning in emerging markets to strengthen their market advantages [2]. - Xiamen Tungsten Co., Ltd. is enhancing its raw material security by increasing its mining capacity and exploring new mining opportunities, including overseas resources [3]. - Zhongtung High-tech Materials Co., Ltd. is leveraging technological innovation to develop high-value products for the artificial intelligence server market, with significant investments planned for new production lines [3]. Emerging Market Developments - Companies are actively expanding their business in emerging markets such as photovoltaics. For instance, Guangdong Xianglu Tungsten Industry Co., Ltd. has successfully established a production capacity of 6 billion meters of tungsten wire per year [4]. - Xiamen Tungsten is also expanding its applications in photovoltaic tungsten wire and special fields, achieving notable results [4].