Group 1 - The rare earth market is experiencing significant price fluctuations, with praseodymium and neodymium oxide averaging 688,800 CNY/ton, an increase of 16,400 CNY/ton, while dysprosium oxide averages 1,416,400 CNY/ton, a decrease of 14,200 CNY/ton [1] - Metal manufacturers have begun pre-holiday stockpiling, leading to a slight increase in the prices of praseodymium and neodymium metals, although actual transactions remain limited due to high prices [1] - The short-term market trend appears upward, but the sustainability of this trend is uncertain [1] Group 2 - A-share market performance for rare earth permanent magnet concept stocks shows significant gains, with companies like Wolong New Energy and Xiamen Tungsten both seeing nearly 10% increases in stock price [2] - The trading volume for these stocks is substantial, with Wolong New Energy reaching 581 million CNY and Xiamen Tungsten at 4.482 billion CNY [2] - Other notable stocks include Chifeng Gold and China Rare Earth Holdings, both showing positive price movements and trading volumes [2]

格隆汇1月26日丨厦门钨业(600549.SH)公布，公司控股子公司福建省金龙稀土股份有限公司（称"金龙 稀土"）为全国中小企业股份转让系统挂牌企业，证券简称：金龙稀土，证券代码：874673。近日，公 司收到金龙稀土通知，其正在申请公开发行股票并在北京证券交易所（简称"北交所"）上市辅导备案。 ...

格隆汇1月26日丨厦门钨业(600549.SH)公布，公司控股子公司福建省金龙稀土股份有限公司（称"金龙 稀土"）为全国中小企业股份转让系统挂牌企业，证券简称：金龙稀土，证券代码：874673。近日，公 司收到金龙稀土通知，其正在申请公开发行股票并在北京证券交易所（简称"北交所"）上市辅导备案。 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2026-004 厦门钨业股份有限公司 关于控股子公司金龙稀土申请公开发行股票并 在北京证券交易所上市辅导备案的提示性公告 一、金龙稀土公开发行股票并在北交所上市辅导情况 金龙稀土已于2026年1月26日与华泰联合证券有限责任公司（以下简称"华 泰联合"）签订《福建省金龙稀土股份有限公司与华泰联合证券有限责任公司关 于向不特定合格投资者公开发行股票并在北京证券交易所上市之辅导协议》，并 于同日向中国证券监督管理委员会福建监管局报送了向不特定合格投资者公开 发行股票并在北交所上市辅导备案申请材料，辅导机构为华泰联合。 二、风险提示 金龙稀土目前为基础层挂牌公司，须进入创新层后方可申报公开发行股票并 在北交所上市，存在因未能进入创新层而无法申报的风险。 若金龙稀土后续进入创新层并提交向不特定合格投资者公开发行股票并在 北交所上市的申请，存在无法通过北交所发行上市审核或中国证监会注册的风险， 存在因公开发行失败而无法在北交所上市的风险。 公司后续将根据有关规定及事项进展情况及时履行信息披露义务，敬请投资 者注意投资风险。 本公司董事会及全体董事保证本公告内容 ...

Core Insights - The total market capitalization of listed companies in Xiamen has surpassed 1 trillion yuan, reaching 10,154.3 billion yuan, indicating strong capital support for industrial development in the region [1][4]. Group 1: Market Capitalization and Growth - Xiamen Tungsten Co., Ltd. leads the market capitalization rankings with a total value of 945.72 billion yuan, followed by companies like Shengton Mining, Xiamen Tungsten New Energy, and Yilian Network, showcasing a diverse industrial landscape [3]. - The number of listed companies in Xiamen with a market capitalization exceeding 100 billion yuan has reached 31, an increase of 12 companies since the beginning of 2025 [1]. Group 2: Company Performance and Investor Returns - Qian Zhao Optoelectronics has emerged as the "growth pioneer" with a market capitalization increase of 285.91%, reaching 360.49 billion yuan [3]. - In 2025, 26 listed companies completed refinancing totaling 22.66 billion yuan, while 80 companies implemented cash dividends amounting to 15.66 billion yuan, reflecting a commitment to enhancing investor returns [6][7]. Group 3: Industry Development and Competitive Advantage - Xiamen's listed companies are increasingly recognized for their quality, with 26 companies classified as national "specialized and innovative" small giants and 16 recognized as champions in specific manufacturing sectors [9]. - The establishment of a robust pipeline of potential listed companies has expanded to 597, with ongoing support for new listings, contributing to the sustained growth of the Xiamen market [10].

Group 1: Copper - The LME copper price increased by 0.25% to $12,840.0 per ton, while the Shanghai copper price rose by 0.57% to ¥101,300 per ton [1] - Copper concentrate processing fees fell to -$49.79 per ton, and national copper inventory increased by 2.9% week-on-week, with a year-on-year increase of 203,000 tons [1][13] - The operating rate of copper cable enterprises increased by 2.72 percentage points to 58.71%, with a year-on-year increase of 15.87% [1][13] Group 2: Aluminum - The LME aluminum price rose by 0.29% to $3,137.5 per ton, and the Shanghai aluminum price increased by 1.53% to ¥24,300 per ton [2][14] - The operating rate of domestic aluminum processing enterprises fell by 6.3 percentage points to 51.1% due to the upcoming Spring Festival [2][14] - Electrolytic aluminum ingot inventory decreased by 6,000 tons to 743,000 tons [2][14] Group 3: Gold - COMEX gold price increased by 6.88% to $4,938.4 per ounce, with SPDR gold holdings rising by 4.86 tons to 1,079.66 tons [3][15] - Geopolitical risks have led to a strong fluctuation in the gold market [3][15] - The 10-year TIPS yield decreased by 0.07 percentage points to 1.95% [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 0.25% to ¥672,700 per ton [4][36] - December exports of rare earth permanent magnets increased by 7% year-on-year, indicating a recovery in exports [4][36] - The rare earth sector is expected to see upward price momentum due to supply constraints and favorable export conditions [4][36] Group 5: Tungsten - Tungsten prices increased by 5.54% this week, supported by tight supply conditions [4][38] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may elevate tungsten's priority [4][38] - The price of ammonium paratungstate rose by 6.06% to ¥790,500 per ton [4][38] Group 6: Tin - Tin prices increased by 2.19% to ¥423,700 per ton, with inventory rising by 1.79% to 9,720 tons [4][38] - Supply from Indonesia and Myanmar remains below expectations, supporting an upward price trend [4][38] - The demand outlook is positive due to recovery in semiconductor and photovoltaic sectors [4][38] Group 7: Lithium - The average price of lithium carbonate rose by 0.8% to ¥159,500 per ton, while lithium hydroxide increased by 2.0% to ¥156,900 per ton [4][63] - Lithium production decreased slightly, with total output at 22,200 tons, down by 40 tons [4][63] - The market is experiencing strong demand, with signs of pre-holiday stocking [4][63] Group 8: Cobalt - Cobalt prices decreased by 3.7% to ¥437,000 per ton, while cobalt intermediate prices increased by 1.5% to $25.75 per pound [5][65] - Supply tightness is expected to persist, with domestic prices showing upward momentum [5][65] - The market structure remains tight due to limited liquidity and long transportation cycles [5][65]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

厦门辖区上市公司也积极提升投资者回报，2025年实施及宣告现金分红80家次，年内实际派发分红金额 达156.61亿元，切实增强了投资者的获得感。 厦门上市公司协会表示，万亿市值的背后，是厦门上市公司群体的茁壮成长，也是上市公司内在价值稳 步提升、规范运作持续深化的体现。当前辖区上市公司达70家，约占福建省总量的四成。辖区70家上市 公司中，有26家跻身国家级"专精特新"小巨人企业行列，16家获评制造业单项冠军企业，国家高新技术 企业占比超八成。 同时，厦门上市后备梯队也在不断扩充。截至2025年12月底，厦门辖区有上市后备企业597家，辅导备 案拟上市企业9家，正在申报A股上市企业1家，为资本市场"厦门板块"的持续高质量发展储备了充足动 能。 中证报中证网讯(记者罗京)据厦门上市公司协会消息，截至1月23日收盘，厦门辖区上市公司总市值突 破万亿元大关，达10154.3亿元。 数据显示，截至2024年底，厦门辖区上市公司总市值为6266.62亿元，至2025年年末已增长至9030.35亿 元，市值增长近3000亿元，同比增幅达44.1%。迈入2026年，随着市场信心持续增强和辖区上市公司经 营质量不断提升，市值 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and upward trends in the rare metals market, driven by increasing demand and supply constraints [1][2][3] Group 2 - As of January 23, 2026, the CSI Rare Metals Theme Index (930632) rose by 1.28%, with key stocks like Western Materials hitting the daily limit up and others like Chuaneng Power and Zhuhai Group also showing significant gains [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index accounted for 59.54% of the index, with companies such as Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium leading the list [1] - The rare metals ETF fund (561800) saw a 1.41% increase, with a maximum intraday rise exceeding 2%, and recorded a turnover rate of 6.48% with total transactions of 14.6183 million yuan [1] - The price of battery-grade lithium carbonate increased by 4,000 yuan to 152,500 yuan per ton on January 20, 2026, reflecting a more than 28% rebound from the year's low, driven by surging storage demand and supply constraints [2] - New energy storage technologies are expanding rapidly, with lithium battery shipments in China reaching 430 GWh in the first three quarters of 2025, a year-on-year increase of 99.07% [2] - The supply-demand dynamics for rare metals are undergoing significant changes, with tungsten concentrate prices rising by 4.3% week-on-week to 507,000 yuan per ton, and prices for praseodymium-neodymium oxide and dysprosium oxide also increasing [3] - The CS Rare Metals Index, tracked by the rare metals ETF fund, is one of the highest in energy metal content, particularly lithium and cobalt, and is expected to benefit from ongoing market trends [3]

Investment Rating - The report maintains a "Buy" rating for the metal industry, specifically recommending companies such as Huaxi Nonferrous, Xiyegongsi, Boqian New Materials, and others [2][3]. Core Insights - The report highlights the tightening supply of strategic metals due to export controls and geopolitical factors, which is expected to drive prices upward. The integration of AI technology is anticipated to create new opportunities in electronic materials [9][10]. - Tin supply is under pressure due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent shortage [26][35]. - Tungsten is positioned as a critical material for high-end manufacturing, with supply constraints expected to support long-term price increases [9][10]. - Antimony supply remains rigid, with recent export control relaxations likely to narrow the price gap between domestic and international markets [9][10]. - The rare earth materials sector is expected to see price stabilization and growth due to increasing demand from electric vehicles and energy-efficient technologies [9][10]. Summary by Sections 1. Strategic Metals and Supply Dynamics - The report emphasizes the strategic importance of metals like tungsten, antimony, and rare earths, which are crucial for technology and military applications. China holds a dominant position in the supply of these metals, with import dependency for many industrial metals exceeding 50% [16][20]. - Export controls on strategic metals have led to significant price increases domestically, with prices expected to continue rising as global demand grows [21][22]. 2. AI Technology and Electronic Materials - The report discusses the impact of AI technology on the demand for electronic materials, predicting a dual increase in both volume and price as the technology evolves [9][10]. - The need for advanced electronic components that can handle higher power and efficiency is driving innovation in materials used in AI applications [9][10]. 3. Investment Recommendations - The report recommends focusing on domestic strategic resource sectors and companies benefiting from AI technology advancements. Key companies highlighted include Huaxi Nonferrous, Xiyegongsi, Boqian New Materials, and others [13][10].