股票代码：600549 股票简称：厦门钨业 公告编号：临-2026-001 厦门钨业股份有限公司 四、金龙稀土应当在完成股票定向发行后，按照规定及时办理新增股票挂牌 手续。 五、金龙稀土本次股票定向发行的募集资金应当用于定向发行说明书披露的 用途。 本次发行系金龙稀土全体原股东同比例认购，公司持有金龙稀土的股份数增 加，持股比例保持不变，仍是金龙稀土的控股股东。公司将严格按照有关法律、 1 / 2 关于向控股子公司金龙稀土增资暨关联交易的进展 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。 2025 年 11 月 18 日，厦门钨业股份有限公司（以下简称"公司"）第十届 董事会第二十次会议审议通过了《关于向控股子公司金龙稀土增资暨关联交易的 议案》，同意公司控股子公司福建省金龙稀土股份有限公司（简称"金龙稀土"） 实施股票定向发行方案，金龙稀土全体股东均按各自的原持股比例认购本次发行 股票。同日，公司与金龙稀土签署了《附生效条件的股份认购协议》。具体详见 公司 2025 年 11 月 19 日于上海证券交易所网站（www ...

Core Viewpoint - In 2025, the Chinese stock market showed remarkable performance, with the Shanghai Composite Index increasing by 18.4% year-on-year, reaching 3968.84 points by December 31, 2025 [1] Group 1: Performance of Xiamen Listed Companies - In 2025, 70 listed companies in Xiamen performed well, with 42 companies outperforming the market [1] - 15 listed companies in Xiamen reached historical highs in stock prices, reflecting strong operational fundamentals and growth potential [2] - The total market capitalization of the 70 listed companies in Xiamen was 9030.35 billion, a 44.1% increase compared to the previous year [2] - 30 companies had a market capitalization exceeding 100 billion, accounting for over 40% of the total, with Xiamen Tungsten leading at 651.86 billion [2] - 56 companies saw an increase in market capitalization, with 13 companies experiencing growth exceeding 100% [2] Group 2: New Listings and Recognition - In 2025, Xiamen added 6 new listed companies, the highest in nearly four years, including 2 A-share companies [5] - Among the 70 listed companies, 26 were recognized as national "specialized and innovative" small giant enterprises, and over 80% were high-tech enterprises [6] - Several Xiamen listed companies received honors, including Xiamen Tungsten and Jibite, recognized for best practices in corporate governance [7][9] - The number of listed companies in Xiamen has surpassed 100, with 70 being domestic listed companies, representing about 40% of the provincial total [10]

Core Viewpoint - The Baotou Rare Earth Products Exchange (referred to as "Rare Exchange") has officially launched a rare earth price index, which aims to provide timely, accurate, and transparent price references for the rare earth industry, reflecting overall price trends and changes in specific varieties [1]. Group 1: Price Index Launch - The rare earth price index is based on the exchange's trading data and extensive collection of compliant trade data, developed using rigorous index models from research institutions [1]. - The index covers mainstream rare earth products such as lanthanum, cerium, praseodymium, and neodymium, and has gained significant attention since its announcement [1]. - The exchange plans to continuously optimize the index content, enrich the index system, and expand its application to serve the development of a unified national market for rare earths [1]. Group 2: Historical Context and Company Information - The Rare Exchange was established with contributions from 13 major rare earth enterprises and institutions, officially opening in March 2014 after passing national inspections [2]. - In January 2026, Baogang Co. and Northern Rare Earth both announced an increase in the associated transaction price for rare earth concentrates to 26,834 yuan/ton (excluding tax) [2][3]. - The price adjustment mechanism indicates that for every 1% change in REO (Rare Earth Oxide), the price will increase or decrease by 536.68 yuan/ton [3]. Group 3: Price Trends - The price of rare earth concentrates has been on the rise since 2024, with the fourth quarter of 2025 seeing a 37% increase from the previous quarter, adjusting to 26,205 yuan/ton [4][5]. - Rare earths are classified into light and heavy rare earths, with heavy rare earths being rarer and more unevenly distributed, primarily concentrated in China [5].

Core Viewpoint - The non-ferrous metal sector continues to surge, with a net inflow of 17.5 billion yuan on January 9, ranking third among 31 first-level industries in the Shenwan classification [1][8] - The popular ETF, Huabao Non-Ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1][8] - The ETF's trading volume exceeded its listing high, indicating a potential buying signal for investors [1][8] Fund Inflows and Performance - Huabao Non-Ferrous ETF experienced a net subscription of 57.6 million units, with a total net inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1][8] - The trading volume for the ETF reached 88.1 million yuan, showing a slight increase compared to previous periods [1][8] Market Trends and Analysis - The U.S. non-farm payroll report released on January 9 indicates potential for further interest rate cuts by the Federal Reserve, which could lead to a super cycle for industrial metals like copper and aluminum [2][8] - Recent price increases in various minor metals, particularly tungsten, are attributed to supply constraints and rising global demand for strategic resources [2][8] - Analysts predict that under conditions of loose liquidity and frequent supply disruptions, prices for copper, aluminum, gold, and battery metals are likely to continue rising through 2026 [2][8] Sector Highlights - Leading stocks in the non-ferrous metal sector, such as Yunnan Zinc Industry and Xiamen Tungsten Industry, have shown significant gains, with some stocks reaching their daily limit [3][10] - The Huabao Non-Ferrous ETF covers a wide range of industries, including precious metals, strategic metals, and industrial metals, allowing for better exposure to the sector's performance [4][8]

Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index breaking through 4100 points, achieving a 16-day winning streak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.12 trillion yuan, marking a substantial increase of 322.4 billion yuan from the previous trading day [1] - Over 3900 stocks rose, with more than 100 stocks hitting the daily limit for two consecutive days [1] Key Sectors Military Industry - The military sector saw a strong performance, with the military ETF Huabao (512810) surging over 5.5% at one point, closing up 3.91% and achieving a weekly gain of 13.57% [3][5] - 73 out of 80 constituent stocks in the military ETF rose, with 8 stocks increasing over 10% [3] - The military ETF is heavily weighted towards commercial aerospace stocks, which account for over 32% of its index [7][8] AI Applications - AI applications experienced explosive growth, with the entrepreneurial board AI ETF (159363) rising 2.75% to a new high, and several stocks hitting the daily limit [15] - The AI sector is expected to see significant revenue growth as applications become more integrated into various industries [19] Non-Ferrous Metals - The non-ferrous metals sector continued to soar, with the non-ferrous ETF Huabao (159876) rising 3.24% to a new historical high, supported by a net inflow of 576 million yuan [10][13] - Key stocks in this sector, such as tungsten and other strategic metals, have seen significant price increases due to supply constraints and strong demand from industries like military and renewable energy [12][13] Trading Activity - The military ETF Huabao (512810) recorded a trading volume of 1.32 billion yuan, the highest in nearly a month [5] - The non-ferrous ETF Huabao (159876) saw a trading volume of 881 million yuan, indicating strong investor interest [10] Future Outlook - Analysts predict that the global military trade market will grow, with China's military trade expected to accelerate due to increased international defense spending [9] - The non-ferrous metals market is anticipated to maintain upward momentum, driven by structural demand and supply disruptions [13]

Core Viewpoint - The Baotou Rare Earth Products Exchange (referred to as "Rare Exchange") has officially launched a rare earth price index, which aims to provide timely, accurate, and transparent price references for the rare earth industry in China [1]. Group 1: Price Index Launch - The rare earth price index is based on the exchange's trading data and extensive collection of compliant trade data, utilizing a rigorous index model developed by research institutions [1]. - The index covers mainstream rare earth products such as lanthanum, cerium, praseodymium, and neodymium, reflecting the overall price trends and market changes of rare earth products in China [1]. - The index was announced on December 5, 2025, during the 2025 Entrepreneurs Forum in Boao, and has garnered significant attention from the rare earth industry [1]. Group 2: Future Developments - The Rare Exchange plans to continuously optimize the index content, enrich the index system, expand the index platform, and enhance the promotion of index applications [1]. - The goal is to establish the index as an indispensable "barometer" and "weather vane" for the circulation of rare earth products in China, contributing to the development of a unified national market for the rare earth industry [1]. Group 3: Company Background - The Rare Exchange was established with contributions from 13 major rare earth enterprises and related institutions, including Northern Rare Earth and China Rare Earth [2]. - The exchange was officially launched on March 28, 2014, after passing national inspections and has since received recognition as a national high-tech enterprise in 2022 [2]. Group 4: Price Adjustments - On January 9, 2026, Baogang Co. and Northern Rare Earth announced an increase in the associated transaction price for rare earth concentrates for the first quarter of 2026 to 26,834 yuan/ton (excluding tax, dry weight, REO=50%) [2][3]. - The price adjustment mechanism indicates that for every 1% change in REO, the price will increase or decrease by 536.68 yuan/ton [3]. - The previous quarter's price was set at 26,205 yuan/ton, reflecting a 37% increase compared to the prior quarter [3]. Group 5: Market Trends - Since the beginning of 2024, the trading prices of rare earth concentrates have been on the rise [4]. - Rare earth elements are classified into light and heavy rare earths, with heavy rare earths being rarer and more unevenly distributed, primarily concentrated in China [4].

Group 1 - The non-ferrous metal sector experienced significant inflows, with a net capital inflow of 17.5 billion yuan on January 9, ranking third among 31 Shenwan first-level industries [1] - The popular ETF, Huabao Non-ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1] - The ETF recorded a net subscription of 57.6 million units, with a total net inflow of 279 million yuan over the past 10 days [1] Group 2 - Several small metal varieties have seen significant price increases, particularly tungsten, driven by supply constraints and growing demand for strategic resources [2] - Analysts predict a "super cycle" for industrial metals like copper and aluminum, supported by loose liquidity and strong structural demand [2][3] - The Huabao Non-ferrous ETF covers a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to the entire sector's performance [4]

Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index breaking through 4100 points, achieving a 16-day winning streak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.12 trillion yuan, marking a substantial increase of 322.4 billion yuan from the previous trading day [1] - Over 3900 stocks rose, with more than 100 stocks hitting the daily limit for two consecutive days [1] Key Sectors Military Industry - The military sector saw strong performance, with the military ETF Huabao (512810) surging over 5.5% at one point, closing up 3.91% and achieving a weekly gain of 13.57% [3][5] - 73 out of 80 constituent stocks in the military ETF rose, with 8 stocks increasing over 10% [3] - The military ETF is heavily weighted towards commercial aerospace stocks, which are expected to benefit from favorable policies and a projected market size of 8 trillion yuan by 2030 [7] AI Applications - AI applications experienced explosive growth, with the entrepreneurial board AI ETF (159363) reaching new highs, and stocks like Yidian Tianxia hitting the daily limit [15] - The entrepreneurial board AI ETF recorded a weekly gain of 29.32% [18] Non-Ferrous Metals - The non-ferrous metals sector continued to soar, with the non-ferrous ETF Huabao (159876) rising 3.24% to a new historical high, supported by significant capital inflows [10] - The sector attracted a net inflow of 576 million yuan in a single day, with a total of 1.94 billion yuan over the past five days [10] Trading Data - The military ETF Huabao (512810) had a trading volume of 1.32 billion yuan, marking a near one-month high [5] - The non-ferrous ETF Huabao (159876) saw a trading volume of 881 million yuan, with a notable increase in net subscriptions [10] - The entrepreneurial board AI ETF (159363) recorded a trading volume of 700 million yuan, reflecting strong investor interest [18] Future Outlook - Analysts predict that the military trade market will grow due to increased global defense spending, with China's military trade expected to develop rapidly [9] - The non-ferrous metals market is anticipated to continue its upward trend, driven by structural demand and supply constraints [13] - The AI sector is expected to see further commercialization and revenue realization in 2026, with significant advancements in AI applications [19]

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

Group 1 - Xiamen Tungsten Industry has established a new company named Xiamen Jinlu Intelligent Cutting Technology Co., Ltd with a registered capital of 500 million yuan [1] - The new company's business scope includes manufacturing of forgings and powder metallurgy products, non-ferrous metal alloy manufacturing, metal tool manufacturing, mold manufacturing, and new material technology research and development [1] - Xiamen Jinlu Intelligent Cutting Technology Co., Ltd is wholly owned by Xiamen Tungsten's subsidiary, Xiamen Jinlu Special Alloy Co., Ltd [1]