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。 截至本公告日，公司使用暂时闲置募集资金进行现金管理的余额为人民币 161,500万元。公司使用闲置 募集资金进行现金管理的单日最高余额及使用期限均未超过公司董事会授权范围。公司使用部分闲置募 集资金购买的产品不存在逾期未收回的情况。 特此公告。 厦门钨业股份有限公司 董 事 会 公司于2025年10月15日购买了中国农业银行股份有限公司发行的 "汇利丰"2025年第6223期对公定制人 民币结构性存款产品，截至本公告日，公司已赎回上述产品，获得本金及收益合计人民币 60,073,972.60 元，具体情况如下： ■ 以上产品赎回后，本金及收益均已划至公司募集资金专户，公司将在授权的期限和额度内再次开展现金 管理。 二、截至本公告日，公司使用暂时闲置募集资金现金管理总体情况 厦门钨业股份有限公司（以下简称"公司"）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 意公司使用额度不 ...

Core Viewpoint - The tungsten market has experienced a significant price surge, with major tungsten products reaching historical highs due to increased demand and tightened supply conditions [1][2]. Price Trends - Tungsten powder prices have surpassed 700,000 CNY/ton, currently at 710,000 CNY/ton; ammonium paratungstate (APT) is priced at 462,000 CNY/ton, while black and white tungsten concentrates (≥65%) are at 312,000 CNY/ton and 311,000 CNY/ton respectively, each increasing by 2,000 CNY/ton from the previous trading day [1][2]. - Compared to the beginning of the year, prices for major tungsten products have more than doubled, with black tungsten concentrate increasing by 118.18%, APT by 118.96%, and tungsten powder by 124.68% [1][2]. Supply and Demand Dynamics - The tightening of tungsten supply is expected to continue, with the Ministry of Natural Resources and the Ministry of Industry and Information Technology indicating a reduction in the first batch of tungsten concentrate mining quotas for 2025 to 58,000 tons, a decrease of 4,000 tons or 6.45% year-on-year [2][3]. - The demand for tungsten has risen significantly due to increased production in sectors such as photovoltaics and automotive, leading to a tight market balance [2][4]. Industry Performance - Companies in the tungsten sector have reported strong financial performance, with Zhongtung High-tech achieving a revenue of 12.755 billion CNY in the first three quarters, a year-on-year increase of 13.39%, and a net profit of 846 million CNY, up 18.26% [2]. - Other companies like Xianglu Tungsten and Luoyang Molybdenum have also shown impressive growth, with net profits increasing by 259.65% and 72.61% respectively [2]. Market Outlook - Analysts predict a favorable supply-demand balance in the tungsten market, with strong pricing support from supply-side constraints and resilient demand from downstream industries [3][4]. - The tightening of mining quotas and limited new production capacity are expected to reinforce the bullish outlook for tungsten prices [4].

Core Insights - The tungsten market has experienced a significant price surge, with major tungsten products reaching historical highs, driven by increased demand and supply constraints [1][2][3] Price Trends - Tungsten powder prices have surpassed 700,000 CNY/ton, currently at 710,000 CNY/ton; ammonium paratungstate (APT) is priced at 462,000 CNY/ton, while black and white tungsten concentrates are at 312,000 CNY/ton and 311,000 CNY/ton respectively, each increasing by 2,000 CNY from the previous trading day [1][2] - Year-to-date price increases for major tungsten products have exceeded 100%, with black tungsten concentrate rising by 118.18%, APT by 118.96%, and tungsten powder by 124.68% compared to the beginning of the year [1][2] Supply and Demand Dynamics - The tightening supply situation is expected to continue, with the Ministry of Natural Resources and the Ministry of Industry and Information Technology indicating a reduction in tungsten mining quotas for 2025, down to 58,000 tons, a decrease of 4,000 tons or 6.45% year-on-year [2][3] - The demand for tungsten has been bolstered by increased production in sectors such as photovoltaics and automotive, leading to a tight market balance [2][3] Industry Performance - Companies in the tungsten sector have reported strong financial results, with Zhongtung High-tech achieving a revenue of 12.755 billion CNY in the first three quarters, a year-on-year increase of 13.39%, and a net profit of 846 million CNY, up 18.26% [2] - Other companies like Xianglu Tungsten and Luoyang Molybdenum have also shown impressive performance, with net profits increasing by 259.65% and 72.61% respectively [2] Market Outlook - Analysts predict a favorable supply-demand balance for tungsten, with strong pricing support from supply constraints and resilient demand from downstream industries [3] - The tightening of mining quotas and limited new capacity are expected to reinforce the bullish outlook for tungsten prices [3]

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-099 厦门钨业股份有限公司 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 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 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 个月的各类现金管理产品， 包括存款、理财产品或中国证监会认可的其他投资品种等（包括但不限于结构性 存款、大额存单、银行理财产品等），且该等投资产品不得用于质押，不用于以 证券投资为目的的投资行为。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 披 ...

Core Viewpoint - The article discusses the recent trends in China's tungsten export market, highlighting a decline in export volume while showing an increase in export value, indicating potential shifts in market dynamics and pricing strategies [1]. Group 1: Export Data - In September 2025, China's tungsten export volume was 0.11 million tons, representing a year-on-year decrease of 16.9% [1]. - The export value for the same period was 0.58 million USD, which reflects a year-on-year increase of 4.3% [1]. Group 2: Companies Mentioned - The article lists several companies involved in the tungsten industry, including Zhongtung High-tech (000657), Zhangyuan Tungsten Industry (002378), Xianglu Tungsten Industry (002842), Xiamen Tungsten Industry (600549), and Xiamen Tungsten New Energy (688778) [1]. Group 3: Industry Research - The article references a report by Zhiyan Consulting titled "2025-2031 China Tungsten Mining Industry Market Panorama Research and Industry Demand Assessment Report," which provides insights into the tungsten market and its future trends [1].

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with significant growth in the rare earth ETF, driven by rising prices and increased demand expectations due to delayed export control measures [1][3][4]. Group 1: Market Performance - As of November 4, 2025, the China Rare Earth Industry Index decreased by 0.71%, with mixed performance among constituent stocks [1]. - Baotou Steel (包钢股份) led the gains with an increase of 4.14%, while Shengxin Lithium Energy (盛新锂能) experienced the largest decline [1][6]. - The rare earth ETF managed by Harvest (嘉实) saw a trading volume of 62.65 million yuan, with a significant growth of 5.327 billion yuan in the last three months, ranking first among comparable funds [3]. Group 2: Fund Performance - The rare earth ETF has seen an increase of 866 million shares in the past month, also ranking first among comparable funds [3]. - Over the past 18 trading days, the ETF attracted a total of 1.675 billion yuan in inflows [3]. - As of November 3, 2025, the net value of the rare earth ETF has increased by 86.47% over the past two years, placing it in the top 4.41% of index equity funds [3]. Group 3: Price Trends and Forecasts - According to Guojin Securities, the price of praseodymium and neodymium oxide rose by 6.08% week-on-week, driven by increased demand expectations and delayed export control measures [4]. - The overall sentiment in the rare earth sector is bullish, with expectations of a supply-demand resonance due to external export pressures and ongoing supply reforms [4]. - Guosheng Securities highlights the broad market potential for rare earth recycling and magnetic materials, anticipating rapid growth in related companies' performance as rare earth prices recover [4]. Group 4: Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.61% of the index, with Northern Rare Earth (北方稀土) holding the largest weight at 17.20% [3][6].

Group 1: Market Overview - In October 2025, the Shanghai Composite Index rose by 1.85%, while the Shenzhen Component Index fell by 1.10%[7] - The average return of the stock portfolio in October was 0.24%, outperforming the CSI 300 Index, which remained flat[7] - The A-share market saw significant style rotation, with large-cap value indices showing defensive characteristics[7] Group 2: Stock Recommendations - Huaxin Cement (600801) closed at 21.58 CNY, with a monthly increase of 16.65%[8] - Xiamen Tungsten (600549) closed at 35.70 CNY, with a projected EPS of 1.47 CNY[16] - Muyuan Foods (002714) closed at 50.30 CNY, with a projected EPS of 3.65 CNY[20] - CATL (300750) closed at 388.77 CNY, with a projected EPS of 14.97 CNY[24] - Guodian NARI (600406) closed at 24.23 CNY, with a projected EPS of 1.05 CNY[28] - SANY Heavy Industry (600031) closed at 22.14 CNY, with a projected EPS of 1.02 CNY[32] - Inovance Technology (300124) closed at 77.01 CNY, with a projected EPS of 2.04 CNY[36] - Yutong Bus (600066) closed at 32.33 CNY, with a projected EPS of 2.17 CNY[40] - Changdian Technology (600584) closed at 40.02 CNY, with a projected EPS of 1.00 CNY[44] Group 3: Economic and Policy Insights - The U.S. PMI data indicates resilient growth momentum, while employment figures remain weak[7] - The Federal Reserve's interest rate cut has been confirmed, but internal divisions within the FOMC raise questions about future easing paths[7] - The Chinese economy shows signs of resilience in production, with exports exceeding expectations despite a slowdown in demand[7]

公司于 2025 年 7 月 17 日购买了中国建设银行股份有限公司发行的 "人民 币结构性存款产品"，截至本公告日，公司已赎回上述产品，获得本金及收益合 计人民币 421,206,868.53 元，具体情况如下： 厦门钨业股份有限公司（以下简称"公司"）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 个月的各类现金管理产品， 包括存款、理财产品或中国证监会认可的其他投资品种等（包括但不限于结构性 存款、大额存单、银行理财产品等），且该等投资产品不得用于质押，不用于以 证券投资为目的的投资行为。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 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.co ...

Core Viewpoint - The power equipment industry is experiencing steady growth in revenue and profit, driven by high domestic grid investment and surging overseas demand, with new growth areas like supercapacitors and energy storage emerging as key focus points [2] Group 1: Industry Performance - The majority of power equipment companies reported steady growth in revenue and profit, with notable examples including State Grid and Southern Grid conducting multiple rounds of equipment tenders [2][3] - The China Electricity Council reported that grid investment reached 437.8 billion yuan in the first three quarters, a year-on-year increase of 9.9% [2] - The cumulative tender amount for transmission and transformation equipment by State Grid reached 68.188 billion yuan, up 22.9% year-on-year [2] Group 2: Company Highlights - Pinggao Electric reported a revenue of 8.436 billion yuan for the first three quarters, a year-on-year increase of 6.98%, with net profit rising 14.62% [3] - Siyuan Electric achieved a revenue of 5.33 billion yuan in Q3, a 25.68% increase year-on-year, and a net profit of 899 million yuan, up 48.73% [3] - Siyuan Electric's overseas revenue reached 2.86 billion yuan in the first half, a staggering 89% increase, with overseas orders growing faster than average [3] Group 3: Emerging Business Areas - Energy storage and supercapacitors are becoming significant growth drivers for power equipment companies, with Sunshine Power predicting a domestic energy storage installation of around 130 GWh this year [5] - Siyuan Electric's energy storage bid volume is expected to reach 2.4 GWh in 2024, placing it among the top ten in the country [5] - Guodian NARI has been deeply involved in the energy storage sector, contributing to the commissioning of new energy storage plants [5] Group 4: Future Outlook - Industry experts anticipate sustained high growth in the power sector, driven by policies promoting renewable energy and the need for stable grid infrastructure [7] - Wanlian Securities suggests continued investment in new power system facilities, emphasizing smart grids and new energy storage as key areas to watch [7]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment opportunities in this sector [2][17]. Core Insights - The non-ferrous metals industry has shown a significant increase, with a 3.70% rise over the past two weeks, outperforming the CSI 300 index by 1.72 percentage points, ranking 4th among 31 industries [3][13]. - The energy metals sector has experienced a notable increase of 8.72%, while precious metals have seen a decline of 9.37% [19][22]. - The report highlights the impact of macroeconomic factors, such as the Federal Reserve's interest rate cuts, which have contributed to the upward trend in metal prices [51][67]. Market Review - As of October 30, 2025, the non-ferrous metals industry has risen by 79.55% year-to-date, leading the market performance among all sectors [13][19]. - The industrial metals segment is benefiting from a global easing cycle, with copper and aluminum prices gradually recovering [68]. - Precious metals, particularly gold and silver, have shown volatility, influenced by changes in investor sentiment and central bank purchasing trends [37][67]. Price Analysis - Key prices as of October 30, 2025: - LME Copper: $10,930/ton - LME Aluminum: $2,870/ton - LME Lead: $2,022/ton - LME Zinc: $3,044.50/ton - LME Nickel: $15,250/ton - LME Tin: $35,720/ton [26][68]. - For precious metals: - COMEX Gold: $4,038.30/oz (up $145.7 since early October) - COMEX Silver: $48.73/oz (up $1.31 since early October) [37][67]. Sector Performance - The report suggests focusing on specific companies within the industry: - Western Mining (601168) and Luoyang Molybdenum (603993) in the industrial metals sector [70]. - Xiamen Tungsten (600549) in the small metals sector [68][70]. - The energy metals sector, particularly lithium carbonate, is highlighted for its potential growth due to advancements in energy storage and solid-state battery technologies [69].