2026 年第二次临时股东会会议资料 厦门钨业股份有限公司 2026 年第二次临时股东会 会议资料 董秘办编制 2026 年 3 月 2026 年第二次临时股东会会议资料 目 录 | 关于召开 2026 年第二次临时股东会的通知 3 | | --- | | 议案一：关于部分募投项目变更并将剩余募集资金投入新项目的议案 8 | | 议案二：关于修订《独立董事制度》的议案 24 | | 议案三：关于修订《关联交易决策制度》的议案 31 | | 议案四：关于修订《累积投票制度实施细则》的议案 43 | 2026 年第二次临时股东会会议资料 厦门钨业股份有限公司 2026年第二次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 3 月 10 日 14 点 30 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 关于召开 2026 年第二次临时股东会的通知 一、 召开会议的基本情况 (一) 股东会类 ...

Investment Rating - The report maintains an "optimistic" rating for the AI4S industry, highlighting its role as a key multiplier for new productive forces and future industry development, supported by policy backing and technological penetration [6]. Core Insights - AI4S is positioned as the first priority in the "Artificial Intelligence+" action plan, emphasizing its significance in accelerating scientific discovery and enhancing research and development efficiency across various fields [15][17]. - The report outlines a clear investment strategy along the technology chain, focusing on core segments with high potential in AI4S, including upstream dedicated computing power, midstream cross-scale computing, and downstream innovative materials and drugs [6][8]. - The report emphasizes the importance of understanding the technology chain and ROI of AI4S, which can lead to significant cost savings and efficiency improvements in research and development [6][23]. Summary by Sections 1. Overview of AI4S - AI4S is recognized as a foundational technology that permeates various basic scientific research fields and is crucial for international competitive domains [14][19]. - The report categorizes AI4S into narrow and broad definitions, with narrow AI4S focusing on specific applications in pharmaceuticals and materials, while broad AI4S encompasses a wider range of scientific disciplines [19][44]. 2. Technology Chain and ROI - The report details a six-layer breakdown of the technology chain from micro to macro levels, illustrating how AI can achieve a "structure-performance" mapping [23][24]. - It provides analogies to help investors understand the complex technical aspects of AI4S, comparing it to investment decision-making processes and deep learning image recognition [39][43]. 3. Industry Chain Analysis - The AI4S industry chain is segmented into upstream, midstream, and downstream components, focusing on dedicated computing power, cross-scale computing platforms, and applications in materials and pharmaceuticals [8][21]. - The report identifies key players in both secondary and primary markets, highlighting companies with significant potential for growth and innovation in the AI4S space [6][21]. 4. Market Participants - The report lists various companies in the secondary market, such as JingTai Holdings and Ningde Times, which are positioned at the intersection of AI4S and their respective industries [6][21]. - It also mentions primary market representatives like SiLang Technology and DeepForce Technology, indicating their potential for capital market entry [6][21].

- The financing balance of the Shanghai and Shenzhen stock markets as of February 27 was 2,660.588 billion yuan, a decrease of 45.886 billion yuan from the end of the previous month[12] - The financing balance of the main board and the ChiNext board decreased, while the financing balance of the STAR Market increased[19] - The financing balance of the CSI 300 was 951.082 billion yuan, a decrease of 26.447 billion yuan from the end of the previous month[20] - The financing balance of the CSI 500 was 503.02 billion yuan, a decrease of 5.689 billion yuan from the end of the previous month[22] - The financing balance of the CSI 1000 was 544.918 billion yuan, a decrease of 7.049 billion yuan from the end of the previous month[22] - The financing balance of other sectors was 644.235 billion yuan, a decrease of 7.436 billion yuan from the end of the previous month[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The number of individual investors in margin trading and securities lending was 8.0051 million, an increase of 0.63% from the end of the previous month[26] - The number of institutional investors in margin trading and securities lending was 51,201, an increase of 0.39% from the end of the previous month[26] - The number of investors with margin trading and securities lending liabilities was 1,893,816, a decrease of 1.31% from the end of the previous month[26] - The average daily number of investors participating in margin trading and securities lending transactions from February 1 to February 27 was 453,113, a decrease of 24.51% from the previous month[26] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI

证券代码：600549 证券简称：厦门钨业 公告编号：临-2026-014 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。 | 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 | 151.41 | 0 | | 2 | 工商银行结构性存款 | 50,000.00 | 50,000.00 | 544.11 | 0 | | 3 | 兴业银行7天通知存款 | 5,000.00 | 5,000.00 | 34.58 | 0 | | 4 | 兴业银行结构性存款 | 25,000.00 | 25,000.00 | 501.78 | 0 | | 5 | 兴业银行结构性存款 | 16,000.00 ...

再再推【钨】：百万钨精矿时刻加速到来 20260227 摘要 钨精矿价格持续上涨，已接近 78 万~80 万元/吨，供需基础强化，预计 将突破 100 万元/吨的第一目标，时间可能提前至近期。该目标并非本 轮上限。 赣州市打击非法采矿行动可能显著影响钨矿供给，年化口径对钨精矿供 给产量的影响可能超过 5%，且预计影响将持续，合规化趋势将延续。 节后刀具企业如华锐、厦门钨业等纷纷上调硬质合金产品价格 10%- 20%，表明钨精矿涨价向下游传导顺畅，刀具企业毛利率仍可维持在接 近 30%左右。 民用需求端，硬质合金产量增速与刀具企业毛利率显著相关。若硬质合 金产量增长 10%，需求增量有能力覆盖全球钨精矿投产带来的供给增速。 预计 2026、2027 年民用需求年化增速至少在 6%~7%以上，高于全 球钨矿总供应增速（约 4%）。 钨的军工消费占比约 15%。逆全球化背景下，美国战略韧性储备计划和 金库计划提升钨的储备优先级。同时，钨处于出口管制框架内，海外备 库需求动力强劲，2026 年仍值得预期。 Q&A 钨精矿价格的最新位置、目标价位与实现节奏如何判断？ 年后钨精矿价格持续上行，近期已涨至接近 78 万~8 ...

Investment Ratings - The report indicates a positive outlook for copper, aluminum, and precious metals, suggesting a high level of market activity and potential for growth in these sectors [12][32][59]. Core Insights - The copper market is experiencing a recovery with LME copper prices increasing by 1.99% to $13,259.0 per ton, and domestic copper prices rising by 3.53% to 103,900 CNY per ton, driven by a gradual recovery in production and consumption [13][14]. - Aluminum prices have also seen an upward trend, with LME aluminum prices up by 1.16% to $3,141.5 per ton, supported by a recovery in downstream processing activities [14]. - The gold market remains strong, with COMEX gold prices increasing by 0.92% to $5,296.4 per ounce, influenced by geopolitical risks and increased demand for safe-haven assets [15]. Summary by Sections Copper - LME copper price increased by 1.99% to $13,259.0 per ton, while domestic prices rose by 3.53% to 103,900 CNY per ton [13]. - Copper inventory in major regions increased by 4.56% week-on-week, with a year-on-year increase of 15,560 tons [13]. - The operating rate of copper cable enterprises is expected to rise significantly in the coming weeks as production resumes [13]. Aluminum - LME aluminum price rose by 1.16% to $3,141.5 per ton, and domestic prices increased by 2.76% to 23,800 CNY per ton [14]. - Domestic aluminum rod inventory increased by 1.95 million tons, while the operating rate of aluminum processing industries improved to 57% [14]. - The cost of prebaked anodes is showing positive trends, supporting the overall aluminum production costs [14]. Precious Metals - COMEX gold price increased by 0.92% to $5,296.4 per ounce, with SPDR gold holdings rising by 14.86 tons to 1,101.33 tons [15]. - Geopolitical tensions, particularly involving Pakistan and Iran, are contributing to the volatility and strength in the gold market [15]. - The market is witnessing a strong upward trend in demand for gold as a safe-haven asset amid global uncertainties [15]. Rare Earths - The price of praseodymium and neodymium oxide increased by 4.80%, indicating a bullish outlook for the rare earth sector [33]. - The ongoing supply-side reforms and expectations of more relaxed export policies are expected to enhance demand in the rare earth market [33]. - Companies such as China Rare Earth, Northern Rare Earth, and others are highlighted as potential investment opportunities due to their strong market positions [33]. Lithium - The average price of lithium carbonate increased by 18.35% to 165,000 CNY per ton, driven by supply constraints and increased demand [60]. - The total lithium production for the week rose to 21,800 tons, indicating a slight recovery in output [60]. - The market is reacting to policy changes in Zimbabwe that have halted lithium exports, further tightening global supply [60].

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

Core Viewpoint - The A-share market in 2026 is experiencing a slow upward trend in indices, while individual stocks show a stark contrast in performance, with retail investors often facing losses due to chasing popular stocks. Meanwhile, institutional investors are quietly accumulating shares in low-profile companies with strong fundamentals, characterized by consistent earnings growth, low valuations, and significant technological barriers [1]. Group 1: Company Highlights - Shenghong Technology is a global leader in AI server PCB production, supplying major clients like NVIDIA and Google. The company achieved a net profit of 3.245 billion yuan in 2025, a year-on-year increase of over 324%, and expects a profit range of 4.16 billion to 4.56 billion yuan for 2025, reflecting a growth of 260% to 295% [3]. - Xibu Materials is the sole domestic supplier of high-temperature niobium alloy materials for commercial aerospace, with a significant order from SpaceX. The company anticipates revenue from aerospace materials to exceed 1.5 billion yuan in 2025, with a gross margin of 45% [4]. - XianDao Intelligent is a leading provider of solid-state battery equipment, with new orders totaling 12.4 billion yuan in the first half of 2025. The company reported a net profit of 1.186 billion yuan in the first three quarters of 2025, a nearly 95% increase year-on-year [5]. - Jiangsu Bank, a city commercial bank, reported a revenue of 67.183 billion yuan and a net profit of 30.583 billion yuan in the first three quarters of 2025, with a non-performing loan ratio of only 0.84% [7]. - Chaojie Co., Ltd. transitioned from automotive fasteners to aerospace components, securing 285 million yuan in commercial aerospace orders by the end of 2025, with a 161% year-on-year growth in aerospace revenue [8]. - Xiamen Tungsten is a resource giant with a focus on tungsten, rare earths, and lithium battery materials, achieving a revenue of 46.469 billion yuan in 2025, a 31.37% increase year-on-year [9]. - Tianfu Communication is a key supplier of optical devices in the optical communication sector, expecting a net profit of 1.881 billion to 2.150 billion yuan in 2025, a growth of 40% to 60% [11]. - Weichai Power is transitioning from traditional heavy-duty engines to becoming a key player in AI data center energy supply, with a significant increase in sales of its M-series engines for data centers [12]. - Fuzheng Technology leads in nonlinear optical crystals, holding over 80% market share in high-end manufacturing applications, driven by the demand for 6G technology and laser radar [13]. - China Jushi is a dominant player in the fiberglass industry with over 40% market share, focusing on high-end products and global expansion to mitigate cyclical risks [14].

Core Insights - The prices of various commodities, including precious metals, minor metals, storage chips, and electronic fabrics, have significantly increased this year, leading to a surge in related stock prices [1][2][3] - Analysts indicate that macro liquidity easing supports commodity prices, with the metal sector expected to have higher upward elasticity, making price increases a key investment theme for the first quarter [1][5] Price Increases Across Various Commodities - Multiple commodities have seen price hikes this year, driven by strong AI demand for storage chips and electronic fabrics, as well as increases in resource-based products like gold and silver [1][2] - As of February 27, 2023, spot gold has risen nearly 20%, spot silver over 25%, and LME tin contracts have increased by over 40% [2] - Chemical giants like BASF and Wanhua Chemical have announced price increases for their products [2] Stock Performance - The surge in commodity prices has positively impacted related stocks, with the Wind storage chip index up over 27%, the Wind glass fiber index up over 46%, and the Wind minor metals index up over 42% this year [3] - Specific stocks such as Xianglu Tungsten and Zhangyuan Tungsten have seen increases of over 180%, while Zhongtung High-tech has risen over 130% [3] Positive Impact on Company Performance - Price increases are expected to have a positive effect on the performance of related listed companies, with companies like Zinc Industry Co. indicating that rising indium prices will benefit their earnings [4] - Zhangyuan Tungsten has forecasted significant revenue and net profit growth due to tight supply and increased demand for tungsten raw materials [4] Investment Trends - The trend of price increases is seen as a core investment theme, with significant capital inflows into price-sensitive stocks [4][5] - As of February 26, 2023, Zijin Mining has seen a net capital inflow of over 4.6 billion yuan, with several other companies also experiencing substantial net purchases [4] Broader Market Implications - Price increases are becoming a critical trading theme across various sectors, not limited to specific industries, with 25 out of the top 30 concept indices related to price increases [5] - The expansion of price increases from non-ferrous metals to oil, chemicals, construction materials, and technology is anticipated to be a significant market driver this year [5]

Group 1 - The non-ferrous metal sector continued its strong performance on February 27, with a net inflow of 23.2 billion yuan, ranking second among 31 Shenwan primary industries [1] - Nine stocks, including Hunan Gold, Huaxi Nonferrous, Xiamen Tungsten, and Zhong Rare Metals, reached the daily limit, while the non-ferrous ETF (159876) saw a maximum intraday increase of 3.82%, closing up 3.74% with a total trading volume exceeding 100 million yuan [1] - The upcoming rare earth and rare metal export policy briefing is scheduled for March 25, with prices of rare earths and minor metals continuing to rise due to supply-demand dynamics [1][2] Group 2 - Zimbabwe's mining department announced a ban on lithium ore exports, raising market expectations for price increases, similar to the previous case with cobalt prices due to the Democratic Republic of Congo's export suspension [2] - Citic Securities indicated that after a significant price surge in 2025, the momentum for non-ferrous metals remains strong, supported by supply disruptions, localized high demand, and inventory accumulation [2] - The non-ferrous ETF from Huabao (159876) and its linked funds comprehensively cover various metals, including copper, aluminum, gold, rare earths, and lithium, providing an efficient tool for investors to gain exposure to the non-ferrous metal sector [2]