型及矿 机械设备/ 旗 : 的空 2025 年 11 月 27 日 版农行业 若研究报 证券分析师 成本+需求双轮驱动涨价,刀具公 司业绩有望持续改善 -刀具行业点评 事件: 进入四季度以来，钨矿价格加速上涨，带来硬质合金刀具厂成本迅速攀升，国内外刀具厂商 株洲钻石、欧科亿、沃尔德、克洛伊、肯纳金属等纷纷发布涨价函，陆续在 11 月至次年 1 月 生效。 行业点评: 请务必仔细阅读正文之后的各项信息披露与声明 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 苏萌 A0230524080011 sumeng@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共3页 简单金融 成就梦想 | 公司代码 | 筒称 | | 2025/11/26 归母浄利润 (亿) | | | | ...

机械设备/ 行 业 及 产 业 通用设备 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 苏萌 A0230524080011 sumeng@swsresearch.com 2025 年 11 月 27 日 成本+需求双轮驱动涨价，刀具公 司业绩有望持续改善 看好 ——刀具行业点评 事件： 进入四季度以来，钨矿价格加速上涨，带来硬质合金刀具厂成本迅速攀升，国内外刀具厂商 株洲钻石、欧科亿、沃尔德、克洛伊、肯纳金属等纷纷发布涨价函，陆续在 11 月至次年 1 月 生效。 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 行业点评： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 供给收紧+战略性溢价双重驱动钨价持续上涨。供给端，2025 年钨精矿开采指标显著 ...

Group 1 - Aolide plans to raise no more than 300 million yuan through a simplified procedure for issuing shares to specific targets, with net proceeds allocated to the production base project for OLED display core materials and to supplement working capital [1] - Wanbang's subsidiary has obtained a 10-year exclusive agency for sildenafil oral suspension, which is suitable for patients with swallowing difficulties [2] - Titan Technology and its affiliate plan to jointly invest in increasing capital for its subsidiary, Micro Detection, raising its registered capital from 10 million yuan to 50 million yuan [3] Group 2 - Jindike will not issue new batches of quadrivalent influenza virus split vaccine this year, having produced approximately 1.56 million doses [4] - Aladdin intends to purchase 35% equity of Youke for 61.25 million yuan, funded by its own or raised capital [5] - Gujia Home's application for a private placement of A-shares has been approved by the Shanghai Stock Exchange [7] Group 3 - Honghe Technology's application for a private placement of A-shares has been approved by the China Securities Regulatory Commission [9] - Guangdian Yuntong has won contracts totaling 308 million yuan for the construction of an artificial intelligence application pilot base [10] - Shanghai Mechanical plans to repurchase B-shares worth no more than 278 million yuan [11] Group 4 - Weiling Co. is planning a change of control, with shares representing 7.76% of the total being transferred [14] - Jiugang Hongxing intends to invest 200 million yuan to establish a wholly-owned subsidiary focusing on high-quality special steel materials [16] - Zhongjian Technology has submitted an application for H-share listing [17] Group 5 - Sainuo Medical has received registration approval for its coronary product in Pakistan [18] - Huafeng Aluminum plans to acquire 100% equity of Huafeng Puen for 100 million yuan [20] - Fuda Co. intends to establish a wholly-owned subsidiary with an investment of 30 million yuan [22] Group 6 - Su Yan Jingshen's application for a private placement of shares has been approved by the Shanghai Stock Exchange [24] - Zhongchuang Co. has set the inquiry transfer price at 25.75 yuan per share [25] - Jinpu Garden has had a lawsuit involving 26.557 million yuan accepted by the court [29] Group 7 - ICBC has approved the appointment of Zhao Guid as vice president [30] - Betta Pharmaceuticals has had its drug registration application for ensartinib accepted [32] - Times New Materials plans to invest 6 million euros to establish a wholly-owned subsidiary in Serbia [34] Group 8 - China State Construction has appointed Chen Yong as vice president [36] - Dayang Electric plans to invest 10 million yuan to establish an industrial fund [38] - Advanced Digital has appointed Liu Zhigang as deputy general manager [39] Group 9 - Tianqi Co. plans to transfer 7% equity of Youqi Intelligent for 130 million yuan [40] - Xinguo has submitted an application for H-share issuance and listing [42] - Jinhongshun's shareholder has terminated a share reduction plan [43] Group 10 - Wanrun Co.'s actual controller plans to increase shareholding between 365 million yuan and 730 million yuan [44] - Suzhou High-tech plans to sell 47% equity of its medical device subsidiary for 604 million yuan [45] - Huayou Cobalt's subsidiary has signed a product supply agreement with Yiwei Lithium Energy for approximately 127,800 tons of materials [47] Group 11 - China Communications has won 10 important projects totaling approximately 2.539 billion yuan [49] - Nopushin plans to raise no more than 1.45 billion yuan through a private placement [50] - Yun Aluminum plans to acquire minority stakes in three subsidiaries for a total of 2.267 billion yuan [51] Group 12 - Xiamen Tungsten plans to establish a 500 million yuan merger fund with multiple parties [52] - Aotewei has signed a contract worth approximately 700 million yuan [54] - Hemai Co.'s shareholders plan to reduce their holdings by no more than 3% [56]

证券日报网讯11月25日晚间，厦门钨业（600549）发布公告称，担保均不存在逾期情况。 ...

（编辑 姚尧） 证券日报网讯 11月25日晚间，厦门钨业发布公告称，公司于2025年11月25日召开了第十届董事会第二 十一次会议，审议通过了《关于向股东会提名第十届董事会非独立董事候选人的议案》，同意提名王玉 珍女士为公司第十届非独立董事候选人。 ...

格隆汇11月25日丨厦门钨业(600549.SH)公布，厦钨电机现系厦门钨业参股公司，公司持有其40%股权， 目前厦钨电机注册资本为100,000万元，拥有8家控股子公司。为促进厦钨电机经营发展，推动公司稀土 永磁板块深度融合，助力公司稀土产业延链强链，公司计划向厦钨电机非同比例增资。本次交易拟以非 公开协议方式进行，公司拟以现金出资25,120.41万元向厦钨电机非同比例增资，其中22,448.98万元计入 厦钨电机的注册资本，其余2,671.43万元计入厦钨电机的资本公积。厦钨电机另一股东福建省冶控私募 基金管理有限公司（简称"冶控基金"）放弃优先认缴增资权，不参与本次增资。本次交易完成后，厦钨 电机的注册资本将增加至122,448.98万元，公司持有厦钨电机股权从40%增至51%，成为厦钨电机控股 股东；冶控基金所持股份从60%稀释至49%。本次交易完成后，公司合并财务报表范围将发生变更，厦 钨电机及其控股子公司将纳入公司合并报表范围。 ...

Core Viewpoint - Xiamen Tungsten Co., Ltd. is establishing a new investment partnership focused on mergers and acquisitions in the new materials and intelligent manufacturing sectors, with a total fund size of 500 million yuan [1] Group 1: Investment Details - Xiamen Tungsten's wholly-owned subsidiary, Xiamen Tungsten Investment Co., Ltd., plans to invest 195 million yuan as a limited partner [1] - Xiamen Tungsten Jiatai Private Fund Management Co., Ltd. will contribute 1.75 million yuan as one of the general partners [1] - The fund will be co-established with Fujian Innovation and Entrepreneurship Investment Management Co., Ltd. and other partners, including Fujian Provincial Investment Development Group and Fujian Haisi Investment Co., Ltd. [1] Group 2: Fund Focus - The fund's primary investment focus will be on the new materials and intelligent manufacturing sectors [1] - It aims to enhance the industrial chain related to tungsten, molybdenum, new energy materials, rare earths, and downstream applications [1] - The initiative is intended to promote industrial mergers and integration development [1]

格隆汇11月25日丨厦门钨业(600549.SH)公布，厦钨电机现系厦门钨业参股公司，公司持有其40%股权， 目前厦钨电机注册资本为100,000万元，拥有8家控股子公司。为促进厦钨电机经营发展，推动公司稀土 永磁板块深度融合，助力公司稀土产业延链强链，公司计划向厦钨电机非同比例增资。本次交易拟以非 公开协议方式进行，公司拟以现金出资25,120.41万元向厦钨电机非同比例增资，其中22,448.98万元计入 厦钨电机的注册资本，其余2,671.43万元计入厦钨电机的资本公积。厦钨电机另一股东福建省冶控私募 基金管理有限公司（简称"冶控基金"）放弃优先认缴增资权，不参与本次增资。本次交易完成后，厦钨 电机的注册资本将增加至122,448.98万元，公司持有厦钨电机股权从40%增至51%，成为厦钨电机控股 股东；冶控基金所持股份从60%稀释至49%。本次交易完成后，公司合并财务报表范围将发生变更，厦 钨电机及其控股子公司将纳入公司合并报表范围。 ...

在保证主营业务发展的前提下，公司通过参与发起设立并购基金，能够借助合作方的资源、投资管理及 运营管理经验，有利于增强公司投资能力，有利于加快公司的战略布局与发展，符合公司发展战略以及 全体股东的利益。基金主要投资领域与公司所处产业具有协同性。 格隆汇11月25日丨厦门钨业(600549.SH)公布,公司全资子公司厦门厦钨投资有限公司拟出资1.95亿元作 为有限合伙人，公司权属公司厦钨嘉泰拟出资175万元作为普通合伙人之一，与另一普通合伙人福建省 创新创业投资管理有限公司，有限合伙人福建省投资开发集团有限责任公司、福建省国资海丝投资有限 公司共同发起设立福创嘉泰益鑫（厦门）并购投资合伙企业（有限合伙），基金管理人为福建省创新创 业投资管理有限公司，基金规模为5亿元。 ...

厦钨电机工业有限公司拟增资扩股所涉及的厦钨电机工业有限公司股东全部权益价值资产评估报告 【本资产评估报告书依据中国资产评估准则编制】 厦鸽电机工业有限公司拟增资扩股所涉及的 厦钨电机工业有限公司股东全部权益价值 产评估报告 联合中和评报字（2025）第 1171 号 (共二册,第一册) 联合中和土地房地产资产评估有限公司 二〇二五年十月二十日 联合中和土地房地产资产评估有限公司 第 1 页 共 58 页 厦钨电机工业有限公司拟增资扩股所涉及的厦钨电机工业有限公司股东全部权益价值资产评估报告 厦鸽电机工业有限公司拟增资扩股所涉及的 厦钨电机工业有限公司股东全部权益价值 资产评估报告 目录 | 声 明 | | --- | | 资产评估报告摘要 | | 资产评估报告 . | | 一、委托人、被评估单位及资产评估委托合同约定的其他资产评估报告使用人. 13 | | 二、评估目的 | | 三、评估对象和评估范围 | | 四、价值类型 . | | 五、评估基准日 | | 六、评估依据 . | | 七、评估方法 31 | | 八、评估程序实施过程和情况 | | 九、评估假设 | | 十、评估结论 . | | 十一、特别事项 ...