Group 1 - Xiamen Tungsten Co., Ltd. held the third meeting of the third employee stock ownership plan on December 16, 2025, with 56 attendees representing 9,400,000 shares, accounting for 98.95% of the total shares in the plan [1] - The meeting unanimously approved the termination of the third employee stock ownership plan, with all 9,400,000 shares voting in favor, representing 100% of the attending holders [2] - The plan was originally set to expire on August 16, 2027, but was terminated early as all company stocks held had been sold, leaving only cash assets [2] Group 2 - The fourth meeting of the second employee stock ownership plan was also held on December 16, 2025, with 139 attendees representing 30,400,000 shares, accounting for 98.25% of the total shares in the plan [4] - The meeting approved the termination of the second employee stock ownership plan, with 30,220,000 shares voting in favor, representing 99.41% of the attending holders [5] - The second plan was originally set to expire on July 13, 2026, but was terminated early as all company stocks held had been sold, leaving only cash assets [6]

Core Viewpoint - The rare earth market is experiencing slight price adjustments, with mixed trends across different products, indicating a generally subdued market atmosphere [1] Price Adjustments - Praseodymium and neodymium oxide average price is 577,400 CNY/ton, down 1,000 CNY/ton - Praseodymium and neodymium metal average price is 702,300 CNY/ton, down 100 CNY/ton - Dysprosium oxide average price is 1,401,400 CNY/ton, up 23,900 CNY/ton - Terbium oxide average price is 6,241,700 CNY/ton, down 49,700 CNY/ton [1] Market Activity - Limited transaction information for products like neodymium oxide, praseodymium oxide, lanthanum cerium oxide, europium oxide, and yttrium oxide, suggesting cautious market participation - Praseodymium and neodymium products are maintaining a weak and stable operation, with market activity remaining generally low - The heavy rare earth market is seeing minimal demand-driven transactions, with recent positive rumors contributing to the price rebound of dysprosium [1] Stock Performance - A-share market performance for rare earth permanent magnet concept stocks shows mixed results: - Huicheng Environmental (300779) latest price: 137.53 CNY, change: +1.78%, turnover: 654 million CNY - Yahua Group (002497) latest price: 21.73 CNY, change: +1.78%, turnover: 969 million CNY - Xiamen Tungsten (600549) latest price: 39.26 CNY, change: +0.92%, turnover: 281 million CNY - Ximic Technology (920061) latest price: 29.40 CNY, change: +0.75%, turnover: 83.26 million CNY - Benlang New Materials (920807) latest price: 14.76 CNY, change: +0.75%, turnover: 4.26 million CNY [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-118 厦门钨业股份有限公司 厦门钨业股份有限公司 董 事 会 2025 年 12 月 17 日 2 / 2 第三期员工持股计划第三次持有人会议决议公告 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"）第三期员工持股计划第三次持 有人会议于 2025 年 12 月 16 日以现场与通讯相结合方式召开，会前 2025 年 12 月 10 日公司第三期员工持股计划管理委员会以电子邮件的方式通知了全体持有 人。会议由管理委员会主任洪超额先生主持，出席会议的持有人 56 人，代表份 额 9,400,000 份，占公司第三期员工持股计划总份额的 98.95%。会议的召集、 召开和表决程序符合《厦门钨业股份有限公司第三期员工持股计划（草案）》《厦 门钨业股份有限公司第三期员工持股计划管理办法》的相关规定。 本次会议以记名投票表决方式表决通过了《关于公司第三期员工持股计划终 止的议案》。表决结果为：同意 9,400,000 份，占出席 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-117 本次会议以记名投票表决方式表决通过了《关于公司第二期员工持股计划终 止的议案》。表决结果为：同意 30,220,000 份，占出席会议持有人所持份额总 数的 99.41%；反对 0 份，占出席会议持有人所持份额总数的 0%；弃权 180,000 份，占出席会议持有人所持份额总数的 0.59%。 厦门钨业股份有限公司 第二期员工持股计划第四次持有人会议决议公告 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"）第二期员工持股计划第四次持 有人会议于 2025 年 12 月 16 日以现场与通讯相结合方式召开，会前 2025 年 12 月 10 日公司第二期员工持股计划管理委员会以电子邮件的方式通知了全体持有 人。会议由管理委员会主任洪超额先生主持，出席会议的持有人 139 人，代表份 额 30,400,000 份，占公司第二期员工持股计划总份额的 98.25%。会议的召集、 召开和表决程序符合《厦门钨业股份有限公司第 ...

Core Viewpoint - The non-ferrous metals industry is expected to enter a new upward cycle, driven by macroeconomic recovery, supply chain disruptions, and liquidity easing from the Federal Reserve's interest rate cuts, which will enhance metal prices and industry performance [1]. Group 1: Market Performance - As of December 16, 2025, the non-ferrous metals industry index (399395) showed mixed performance among its constituent stocks, with Zhongtung High-tech (000657) leading the gains at 3.05%, followed by Yahua Group (002497) at 2.25%, and Xiamen Tungsten (600549) at 0.59% [1]. - The overall market is experiencing a pullback, but funds are strategically positioning in the non-ferrous sector [1]. Group 2: Future Outlook - According to China Galaxy Securities, the industry is expected to stabilize in 2024, with macroeconomic expectations improving in 2025, alongside supply chain disruptions due to resource control policies in other countries [1]. - The anticipated liquidity easing from the Federal Reserve's rate cuts is expected to drive up non-ferrous metal prices and enhance the profitability of non-ferrous metal companies, continuing the upward trend in the industry [1]. - The narrative around copper supply remains positive, and cobalt prices are expected to rise under policy adjustments in the Democratic Republic of Congo [1]. - The strategic value of rare earths is increasing, with a favorable supply-demand balance [1]. Group 3: ETF and Index Information - The non-ferrous ETF (159880) closely tracks the non-ferrous metals industry index, which includes 50 prominent securities in the sector, reflecting the overall performance of listed companies in the non-ferrous metals industry [2]. - As of November 28, 2025, the top ten weighted stocks in the non-ferrous metals industry index accounted for 52.34% of the index, including companies like Zijin Mining (601899) and China Aluminum (601600) [2].

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-116 厦门钨业股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月15日 (二)股东会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次表决符合《公司法》及《公司章程》的规定，本次大会由董事长黄长庚先生主持。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事8人，出席6人，董事钟可祥先生因公未能出席会议，独立董事程文文先生因个人原因 未能出席会议。 2、董事会秘书出席本次会议；其他高管列席本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：《关于向厦钨电机工业有限公司非同比例增资被动形成对外担保的议案》 审议结果： ...

Core Viewpoint - The rare earth market is experiencing slight price adjustments, with a generally subdued trading atmosphere and limited demand from downstream sectors [1] Price Adjustments - Praseodymium and neodymium oxide average price is 578,400 CNY/ton, down 600 CNY/ton - Praseodymium and neodymium metal average price is 702,400 CNY/ton, down 2,100 CNY/ton - Dysprosium oxide average price is 1,377,500 CNY/ton, up 4,100 CNY/ton - Terbium oxide average price is 6,291,400 CNY/ton, down 17,400 CNY/ton [1] Market Activity - Limited transactions for products like neodymium oxide, praseodymium oxide, lanthanum cerium oxide, europium oxide, and yttrium oxide - The market is characterized by weak stability in praseodymium and neodymium products, with only a few essential transactions [1] Stock Performance - A-share market performance for rare earth permanent magnet concept stocks includes: - Tongcheng New Materials (603650) latest price 49.35 CNY, up 5.68%, transaction amount 2.175 billion CNY - Chifeng Gold (600988) latest price 32.69 CNY, up 4.78%, transaction amount 2.029 billion CNY - Zhangguang Co. (301092) latest price 35.93 CNY, up 4.54%, transaction amount 190 million CNY - Goldwind Technology (002202) latest price 17.53 CNY, up 3.06%, transaction amount 448.6 million CNY - Xiamen Tungsten (600549) latest price 38.91 CNY, up 2.29%, transaction amount 1.808 billion CNY [1]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-116 厦门钨业股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 15 日 二、 议案审议情况 1 / 4 (二) 股东会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 742 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 641,717,845 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 40.4210 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 本次表决符合《公司法》及《公司章程》的规定，本次大会由董事长黄长庚 先 ...

关于厦门钨业股份有限公司 2025 年第三次临时股东会的 法 律 见 織 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话:（0591）8806 5558 传真:（0591）8806 8008 网址: http://www.zenithlawyer.com 福建至理律师事务所 关于厦门钨业股份有限公司 2025 年第三次临时股东会的 法律意见书 闽理非诉字120251第 272 号 致:厦门钨业股份有限公司 福建至理律师事务所(以下简称"本所")接受厦门钨业股份有限公司(以 下简称"公司"）之委托,指派魏吓虹、刘昭怡律师出席公司 2025 年第三次临时 股东会(以下简称"本次会议")，并依据《中华人民共和国公司法》(以下简称 《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上市公司股东 会规则》(中国证券监督管理委员会公告(2025)7号,以下简称《股东会规则》)、 《上海证券交易所上市公司自律监管指引第 1 号 -- 规范运作(2025年5月修 订》(以下简称《监管指引第1号》)等有关法律、法规、规范性文件以及《厦 门钨业股份 ...