中信证券股份有限公司 关于厦门钨业股份有限公司向控股子公司金龙稀土增资暨 关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为厦门钨 业股份有限公司（以下简称"公司"、"厦门钨业"或"发行人"）向特定对象 发行 A 股股票的保荐人。根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》等相关法律、法规和规范性文件的规定，对公司向控股子公 司金龙稀土增资暨关联交易事项进行了核查，具体情况如下： 一、关联交易概述 （一）交易基本情况 厦门钨业股份有限公司（以下简称"公司"）控股子公司福建省金龙稀土股 份有限公司（以下简称"金龙稀土"）已在全国中小企业股份转让系统挂牌，现 拟实施股票定向发行方案（以下简称"本次发行"），向其现有股东发行数量不 超过 2,668.00 万股的普通股股票，发行价格按照金龙稀土 2024 年度经审计每股 净资产值 1.50 元/股确定，预计募集金额不超过人民币 4,002.00 万元，用于补充 流动资金。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，公司、 关联方福建省冶控私募基金管理有限公司（以下简称"冶控基金"）、关联方创 合鑫材（厦 ...

的书面确认意见 根据《中华人民共和国公司法》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《厦门钨业股份有限公司章 程》及《董事会审计委员会工作细则》的有关规定，厦门钨业股份有限公司（以 下简称"公司"）第十届董事会审计委员会第十四次会议对拟提交至公司第十届 董事会第二十次会议审议的《关于向控股子公司金龙稀土增资暨关联交易的议案》 进行了认真审核，并发表书面确认意见如下： 本次福建省金龙稀土股份有限公司（以下简称"金龙稀土"）通过定向发行 股票的方式融资，是基于公司战略发展需要，有利于金龙稀土优化资本结构。本 次发行由金龙稀土全体原股东按原持股比例认购，公司与关联方福建省冶控私募 基金管理有限公司、关联方创合鑫材（厦门）制造业转型升级基金合伙企业（有 限合伙）、关联方嘉泰绿能（长汀）投资合伙企业（有限合伙）各自按原持股比 例共同参与认购金龙稀土本次发行的股票；交易完成后，公司在金龙稀土的持股 数量增加，但持股比例保持不变，仍为金龙稀土的控股股东。该交易定价遵循公 允性原则，定价合理，不存在损害公司及全体股东特别是中小股东利益的情形， 不会对公司的财务状况和经营成果 ...

Investment Rating - The report recommends a "Buy" rating for the tungsten industry, highlighting its strategic importance and potential for price stability due to supply-demand dynamics [7]. Core Insights - Tungsten is recognized as a strategic critical metal with extensive applications in key sectors such as aerospace, automotive, and defense, leading to increased global focus on its supply and demand [2][5]. - The global tungsten supply is tightening, primarily due to China's control over production and export policies, which are expected to maintain high tungsten prices [5][23]. - Demand for tungsten is projected to grow, driven by sectors like renewable energy and advanced manufacturing, with significant increases in consumption expected in the coming years [4][24]. Supply Side Summary - Global tungsten reserves are increasing, from 3.4 million tons in 2020 to 4.6 million tons in 2024, with a compound annual growth rate of approximately 7.85% [3]. - China holds the largest tungsten reserves, accounting for about 52.2% of the global total, while implementing strict mining controls that are expected to further tighten supply [3][23]. - The first batch of tungsten concentrate mining indicators for 2025 is set at 58,000 tons, a decrease of 6.5% year-on-year, indicating a continued tightening of supply [3][46]. Demand Side Summary - Hard alloys and tungsten wire are the primary drivers of tungsten demand, with hard alloys accounting for 65% of global consumption [4]. - In the first half of 2025, China's tungsten consumption reached 35,900 tons, a year-on-year increase of 2.1%, with significant growth in the hard alloy sector due to manufacturing upgrades [4][24]. - The commercialization of controlled nuclear fusion is expected to create new demand for high-performance tungsten alloys, with projections exceeding 10,000 tons [4][24]. Investment Recommendations - The report suggests focusing on leading tungsten mining companies in China, such as Xiamen Tungsten and China Tungsten High-Tech, as they are well-positioned to benefit from the tightening supply and increasing demand [5].

Group 1 - The core viewpoint of the news highlights a significant increase in lithium carbonate futures, with a peak rise of 8% and a closing increase of 7.24%, reaching 93,660 yuan/ton, which has positively impacted related lithium mining sectors [1] - The China Automotive Power Battery Industry Innovation Alliance reported that in October, the domestic power battery installation volume reached 84.1 GWh, a month-on-month increase of 10.7% and a year-on-year increase of 42.1%, with lithium iron phosphate batteries accounting for 80.3% of the total [2] - The new energy vehicle market is experiencing a consumption peak due to the adjustment of the vehicle purchase tax and the traditional year-end sales season, with October's production and sales of new energy vehicles reaching 1.772 million and 1.715 million units, respectively [2] Group 2 - The CSI Rare Metals Theme Index (930632) has shown strong performance, with a 2.91% increase, and its top ten weighted stocks account for 60% of the index, including companies like Northern Rare Earth and Ganfeng Lithium [3][5] - The recent demand for lithium salts is expected to grow due to the new energy storage installation target of 180 GW by 2027, as outlined in the National Development and Reform Commission's action plan [2] - The Rare Metals ETF (561800) has risen by 3.11%, reflecting the overall performance of the rare metals sector, which includes mining, smelting, and processing companies [1][5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - In Q3 2025, the company achieved operating revenue of 12.823 billion yuan, a quarter-on-quarter increase of 18.71% and a year-on-year increase of 39.27%. The net profit attributable to shareholders was 810 million yuan, with a quarter-on-quarter increase of 39.3% and a year-on-year increase of 109.85%. The net profit after deducting non-recurring gains and losses was 792 million yuan, with a quarter-on-quarter increase of 42.67% and a year-on-year increase of 114.05%. The strong performance reflects the company's resource profitability elasticity and competitive positioning in the downstream industry chain [2][4] Summary by Sections Revenue and Profitability - The company reported operating revenue of 12.823 billion yuan in Q3 2025, with a quarter-on-quarter growth of 18.71% and a year-on-year growth of 39.27% [2][4] - The net profit attributable to shareholders reached 810 million yuan, marking a quarter-on-quarter increase of 39.3% and a year-on-year increase of 109.85% [2][4] - The net profit after deducting non-recurring items was 792 million yuan, with a quarter-on-quarter increase of 42.67% and a year-on-year increase of 114.05% [2][4] Segment Performance - The tungsten and molybdenum segment generated revenue of 5.7 billion yuan in Q3 2025, with a quarter-on-quarter increase of 19% and a profit of 1.058 billion yuan, reflecting a quarter-on-quarter increase of 43% [11] - The energy new materials segment achieved revenue of 5.525 billion yuan, with a quarter-on-quarter increase of 21% and a profit of 273 million yuan, marking a quarter-on-quarter increase of 27% [11] - The rare earth magnetic materials segment reported revenue of 1.579 billion yuan, with a quarter-on-quarter increase of 11% and a profit of 60 million yuan, reflecting a quarter-on-quarter increase of 2% [11]

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [64]. Core Views - The non-ferrous metals industry has shown resilience, with a 0.99% increase over the past two weeks, outperforming the CSI 300 index by 1.15 percentage points [3][13]. - The report highlights a positive outlook for copper due to increasing demand in the renewable energy sector, despite a projected global copper surplus of 178,000 tons in 2025 [6][59]. - Precious metals are experiencing volatility, with gold prices expected to rise again after a period of fluctuation, supported by declining dollar credit and reduced risk aversion [60][61]. - The energy metals sector is benefiting from new regulations in lithium mining, which are expected to support prices and production costs [61]. Summary by Sections Market Review - As of November 13, 2025, the non-ferrous metals industry has increased by 3.08% this month and 81.32% year-to-date, ranking first among 31 industries [13][18]. - The energy metals sector rose by 5.68% this month, while the precious metals sector increased by 2.28% [18]. Price Analysis - As of November 13, 2025, LME prices are as follows: copper at $10,859/ton, aluminum at $2,877/ton, lead at $2,075/ton, zinc at $3,040.50/ton, nickel at $14,955/ton, and tin at $37,065/ton [24][59]. - COMEX gold is priced at $4,174.50/oz, and silver at $52.23/oz as of November 13, 2025 [35][41]. Industry News - The International Copper Study Group (ICSG) forecasts a 1.4% growth rate for global copper mines in 2025, primarily due to significant accidents at major mines [59]. - New regulations in Jiangxi province regarding lithium mining are expected to increase production costs, thereby supporting lithium prices [53][61]. Company Announcements - Western Mining (601168) and Luoyang Molybdenum (603993) are recommended for attention due to their strong performance and growth potential in the non-ferrous metals sector [62][59].

2025年11月13日早盘，A股三大指数低开高走，稀有金属板块持续爆发。场内ETF方面，截至10:54，中证稀有金属主题指数(930632)强势上涨5.31%，成分股 天华新能(300390)上涨15.38%，雅化集团(002497)、永兴材料(002756)、盛新锂能(002240)、融捷股份(002192)纷纷10cm涨停。稀有金属ETF基金(561800)上 涨5.21%。 流动性方面，稀有金属ETF基金盘中换手9.11%，成交1757.64万元。拉长时间看，截至11月12日，稀有金属ETF基金近1月日均成交3067.89万元。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600111 | 北方稀土 | 3.16% | 11.07% | | 603993 | 洛阳辑业 | 5.04% | 9.89% | | 603799 | 华友钻业 | 7.18% | 8.60% | | 000792 | 盐湖股份 | 7.75% | 6.98% | | 002460 | 赣锋锂业 | 7.10% | 6.12% | | 002466 | 天齐锂业 | ...

每经AI快讯，11月13日，稀土永磁指数盘中上涨2.01%，成分股多数走强，盛新锂能涨停，中钢天源、 盛和资源、厦门钨业、科恒股份涨幅居前。 （文章来源：每日经济新闻） ...

Core Insights - The small metals sector experienced a decline of 1.14% on November 12, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Small Metals Sector Performance - Notable gainers included: - Huaxi Nonferrous (600301) with a closing price of 33.57, up 5.43% and a trading volume of 180,700 shares, totaling 600 million yuan [1] - Aluminum Co. of China (000960) closed at 24.24, up 4.21% with a trading volume of 532,300 shares, totaling 1.278 billion yuan [1] - Zhongtung High-tech (000657) closed at 22.76, up 2.06% with a trading volume of 1.2753 million shares, totaling 2.917 billion yuan [1] - Decliners included: - Dongfang Silver Industry (000962) down 5.55% to 26.38 with a trading volume of 347,100 shares [2] - Shenghe Resources (600392) down 3.95% to 20.92 with a trading volume of 568,600 shares [2] - Dongfang Cuo Industry (002167) down 3.68% to 13.36 with a trading volume of 396,400 shares [2] Capital Flow Analysis - The small metals sector saw a net outflow of 688 million yuan from major funds, while retail investors contributed a net inflow of 775 million yuan [2] - Key stocks with significant capital flow included: - Zhongtung High-tech (000657) with a net inflow of 168 million yuan from major funds [3] - Aluminum Co. of China (000960) with a net inflow of 115 million yuan from major funds [3] - Huaxi Nonferrous (600301) with a net inflow of 17.93 million yuan from major funds [3]

Summary of Key Points Core Viewpoint - As of November 11, the margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 24,974 billion yuan, reflecting an increase of 38.96 billion yuan from the previous trading day, indicating a positive trend in market liquidity and investor confidence [1]. Market Overview - The financing balance specifically amounted to 24,792.66 billion yuan, with an increase of 40.22 billion yuan from the previous day. The Shanghai market's margin balance was 12,755.65 billion yuan, up by 30.43 billion yuan, while the Shenzhen market's balance was 12,218.35 billion yuan, increasing by 8.52 billion yuan [1]. Stock Performance - A total of 1,694 stocks experienced net inflows of financing funds. Among these, 55 stocks had net buy amounts exceeding 10% of their total trading volume. The top three stocks by net buy percentage were Andar Intelligent (20.85%), Tengya Precision (19.05%), and Mifeng Technology (18.66%) [2][3]. Significant Net Inflows - There were 28 stocks with net buy amounts exceeding 100 million yuan. The top three stocks in terms of net buy amount were Baofeng Energy (268 million yuan), Jiangbolong (257 million yuan), and China Duty Free Group (252 million yuan) [7].