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 厦门钨业股份有限公司 2026年第一次临时股东会决议公告 证券代码：600549 证券简称：厦门钨业 公告编号：临-2026-003 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。 (一) 股东会召开的时间：2026 年 1 月 21 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： | 1、出席会议的股东和代理人人数 | 1,346 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 789,566,155 | | 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 | 49.7338 | | 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 先生主持。 (五) 公司董事和董 ...

Core Viewpoint - The rare metal tungsten, referred to as "industrial teeth," is expected to be the standout performer in the non-ferrous metal market in 2025, with tungsten prices skyrocketing from 200,000 yuan/ton at the beginning of the year to 600,000 yuan/ton by year-end, marking a staggering 300% increase and setting a historical high [1][3]. Supply and Demand Dynamics - The surge in tungsten prices is driven by a combination of rigid supply constraints and explosive demand growth, with APT (the core product of tungsten smelting) social inventory plummeting from a normal level of 600 tons to below 200 tons, and hard alloy companies having only 12 days of raw material inventory left, significantly below the 30-day safety line [3][4]. - The supply side is constrained by three main factors: policy control, resource depletion, and difficulty in increasing overseas production. The annual mining quota for tungsten in China has been reduced by 8.3% to 56,800 tons for 2025, limiting production even as prices rise [4][5]. Demand Explosion - The demand structure for tungsten has fundamentally changed in 2025, with the share of demand from new energy and high-end manufacturing rising from 15% in 2024 to 30%, moving away from traditional steel industry reliance [6][8]. - The photovoltaic industry is a major source of demand growth, with tungsten wire replacing carbon steel wire in silicon wafer cutting due to its superior strength and wear resistance [8]. - The demand from the electric vehicle sector is also rapidly increasing, with each vehicle requiring approximately 2-8 kg of tungsten, and global EV sales expected to grow by 20% in 2025, adding 10,500 tons of tungsten demand [8]. Profit Distribution - The profits from the surge in tungsten prices are not evenly distributed across the industry chain, with upstream resource companies being the biggest winners. For instance, a 10,000 yuan/ton increase in tungsten prices can boost net profits significantly for companies like Xiamen Tungsten and Zhongtung High-tech [9][10]. - Midstream smelting companies face challenges due to rising raw material costs and tight supply, leading to reduced profit margins for smaller firms [10]. Future Outlook - The consensus in the industry is that the supply-demand gap will remain unbridgeable, with tungsten prices expected to stay high for the next 3-5 years. The global primary tungsten supply growth rate is projected to be only 2%-3% from 2026 to 2030, significantly lower than demand growth [11][12]. - Analysts predict that black tungsten concentrate prices will fluctuate between 460,000 and 520,000 yuan/ton in 2026, with potential for prices to exceed 500,000 yuan/ton if China tightens exports further [12]. Investment Opportunities - Investors are advised to focus on three key areas: upstream resource leaders like Xiamen Tungsten and Zhangyuan Tungsten, high-end manufacturing leaders like Zhongtung High-tech, and niche players in high-value sectors such as tungsten-based new materials and military-grade tungsten alloys [13][14]. - The demand growth for tungsten is closely tied to the most promising growth sectors over the next 5-10 years, providing long-term support for tungsten prices and enhancing the investment value of leading companies in the industry [14].

Core Viewpoint - The rare metal tungsten, referred to as the "industrial tooth," is expected to be the standout performer in the non-ferrous metals market in 2025, with prices skyrocketing from 200,000 yuan/ton at the beginning of the year to 600,000 yuan/ton by year-end, marking a staggering 300% increase and setting a historical high [4]. Supply and Demand Dynamics - The surge in tungsten prices is driven by a combination of rigid supply constraints and structural demand explosions, with APT (the core product of tungsten smelting) social inventory dropping from a normal level of 600 tons to below 200 tons, and hard alloy companies having only 12 days of raw material inventory, significantly below the 30-day safety line [7][11]. - The supply side is constrained by three main factors: policy control, resource depletion, and the difficulty of increasing overseas production. The annual mining quota for tungsten in China was set at 56,800 tons for 2025, an 8.3% decrease from the previous year, limiting production even as prices rise [10][11]. Demand Explosion - Demand for tungsten has fundamentally shifted, with the share from new energy and high-end manufacturing rising from 15% in 2024 to 30% in 2025, moving away from traditional steel industry reliance [13]. - The photovoltaic industry is a major growth driver, with tungsten wire replacing carbon steel wire in silicon wafer cutting due to its superior strength and wear resistance. The demand from the new energy vehicle sector is also rapidly increasing, with each vehicle requiring 2-8 kg of tungsten [15]. Profit Distribution in the Industry - The profit from rising tungsten prices is unevenly distributed across the industry, favoring upstream resource companies. For instance, a 10,000 yuan/ton increase in tungsten prices can boost net profits significantly for companies like Xiamen Tungsten and Zhongtung High-tech [17]. - Midstream smelting companies face challenges due to rising raw material costs and tight supply, with some small firms experiencing profit margins dropping below 10% [18]. Future Outlook - The consensus for the tungsten industry in 2026 and beyond is that the supply-demand gap will remain unbridgeable, with prices expected to stay high for the next 3-5 years. The global primary tungsten supply growth rate is projected to be only 2-3% annually from 2026 to 2030, significantly lower than demand growth [20][21]. - Analysts predict that the price of black tungsten concentrate will fluctuate between 460,000 and 520,000 yuan/ton in 2026, with potential to exceed 500,000 yuan/ton if China tightens exports further [21]. Investment Opportunities - Investment opportunities in the tungsten industry should focus on three key areas: upstream resource leaders like Xiamen Tungsten and Zhangyuan Tungsten, high-end manufacturing leaders like Zhongtung High-tech, and niche players in high-value segments such as tungsten-based new materials and military-grade tungsten alloys [22][23].

从资金流向上来看，当日小金属板块主力资金净流入19.22亿元，游资资金净流出5.73亿元，散户资金净 流出13.49亿元。小金属板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 000657 | 中钨高新 | 41.68 | 10.00% | | 105.68万 | 42.90 乙 | | 301026 | 浩通科技 | 34.38 | 9.70% | | 17.93万 | · 5.93亿 | | 002738 | 中矿资源 | 92.00 | 9.45% | | 35.15万 | 31.55 Z | | 600549 | 厦门钨业 | 59.00 | 9.14% | 1 | 70.96万 | 40.31亿 | | 002842 | 翔鹭钨业 | 22.60 | 7.93% | | 60.20万 | 13.17亿 | | 000960 | 锡业股份 | 40.97 | 7.48% | | 67.28万 | 26.43亿 | | 002378 | 直源钨业 ...

厦门钨业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至11:02，该股目前上涨6.86%，股价报57.77元，成交4107.80万股，成交金额22.93亿元，换手 率2.64%，该股最新A股总市值达917.15亿元，该股A股流通市值897.71亿元。 （文章来源：证券时报网） 两融数据显示，该股最新（1月20日）两融余额为26.43亿元，其中，融资余额为26.01亿元，近10日增加 5.25亿元，环比增长25.31%。 公司发布的三季报数据显示，前三季度公司共实现营业收入320.01亿元，同比增长21.36%，实现净利润 17.82亿元，同比增长27.05%，基本每股收益为1.1223元，加权平均净资产收益率10.80%。（数据宝） 证券时报·数据宝统计显示，厦门钨业所属的有色金属行业，目前整体涨幅为1.71%，行业内，目前股价 上涨的有112只，涨停的有白银有色、国城矿业等5只。股价下跌的有25只，跌幅居前的有中孚实业、宏 创控股、西部材料等，跌幅分别为4.21%、3.43%、3.11%。 ...

南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益10.52%，同类 排名627/5542；近一年收益49.48%，同类排名1212/4243；成立以来收益178.11%。 1月21日，厦门钨业涨5.03%，截至发稿，报56.78元/股，成交14.89亿元，换手率1.73%，总市值901.43 亿元。 资料显示，厦门钨业股份有限公司位于福建省厦门市思明区展鸿路81号翔业国际大厦21-22层，成立日 期1997年12月30日，上市日期2002年11月7日，公司主营业务涉及从事钨精矿、钨钼中间制品、粉末产 品、丝材板材、硬质合金、切削刀具、各种稀土氧化物、稀土金属、稀土发光材料、磁性材料和稀土贮 氢、系列锂电池材料等其他能源新材料的生产、销售与研发和稀土投资,兼营房地产开发与经营。主营 业务收入构成为：钨钼等有色金属制品46.21%，电池材料39.28%，稀土业务14.36%，房地产及配套管 理0.14%。 从厦门钨业十大流通股东角度 数据显示，南方基金旗下1只基金位居厦门钨业十大流通股东。南方中证500ETF（510500）三季度新进 十大流通股东，持有股数1 ...

或由于上海重磅政策发布，今日（1月21日）揽尽有色金属行业龙头的有色ETF华宝（159876）强势拉 升，场内价格盘中涨超2.1%，现涨1.77%，冲击日线3连阳，距离此前的上市高点（1.160）仅一步之 遥。 伴随火热的行情，资金积极进场布局！截至发稿，有色ETF华宝（159876）获资金实时净申购2160万 份，拉长时间来看，近10日连续吸金，合计狂揽6.35亿元！ 成份股方面，白银有色、湖南白银、盛新锂能3股涨停！国城矿业涨超8%，中矿资源涨逾7%，永兴材 料、中稀有色等个股大幅跟涨。 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 白银有色 | 10.01% | | 有色金属 | 工业会展 | 标 | 6351Z | 32.66亿 | | 2 | 湖南自银 | 10.00% | | 有色金属 | 製金属 | 自银 | 385亿 | 39.83亿 | | 3 | 盛新埋能 | 9.99% | no | ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Insights - The tungsten powder price has surged to a historical high of 1.2 million yuan per ton, reflecting extreme supply-demand tension and strong market expectations for long-term shortages [3][4] - The demand for tungsten is experiencing a significant expansion, particularly driven by the photovoltaic and new energy vehicle sectors, which are expected to create a structural demand explosion [5][6] - The supply side is tightening, with China's high-grade tungsten ore reserves expected to dwindle to 300,000 tons by 2025, leading to increased mining costs and a prolonged price increase cycle [6] - The industry chain is seeing profits concentrate upstream, with leading companies like Xiamen Tungsten and China Tungsten High-Tech benefiting from resource and technology advantages [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with a 1-month return of 18.45%, a 3-month return of 24.21%, and a 12-month return of 82.53% compared to the CSI 300 index [2] Demand Drivers - The photovoltaic sector is witnessing a rapid adoption of tungsten wire, with a market penetration rate exceeding 60% in silicon wafer cutting by 2025, significantly increasing tungsten consumption [5] - The new energy vehicle sector is also contributing to demand, with an expected increase of approximately 10,500 tons of tungsten due to the rising use of tungsten-containing alloys in electric motors and high-precision tools in battery manufacturing [5] Supply Constraints - Global tungsten supply is under pressure, with significant reductions in China's high-grade ore and limited contributions from overseas sources, leading to a potential crisis in tungsten availability [6] Industry Structure - The profit distribution within the tungsten industry is shifting towards upstream players, with companies holding quality tungsten resources poised to capture the benefits of rising prices [7]

—— 福建厦门质量强链锻造"工业牙齿"钨产业新质生产力 □ 陈 永 杨文娴 本报记者 江 岱 质量筑基 聚链跃升 观察 转自：中国质量报 链主企业厦门钨业牵头举办厦门钨业第三届质量大会暨钨产业链供应链质量赋能推进会 厦门市市场监管局开展钨产业链供应链质量赋能行动，成立质量创新联合体并发布"5+5"攻关项目。 链员企业开展产品质量测试分析 厦门市市场监管局组织链员企业开展先进质量管理方法培训 冬日清晨，福建省厦门市海沧区薄雾轻笼。在某精密制造企业的自动化生产线上，一枚仅拇指大小的硬质合金刀具正以每分钟数千转的速度切削航空级钛合 金部件，火花如星屑飞溅，却不见丝毫震颤。这枚看似寻常的"工业牙齿"，实则是由高纯度钨粉经数十道严苛工序烧结而成，其刃口精度可达0.5微米—— 相当于一根头发丝的1%。正是这样一枚枚微小却坚韧的刀具，支撑着中国大飞机、新能源汽车、半导体装备等高端制造领域的自主突破。 而这背后，是一条从矿山、冶炼、粉末、合金、工具到终端应用的完整钨产业链在高效运转。面对全球供应链重构、技术封锁加剧与产业周期波动的三重压 力，厦门市于2025年启动钨产业链供应链质量赋能行动，以质量为支点，撬动传统优势产业向新 ...

转自：中国质量报 链主企业：厦门钨业股份有限公司 得益于市场化运营机制与对产品质量的持续追求，厦门钨业逐步成长为全球领先的钨材料企业、国内锂电正极材料龙头与高质量发展的稀土企业。我们深刻 认识到，钨产业的质量飞跃，必须依靠产业链协同——从传统的"单点控制"转向现代的"链式协同"。为此，我们牵头组建钨产业链供应链质量创新联合体， 联合高校、科研院所及上下游企业，共建技术平台，共享质量数据，合力攻克多项关键核心技术，使主要产品质量达到国际先进水平。实践表明，以全产业 链协同提升整体质量，是锻造新质生产力、应对全球竞争的核心路径。面向未来，我们将坚持这一方向，努力将厦门打造为世界一流的钨产业基地，全面夯 实中国钨工业的国际竞争力。 厦门钨业展厅 链员企业：厦门金鹭特种合金有限公司 作为钨产业链链员企业，我们深知"行稳方能致远"：对内坚持精益生产、苦练内功；对外积极融通，与上下游协同定义标准、共克技术难题。在"链式协 同"模式下，我们不再是孤立的单元，而是通过深度嵌入产业链，与伙伴们共同确保了从原料到成品的全程稳定与可靠。这不仅提升了钨产业供应链韧性， 也显著增强了整体交付效率。展望未来，我们将继续发挥产业枢纽作用， ...