会议以 8 票同意，0 票反对，0 票弃权的表决结果《关于控股子公司厦钨电 机拟购置电机产业园二期首批用地并建设产业园 A、B 区项目的议案》。会议同 意公司控股子公司厦钨电机工业有限公司投资 94,243.92 万元用于购置电机产 业园二期首批用地并建设产业园 A、B 区项目。本项目预计于 2029 年 9 月建成 （具体建设周期以实际建设情况为准）。项目将与电机产业园现有一期项目形成 联动，为公司稀土永磁电机板块预留发展空间，有利于吸引上下游企业入驻，形 成协同发展的产业集群，进一步助推产业发展，符合公司未来整体战略发展方向。 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-112 厦门钨业股份有限公司 第十届董事会第二十二次会议决议公告 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"）第十届董事会第二十二次会议 于 2025 年 12 月 2 日以通讯方式召开，会前公司董秘办公室于 2025 年 11 月 26 日以电子邮件及专人送达的方式通知了全体董事。会议由 ...

Core Viewpoint - Xiamen Tungsten announced the approval of its subsidiary Xiamen Tungsten Electric Motor Industrial Co., Ltd. to invest in the second phase of the motor industrial park, with the project expected to be completed by September 2029 [1] Group 1 - The project will include the construction of Area A and B of the industrial park, which aims to create a space for the development of rare earth permanent magnet motors [1] - The new phase is designed to work in conjunction with the first phase of the project, facilitating the formation of an industrial cluster by attracting upstream and downstream enterprises [1] - There are uncertainties related to industry policies and market conditions that may impact the project's progress, returns, and the company's expected earnings [1]

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-111 | | 挂钩汇率区 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 间累计型法 | | | | | | | | | | | | | | | 人人民币结 | | | | | | | | | | | | | | 中国工商银 | | | | | | | | 0.95% | | | | | | | | 构性存款产 | | 保本浮 | 2025 | 年 1 | 2025年11 | | | 2025 | 年 | 11 | | | | 行股份有限 | | 50,000.00 | | | | | | - | | | | 50,000.00 | 544.111918 | | | 品-专户型 | | 动收益 | 月 3 | 日 | 月 28 | 日 | | 月 | 28 日 | | | | | 公司 | | | | | | | | 1.80% | | | | | | | | ...

Core Viewpoint - Xiamen Tungsten has achieved comprehensive breakthroughs in the development of the ITER Langmuir probe, a high-end core component for nuclear fusion, transitioning from technical challenges to intellectual property layout [1] Group 1: Technological Achievements - The company has made innovations in tungsten material preparation and processing, precision injection molding technology, advanced coating, and connection technology [1] - A total of 5 invention patents and 2 utility model patents have been applied for, establishing a complete and independent intellectual property system [1] Group 2: Market Impact - The project has completely broken the reliance on imports for core technologies in this field, achieving domestic and controllable production of high-end nuclear fusion components [1]

Core Viewpoint - Xiamen Tungsten announced the development of the Langmuir probe, a critical diagnostic component for the ITER divertor, which will operate under high thermal load conditions to measure key parameters such as temperature and density of plasma near the divertor target plate, providing essential data support for the operation and optimization of the ITER device [1] Group 1 - The Langmuir probe is an important diagnostic component for the ITER divertor [1] - The probe will work under high thermal load conditions to measure critical plasma parameters [1] - Xiamen Tungsten has achieved multiple innovations in tungsten material preparation, processing, precision injection molding technology, advanced coating, and connection technology [1] Group 2 - The project has applied for a total of 5 invention patents and 2 utility model patents [1] - The development breaks the reliance on imported core technologies in this field [1] - The project aims to achieve domestic control and localization of high-end components for nuclear fusion [1]

格隆汇11月28日丨厦门钨业(600549.SH)在投资者互动平台表示，公司控股子公司厦钨新能法国正极材 料基地正在进行工厂建设前期工作。 ...

Group 1 - The core viewpoint highlights the significant rise in rare metal stocks driven by the dual forces of new energy transition and high-end manufacturing upgrades, with the rare metal theme index showing a strong performance [1][2] - As of November 27, 2025, the rare metal ETF fund has accumulated a 15.14% increase over the past three months, indicating strong investor interest and market momentum [1] - The liquidity of the rare metal ETF fund is notable, with a turnover rate of 5.29% and a total transaction volume of 975.95 million yuan, reflecting active trading [1] Group 2 - The strategic value of rare metals is emphasized, with traditional demand remaining stable while emerging fields like humanoid robots and low-altitude economy are becoming significant growth drivers [2] - The industry is experiencing increased concentration due to tighter domestic supply controls and enhanced export regulations, which are expected to support rising rare metal prices and improve corporate profitability [2] - The top ten weighted stocks in the rare metal theme index account for 60% of the index, with companies like Northern Rare Earth and Luoyang Molybdenum leading the way [2][4]

Core Viewpoint - The rare metals sector is experiencing a rebound, driven by increased demand from downstream industries such as energy storage and power batteries, alongside supply-side uncertainties [1] Industry Summary - As of November 27, 2025, the China Securities Rare Metals Theme Index rose by 0.54%, with notable increases in stocks such as Yunnan Zhenye (+5.63%) and Tin Industry Co. (+4.90%) [1] - The price of lithium carbonate futures previously exceeded 100,000 yuan/ton due to significant growth in demand and supply constraints [1] - The scarcity of strategic minor metals, coupled with rapid growth in demand from sectors like new energy, semiconductors, and military industries, is intensifying supply-demand conflicts [1] - Future price trends for rare metals are expected to continue upward due to ongoing resource scarcity, demand structure upgrades, and policy adjustments [1] Company Summary - According to Shenwan Hongyuan Research, the small metals sector is anticipated to see positive changes in 2026, with energy storage demand driving an earlier reversal in the lithium carbonate industry cycle [1] - The value of strategic minor metals such as rare earths, tungsten, and antimony is expected to be continuously reassessed in the context of de-globalization [1] - The restructuring of the global credit landscape and the continuation of the Federal Reserve's interest rate cuts will support the favorable trends for precious and minor metals [1] - As of October 31, 2025, the top ten weighted stocks in the China Securities Rare Metals Theme Index accounted for 60% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [1]

Investment Rating - The report rates the industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3]. Core Insights - The tungsten price is expected to continue rising due to tightening supply and strategic pricing, with a significant increase in tungsten concentrate prices reported at 336,000 RMB/ton, up 135% year-to-date [3]. - The hard alloy tool industry has seen multiple price adjustments in 2025, with the latest round in November being the third this year, driven by rising raw material costs [3]. - The October tool price index showed a continued upward trend, with the index reaching 115.01 points, reflecting a 0.67% month-on-month increase, driven by strong demand from the new energy vehicle sector [3]. - Q3 results for tool manufacturers indicate a recovery in profits, with companies like Huari Precision and Oke Yi reporting significant year-on-year revenue and profit growth [3]. - The industry is expected to see a shift towards larger firms as smaller manufacturers face challenges due to rising raw material costs and cash payment requirements [3]. Summary by Sections Supply and Demand Dynamics - The supply of tungsten is tightening, with a notable reduction in mining quotas for 2025 and export controls from China contributing to price increases [3]. - Demand remains cautious but is supported by downstream essential needs, particularly in the precision machining sector [3]. Price Adjustments and Market Trends - The hard alloy tool industry has undergone three rounds of price adjustments in 2025, with the latest adjustments reflecting a broader industry trend rather than isolated incidents [3]. - The October tool price index indicates that cutting tools are a primary driver of price increases, supported by both cost pressures and demand from the new energy vehicle industry [3]. Company Performance and Outlook - Q3 performance for key companies shows significant profit recovery, with Huari Precision achieving a 44.49% year-on-year revenue increase and a 915.62% rise in net profit [3]. - The report highlights a potential consolidation in the industry, with larger firms likely to benefit from stronger financial positions and better access to raw materials [3].

Investment Rating - The report gives a positive outlook on the tool industry, indicating a "Look Favorably" rating [1]. Core Insights - The price of tungsten has been driven up by both supply constraints and strategic pricing, with a significant increase in tungsten prices observed, with 65% black tungsten ore priced at 336,000 CNY per ton, up 135% from the beginning of the year [3]. - Tool manufacturers have implemented multiple price adjustments throughout the year due to rising raw material costs, with the latest adjustment being the third round in November [3]. - The tool price index continued to rise in October, driven by demand from the new energy vehicle industry and high raw material prices, with the tool price index reaching 115.01 points, a month-on-month increase of 0.67% [3]. - The profitability of tool companies has improved in Q3, with significant revenue and profit growth reported by companies such as Huari Precision and Oke Yi [3]. - The industry landscape is expected to improve as smaller manufacturers may be forced out due to rising raw material costs, benefiting larger companies with stronger financial capabilities [3]. Summary by Sections Supply and Demand Dynamics - The supply of tungsten is tightening, with mining quotas significantly reduced for 2025, and export controls on strategic metals by China contributing to price increases [3]. - Demand remains cautious but is supported by downstream necessities, with the market showing a stable upward trend in tungsten prices [3]. Price Adjustments and Market Response - Tool manufacturers have raised prices multiple times this year, indicating a broader industry trend rather than isolated incidents [3]. - The October tool price index reflects strong performance, particularly in cutting tools, driven by both cost and demand factors [3]. Company Performance and Outlook - Q3 results show a recovery in profits for tool manufacturers, with notable revenue increases reported [3]. - The ongoing rise in raw material prices may lead to a consolidation in the industry, favoring larger firms with better resource management [3]. Key Companies to Watch - Focus on companies such as Huari Precision, Oke Yi, Zhongtung High-tech, Xiamen Tungsten, World, and New Sharp [3].