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].

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]

Core Viewpoint - Xiamen Tungsten Co., Ltd. plans to increase its stake in Xiamen Tungsten Electric Motor Co., Ltd. from 40% to 51% through a non-proportional capital increase, thereby becoming the controlling shareholder of the company [1] Group 1: Investment Details - The registered capital of Xiamen Tungsten Electric Motor is currently 100 million yuan, and the company has 8 subsidiaries [1] - The planned cash investment for the capital increase is 25,120.41 million yuan, with 22,448.98 million yuan allocated to registered capital and 2,671.43 million yuan to capital reserves [1] - After the transaction, the registered capital of Xiamen Tungsten Electric Motor will increase to 122,448.98 million yuan [1] Group 2: Shareholder Changes - The other shareholder, Fujian Yekong Private Equity Fund Management Co., Ltd., has waived its preemptive rights and will not participate in this capital increase [1] - Following the completion of the transaction, Fujian Yekong's shareholding will be diluted from 60% to 49% [1] Group 3: Financial Reporting Implications - The completion of this transaction will result in a change in the scope of the company's consolidated financial statements, with Xiamen Tungsten Electric Motor and its subsidiaries included in the consolidated financial reports [1]

Core Viewpoint - Xiamen Tungsten Co., Ltd. announced the establishment of a merger and acquisition investment partnership fund, aiming to enhance its investment capabilities and accelerate strategic development while aligning with shareholder interests [1] Group 1: Investment Details - The company’s wholly-owned subsidiary, Xiamen Xatung Investment Co., Ltd., plans to invest 195 million yuan as a limited partner [1] - Xiamen Jiatai, a company under Xiamen Tungsten, will contribute 1.75 million yuan as one of the general partners [1] - The fund, named Fujian Chuangjiatai Yixin (Xiamen) Merger and Acquisition Investment Partnership, has a total scale of 500 million yuan [1] Group 2: Strategic Implications - The establishment of the fund is intended to leverage the resources, investment management, and operational experience of partners, which will enhance the company's investment capabilities [1] - The investment focus of the fund aligns with the industry in which the company operates, supporting its strategic layout and development [1]

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 ...

一、关联交易概述 （一）关联交易基本情况 中信证券股份有限公司 关于厦门钨业股份有限公司向厦钨电机工业有限公司 非同比例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"）2023 年度 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》《上市公司募集资金监管规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等有关规定，对公司向厦钨电机工业有限公 司（以下简称"厦钨电机"）非同比例增资暨关联交易的事项进行了核查，核查 情况及意见如下： 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 ...