Group 1 - The company Xiamen Tungsten (600549.SH) has indicated that some of its products are applied in the military industry [1]

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 [62]. Core Insights - The non-ferrous metals industry has seen a significant increase of 7.12% over the past two weeks, outperforming the CSI 300 index by 4.72 percentage points, ranking second among 31 industries [3][13]. - The industrial metals sector has experienced a notable rise of 9.58%, while the metal new materials sector increased by 8.71%, and precious metals by 4.87% [19][25]. - The report highlights the impact of the Federal Reserve's anticipated interest rate cuts, which have contributed to the upward trend in industrial metal prices [57]. Summary by Sections Industry Performance - As of August 14, 2025, the non-ferrous metals industry has increased by 33.79% year-to-date, outperforming the CSI 300 index by 27.74 percentage points [13]. - The industrial metals sector has shown a year-to-date increase of 30.36%, while the metal new materials sector has risen by 36.84% [19][20]. Price Analysis - Key prices as of August 14, 2025: - LME Copper: $9,777/ton - LME Aluminum: $2,624/ton - LME Lead: $1,990/ton - LME Zinc: $2,842.50/ton - LME Nickel: $15,050/ton - LME Tin: $33,435/ton [25]. - Precious metals prices include: - COMEX Gold: $3,382.30/oz, down $33.7 from early August - COMEX Silver: $38.04/oz, up $0.93 from early August [36][57]. Sector Insights - The rare earth price index has risen to 206.85, reflecting a 1.74 increase since early August, indicating a recovery in the rare earth and magnetic materials sector [43][58]. - Lithium carbonate prices have shown signs of recovery, with battery-grade lithium carbonate priced at 82,000 yuan/ton, up 10,500 yuan from the previous week [41][59]. Company Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), China Rare Earth (000831), and Jinchuan Group (300748) due to their strong performance and market positioning [58][60].

Core Insights - The China Rare Earth Industry Index has seen a strong increase of 2.74%, with key stocks such as Placo New Materials, Jintian Co., and Huahong Technology hitting the 10% daily limit up [1] - The rare earth ETF, Jiashi (516150), rose by 2.61% [1] Market Performance - The Jiashi rare earth ETF recorded a turnover of 5.17% and a transaction volume of 250 million yuan [4] - Over the past month, the average daily transaction volume for the Jiashi rare earth ETF was 340 million yuan, ranking first among comparable funds [4] - In the last two weeks, the Jiashi rare earth ETF's scale increased by 582 million yuan, marking significant growth and leading among comparable funds [4] - The Jiashi rare earth ETF's shares grew by 22.8 million shares in the last two weeks, also ranking first among comparable funds [4] Fund Flows and Returns - In the last ten trading days, there were net inflows on six days, totaling 310 million yuan for the Jiashi rare earth ETF [5] - As of August 14, 2025, the Jiashi rare earth ETF's net value increased by 80.39% over the past year, ranking 121 out of 2961 index stock funds, placing it in the top 4.09% [5] - The highest monthly return since inception for the Jiashi rare earth ETF was 41.25%, with the longest consecutive monthly gains being four months and a maximum increase of 83.89% [5] Industry Dynamics - The Ministry of Industry and Information Technology and six other departments issued a plan to stabilize growth in the non-ferrous metals industry, emphasizing the strategic importance of rare earths [5] - The rare earth industry is entering a traditional consumption peak season in August, with increased demand from downstream sectors leading to higher procurement [6] - The magnetic materials industry has seen some major manufacturers scheduling orders through mid-September, with both domestic and export orders strengthening [6] - The import volume of domestic rare earth products significantly decreased in the first half of the year due to tariffs and political factors in Myanmar [6] Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32% of the index, with notable companies including Northern Rare Earth, Baotou Steel, and China Rare Earth [5][8] - The performance of key stocks includes Northern Rare Earth up by 1.69%, China Rare Earth up by 1.50%, and China Aluminum up by 2.48% [8]

Core Viewpoint - The prices of tungsten concentrate and major tungsten products have surged to historical highs due to supply tightening, emerging demand, and policy adjustments, benefiting leading companies in the tungsten industry [1] Group 1: Industry Overview - As of August 2025, the price of 65% black tungsten concentrate has exceeded 200,000 yuan/ton, with a year-to-date increase of nearly 40% [1] - Ammonium paratungstate (APT) has reached 291,000 yuan/ton, up 37.9% since the beginning of the year [1] - Tungsten powder prices have risen to 438 yuan/kg, reflecting a 38.6% increase [1] Group 2: Leading Companies - **Xiamen Tungsten (600549)**: A global leader in the tungsten industry chain, covering mining, smelting, and deep processing, with tungsten and molybdenum business revenue expected to account for nearly 50% in 2024 [3] - Dominates the photovoltaic tungsten wire market with a Q2 2025 shipment of 80 billion meters and over 65% global market share [3] - Collaborates with major clients like Longi Green Energy and TCL Zhonghuan, with a projected net profit growth of over 30% by 2025 [3][4] - **China Tungsten High-Tech (000657)**: A leading hard alloy manufacturer under the Minmetals Group, holding over 30% global market share and a 70% self-sufficiency rate in resources [5] - High-end products are expected to account for 55% of revenue by 2025, with a gross margin increase to 35% [6] - Benefits from tightened tungsten mining quotas, with a profit increase of 120 million yuan for every 10,000 yuan rise in tungsten prices [7] - Acquired Germany's HPTec Group to enhance high-end tool technology [8] - **Zhangyuan Tungsten (002378)**: Among the top three tungsten resource companies in China, with over 60% self-sufficiency in tungsten concentrate [9] - Revenue increased by 32.65% year-on-year in the first half of 2025, with high-end product sales reaching 40% [10] - Plans to add 7,000 tons of tungsten powder capacity through a technology upgrade project [11] - **Xianglu Tungsten (002842)**: A core supplier of hard alloys, benefiting from the recovery in the machine tool industry [12] - Machine tool output increased by 18.3% year-on-year from January to July 2025, boosting tungsten demand [13] - Active in the small metals sector, with a stock price increase of over 30% in 2025 [14] - **Luoyang Molybdenum (603993)**: The second-largest tungsten producer globally, with an expected tungsten concentrate output of 12,000 tons in 2025 [16] - Developing tungsten resources in the Democratic Republic of Congo, with a cost advantage of 15% lower than domestic costs [17] - Anticipates a 22% year-on-year increase in tungsten consumption in the power battery sector by 2025 [18] - Currently trades at a price-to-earnings ratio of 12, below the industry average of 18, indicating significant valuation recovery potential [19] Group 3: Supply and Demand Dynamics - Supply constraints are evident with a 6.45% year-on-year reduction in tungsten mining quotas for 2025 and the closure of 18 mines due to environmental policies [20] - The global demand for tungsten is expected to exceed 4,500 tons by 2025, driven by the photovoltaic sector and military upgrades [22][23] - The price of tungsten is projected to rise, with estimates suggesting it may exceed 460,000 yuan/ton by Q3 2025, and a long-term price center could move to 500,000 yuan/ton [22]

证券日报网讯 8月14日晚间，厦门钨业发布公告称，公司于2025年2月8日购买中国农业银行股份有限公 司发行的"汇利丰"2025年第5135期对公定制人民币结构性存款产品，截至本公告日，公司已赎回上述产 品，获得本金及收益合计人民币90，158，250.08元。 （编辑 李家琪） ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-069 | 赎回情况 | 产品 | 受托方 | 金额 | 收益 | 产品到 | 预期年化 | 产品名称 | 起息 | 实际赎 | 赎回金额 | 实际收益 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | （万元） | 类型 | 期日 | 收益率 | 日 | 回日 | （万元） | （万元） | | | | | | | | | | | "汇利丰" | 中国农 | 2025 | 年第 | 保本 | 2025 | 2025 | 2025 | | | | | | | | | | | | 业银行 | 0.11%-2. | 15.825008 | 5135 | 期对公 | 浮动 | 年 | 2 | 年 | 8 | 月 | 年 | 8 | 月 | 9,000.00 | 股份有 | 9,000.00 | 01% | | 定制人民币结 | 收益 | 月 ...

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.2% with a transaction volume of 106 million yuan [2] - Over the past week, the average daily transaction volume reached 371 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 290 million yuan in the past week, also ranking first among comparable funds [2] - The latest share count for the Rare Earth ETF reached 3.351 billion shares, marking a one-year high and ranking first among comparable funds [2] - The latest net inflow of funds into the Rare Earth ETF was 58.08 million yuan, with a total of 344 million yuan net inflow over the last five trading days [2] - As of August 12, the net value of the Rare Earth ETF has increased by 76.79% over the past year, ranking 124th out of 2954 index equity funds, placing it in the top 4.20% [2] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Market Outlook and Recommendations - Xiangcai Securities suggests focusing on upstream rare earth resource companies due to improved supply-demand dynamics, driven by expectations of supply contraction and increased demand from relaxed export controls [3] - Everbright Securities anticipates that the domestic market will continue to perform strongly due to the accumulation of favorable internal and external factors [3] - Huazhong Securities recommends investors to focus on high-growth technology sectors and performance-supported industries, including AI, robotics, military industry, rare earth permanent magnets, precious metals, construction machinery, motorcycles, and agricultural chemicals [3] Group 3: Top Holdings in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, China Aluminum, Shenghe Resources, Wolong Electric Drive, China Aluminum, Lingyi Technology, Greeley, Xiamen Tungsten, and Goldwind Technology, collectively accounting for 59.32% of the index [2]

Core Viewpoint - Xiamen Tungsten's proposed fundraising of up to 4 billion yuan for various projects has attracted scrutiny from the Shanghai Stock Exchange, which has issued an inquiry regarding the rationale behind the fundraising scale and its necessity for the company's operations [1][4]. Fundraising Details - The company plans to raise no more than 4 billion yuan through a stock issuance, with funds allocated for the expansion of hard alloy cutting tools, construction of a 1,000 billion meter photovoltaic tungsten wire production line, and the development of the Bobo County Yuma Po tungsten-molybdenum mine, as well as for working capital [2][4]. - The distribution of the raised funds includes 1 billion yuan for the hard alloy cutting tools expansion, 1.05 billion yuan for the photovoltaic tungsten wire project, 750 million yuan for the tungsten-molybdenum mine, and 1.2 billion yuan for working capital [2]. Project Implementation - The hard alloy cutting tools expansion project will involve the purchase of advanced equipment and is expected to achieve an annual production capacity of 2 million overall cutting tools, 30 million indexable inserts, and 1.7 million superhard tools, primarily serving sectors such as aerospace, general machinery, new energy, and medical equipment [3]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised questions regarding the necessity of the fundraising projects, the funding methods through non-wholly owned subsidiaries, and whether other shareholders will proportionately contribute to project funding [4]. - The exchange also inquired about the rationale behind the new production capacity, market competition, major customers, and the company's ability to absorb the new capacity [4]. Financial Performance - Xiamen Tungsten's revenue for 2020, 2021, 2022, and Q1 2023 was 18.964 billion yuan, 31.852 billion yuan, 48.223 billion yuan, and 8.562 billion yuan, respectively, with net profits of 956 million yuan, 1.695 billion yuan, 2.183 billion yuan, and 653 million yuan [5]. - In the first half of this year, the company reported a revenue of 18.730 billion yuan, a year-on-year decrease of 22.47%, and a net profit of 791 million yuan, down 12.88% year-on-year [5][6]. Future Outlook - The exchange has requested explanations for the fluctuations in revenue and net profit, the sustainability of future growth, and the reasons behind the continuous decline in gross margin [6].

Core Viewpoint - The rare metals sector is experiencing fluctuations, with the China Rare Metals Theme Index down by 1.43% as of August 12, 2025, while the Rare Metals ETF has shown a significant increase of 7.68% over the past week [1][4]. Group 1: Market Performance - As of August 11, 2025, the Rare Metals ETF has reached a new high in scale at 1.404 billion yuan, ranking first among comparable funds [4]. - The ETF's latest share count is 2.098 billion, also a three-month high, maintaining its leading position among similar funds [4]. - The ETF has seen a net inflow of 102 million yuan recently, with a total of 131 million yuan over the past five trading days [4]. Group 2: Stock Performance - The top ten weighted stocks in the China Rare Metals Theme Index account for 55.85% of the index, with notable companies including Northern Rare Earth, Salt Lake Co., and Luoyang Molybdenum [5]. - The performance of individual stocks has varied, with Jiangte Electric leading with a 4.38% increase, while Yongshan Lithium and others have seen declines [1][7]. Group 3: Supply and Demand Dynamics - The suspension of the Jiangxia Lithium Mine by CATL is expected to reduce domestic lithium supply by 8,300 tons per month, impacting the market balance and potentially driving lithium prices up [5]. - The ongoing strong demand for lithium batteries and a decrease in overseas lithium salt imports are expected to sustain the upward trend in lithium prices [5].

Group 1 - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry was 2.58 million yuan, paid to the CFO of Xiamen Tungsten [1] - The CFO of Zhongtung High-tech saw the largest salary increase of 35.75% year-on-year [1] Group 2 - The CFO of West Materials earned over 1 million yuan, exceeding the industry average, but the company's gross profit margin has been declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - The CFO of Zhongmin Resources also earned over 1 million yuan, but the company experienced a revenue decline of 10.8% year-on-year, with a significant drop in gross profit margin from 54.81% in 2023 to 32.75% in 2024 [2] - The CFO of Zhongtung High-tech earned over 1 million yuan, but the company faced continuous declines in accounts receivable turnover, inventory turnover, and total asset turnover [3]