中金指出，考虑到国内供给由于品位下降、规范趋严等因素持续偏紧，海外除哈萨克斯坦之外，增量供 应不确定性较大且放量较慢，未来3—5年全球钨供给依然维持偏紧态势。在钨的战略价值不断增强，价 格步入牛市通道的背景下，全球钨业龙头正迎来战略性配置机遇。 （文章来源：证券时报网） 有色板块23日盘中发力拉升，钨概念股表现亮眼。截至发稿，翔鹭钨业涨停，章源钨业涨超9%，厦门 钨业、中钨高新涨超5%。 行业方面，今年3月以来，中国钨精矿价格自14.2万元/吨上涨至9月10日28.8万元/吨高位，随后回落至 26.7万元附近企稳。10月中旬以来，钨价再度开启上涨行情，并连续创下历史新高。 ...

Core Viewpoint - The non-ferrous sector experienced a significant rally on the 23rd, with tungsten concept stocks showing strong performance, indicating a bullish trend in the tungsten market [1] Industry Summary - Since March of this year, the price of tungsten concentrate in China has increased from 142,000 yuan/ton to a high of 288,000 yuan/ton on September 10, before stabilizing around 267,000 yuan/ton [1] - Starting from mid-October, tungsten prices have begun to rise again, continuously reaching historical highs [1] - According to China International Capital Corporation (CICC), domestic supply remains tight due to declining grades and stricter regulations, while overseas supply, except for Kazakhstan, has significant uncertainty and slow growth [1] - The global tungsten supply is expected to remain tight over the next 3-5 years, driven by the increasing strategic value of tungsten and the entry of prices into a bull market [1] - Global tungsten industry leaders are facing strategic allocation opportunities in this context [1]

Group 1 - The price of Chinese black tungsten concentrate (≥65% domestic) has risen to 449,600 CNY per ton, with a daily increase of 19,900 CNY, representing a growth of approximately 4.63%, and a year-to-date increase of 214.87% [1] - Tungsten powder spot average price reported at 1,090,000 CNY per ton, with a significant daily increase of 72,500 CNY, reflecting a rise of about 7.1%, continuing the strong price trend observed throughout the year [1] - From 2025 to 2028, global tungsten production is expected to increase from 82,800 tons to 89,900 tons, while demand is projected to rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap [1] Group 2 - Companies such as Xiamen Tungsten (600549) and China Tungsten High-Tech (000657) are forecasted to see a year-on-year net profit increase of over 40% in 2025, while Luoyang Molybdenum (603993) and Zhangyuan Tungsten (002378) are expected to have net profit growth exceeding 30% [1] - Guangsheng Nonferrous (600259) is anticipated to achieve a turnaround from loss to profit [1] - The marginal demand for tungsten-based new materials in new application fields such as AI, controllable nuclear fusion, and new infrastructure will provide long-term support for tungsten prices [1]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

Group 1 - The small metals sector increased by 2.09% compared to the previous trading day, with Zhongtung High-tech leading the gains [1] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] - Key stocks in the small metals sector showed significant price increases, with Zhongtung High-tech rising by 8.57% to a closing price of 29.64 [1] Group 2 - The trading volume for Zhongtung High-tech was 1.3262 million shares, with a transaction value of 385.4 million yuan [1] - Other notable performers included Xianglu Tungsten Industry, which rose by 8.38% to 13.71, and Yunnan Pig Industry, which increased by 7.30% to 29.09 [1] - The small metals sector saw a net inflow of 339 million yuan from main funds, while retail investors experienced a net outflow of 259 million yuan [2]

Group 1 - *ST Dongyi's restructuring plan has been approved by the court, marking the end of its restructuring process and entering the execution phase, which is expected to improve the company's financial structure and promote sustainable development [1] - Guankang Technology is planning to acquire at least 60% of Liaojing Electronics' shares, leading to a suspension of trading starting December 22, 2025, due to uncertainties surrounding the transaction [2] - Zhuoran Co. and its actual controller are under investigation for suspected violations of information disclosure laws, but the company's operations remain normal during this period [3] Group 2 - China Shenhua plans to issue A-shares and pay cash to acquire assets from its controlling shareholder, with a total transaction value of 133.598 billion yuan, which will significantly enhance its coal resource reserves and production capacity [5] - Bohai Chemical has decided to terminate its major asset restructuring plan due to a lack of agreement on key terms, with trading resuming on December 22, 2025 [6] - Jinshi Resources intends to acquire a 15.7147% stake in Noah Fluorine Chemical for approximately 256.94 million yuan, which will strengthen its position in the fluorine chemical sector [8] Group 3 - Qingdao Port plans to invest 9.097 billion yuan in the construction of a container terminal, with an expected internal rate of return of 8.15% [13] - Tianchuang Fashion is undergoing a potential change in control, leading to a suspension of its stock starting December 22, 2025, for a maximum of two trading days [12] - Deyu Water Conservancy has won a bid for a significant irrigation project in Guangxi, with a contract value of 1 billion yuan, which is expected to positively impact future earnings [15] Group 4 - The stock of Guizhou Bailin will be suspended for one day starting December 22, 2025, due to an administrative penalty notice, and will resume trading under the name "ST Bailin" [20] - *ST Weihai's stock will also be suspended for one day and will resume trading on December 23, 2025, with the removal of certain risk warnings [23] - Tianpu Co. has completed a public offering of shares, with a total of 33.52 million shares being offered at a price of 23.98 yuan per share [21]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-119 厦门钨业股份有限公司 关于使用闲置募集资金进行现金管理部分到期赎回 的公告 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"）于 2025 年 11 月 25 日召开第 十届董事会第二十一次会议，审议通过了《关于公司及权属公司继续使用部分闲 置募集资金进行现金管理的议案》，同意公司使用额度不超过人民币 21 亿元的 闲置募集资金进行现金管理，用于购买安全性高、流动性好、单项产品期限最长 不超过 12 个月的各类保本型现金管理产品，包括存款、理财产品或中国证监会 认可的其他投资品种等（包括但不限于结构性存款、大额存单、国债逆回购、银 行理财产品等），且该等投资产品不得用于质押，不用于以证券投资为目的的投 资行为。本次现金管理决议的有效期限自公司董事会审议通过之日起的 12 个月 内有效，在上述额度和期限范围内，资金可以滚动使用。具体内容详见公司于 2025 年 11 月 26 日披露于上海证券交易所网站（www.ss ...

Core Viewpoint - The year 2025 is expected to be significant for the A-share non-ferrous metals sector, with the sector index having risen by 78.81% year-to-date, ranking first alongside the communications sector index [1] Group 1: Company Performance - Xiamen Tungsten Co., Ltd. has seen its stock price rise by 113.68% year-to-date, significantly outperforming the non-ferrous metals industry index [1] - For the first three quarters of 2025, Xiamen Tungsten reported revenue of 32 billion yuan, a year-on-year increase of 21.36%, and a net profit of 1.78 billion yuan, up 27.05%, marking the highest level for the same period in history [7] - The third quarter alone saw a revenue increase of 39.27% year-on-year and a net profit increase of 109.85%, indicating a substantial acceleration in growth compared to the first two quarters [7] Group 2: Market Dynamics - The price of tungsten products has surged, with black tungsten concentrate prices exceeding 420,000 yuan per ton, ammonium paratungstate (APT) surpassing 630,000 yuan per ton, and tungsten powder exceeding 1 million yuan per ton, with annual increases of over 300% for these products [9] - The domestic tungsten market is characterized by tight supply and resilient demand, contributing to a bullish sentiment, although high prices have led to cautious market behavior [9] - Xiamen Tungsten's management indicated that as a major producer and consumer of tungsten, China's mining capacity is unlikely to see rapid growth due to quota restrictions, while emerging demands, such as photovoltaic tungsten wire, are expected to maintain high prices in the coming years [9] Group 3: Other Business Segments - The rare earth market has also experienced significant price increases, with the rare earth price index rising from 163.757 at the beginning of the year to 209.695 by December 18 [10] - Xiamen Tungsten's rare earth segment achieved a profit of 185 million yuan in the first three quarters, a year-on-year increase of 2.74%, with expectations for further growth in 2024 [10] - The company's battery materials segment has performed well, with lithium cobalt oxide sales increasing by 57% year-on-year, and high-voltage, high-power ternary materials achieving a 21% increase in sales [11] Group 4: Future Prospects - Xiamen Tungsten is actively developing solid-state battery materials, focusing on both cathode materials and electrolytes, with successful production of oxide solid-state electrolytes and ongoing collaborations for sulfur-based solid-state battery materials [12]

Core Conclusions - The small metal sector is expected to benefit from the rising demand in the AI industry, presenting new investment opportunities [6] - The report maintains an "overweight" rating for the small metal sector, indicating a positive outlook for the industry [7] Industry Overview - The small metal sector significantly outperformed the market in 2025, with an annual cumulative return of 83.54%, surpassing the cumulative return of the Shenwan Nonferrous Metals Index (82.05%) and the CSI 300 Index (20%) [10][13] - The rare earth sector is projected to maintain an upward trend in 2026 due to strong demand recovery and supply-side policy constraints, indicating that the industry cycle is not yet over [10] - The tungsten market is entering a new price cycle driven by supply constraints and emerging demand, suggesting a strategic value for investors [10] - The antimony market is experiencing a new phase characterized by supply rigidities and policy relaxations, with potential price increases anticipated in 2026 [10] - The tin market is also entering a new phase with supply constraints and demand upgrades, indicating a resilient supply-demand balance [10] - The demand for new metal materials is expected to grow alongside the rapid development of the AI industry, particularly for permanent magnetic materials and high-end copper alloys [10] Investment Recommendations - Recommended stocks in the rare earth sector include Northern Rare Earth, Zhenghai Magnetic Materials, and Jinli Permanent Magnet, with a focus on China Rare Earth and Shenghe Resources [6] - For tungsten, attention is drawn to Zhongtung High-tech and Xiamen Tungsten [6] - In the antimony sector, recommended stocks include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [6] - For tin, focus on Tin Industry Co. and Huaxi Nonferrous [6] - In the new materials sector, recommended stocks include Bowei Alloy and Srey New Materials [6] Supply and Demand Dynamics - The rare earth industry is experiencing a strong price increase driven by supply-side constraints and a recovery in export demand, with the price of praseodymium-neodymium oxide increasing by 45.49% in 2025 [31] - The global rare earth production is expected to grow moderately, with China's production leading the market, indicating a dominant position in both production and reserves [41] - Domestic supply indicators for light rare earths are showing a significant slowdown in growth, with the supply structure increasingly dominated by major players [48]

人民财讯12月18日电，企查查APP显示，近日，福创嘉泰益鑫(厦门)并购投资合伙企业(有限合伙)成 立，出资额5亿元，经营范围包含以私募基金从事股权投资、投资管理、资产管理等活动；创业投资(限 投资未上市企业)。企查查股权穿透显示，该合伙企业由福建省投资开发集团有限责任公司、厦门钨业 （600549）全资子公司厦门厦钨投资有限公司等共同持股。 ...