Core Viewpoint - Tungsten concept stocks experienced a significant surge on December 17, with notable increases in share prices, particularly for Zhongtung High-tech, which approached the daily limit with a closing increase of 9.44% and reached a historical high during trading [1] Group 1: Price Movements - Tungsten powder prices have surpassed 1 million yuan per ton, marking a significant milestone [1] - The rise in tungsten prices is attributed to both supply-demand dynamics and future expectations [1] Group 2: Company Insights - Xiamen Tungsten Industry emphasized the critical role of tungsten in various industrial applications, including automotive, aerospace, and general machinery [1] - Zhangyuan Tungsten Industry noted that the increase in tungsten powder prices is primarily linked to the rise in tungsten concentrate prices, which have seen substantial increases this year [1] - The supply of tungsten concentrate has been tight, which is a major factor contributing to the continuous price increase [1]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 1% on December 17. The total trading volume in the Shanghai and Shenzhen markets was 1.04 trillion yuan, a decrease of 103.9 billion yuan compared to the previous trading day. A total of 3,724 stocks declined, while 1,578 stocks increased [1][2]. Sector Performance - The lithium battery industry chain led the market gains, with Tianhua New Energy (300390) rising over 13%, Jinyuan Co. (000546) achieving two consecutive limit-ups in four days, and Shengxin Lithium Energy (002240) hitting the daily limit. Hong Kong-listed Tianqi Lithium (002466) and Ganfeng Lithium (002460) both increased by over 5% [3][4]. Lithium Market Insights - On December 17, lithium carbonate futures surged over 7%, reaching a new high since May 2024. Following the shutdown of mining operations by CATL (300750), the "Lithium Capital of Asia," Yichun, plans to cancel 27 mining rights. Analysts noted that lithium carbonate futures prices have risen over 70% from their low point earlier in the year, with market expectations for lithium demand significantly improving following the release of November battery sales data [3][4]. Rare Metals and Other Sectors - The optical module sector saw a significant rebound, with major players like Guangku Technology (300620) leading with over a 5% increase. Rare metal stocks also strengthened, with Zhongtung High-tech (000657) nearing a limit-up and reaching a historical high. Tungsten powder prices increased by 10,000 yuan per ton, now priced at 1 million yuan per ton, reflecting a 216.5% rise since the beginning of the year [5]. New Stock Performance - Muxi Co., known as the "second domestic GPU stock" and the "second most expensive new stock of the year," saw its shares soar over 700%, with a market capitalization nearing 335 billion yuan, surpassing Moer Thread. The stock's price reached 719.8 yuan, with potential profits exceeding 300,000 yuan per share [7]. Precious Metals Update - Silver prices reached a new historical high, with spot silver rising over 3% to 65.86 USD per ounce. The main contract for silver futures on the Shanghai Futures Exchange increased by over 4%. Gold also saw a sharp increase, touching 4,320 USD, with the World Gold Council projecting an average annual return of over 5% for gold from 2025 to 2040 [7][8].

Core Insights - The rare metals sector in the A-share market experienced significant gains, with several stocks reaching new highs and notable increases in share prices [1] Group 1: Stock Performance - Zhongtung High-tech reached its daily limit and set a historical high, with a price increase of 9.79% and a total market capitalization of 65.2 billion [2] - Zhongmin Resources and Xiamen Tungsten both saw price increases exceeding 6%, with year-to-date gains of 89.47% and 122.63% respectively [2] - Other notable performers included Yahua Group, Tianqi Lithium, and Tibet Mining, all of which recorded price increases of over 5% [1][2] Group 2: Market Capitalization and Year-to-Date Gains - The total market capitalization of the top rare metal stocks varied, with Ganfeng Lithium leading at 131.7 billion, followed by Tianqi Lithium at 86.8 billion [2] - Year-to-date performance showed substantial growth across the sector, with Zhongtung High-tech leading at 214.71% increase, indicating strong investor interest and market confidence [2]

Core Viewpoint - The A-share market for rare metal stocks has seen a significant rally, with several companies reaching new highs and experiencing substantial gains [1] Group 1: Company Performance - Zhongtung High-tech reached its daily limit and set a historical high [1] - Zhongmin Resources, Xiamen Tungsten, and Rongjie Co. all increased by over 6% [1] - Yahua Group, Tianqi Lithium, Tibet Mining, and Zhangyuan Tungsten all rose by over 5% [1] - Ganfeng Lithium, Dongfang Tantalum, and Yongxing Materials increased by over 4% [1]

Group 1 - In the past five trading days, a total of 204 companies were investigated by institutions, with significant interest in Haiguang Information, Zhongke Shuguang, and Xiamen Tungsten [1][2] - Among the companies surveyed, 37 received attention from more than 20 institutions, with Haiguang Information being the most popular, attracting 366 institutions [1][2] - The types of institutions involved in the surveys included 183 securities companies, 127 fund companies, and 80 private equity firms, indicating a strong participation from securities firms [1] Group 2 - In terms of survey frequency, two companies, Boying Special Welding and Yunnan Baiyao, were investigated five times, indicating high interest [2] - Out of the stocks surveyed by more than 20 institutions, 15 experienced net capital inflows in the past five days, with Feilong Co., Ltd. seeing the highest net inflow of 349 million [2] - Among the stocks that were heavily surveyed, 16 saw price increases, with the highest gains recorded by Chaojie Co., Ltd. at 29.17% [2] Group 3 - The performance of heavily surveyed stocks showed mixed results, with 21 stocks experiencing declines, the largest drop being 29.88% for Yipin Hong [2][3] - The table of surveyed stocks includes Haiguang Information with a closing price of 197.75 yuan and a decline of 9.83%, and Zhongke Shuguang with a closing price of 82.72 yuan and a decline of 17.39% [2][3] - Other notable stocks include Xiamen Tungsten, which was surveyed by 172 institutions and had a price increase of 6.89% [2][3]

Group 1 - Xiamen Tungsten Co., Ltd. held the third meeting of the third employee stock ownership plan on December 16, 2025, with 56 attendees representing 9,400,000 shares, accounting for 98.95% of the total shares in the plan [1] - The meeting unanimously approved the termination of the third employee stock ownership plan, with all 9,400,000 shares voting in favor, representing 100% of the attending holders [2] - The plan was originally set to expire on August 16, 2027, but was terminated early as all company stocks held had been sold, leaving only cash assets [2] Group 2 - The fourth meeting of the second employee stock ownership plan was also held on December 16, 2025, with 139 attendees representing 30,400,000 shares, accounting for 98.25% of the total shares in the plan [4] - The meeting approved the termination of the second employee stock ownership plan, with 30,220,000 shares voting in favor, representing 99.41% of the attending holders [5] - The second plan was originally set to expire on July 13, 2026, but was terminated early as all company stocks held had been sold, leaving only cash assets [6]

Core Viewpoint - The rare earth market is experiencing slight price adjustments, with mixed trends across different products, indicating a generally subdued market atmosphere [1] Price Adjustments - Praseodymium and neodymium oxide average price is 577,400 CNY/ton, down 1,000 CNY/ton - Praseodymium and neodymium metal average price is 702,300 CNY/ton, down 100 CNY/ton - Dysprosium oxide average price is 1,401,400 CNY/ton, up 23,900 CNY/ton - Terbium oxide average price is 6,241,700 CNY/ton, down 49,700 CNY/ton [1] Market Activity - Limited transaction information for products like neodymium oxide, praseodymium oxide, lanthanum cerium oxide, europium oxide, and yttrium oxide, suggesting cautious market participation - Praseodymium and neodymium products are maintaining a weak and stable operation, with market activity remaining generally low - The heavy rare earth market is seeing minimal demand-driven transactions, with recent positive rumors contributing to the price rebound of dysprosium [1] Stock Performance - A-share market performance for rare earth permanent magnet concept stocks shows mixed results: - Huicheng Environmental (300779) latest price: 137.53 CNY, change: +1.78%, turnover: 654 million CNY - Yahua Group (002497) latest price: 21.73 CNY, change: +1.78%, turnover: 969 million CNY - Xiamen Tungsten (600549) latest price: 39.26 CNY, change: +0.92%, turnover: 281 million CNY - Ximic Technology (920061) latest price: 29.40 CNY, change: +0.75%, turnover: 83.26 million CNY - Benlang New Materials (920807) latest price: 14.76 CNY, change: +0.75%, turnover: 4.26 million CNY [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-118 厦门钨业股份有限公司 厦门钨业股份有限公司 董 事 会 2025 年 12 月 17 日 2 / 2 第三期员工持股计划第三次持有人会议决议公告 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"）第三期员工持股计划第三次持 有人会议于 2025 年 12 月 16 日以现场与通讯相结合方式召开，会前 2025 年 12 月 10 日公司第三期员工持股计划管理委员会以电子邮件的方式通知了全体持有 人。会议由管理委员会主任洪超额先生主持，出席会议的持有人 56 人，代表份 额 9,400,000 份，占公司第三期员工持股计划总份额的 98.95%。会议的召集、 召开和表决程序符合《厦门钨业股份有限公司第三期员工持股计划（草案）》《厦 门钨业股份有限公司第三期员工持股计划管理办法》的相关规定。 本次会议以记名投票表决方式表决通过了《关于公司第三期员工持股计划终 止的议案》。表决结果为：同意 9,400,000 份，占出席 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-117 本次会议以记名投票表决方式表决通过了《关于公司第二期员工持股计划终 止的议案》。表决结果为：同意 30,220,000 份，占出席会议持有人所持份额总 数的 99.41%；反对 0 份，占出席会议持有人所持份额总数的 0%；弃权 180,000 份，占出席会议持有人所持份额总数的 0.59%。 厦门钨业股份有限公司 第二期员工持股计划第四次持有人会议决议公告 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"）第二期员工持股计划第四次持 有人会议于 2025 年 12 月 16 日以现场与通讯相结合方式召开，会前 2025 年 12 月 10 日公司第二期员工持股计划管理委员会以电子邮件的方式通知了全体持有 人。会议由管理委员会主任洪超额先生主持，出席会议的持有人 139 人，代表份 额 30,400,000 份，占公司第二期员工持股计划总份额的 98.25%。会议的召集、 召开和表决程序符合《厦门钨业股份有限公司第 ...