Group 1 - The company announced the establishment of a wholly-owned subsidiary to undertake the construction of a cutting tool production base project in Chengdu [1] - The board approved the extension of the third employee stock ownership plan [1]

Market Performance - In July 2025, the Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index increased by 5.20% and the ChiNext Index surged by 8.14%[5] - The average return of the stock portfolio in July was 1.14%, underperforming the CSI 300 Index which rose by 3.54%[5] Economic Outlook - China's GDP growth rate for the first half of 2025 was recorded at 5.3%, with a full-year target of 5% growth expected to be achievable[5] - The IMF has raised its global economic growth forecast, but the Federal Reserve's hawkish stance has reduced expectations for a rate cut in September[5] Stock Recommendations - Chengdu Bank (601838) is recommended for its high dividend yield of 4.82% based on a closing price of 18.47 RMB, with a PE ratio of 5.64[9][12] - Xinhua Insurance (601336) shows strong business elasticity with a closing price of 66.77 RMB and a PE ratio of 8.64, reflecting a significant increase in new business value by 67.9%[13][17] - Xiamen Tungsten (600549) is positioned well in tungsten and rare earth sectors, with a closing price of 23.22 RMB and a projected EPS of 1.33 RMB[18][19] Investment Risks - Economic fluctuations may lead to weaker consumer spending and corporate investment, impacting credit demand and asset quality for banks[12] - Regulatory tightening could hinder new policy sales and affect premium growth for insurance companies[17] Company Performance Highlights - Heng Rui Pharmaceutical (600276) reported a 20.14% increase in revenue for Q1 2025, driven by innovative drug sales[26][29] - Ningde Times (300750) achieved a 33.33% increase in net profit for H1 2025, with a strong cash reserve of 350.58 billion RMB[30][33]

公司回答表示：尊敬的投资者，您好！公司盾构刀具相关产品的客户包括中国中铁、中国铁建、中国交 建等知名大型综合建设集团旗下企业。感谢您的关注。 金融界8月1日消息，有投资者在互动平台向厦门钨业提问：我在洛阳金鹭（厦门钨业子公司）公司产品 介绍中看到其盾构机图片，其开发盾构机刀盘、硬岩滚刀、镶齿滚刀供应国内外哪些供应商单位，谢 谢。 ...

一、公司第三期员工持股计划实施情况 公司分别于 2023 年 8 月 1 日、2023 年 8 月 17 日召开公司第九届董事会第 三十次会议和 2023 年第三次临时股东大会，审议通过《第三期员工持股计划（草 案）及其摘要》等议案，具体内容详见公司分别于 2023 年 8 月 2 日、2023 年 8 月 18 日刊载在《中国证券报》、《上海证券报》及上海证券交易所网站的公告。 截至 2023 年 11 月 9 日，公司第三期员工持股计划已通过二级市场以竞价交 易方式完成了股票购买，累计买入公司股票 542,300 股，占公司当时总股本 1,418,285,200 股的 0.0382%，成交总金额为 949.87 万元，成交均价约 17.52 元/股。上述购买的股票按照规定予以锁定，锁定期为 2023 年 11 月 10 日-2024 年 11 月 9 日。具体内容详见公司于 2023 年 11 月 10 日披露的《关于公司第三期 员工持股计划完成股票购买的公告》（公告编号：临-2023-097）、于 2024 年 11 月 9 日披露的《关于公司第三期员工持股计划锁定期届满的提示性公告》（公 告编号：临- ...

厦门钨业股份有限公司 第十届董事会第十五次会议决议公告 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-067 1 / 2 以上第一项议案涉及的投资建设项目系按照现行情况进行测算，未来行业政 策、市场环境、技术进步等因素可能发生较大变化或不达预期，同时在项目建设 过程中也可能存在不可控事项，以上不确定因素将直接影响项目的建设进度、投 资回报和公司的预期收益，敬请广大投资者注意投资风险。 特此公告。 厦门钨业股份有限公司 董 事 会 2025 年 8 月 2 日 2 / 2 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"）第十届董事会第十五次会议于 2025 年 8 月 1 日以通讯方式召开，会前公司董秘办公室于 2025 年 7 月 21 日以 电子邮件及专人送达的方式通知了全体董事。会议由董事长黄长庚先生主持，应 到董事 9 人，实到董事 9 人。公司监事、高级管理人员列席了本次会议。会议的 召开符合《中华人民共和国公司法》和《公司章程》的规定。会议审议通过了如 下 ...

Core Viewpoint - Xiamen Tungsten Co., Ltd. has approved the establishment of a wholly-owned subsidiary in Chengdu, Sichuan, to undertake the construction of a cutting tool production base, aligning with national industrial policies and the company's strategic development plan [1] Group 1: Company Developments - The new subsidiary, Chengdu Jinlu Cutting Tools Co., Ltd., will have a registered capital of 400 million yuan, with phased contributions based on project needs [1] - The total investment for the project remains at 1.05207 billion yuan, with fixed investment accounting for 1.00192 billion yuan [1] - The project is expected to be completed by December 2030, with the actual construction timeline subject to real conditions [1] Group 2: Production Capacity - Upon completion, the production base will have an annual capacity of 30 million indexable inserts, 4 million solid tools, and 2 million superhard tools [1] Group 3: Strategic Implications - The establishment of the new subsidiary will enhance the company's ability to respond quickly to market demands, localize technical services, and maintain customer relationships [1] - This move is expected to improve the company's scale and position within the industry, accelerating its strategic layout and development [1]

格隆汇8月1日丨厦门钨业(600549.SH)在投资者互动平台表示，公司权属企业洛阳金鹭依托国家钨材料 工程技术研究中心，联合中南大学等高校，为盾构及TBM施工客户量身打造全系列滚刀和刮刀产品， 能适配国内外各种盾构机及TBM机型。公司产品使用超粗晶硬质合金，先进的钎焊工艺以及自研的耐 磨层材料，适配高冲击高磨蚀地层，适用于各大中型盾构机中，具有极高的强度及高温耐磨性，可以有 效提高掘进效率，延长掘进距离，在川藏铁路项目、国内外多个地铁项目上取得较好的使用效果。 ...

格隆汇8月1日丨厦门钨业(600549.SH)在投资者互动平台表示，公司盾构刀具相关产品的客户包括中国 中铁、中国铁建、中国交建等知名大型综合建设集团旗下企业。 ...

Investment Rating - The report maintains a positive outlook on the rare earth industry, highlighting investment opportunities driven by demand growth and price increases [4]. Core Insights - China holds the largest rare earth reserves globally, with 44 million tons, accounting for 38% of the world's total [4][16]. - The demand for high-performance rare earth permanent magnets is expected to grow significantly, particularly in the automotive and consumer electronics sectors [4]. - The report emphasizes the leading position of Chinese companies in the rare earth permanent magnet industry, with a focus on companies like Northern Rare Earth, China Rare Earth, and Shenghe Resources [4]. Summary by Sections 1. Global Supply of Rare Earth Resources - China is the largest supplier of rare earths, with a well-established separation industry and significant technological advantages [27]. - The report outlines the increasing production and export quotas for rare earths in China, with a total quota of 270,000 tons for 2024, including 250,000 tons of light rare earths [27]. 2. Definition and Global Distribution of Rare Earths - Rare earths consist of 17 elements, including 15 lanthanides, yttrium, and scandium, with significant reserves found in China, Brazil, and the USA [16][20]. 3. Production and Export of Rare Earths in China - Major companies in China include Northern Rare Earth and Shenghe Resources, with production figures for 2024 indicating substantial output in various rare earth products [30][37]. - China exported 123,000 tons of rare earth products in 2024, with a total export value of 25.6 billion yuan, reflecting a 7.7% year-on-year increase [37]. 4. Overseas Supply of Rare Earths - The report discusses the increasing production of rare earths in the USA and Australia, with significant developments in the Mountain Pass mine and Lynas Corporation's operations [40][48]. 5. Rare Earth Prices - Current prices for key rare earth products are reported to be reasonable, with potential for further increases, particularly for praseodymium-neodymium oxide and dysprosium oxide [64]. 6. Rare Earth Permanent Magnet Industry - The report highlights the growing demand for rare earth permanent magnets in various applications, including electric vehicles and consumer electronics, with production expected to exceed 250,000 tons in 2024 [88]. 7. Key Companies in the Rare Earth Sector - Northern Rare Earth is identified as a leading player with significant production capacity and a focus on high-end magnetic materials [123]. - China Rare Earth is noted for its comprehensive industry chain, covering resource development to deep processing [127]. - Shenghe Resources is recognized for its overseas resource layout and strategic partnerships [138].

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 [66]. Core Insights - The non-ferrous metals industry has shown a 4.02% increase over the past two weeks, outperforming the CSI 300 index by 3 percentage points, ranking 5th among 31 industries [3][12]. - The small metals sector has surged by 14.01%, while precious metals have declined by 3.84% during the same period [18]. - The Federal Reserve's hawkish stance has led to a reduction in expectations for interest rate cuts, impacting the prices of precious and industrial metals [5][60]. Market Performance Summary - As of July 31, 2025, the LME copper price is at $9,607/ton, aluminum at $2,562.5/ton, lead at $1,969.50/ton, zinc at $2,762/ton, nickel at $14,950/ton, and tin at $32,685/ton [24][60]. - The COMEX gold price is $3,342.30/ounce, down $7.5 since early July, while silver is at $36.79/ounce, up $0.54 [35][60]. Subsector Analysis - Rare earth prices have stabilized and increased due to improved supply-demand dynamics, with the rare earth price index at 204.36, up 22.35 since early July [43][63]. - Tungsten prices are rising due to supply constraints and increased demand from the new energy and military sectors, with average tungsten concentrate prices at 192,900 yuan/ton, up 19,000 yuan [63]. Recommended Stocks - The report suggests focusing on China Rare Earth (000831) and Kinglong Permanent Magnet (300748) due to their expected profitability improvements [64]. - Xiamen Tungsten (600549) is also highlighted for its strategic value in the tungsten market [63].