Group 1 - The rare earth permanent magnet sector in the A-share market has weakened, with Baotou Steel falling nearly 8% and Northern Rare Earth and Huicheng Environmental Protection dropping over 5% [1] - Other companies such as Zhongmin Resources, Yahua Group, and Ashi Chuang experienced declines of over 4%, while Dadi Bear, China Aluminum, Jiuling Technology, Benlang New Materials, and Zhongse Co. fell over 3% [1] Group 2 - Baotou Steel's market capitalization is 121.8 billion, with a year-to-date increase of 44.62% despite a recent drop of 7.88% [2] - Northern Rare Earth has a market capitalization of 135.3 billion, with a year-to-date increase of 76.66% and a recent decline of 5.43% [2] - Huicheng Environmental Protection's market capitalization is 33.3 billion, with a year-to-date increase of 74.35% and a recent drop of 5.30% [2] - Zhongmin Resources has a market capitalization of 26 billion, with a year-to-date increase of 3.01% and a recent decline of 4.96% [2] - Yahua Group's market capitalization is 16.1 billion, with a year-to-date increase of 19.91% and a recent drop of 4.51% [2] - Ashi Chuang has a market capitalization of 5.672 billion, with a year-to-date increase of 53.93% and a recent decline of 4.09% [2] - Dadi Bear's market capitalization is 3.610 billion, with a year-to-date increase of 52.97% and a recent drop of 3.84% [2] - China Aluminum has a market capitalization of 127.6 billion, with a year-to-date increase of 1.22% and a recent decline of 3.75% [2] - Jiuling Technology has a market capitalization of 4.16 billion, with a year-to-date increase of 243.03% and a recent drop of 3.67% [2] - Benlang New Materials has a market capitalization of 3.361 billion, with a year-to-date increase of 135.93% and a recent decline of 3.65% [2] - Zhongse Co. has a market capitalization of 11.8 billion, with a year-to-date increase of 20.63% and a recent drop of 3.59% [2] - Xiamen Aluminum has a market capitalization of 36.7 billion, with a year-to-date increase of 22.51% and a recent decline of 3.50% [2]

有色金属行业财务总监薪酬处于较高水平，有近30家上市公司的财务薪酬超百万，甚至有8家上市公司 财务总监薪酬超出200万，分别为天齐锂业、中国铝业、厦门钨业、中金岭南、赤峰黄金、焦作万方、 紫金矿业、华友钴业，这些上市公司分别给财务总监支付年薪215.19万元、237.2万元、257.89万元、 264.12万元、340.46万元、411.29万元、445.38万元、558.11万元。 | 公司名称 | 2024年董秘年薪超200万上市公司 董秘姓名 | 眼务 | 年薪 | | --- | --- | --- | --- | | 天齐锂业 | 邹军 | 董事,副总经理,财务总监 | 2151900 | | 中国铝业 | 葛小营 | 盖事会秘书,财务总监, | 2372000 | | 直门锅业 | 钟炳贤 | 副总经理,财务总监 | 2578900 | | 中金岭南 | 潘文皓 | 董事,副总经理,战略委员会成 员,总经理,财务总监代董事会 秘书 | 2641200 | | 赤峰黄金 | 黄学斌 | 副总经理,财务总监 | 3404600 | | 焦作万方 | 焦纪芳 | 副总经理,财务总监 | 4112900 ...

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. [1] Core Views - Xiamen Tungsten is focusing on the development of three core businesses: tungsten-molybdenum, rare earths, and energy new materials, creating a synergistic industrial ecosystem with significant technical, resource, and industrial chain collaboration effects [5][20] - The company has a complete tungsten industry chain and has achieved a closed-loop operation in its rare earth business, continuously consolidating its leading position in the new energy battery materials sector [5][20] - The company is expected to benefit from long-term growth in three major industries due to its full industrial chain layout, technological barriers, and production capacity advantages, with projected EPS for 2025-2027 being 1.33, 1.59, and 1.79 yuan, corresponding to PE ratios of 18.62, 15.65, and 13.84 times respectively [5][21] Summary by Sections Company Overview - Xiamen Tungsten was established in 1958 and has evolved into a leading player in tungsten products, rare earths, and energy materials, with a focus on high-end manufacturing and technology [13][20] Tungsten Business - The tungsten industry is experiencing supply contraction and accelerating demand, with Xiamen Tungsten controlling nearly 30% of China's tungsten metal reserves [5][40] - The company’s tungsten business achieved revenue of 17.41 billion yuan in 2024, a year-on-year increase of 5.78%, driven by rising tungsten concentrate prices and increased sales of fine tungsten wire [56][21] Rare Earth Business - Xiamen Tungsten has established a collaborative system covering the entire rare earth industry chain, with a focus on high-value-added areas [5][72] - The company aims to maintain a long-term mining capacity of over 200,000 tons of REO in Fujian province through strategic partnerships [5][72] Energy New Materials Business - The energy new materials segment includes lithium-ion battery materials, with the company being a global leader in cobalt lithium, holding the largest market share [5][20] - In 2024, the company’s lithium-ion cathode material sales reached 98,600 tons, maintaining a leading position in the domestic industry [5][20] Financial Performance - In 2024, Xiamen Tungsten reported total revenue of 35.196 billion yuan, a decrease of 10.66% year-on-year, while net profit attributable to shareholders increased by 7.88% to 1.728 billion yuan [21][28] - The company’s gross profit margin improved to 18.03% in 2024, reflecting effective cost control and business structure optimization [28][29]

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. [1] Core Views - Xiamen Tungsten is focusing on the development of three core businesses: tungsten-molybdenum, rare earths, and energy new materials, creating a synergistic industrial ecosystem with significant technical, resource, and industrial chain collaboration effects [5][20] - The company has a complete tungsten industry chain and has achieved a closed-loop operation in its rare earth business, continuously consolidating its leading position in the new energy battery materials sector [5][20] - The company is expected to benefit significantly from long-term growth in these three industries due to its full industrial chain layout, technological barriers, and production capacity advantages [5] Summary by Sections Company Overview - Xiamen Tungsten was established in 1958 and transitioned to tungsten products in 1982, becoming a publicly listed company in 2002 [13] - The company has expanded into the energy materials sector since 2003 and the rare earth sector since 2006, establishing itself as a leading player in these fields [13] Tungsten Business - The tungsten business achieved revenue of 174.14 billion yuan in 2024, a year-on-year increase of 5.78%, driven by rising tungsten concentrate prices and increased sales of fine tungsten wire [56] - The company controls nearly 200,000 tons of tungsten metal reserves, accounting for about 30% of the national total, and has a leading position in the hard alloy sector [56][59] - The fine tungsten wire sales reached 135.4 billion meters in 2024, a year-on-year increase of 56%, with photovoltaic tungsten wire sales of 107 billion meters, up 41% [59] Rare Earth Business - Xiamen Tungsten has established a collaborative system covering the entire rare earth industry chain, from mining to high-value-added applications [5][20] - The company aims to maintain a long-term mining capacity of over 200,000 tons of REO (rare earth oxides) in Fujian Province through strategic partnerships [5] - The rare earth business generated revenue of 44.35 billion yuan in 2024, a year-on-year decrease of 19.21%, but profits increased by 67.44% due to a 16% rise in magnetic material sales [21] Energy New Materials Business - The energy new materials business focuses on lithium-ion battery materials, including lithium cobalt oxide and ternary materials, with a sales volume of 98,600 tons in 2024, maintaining a leading position in the domestic market [5][20] - The company is a global leader in lithium cobalt oxide, holding the largest market share worldwide [5] - The energy materials business generated revenue of 132.97 billion yuan in 2024, a year-on-year decrease of 23.19%, but the sales volume of lithium cobalt oxide and ternary materials increased by approximately 33% [21]

Investment Rating - The investment rating for the tungsten industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The tungsten industry chain extends from exploration and mining of tungsten ore to smelting and deep processing, ultimately applied in various industrial fields. The upstream focuses on black and white tungsten ore, while the midstream involves the smelting of tungsten concentrate, ammonium paratungstate (APT), and tungsten powder. The downstream includes the processing of tungsten materials, tungsten wires, and hard alloys, with demand coming from sectors like machinery manufacturing, automotive, and electronics [2][6] - As of July 23, 2023, the prices for tungsten products have seen significant increases compared to the beginning of the year, with black tungsten concentrate at 185,000 RMB/ton (up 29.4%), APT at 272,000 RMB/ton (up 28.9%), tungsten powder at 405 RMB/kg (up 28.2%), and tungsten carbide powder at 395 RMB/kg (up 27.0%) [2][16] - The supply of tungsten is tightening, with the first batch of mining indicators for 2023-2025 showing a decrease in quotas, leading to expectations of a supply shortage. China's tungsten resources are abundant, holding the world's largest tungsten reserves and production, but total control policies have gradually lowered production levels [2][29] - Demand for tungsten is expected to grow, particularly in the fields of new energy vehicles and military applications, with the APT operating rate at historical highs. The demand for high-end hard alloys is resilient, supporting mid-to-high-end tungsten prices [2][16] - The tungsten supply-demand balance indicates a projected shortage of 2,919 tons in 2025, with prices expected to continue rising. Demand is anticipated to grow at a rate of 4.9% to 6.3% from 2025 to 2027, while supply is expected to increase by only 2,000 tons annually [2][16] - Key companies in the tungsten industry include Xiamen Tungsten, which has a full industry chain layout and is rapidly increasing its photovoltaic tungsten wire production; Zhongtung High-tech, a leader in hard alloys with significant raw material supply advantages; and Zhangyuan Tungsten, which has prominent resource advantages and improved deep processing profitability [2][16] Summary by Sections Tungsten Price Review - The tungsten prices have shown a steady increase over the past five years, correlating positively with PMI [9][12] Supply: Decrease in Mining Indicators - The first batch of mining indicators for 2023-2025 shows a reduction, with 2025's indicators down by 6.45%. This reduction reinforces expectations of a tight supply [2][16] Demand: Growth Driven by Photovoltaic Tungsten Wire - The demand for tungsten is expected to increase, particularly in high-end applications, with a projected consumption of 71,000 tons in 2024, reflecting a growth rate of 3.5% [2][6] Supply-Demand Balance: Expanding Shortage - The tungsten supply-demand balance indicates a growing shortage, with projected deficits increasing from 2,919 tons in 2025 to 9,020 tons by 2027 [2][16] Company Analysis - Xiamen Tungsten is expanding its photovoltaic tungsten wire production, while Zhongtung High-tech is a leader in hard alloys with strong raw material supply advantages [2][16]

Group 1: ETF Performance - The Rare Metals ETF has a turnover rate of 6.87% with a transaction volume of 83.93 million yuan, and it ranks first among comparable funds in terms of average daily trading volume over the past week at 131 million yuan [3] - The latest scale of the Rare Metals ETF reached 1.22 billion yuan, marking a one-year high and ranking first among comparable funds [3] - The ETF's shares reached 1.843 billion, a three-month high, also ranking first among comparable funds [3] - Over the past six days, the Rare Metals ETF has seen continuous net inflows, with a single-day peak of 50.91 million yuan, totaling 177 million yuan in net inflows [3] - As of July 28, 2025, the ETF's net value has increased by 59.46% over the past year, ranking 267 out of 2938 in the index stock fund category, placing it in the top 9.09% [3] - The ETF has recorded a maximum monthly return of 24.02% since its inception, with the longest consecutive monthly gains being three months and the longest gain percentage being 14.06%, averaging a monthly return of 7.76% [3] - The ETF has outperformed its benchmark with an annualized return of 9.87% over the past three months [3] Group 2: Market Insights - Huatai Securities notes that the domestic "anti-involution" policies are intensifying, combined with recent overseas fiscal and monetary easing, leading to strong performance in the metals sector [4] - The price of polysilicon has successfully recovered, boosting market confidence, which has spilled over into lithium carbonate and alumina [4] - Lithium, cobalt, and rare earths have found price bottoms from a cost perspective, with independent factors driving price increases, such as stricter mining rights reviews for lithium and strategic enhancements and shortages for rare earths [4] - Zhongyou Securities highlights that the Democratic Republic of the Congo has banned cobalt exports since February, with extensions in June, leading to a depletion of in-transit cobalt mines, and anticipates that the peak season in September and October will drive inventory reductions [4] - The top ten weighted stocks in the China Rare Metals Theme Index as of June 30, 2025, include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Western Superconducting, Zhongmin Resources, and Xiamen Tungsten, collectively accounting for 54.07% of the index [4]

Group 1 - The training event on "Value Management and Mergers & Acquisitions" was held in Xiamen, attended by nearly 70 executives and representatives from listed companies and related institutions [1] - The core of value management is expectation management, which involves changing the company's fundamentals and perceptions to influence market value [1] - The capital market is transitioning from a "financing market" to an "investment market," presenting new opportunities in the mergers and acquisitions sector [1] Group 2 - Judicial restructuring has become a common path for listed companies to mitigate risks, as highlighted by case studies shared during the event [2] - The market structure of derivative investments was discussed, focusing on the NAFMII, SAC, and ISDA agreement systems, with examples of efficient applications of cross-border capital tools [2] - In the first half of 2025, ten listed companies in the Xiamen area completed mergers and acquisitions, involving a total amount of 1.755 billion yuan [2]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

Group 1: Price Trends - Tungsten prices have been rising continuously this year, with black tungsten concentrate (≥65%) reaching 190,000 yuan/ton, up 32.9% since the beginning of the year [1] - White tungsten concentrate (≥65%) is priced at 189,000 yuan/ton, an increase of 33.1% year-to-date [1] - Ammonium paratungstate (APT) is at 280,000 yuan/ton, reflecting a 32.7% rise since the start of the year [1] Group 2: Market Performance - The A-share tungsten sector has seen a cumulative increase of over 60% as of July 25 this year [1] - Market funds are beginning to reassess investment opportunities in tungsten, which has been undervalued compared to other non-ferrous metals like copper and aluminum [1] Group 3: Supply Dynamics - The Ministry of Natural Resources has set a total tungsten mining quota of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons or 6.45% from the previous year [1] - Major tungsten-producing provinces, Jiangxi and Yunnan, have reduced their mining volumes by 2,370 tons and 400 tons, respectively [1] - The natural decline in tungsten ore grades is providing strong support for tungsten prices [1] Group 4: Demand Drivers - The demand for tungsten products is increasing due to the accelerated transformation and upgrading of China's manufacturing sector, particularly in photovoltaic and hard alloy fields [2] - The market size for tungsten wire used in photovoltaic cutting is projected to grow from 719 million yuan in 2022 to 6.659 billion yuan by 2025 [2] - Companies like Guangdong Xianglu Tungsten Industry Co., Ltd. are ramping up production capabilities, with plans for an annual output of 30 billion meters of ultra-fine tungsten wire [2] Group 5: Industry Responses - Companies are actively responding to the challenges and opportunities presented by rising tungsten prices, with upstream mining firms leveraging resource advantages and downstream firms optimizing product structures [2] - Changyi Zhangyuan Tungsten Industry Co., Ltd. is enhancing its resource base through the integration of mining rights and increased exploration efforts [2] - Xiamen Tungsten Co., Ltd. aims to increase its tungsten resource assurance rate from 20% to 70% in the future [3] Group 6: Innovation and Cost Management - Companies are improving processes to manage cost pressures and enhance product value, such as Zhongtung High-tech Materials Co., Ltd. extending APT into micro-drill production for printed circuit boards [3] - The focus on high-value-added products is seen as a strategy to mitigate risks associated with raw material price fluctuations [3] - The impact of rising tungsten prices varies across the industry, with upstream companies benefiting from higher prices while downstream firms need to invest in product upgrades and innovation capabilities [3]