厦门钨业股份有限公司（以下简称"公司"）董事会于 2025 年 10 月 17 日 收到公司非独立董事谢小彤先生递交的书面辞职报告。因工作调整原因，谢小彤 先生申请辞去公司第十届董事会非独立董事、董事会审计委员会委员职务。根据 《中华人民共和国公司法》《公司章程》等有关规定，谢小彤先生的辞职报告自 送达董事会时生效。 截至本公告披露日，谢小彤先生未持有公司股票，也不存在应当履行而未履 行的承诺事项。谢小彤先生在担任公司董事期间，恪尽职守、勤勉尽责，为公司 的规范运作和稳健发展作出了贡献。公司董事会谨向谢小彤先生在任期间对公司 发展所作出的贡献表示衷心感谢！ 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-090 厦门钨业股份有限公司 关于非独立董事辞职暨选举职工董事的公告 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。 一、 关于非独立董事辞职的情况 1 / 3 特此公告。 厦门钨业股份有限公司 董 事 会 二、 关于选举职工董事的情况 公司于 2025 年 9 月 16 日召开 2025 年第二次临时股东 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-091 厦门钨业股份有限公司 公司于 2025 年 4 月 17 日分别购买了兴业银行股份有限公司发行的"7 天通 知存款"和"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 75,744,683.91 元，具体情况如下： | | | 金额 | 收益 | | 产品起息 | | 产品到 | 预期年 | | | 赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 产品名称 | （万元） | 类型 | 日 | | | 期日 | 化收益 | | 实际赎回 | 赎回金额 | 实际收益 | | | | | | | | | | 率 | | 日 | （万元） | （万元） | | 兴业银行 | 7 天通知存款 | 1,000.00 | 保本 固定 | 2025 | 年 4 | 2025 10 | 年 月 17 | 1% | 2025 | 年 10 | 1,000.00 | 3.8125 | ...

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [67]. Core Insights - Silver prices continue to reach new highs, with international gold prices surpassing $4,300 [2]. - As of October 16, 2025, the non-ferrous metals industry has seen a 3.35% increase over the past two weeks, outperforming the CSI 300 index by 3.83 percentage points, ranking 4th among 31 industries [3][13]. - The precious metals sector has risen by 6.04%, while the industrial metals sector has increased by 3.58% during the same period [18]. Market Review - As of October 16, 2025, the COMEX gold price closed at $4,344.30 per ounce, up $828.2 since early September, while the COMEX silver price reached $53.43 per ounce, an increase of $12.68 [6][35]. - The LME copper price stood at $10,620 per ton, with other industrial metals like aluminum at $2,796 per ton and nickel at $15,230 per ton [25][60]. - The rare earth price index was recorded at 204.65, down 22.28 from early September, indicating a need for caution regarding external risk sentiment [42][61]. Industry News - The Ministry of Commerce announced export controls on rare earth-related technologies to safeguard the global supply chain and address illegal acquisition issues [50]. - The World Gold Council noted that overall gold holdings remain low, suggesting potential for future price increases despite current market concerns [50]. Company Announcements - Shenghe Resources expects a net profit increase of 697% to 783% year-on-year for the first three quarters of 2025, driven by favorable market conditions for rare earth products [51][52]. - Northern Rare Earth anticipates a net profit increase of 273% to 287% for the same period, reflecting strong market demand and effective management strategies [53][54]. - Shandong Gold forecasts a net profit increase of 84% to 99% for the first three quarters of 2025, attributed to rising gold prices [57][58]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Xinyi Silver (000426), and Chifeng Jilong Gold (600988) in the precious metals sector [60][63]. - For industrial metals, companies like Western Mining (601168) and Luoyang Molybdenum (603993) are recommended [60][63]. - In the rare earth sector, attention is drawn to Xiamen Tungsten (600549) and Northern Rare Earth (600111) [62][63].

Core Viewpoint - Chengdu Jinlu Smart Cutting Technology Co., Ltd. has been established with a registered capital of 400 million yuan, focusing on manufacturing and sales of forgings and powder metallurgy products, as well as non-ferrous metal alloys and metal tools [1] Company Summary - The legal representative of the newly established company is Sun Dongping [1] - The company is wholly owned by Xiamen Tungsten Co., Ltd. through its subsidiary Xiamen Jinlu Special Alloy Co., Ltd. [1] Industry Summary - The business scope includes manufacturing and sales of forgings and powder metallurgy products, indicating a focus on advanced materials and manufacturing technologies [1] - The establishment of this company reflects ongoing developments in the non-ferrous metal and tooling sectors, which are critical for various industrial applications [1]

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with significant movements in the ETF market and new regulatory measures enhancing the strategic value of rare earth elements [1][2][3]. Group 1: Market Performance - As of October 17, 2025, the China Rare Earth Industry Index decreased by 0.08%, with stocks showing mixed results; Shengxin Lithium Energy led with a 6.22% increase, while Galaxy Magnetic Materials saw the largest decline [1]. - The rare earth ETF managed by Harvest (516150) is showing positive momentum, with a trading volume of 3.99 billion yuan and a turnover rate of 3.7% [2]. - The latest scale of the Harvest Rare Earth ETF reached 106.63 billion yuan, marking a new high since its inception and ranking first among comparable funds [2]. Group 2: Fund Performance - The Harvest Rare Earth ETF has seen continuous net inflows over the past five days, with a peak single-day net inflow of 1.184 billion yuan, totaling 2.985 billion yuan [2]. - Over the past year, the net value of the Harvest Rare Earth ETF has increased by 96.96%, ranking 8th out of 3069 index equity funds, placing it in the top 0.26% [2]. - Since its inception, the ETF has recorded a maximum monthly return of 41.25% and an average monthly return of 10.78% during rising months [2]. Group 3: Regulatory Environment - Recent announcements from the Ministry of Commerce regarding export controls on rare earth-related technologies highlight the strategic importance of rare earths [2]. - The release of four policy documents aims to strengthen the management of the rare earth industry, including stricter controls on processing equipment and raw materials [3]. - New regulations expand the scope of export controls to include additional rare earth elements and require export licenses for products containing Chinese-origin rare earth materials [3].

Core Insights - The China Rare Earth Industry Index has decreased by 1.36% as of October 16, 2025, with mixed performance among constituent stocks [1] - The rare earth ETF managed by Harvest has seen a significant increase in net inflows and has reached a record high in both scale and shares [4] - China's Ministry of Commerce has implemented export controls on rare earth-related technologies, marking a shift in policy towards dual control of resources and technology [5] Group 1: Market Performance - The rare earth ETF managed by Harvest has experienced a 7.68% increase over the past week as of October 15, 2025 [1] - The ETF recorded a turnover rate of 6.28% and a transaction volume of 6.33 billion yuan, with its latest scale reaching 102.63 billion yuan, the highest since its inception [4] - The ETF's net value has increased by 101.91% over the past year, ranking 4th out of 3068 index equity funds [4] Group 2: Stock Performance - Among the top ten weighted stocks in the China Rare Earth Industry Index, the largest weight is held by Northern Rare Earth at 13.22%, followed by companies like China Rare Earth and China Aluminum [4][7] - The performance of individual stocks has varied, with Northern Rare Earth down by 1.10% and Shenghe Resources down by 5.90% [7] Group 3: Policy Changes - The new export controls cover the entire rare earth industry chain, including mining, smelting, and recycling, and extend to technology services provided abroad [5] - This policy change is seen as a necessary measure for national security and a significant milestone in the global rare earth industry competitive landscape [5]

Core Insights - Recent surge in prices of certain minor metals, with cobalt exceeding 350,000 yuan/ton, tungsten reaching 266,000 yuan/ton, and molybdenum at 4,380 yuan/ton, indicating significant year-to-date increases [1] - The demand for minor metals is driven by the rapid development of new industries such as renewable energy and aerospace, particularly the increased need for cobalt in lithium battery manufacturing [1] - Strategic minor metals are being re-evaluated as "quasi-safe-haven" assets due to their scarcity and irreplaceable strategic uses, similar to traditional precious metals [1] Industry Overview - Cobalt prices have doubled since the end of last year, while tungsten and molybdenum have also seen substantial price increases [1] - The global supply of certain minor metals is limited and concentrated in specific regions, making prices sensitive to geopolitical and production disruptions [1] Company Performance - Leading companies in the strategic minor metals sector include: - Luoyang Molybdenum (603993) with a market cap exceeding 270 billion yuan and projected cobalt revenue of 5.728 billion yuan for the first half of 2025 [2] - Northern Rare Earth (600111) with a market cap over 205.3 billion yuan and a revenue increase of over 45% year-on-year [2] - Huayou Cobalt (603799) with a market cap of approximately 122.8 billion yuan, showing a significant increase in nickel product shipments [2] - Xiamen Tungsten (600549) with a competitive advantage across the tungsten industry chain [2] Stock Performance - Average stock price increase for strategic minor metal leaders exceeds 90% year-to-date, significantly outperforming the broader market [3] - Specific stocks such as Xinyi Silver Tin, Northern Rare Earth, and Luoyang Molybdenum have seen price increases over 100% [3] - Forecasts indicate potential for net profit doubling for companies like Shenghe Resources and China Rare Earth this year [3]

Group 1: ETF Performance and Liquidity - The rare earth ETF managed by Jiashi has a turnover rate of 4.05% and a transaction volume of 369 million yuan [3] - The latest scale of the Jiashi rare earth ETF reached 8.907 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - In the past two weeks, the Jiashi rare earth ETF saw a significant increase of 248 million shares [3] - The latest net inflow of funds into the Jiashi rare earth ETF is 613 million yuan [3] - As of October 13, the Jiashi rare earth ETF has achieved a net value increase of 106.16% over the past year, ranking 4th out of 3066 index equity funds, placing it in the top 0.13% [3] - Since its inception, the Jiashi rare earth ETF recorded a highest monthly return of 41.25%, with the longest consecutive monthly increase lasting 4 months and a maximum increase of 83.89% [3] Group 2: Industry Insights and Demand Trends - The demand for rare earth elements is expected to benefit from the growth of industries such as new energy vehicles, wind power, and energy-saving motors, aligning with low-carbon and environmental policies [4] - The traditional peak demand season has arrived, and the supply-demand dynamics are likely to remain favorable, with rare earth prices expected to steadily improve [4] - It is anticipated that the performance of the rare earth industry chain will improve quarter by quarter in the third and fourth quarters of this year, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Key Stocks in the Rare Earth Sector - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, including Northern Rare Earth, Wolong Electric Drive, Lingyi Technology, China Rare Earth, Shenghe Resources, Gree Environmental, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - Notable stock performances include Northern Rare Earth with a 2.72% increase and China Aluminum with a 4.08% increase [6]

Core Insights - The small metals sector experienced a significant increase of 6.26% on October 13, with Guangsheng Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Small Metals Sector Performance - Guangsheng Nonferrous (600259) closed at 64.85, up 10.01% with a trading volume of 349,700 shares and a transaction value of 2.2 billion [1] - China Rare Earth (000831) also rose by 10.01% to close at 60.14, with a trading volume of 1,169,200 shares and a transaction value of 6.813 billion [1] - Northern Rare Earth (600111) increased by 10.00% to 57.73, with a trading volume of 3,802,600 shares and a transaction value of 21.456 billion [1] - Other notable performers include Dongfang Silver Industry (000962) up 10.00% to 27.62 and Shenghe Resources (600392) up 8.81% to 26.07 [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.189 billion from main funds, while retail funds experienced a net outflow of 510 million [2][3] - Notable net inflows from main funds include Northern Rare Earth with 724 million and China Rare Earth with 208 million [3] - Retail funds showed significant outflows from several companies, including Northern Rare Earth and China Rare Earth, indicating a shift in investor sentiment [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [2][9]. Core Insights - The report highlights the increasing geopolitical tensions between China and the U.S., which may elevate demand for safe-haven assets like gold and strategic metals such as rare earths and tungsten [5][9]. - The copper market is experiencing supply disruptions, with prices trending upward due to tight supply conditions [5]. - Aluminum demand is expected to continue, with potential opportunities for investment following market corrections [5]. - The strategic importance of rare earths and tungsten is emphasized due to recent export controls and geopolitical developments [5][9]. Summary by Sections Copper Sector - Supply disruptions are ongoing, with LME copper prices at $10,735 per ton, reflecting a week-on-week increase of 1.9% [5]. - The processing fee for imported copper concentrate is negative, indicating tight supply [5]. - Companies with rich copper reserves are recommended for investment [9]. Aluminum Sector - LME aluminum prices reached $2,800 per ton, up 3.6% week-on-week [5]. - The operating rate for aluminum processing enterprises has slightly decreased, but demand is expected to remain stable [5]. - Investment opportunities are suggested for companies in the aluminum sector following market corrections [9]. Gold Sector - Gold prices are rising, with SHFE gold at 901.6 RMB per gram, up 3.1% week-on-week [5]. - The report suggests that geopolitical tensions may enhance gold's strategic position as a safe-haven asset [5]. - Investment in gold-related companies is recommended due to their undervalued resource potential [9]. Rare Metals Sector - Rare earth prices remain stable, with praseodymium-neodymium oxide at 683,000 RMB per ton [5]. - Recent export controls on rare earths have heightened their strategic importance amid U.S.-China tensions [5][9]. - Investment opportunities are highlighted in companies involved in rare earth production [9]. Steel Sector - Steel prices are stable, with SHFE rebar at 3,103 RMB per ton, reflecting a week-on-week increase of 1.0% [6]. - The report notes frequent disruptions in iron ore supply negotiations, which may impact future prices [6]. - Companies with high self-sufficiency in iron ore are recommended for investment [9].