Core Insights - Hydrogen storage alloys are critical materials in the hydrogen energy industry due to their high safety, volumetric hydrogen density, and long-cycle stability [1][2] - China has established a complete hydrogen storage alloy industry chain driven by rare earth resources and strong policies, featuring upstream resource monopolization, midstream technological iteration, and downstream diverse applications [1][8] - The global hydrogen storage alloy market is dominated by rare earth-based alloys, with rapid iterations of magnesium-based, titanium-based, and solid-state materials [1][9] Industry Overview - Hydrogen storage alloys (HSA) are special functional materials capable of reversible absorption and release of hydrogen under normal conditions, forming metal hydrides for safe and efficient hydrogen storage [2][3] - The main hydrogen storage methods include high-pressure gas storage, low-temperature liquid storage, and solid-state storage using hydrogen alloys, each with its advantages and disadvantages [5][6] Technological Development - Current mainstream hydrogen storage methods are compared, highlighting solid-state hydrogen storage alloys as the leading technology due to their safety and volumetric density [5][6] - The preparation methods for hydrogen storage alloys significantly influence their microstructure and hydrogen absorption performance, with various techniques available [7] China's Industry Background - Hydrogen is a key carrier for building a new energy system and achieving carbon neutrality, with hydrogen storage alloys being essential materials supported by national strategies and policies [8] - The Chinese government has implemented comprehensive policies to promote the hydrogen energy industry, including standards for solid-state hydrogen storage alloys [8] Industry Chain Structure - The Chinese hydrogen storage alloy industry chain features upstream resource monopolization, midstream technological advancements, and diverse downstream applications, with companies like Xiamen Tungsten and China Rare Earth Group leading the midstream [8][9] - The industry is characterized by close cooperation among upstream, midstream, and downstream enterprises, forming a collaborative innovation model [8] Global and Domestic Market Analysis - The global hydrogen storage alloy industry is at a critical juncture of technological breakthroughs and large-scale applications, with a projected market size of $440 million by 2030 [9] - China's hydrogen storage alloy sector has seen significant advancements in technology and enterprise layout, focusing on high capacity, low working temperature, and long cycle life [9][10] Future Trends - The future of China's hydrogen storage alloy industry will focus on technological innovation, industry integration, and international competition [11][12][14] - Technological innovation will lead to performance upgrades, with a focus on developing new multi-component alloy systems and optimizing kinetic performance [11] - Industry integration will involve increased mergers and acquisitions, creating industry leaders and enhancing overall competitiveness [12] - In international competition, Chinese enterprises will leverage their scale and resource advantages while addressing high-end technology gaps through increased R&D investment [14]

Group 1 - The company has changed its office address name from "特房波特曼财富中心A座" to "翔业国际大厦" [1] - The actual office address remains unchanged at "福建省厦门市思明区展鸿路81号翔业国际大厦21-22层" [1] - Other contact information such as registered address, postal code, phone, fax, and email remain the same [1]

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-087 厦门钨业股份有限公司 关于办公地址名称变更的公告 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。 除上述变更外，公司注册地址、邮政编码、电话、传真及电子信箱等其他联 系方式均保持不变。 特此公告。 厦门钨业股份有限公司 董 事 会 2025 年 9 月 27 日 由于厦门钨业股份有限公司（以下简称"公司"）办公场所"特房波特曼财 富中心 A 座"名称已变更为"翔业国际大厦"，公司办公地址名称相应变更为： 福建省厦门市思明区展鸿路 81 号翔业国际大厦 21-22 层，实际办公地址未发生 变化。 ...

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 Views - Recent disruptions in copper mining, particularly the mudslide incident at Freeport McMoRan's Grasberg mine, have raised concerns about copper supply, potentially leading to price increases as demand peaks in the industrial metals sector [5][57]. - The Federal Reserve's recent interest rate cut is expected to support metal prices, particularly as the domestic industrial metal demand season approaches [5][59]. - The report highlights significant price movements in various metal markets, with copper prices reaching $10,275 per ton and gold prices increasing to $3,780.50 per ounce as of September 25, 2025 [24][36]. Market Review - As of September 25, 2025, the non-ferrous metals industry has seen a 1.28% increase over the past two weeks, outperforming the CSI 300 index by 0.28 percentage points, ranking 9th among 31 sectors [12]. - Year-to-date, the non-ferrous metals industry has risen by 56.32%, significantly outperforming the CSI 300 index, which has increased by 39.58% [12]. - The energy metals sector has shown a notable increase of 4.68% in the last two weeks, while the small metals sector has decreased by 5.42% [19][18]. Price Analysis - As of September 25, 2025, the following prices were recorded: LME copper at $10,275/ton, LME aluminum at $2,664/ton, LME lead at $2,009/ton, LME zinc at $2,922.50/ton, LME nickel at $15,240/ton, and LME tin at $34,390/ton [24][58]. - Gold prices have increased by $264.4 since the beginning of September, with COMEX silver also showing a rise of $4.72 [36][59]. - The report notes a decline in rare earth prices, with the rare earth price index at 217.37, down 9.56 from the beginning of September [42][60]. Company Recommendations - The report suggests monitoring companies such as Xingye Silver Tin (000426) and Luoyang Molybdenum (603993) in the industrial metals sector [5][59]. - In the gold sector, Zijin Mining (601899) is recommended due to its potential for growth amid rising gold prices [59]. - For small metals, companies like Xiamen Tungsten (600549), China Rare Earth (000831), and Jieli Permanent Magnet (300748) are highlighted for their market positions [61].

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 3.51% and a transaction volume of 87.15 million yuan [3] - As of September 25, the ETF has seen an average daily transaction volume of 208 million yuan over the past month, ranking first among comparable funds [3] - The ETF's scale has increased by 247 million yuan this month, also ranking first among comparable funds [3] - The ETF's shares have grown by 43.5 million shares this month, achieving significant growth and ranking first among comparable funds [3] - Over the past 19 trading days, the ETF has experienced net inflows on 10 days, totaling 423 million yuan [3] - The ETF's net value has increased by 79.68% over the past year [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly gains being 4 months and a maximum increase of 58.56% [3] - The average monthly return during rising months is 8.77%, and the ETF has outperformed the benchmark with an annualized return of 5.45% over the past three months [3] Group 2: Silicon Carbide and Rare Metals Market Trends - Silicon carbide prices have risen by 5.7% to 5,600 yuan per ton, reaching a three-month high, while high-purity gallium prices have increased by 1.1% due to recovering demand in the semiconductor sector [4] - The strategic importance of silicon carbide as a core substrate is increasing with its penetration in new energy vehicles, photovoltaic inverters, and 5G base stations [4] - Although short-term price fluctuations are influenced by production capacity release, the long-term outlook for the silicon carbide industry remains positive due to accelerated domestic substitution and increased downstream application [4] - Prices of tungsten and praseodymium-neodymium oxide are also at high levels, indicating a continued structural tightness in resource supply [4] Group 3: Top Holdings in Rare Metal Index - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Salt Lake Industry, Huayou Cobalt, Tianqi Lithium, Ganfeng Lithium, China Rare Earth, Shenghe Resources, Zhongjin Resources, and Xiamen Tungsten, collectively accounting for 57.58% of the index [4]

Group 1 - The rare metal ETF fund has seen a turnover rate of 6.78% with a transaction volume of 11.3956 million yuan, and the average daily transaction volume over the past month is 19.6415 million yuan as of September 25 [3] - The net value of the rare metal ETF fund has increased by 78.35% over the past year, with the highest monthly return since inception being 24.02% and the longest consecutive monthly increase lasting 4 months with a total increase of 57.92% [3] - Supply constraints have led to a significant rise in cobalt prices, with the Democratic Republic of Congo extending its cobalt export ban until October 15, resulting in a nearly 40% increase in cobalt prices this year [3] Group 2 - Bohai Securities indicates that the extension of the cobalt export ban in the Democratic Republic of Congo has caused a significant decline in domestic cobalt raw material imports, with electrolytic cobalt prices recovering to 275,000 yuan per ton from earlier lows [4] - The industry is currently in a destocking phase, and the cobalt supply is expected to remain constrained through 2026-2027, despite steady demand growth in the electric vehicle and energy storage sectors [4] - The top ten weighted stocks in the China Rare Metals Theme Index account for 57.58%, with notable companies including Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [4] Group 3 - The rare metal ETF fund serves as a good investment tool for investors looking to gain exposure to the rare metals industry [6] - The performance of individual stocks within the rare metals sector varies, with notable increases in stocks like Huayou Cobalt and Tianqi Lithium, while Ganfeng Lithium has seen a slight decline [6]

Group 1 - The company has begun the gradual production of a high-performance neodymium-iron-boron magnetic material project with an initial capacity of 5,000 tons [2] - Once the project reaches full production, the company's magnetic material business capacity will increase to 20,000 tons [2] - The company primarily engages in strategic equity participation for its front-end mining and smelting separation segments [2]

Core Viewpoint - The company, Xiamen Tungsten Co., Ltd. (600549.SH), has provided details regarding its tungsten mining operations, including current production capacity and future plans for resource enhancement [1] Group 1: Current Operations - The company currently operates four tungsten mining enterprises, with three of them being active: Ninghua Xingluokeng, Duchang Jinding, and Luoyang Yulu [1] - The annual production capacity of the active tungsten mines is approximately 12,000 tons of tungsten concentrate (65% WO3) [1] Group 2: Future Plans - The company has a construction project for the Bo Bai Judian tungsten-molybdenum mine, which is expected to produce about 3,200 tons of tungsten concentrate annually upon reaching full capacity [1] - The company aims to enhance its tungsten resource security through various means and continuously improve its resource assurance rate [1] Group 3: Resource Information - For detailed information regarding the company's mining reserves, stakeholders are directed to refer to the "Basic Information of Self-owned Mines" section on page 50 of the "Xiamen Tungsten 2024 Annual Report" [1]

Group 1 - The company, Xiamen Tungsten Co., Ltd., is the first in China to have the research and production capabilities for tungsten components used in nuclear fusion devices, specifically the ITER divertor tungsten probe components [2] - The company possesses precision machining capabilities for large-sized ITER-grade tungsten materials, which meet the high standards required for different magnetic confinement fusion devices such as EAST and ITER [2] - Xiamen Tungsten provides a variety of tungsten products and components to domestic and international fusion customers, fulfilling the demands of advanced fusion technology [2]

Core Insights - The small metals sector experienced a rise of 1.03% on September 25, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Small Metals Sector Performance - Zhongkuang Resources (002738) closed at 43.49, up 4.32%, with a trading volume of 401,800 shares and a transaction value of 1.754 billion [1] - Xianglu Tungsten Industry (002842) closed at 10.60, up 3.72%, with a trading volume of 280,100 shares [1] - Western Materials (002149) closed at 17.64, up 3.40%, with a trading volume of 218,100 shares and a transaction value of 381 million [1] - Xiamen Tungsten Industry (600549) closed at 28.78, up 2.68%, with a trading volume of 1,570,900 shares and a transaction value of 1.628 billion [1] - Northern Rare Earth (600111) closed at 47.28, up 1.59%, with a trading volume of 1,483,800 shares and a transaction value of 7.025 billion [1] Capital Flow Analysis - The small metals sector saw a net inflow of 478 million from institutional investors, while retail investors experienced a net outflow of 823 million [2][3] - Northern Rare Earth (600111) had a net inflow of 27.7 million from institutional investors, but a net outflow of 360 million from retail investors [3] - Xiamen Tungsten Industry (600549) recorded a net inflow of 126 million from institutional investors, with a significant net outflow of 198 million from retail investors [3]