Core Viewpoint - Xiamen Tungsten Co., Ltd. announced the establishment of a merger and acquisition investment partnership fund, aiming to enhance its investment capabilities and accelerate strategic development while aligning with shareholder interests [1] Group 1: Fund Establishment - The company’s wholly-owned subsidiary, Xiamen Xatung Investment Co., Ltd., plans to invest 195 million yuan as a limited partner [1] - Xiamen Jiatai, a company under Xiamen Tungsten, will contribute 1.75 million yuan as one of the general partners [1] - The fund, named Fuchuang Jiatai Yixin (Xiamen) Merger and Acquisition Investment Partnership, has a total scale of 500 million yuan [1] Group 2: Strategic Benefits - The establishment of the fund is expected to leverage the resources, investment management, and operational experience of partners [1] - This initiative is aligned with the company’s development strategy and is beneficial for all shareholders [1] - The main investment areas of the fund are synergistic with the company’s industry [1]

人民财讯11月25日电，厦门钨业（600549）11月25日公告，全资子公司厦门厦钨投资有限公司拟出资 1.95亿元作为有限合伙人，公司权属公司厦门厦钨嘉泰私募基金管理有限公司拟出资175万元作为普通 合伙人之一，与另一普通合伙人福建省创新创业投资管理有限公司，有限合伙人福建省投资开发集团有 限责任公司、福建省国资海丝投资有限公司共同发起设立福创嘉泰益鑫(厦门)并购投资合伙企业(有限合 伙)，基金管理人为福建省创新创业投资管理有限公司，基金规模为5亿元。基金主要投资方向为新材料 及智能制造领域，围绕公司钨钼、能源新材料、稀土及下游应用三大产业链，推进产业并购及整合发 展。 ...

厦门钨业公告，全资子公司厦门厦钨投资有限公司拟出资1.95亿元作为有限合伙人，公司权属公司厦门 厦钨嘉泰私募基金管理有限公司拟出资175万元作为普通合伙人之一，与福建省创新创业投资管理有限 公司、福建省投资开发集团有限责任公司、福建省国资海丝投资有限公司共同发起设立福创嘉泰益鑫 （厦门）并购投资合伙企业（有限合伙）。基金规模为5亿元，主要投资新材料及智能制造领域，推进 产业并购及整合发展。 ...

Investment Strategy Overview - The report maintains a standard rating for the non-ferrous metals industry, highlighting the positive outlook for copper and aluminum, while emphasizing the potential for rare metals and lithium to rise due to supply-demand dynamics and technological advancements [1][3]. Copper Industry - The copper supply-demand landscape is influenced by ongoing global supply disruptions and a favorable macroeconomic environment, with expectations for price increases supported by a global interest rate cut cycle [3][21]. - Domestic copper production is projected to slow down due to tightening copper concentrate supplies and low smelting fees, while demand from the renewable energy sector and AI electronics is expected to continue rising [3][50]. - In the first three quarters of 2025, China's refined copper production reached 889.5 million tons, a year-on-year increase of 13.14%, driven by significant contributions from recycled copper and improved smelting technology [3][28]. Aluminum Industry - The aluminum market is characterized by rigid supply constraints and differentiated demand, with prices expected to rise due to strong demand from the renewable energy sector and gradual recovery in the real estate market [3][55]. - Domestic aluminum production is supported by stable bauxite supply and increasing imports, with a notable rise in imported bauxite by 33.6% year-on-year [3][59]. - The report indicates that the aluminum price is likely to maintain an upward trajectory due to the ongoing economic recovery and the anticipated demand from various sectors [3][55]. Strategic Metals - The rare earth supply is expected to stabilize, but demand needs to be boosted, particularly from sectors like electric vehicles and renewable energy [3][4]. - Tungsten supply is projected to remain tight due to resource depletion and environmental regulations, while demand is stable, driven by applications in hard alloys and emerging technologies [3][4]. - Lithium production is set to benefit from the rapid expansion of energy storage and solid-state battery technologies, with a significant increase in demand anticipated [3][4]. Precious Metals - Gold is expected to maintain its upward momentum due to declining dollar credit and ongoing central bank purchases, despite short-term volatility [3][5]. - The report highlights that gold's monetary attributes are likely to be reinforced amid geopolitical tensions and a global trend towards de-dollarization [3][19]. Investment Recommendations - The report suggests focusing on companies such as Tianshan Aluminum (002532), Luoyang Molybdenum (603993), and Western Mining (601168) for industrial metals, while recommending Xiamen Tungsten (600549) and Xingye Silver Tin (000426) for small metals and new materials [6]. - For energy metals, Ganfeng Lithium (002460) and Tianqi Lithium (002466) are highlighted as key players to watch [6]. - In the precious metals sector, Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) are recommended due to their potential for price appreciation [6].

Core Viewpoint - Xiamen Tungsten Co., Ltd. plans to increase capital in its subsidiary, Jinlong Rare Earth Co., Ltd., through a private placement of up to 26.68 million shares, aiming to raise no more than RMB 40.02 million for working capital [2][4][32]. Summary by Sections 1. Overview of Related Transactions - The private placement will issue up to 26.68 million ordinary shares at a price of RMB 1.50 per share, based on the audited net asset value for 2024 [4][11]. - All existing shareholders will subscribe according to their current shareholding ratios, with specific amounts for related parties: RMB 26.09 million from Yekong Fund, RMB 2.20 million from Chuanghe Xincai, and RMB 0.80 million each from Jiatai Green Energy [2][4]. 2. Approval and Procedures - The transaction was approved by the company's board on November 18, 2025, and does not require shareholder approval under relevant regulations [3][5][24]. - The issuance is subject to review and approval by the National Equities Exchange and Quotations [5]. 3. Historical Related Transactions - In the past 12 months, the company has engaged in various related transactions with the same related parties, with total amounts exceeding 5% of the latest audited net assets [6][25]. 4. Related Party Information - Yekong Fund is controlled by the company's indirect controlling shareholder, and Chuanghe Xincai and Jiatai Green Energy are also recognized as related parties due to their management connections [8][9]. 5. Financial Impact and Strategic Purpose - The capital increase is intended to support Jinlong Rare Earth's operational stability and long-term development, enhancing its market competitiveness [21][22]. - The company will maintain its controlling stake in Jinlong Rare Earth post-transaction, ensuring alignment with its strategic interests [21][22].

Core Viewpoint - Xiamen Tungsten Co., Ltd. has approved a capital increase for its subsidiary, Jinlong Rare Earth Co., Ltd., through a private placement of shares, aiming to raise up to RMB 40.02 million to supplement working capital [1][8][10]. Group 1: Capital Increase and Share Issuance - The board meeting approved the issuance of up to 26.68 million shares at a price of RMB 1.50 per share, based on the audited net asset value for 2024 [1][10]. - The total expected fundraising amount is not more than RMB 40.02 million, with existing shareholders subscribing according to their shareholding ratios [1][10]. - Major shareholders, including Xiamen Tungsten and related parties, will participate in the subscription, with amounts of RMB 26.09 million, RMB 2.20 million, RMB 0.80 million, and RMB 0.80 million respectively [1][10]. Group 2: Project Approvals - The board also approved a project for Xiamen Xatung Hydrogen Energy Technology Co., Ltd. to invest RMB 236.88 million in a facility to produce 5,000 tons of hydrogen energy materials and 7,000 tons of functional materials, expected to commence production by January 2028 [5][6]. - Additionally, the establishment of a wholly-owned subsidiary for producing 50,000 tons of high-performance battery materials was approved, with an investment of RMB 1.525 billion, projected to be completed by the end of 2029 [6][29]. Group 3: Compliance and Review - The capital increase proposal has been reviewed and approved by the independent directors and the audit committee, with unanimous votes in favor [2][3][31][32]. - The proposal does not require shareholder meeting approval as per relevant regulations [9][35]. Group 4: Strategic Alignment - The capital increase and associated projects align with the company's strategic development needs, enhancing its competitiveness in high-end functional materials and hydrogen energy sectors [5][6][29]. - The company maintains its controlling stake in Jinlong Rare Earth after the share issuance, ensuring no adverse impact on its financial status or operations [1][29].

证券日报网讯 11月18日晚间，厦门钨业发布公告称，公司控股子公司福建省金龙稀土股份有限公司 （简称"金龙稀土"）拟向其现有股东发行数量不超过2，668.00万股的普通股股票，预计募集金额不超 过人民币4，002.00万元。金龙稀土全体股东均按各自的原持股比例认购本次发行股票，公司、关联方 福建省冶控私募基金管理有限公司（简称"冶控基金"）、关联方创合鑫材（厦门）制造业转型升级基金 合伙企业（有限合伙）（简称"创合鑫材"）及关联方嘉泰绿能（长汀）投资合伙企业（有限合伙）（简 称"嘉泰绿能"）拟认购金额分别为2，609.304万元、220.11万元、80.04万元、80.04万元。本次交易构成 关联交易。本次交易已于2025年11月18日经公司第十届董事会第二十次会议审议通过，本次交易无需提 交公司股东会审议批准。 （编辑 任世碧） ...

Core Viewpoint - Xiamen Tungsten Co., Ltd. announced that its subsidiary, Jinlong Rare Earth, has been listed on the National Equities Exchange and Quotations, planning to implement a targeted stock issuance scheme to raise funds for working capital [1] Group 1: Stock Issuance Details - Jinlong Rare Earth plans to issue up to 26.68 million ordinary shares at a price of 1.50 RMB per share, based on the audited net asset value for the year 2024 [1] - The expected total amount to be raised is not more than 40.02 million RMB [1] - All shareholders of Jinlong Rare Earth will subscribe to the new shares according to their respective shareholding ratios [1] Group 2: Subscription Amounts - The company and related parties, including Yekong Fund, Chuanghe Xincai, and Jiatai Green Energy, plan to subscribe amounts of 26.09 million RMB, 2.20 million RMB, 0.80 million RMB, and 0.80 million RMB respectively [1]

Core Viewpoint - Xiamen Tungsten Co., Ltd. announced that its subsidiary, Jinlong Rare Earth, has been listed on the National Equities Exchange and Quotations, planning to implement a targeted stock issuance scheme to raise funds for working capital [1] Group 1: Stock Issuance Details - Jinlong Rare Earth intends to issue up to 26.68 million ordinary shares at a price of 1.50 RMB per share, based on the audited net asset value for the year 2024 [1] - The expected total amount to be raised is not more than 40.02 million RMB [1] - All existing shareholders will subscribe to the new shares in proportion to their current holdings [1] Group 2: Subscription Amounts - The company and related parties plan to subscribe amounts of 26.09 million RMB, 2.20 million RMB, 0.80 million RMB, and 0.80 million RMB respectively [1]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-101 厦门钨业股份有限公司 关于向控股子公司金龙稀土增资暨关联交易的公告 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。 重要内容提示： 厦门钨业股份有限公司（以下简称"厦门钨业"或"公司"）控股子公司福建 省金龙稀土股份有限公司（以下简称"金龙稀土"）拟向其现有股东发行数量不超过 2,668.00万股的普通股股票，预计募集金额不超过人民币4,002.00万元。金龙稀土全体 股东均按各自的原持股比例认购本次发行股票，公司、关联方福建省冶控私募基金管理 有限公司（以下简称"冶控基金"）、关联方创合鑫材（厦门）制造业转型升级基金合 伙企业（有限合伙）（以下简称"创合鑫材"）及关联方嘉泰绿能（长汀）投资合伙企 业（有限合伙）（以下简称"嘉泰绿能"）拟认购金额分别为2,609.304万元、220.11 万元、80.04万元、80.04万元。 本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。 本次交易已于2025年11月18日经公司 ...