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 ...

厦门钨业股份有限公司 第十届董事会独立董事专门会议第十次会议决议 厦门钨业股份有限公司第十届董事会独立董事专门会议第十次会议于 2025 年 11 月 18 日以通讯方式召开。本次会议的召集和召开程序符合《公司法》和《公 司章程》等相关规定。会议由独立董事专门会议召集人叶小杰主持，应到独立董 事 3 人，实到独立董事 3 人。会议审议通过了如下议案： 经核查，本次福建省金龙稀土股份有限公司（以下简称"金龙稀土"）通过 定向发行股票的方式融资，有助于优化其资本结构，是基于公司战略发展需要。 本次发行由金龙稀土全体原股东按原持股比例认购，公司与关联方福建省冶控私 募基金管理有限公司、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）、关联方嘉泰绿能（长汀）投资合伙企业（有限合伙）各自按原持股比 例共同参与认购金龙稀土本次发行的股票；交易完成后，公司在金龙稀土的持股 数量增加，但持股比例保持不变，仍为金龙稀土的控股股东。该交易符合公司整 体发展战略与利益，不存在损害公司及全体股东特别是中小股东利益的情形，不 会对公司的财务状况和经营成果产生负面影响，也不会对公司的独立性与持续经 营能力造成不利影响，同意 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-100 厦门钨业股份有限公司 第十届董事会第二十次会议决议公告 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。 厦门钨业股份有限公司（以下简称"公司"）第十届董事会第二十次会议于 2025 年 11 月 18 日以通讯方式召开，会前公司董秘办公室于 2025 年 11 月 7 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议 案： 一、会议在关联董事黄长庚先生、侯孝亮先生、吴高潮先生、钟可祥先生回 避表决的情况下，以 5 票同意，0 票反对，0 票弃权的表决结果通过了《关于向 控股子公司金龙稀土增资暨关联交易的议案》。会议同意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"）实施股票定向发行方案（简称"本 次发行"），向其现有股东发行数量不超过 2,668.00 万股的普通 ...

Core Viewpoint - Xiamen Tungsten Co., Ltd. announced that its subsidiary, Jinlong Rare Earth, is planning a private placement of shares to raise funds for working capital, with a maximum issuance of 26.68 million shares at a price of 1.50 RMB per share, aiming to raise up to 40.02 million RMB [1] Group 1 - Jinlong Rare Earth has been listed on the National Equities Exchange and Quotations (NEEQ) [1] - The private placement will involve existing shareholders subscribing according to their shareholding ratios [1] - The expected total amount to be raised is up to 40.02 million RMB [1] Group 2 - The proposed share issuance includes subscriptions from the company and related parties, with specific amounts from each [1] - The amounts proposed for subscription are 26.09 million RMB from the company, 2.20 million RMB from Yekong Fund, and 0.80 million RMB each from Chuanghe Xincai and Jiatai Green Energy [1]