厦门钨业股份有限公司（以下简称"公司"）第十届董事会第十八次会议于 2025 年 10 月 23 日以通讯方式召开，会前公司董秘办公室于 2025 年 10 月 17 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《关于 选举第十届董事会审计委员会委员的议案》，会议表决情况如下： 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-093 厦门钨业股份有限公司 第十届董事会第十八次会议决议公告 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。 2025 年 10 月 24 日 会议以 9 票同意，0 票反对，0 票弃权的表决结果选举公司职工董事王玉龙 先生为第十届董事会审计委员会委员，任期自本次董事会选举通过之日起至第十 届董事会任期届满之日止。 详见公告：临-2025-094《关于选举第十届董事会审计委员会委员的公告》。 特此公告。 厦门钨 ...

厦门钨业股份有限公司 董 事 会 股票代码：600549 股票简称：厦门钨业 公告编号：临-2025-094 厦门钨业股份有限公司 关于选举第十届董事会审计委员会委员的公告 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。 厦门钨业股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日召开第 十届董事会第十八次会议，审议通过了《关于选举第十届董事会审计委员会委员 的议案》，现将具体情况公告如下： 鉴于公司非独立董事谢小彤先生于近日辞去公司第十届董事会非独立董事 及第十届董事会审计委员会委员职务，根据《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》《公司章程》等有关规定，为了保障公司治理结构的 合规运转，经全体董事审议，同意选举公司职工董事王玉龙先生为公司第十届董 事会审计委员会委员，任期自本次董事会审议通过之日起至第十届董事会任期届 满之日止。 自本次董事会审议通过之日起，王玉龙先生与叶小杰先生（主任委员）、程 文文先生共同组成公司第十届董事会审计委员会，任期自本次董事会审议通过之 日起至第十届董事会 ...

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi reached a trading volume of 97.241 million yuan [3] - Over the past two weeks, the scale of the Rare Earth ETF increased by 2.632 billion yuan, marking significant growth and ranking first among comparable funds [3] - In terms of shares, the ETF saw an increase of 10.7 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, there were net inflows on three days, totaling 917 million yuan [3] - As of October 22, the net value of the Rare Earth ETF has risen by 88.51% over the past two years, ranking 88th out of 2358 index equity funds, placing it in the top 3.73% [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Market Dynamics and Policy Impact - The Ministry of Commerce, in conjunction with the General Administration of Customs and other departments, has issued multiple export control policies, highlighting the strategic nature of rare earth resources [4] - The combination of regulatory constraints and declining imports has strengthened the rigidity of rare earth supply [4] - Demand from sectors such as new energy vehicles, consumer electronics, variable frequency air conditioners, and wind power is expected to continue rising, providing strong support for rare earth prices [4] - Emerging fields like robotics, low-altitude economy, and industrial motors are anticipated to open up long-term demand growth opportunities [4] - The supply-demand dynamics in the rare earth industry are expected to reach a turning point, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Top Weighting Stocks in Rare Earth Industry - 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]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-092 厦门钨业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 10 月 28 日（星期二）上午 11:00-12:00。 会议召开地点：上 海 证 券 交 易 所 上 证 路 演 中 心（网址： http://roadshow.sseinfo.com）"路演-业绩说明会"栏目。 会议召开方式：上证路演中心图文展示和网络文字互动方式。 投资者可于 2025 年 10 月 27 日（星期一）16:00 前登录上证路演中心网 站首页，点击"提问预征集"栏目或通过公司邮箱 600549.cxtc@cxtc.com 进行提 问。公司将在 2025 年第三季度业绩说明会（以下简称"说明会"）上在信息披 露允许的范围内对投资者普遍关注的问题进行回答。 厦门钨业股份有限公司（以下简称"公司"）将于 2025 年 10 月 25 日披露 公司 2025 年第三季度报告（届 ...

Core Viewpoint - The strategic value of rare earth elements is being highlighted due to China's export controls and policy upgrades, leading to a significant increase in stock prices and overall market performance in the rare earth sector [6][10][12]. Group 1: Market Performance - Shenghe Resources (600392.SH) saw its stock price rise by 5.04% to 26.26 yuan, with a year-to-date increase of 155.45% [6]. - The rare earth index (8841089.WI) has increased by 118.86% year-to-date, with five out of seven stocks in the sector doubling in value [6][10]. - On October 9, the rare earth sector surged by 7.97%, followed by a 9.49% increase on October 13, with several stocks recording over 110% gains [10][11]. Group 2: Supply and Demand Dynamics - China's rare earth reserves account for approximately 48% of the global total, with a production capacity of about 27,000 tons, representing nearly 70% of global output [8][9]. - The recent export controls by China, which include restrictions on key technologies and production lines, have tightened global supply and increased the strategic importance of rare earths [9][13]. - The demand for rare earths is expected to grow significantly, particularly in sectors like electric vehicles and renewable energy, with projections indicating a need for 3-5 kg of rare earth permanent magnets per electric vehicle [14][15]. Group 3: Price Trends - The price index for rare earths has been on an upward trend, with light rare earths like praseodymium and neodymium increasing from approximately 440,000 yuan/ton to 562,000 yuan/ton, a rise of about 27.7% [15]. - Heavy rare earths, such as dysprosium oxide, have seen even more dramatic increases, with prices soaring from around 830,000 yuan/ton to 2.6 million yuan/ton, marking a 212% increase [15]. - Recent announcements from companies like Northern Rare Earth and Baotou Steel have indicated continuous price increases for rare earth concentrates, reflecting ongoing supply constraints [17][19]. Group 4: Company Performance - In 2023, several rare earth companies are showing signs of recovery, with five out of seven companies reporting revenue growth in the first half of the year [21]. - Northern Rare Earth reported a revenue of 188.66 billion yuan in the first half of the year, with a net profit increase of 45.24% [22]. - Shenghe Resources anticipates a net profit of 740 million to 820 million yuan for the first nine months of the year, representing a growth of 696.82% to 782.96% [23]. Group 5: Future Outlook - Industry experts predict that while short-term fluctuations may occur, the mid-term price center for rare earths is likely to rise due to tightening supply and increasing strategic value [26]. - Analysts suggest that the recent export control measures will likely lead to price increases, particularly for light rare earth products, while cautioning about potential overvaluation of stocks in the sector [25][27].

Group 1: Market Performance - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 1.61%, with a transaction volume of 1.74 billion yuan [2] - The latest scale of the Rare Earth ETF reached 108.04 billion yuan, marking a new high since its establishment and ranking first among comparable funds [2] - The latest share count of the Rare Earth ETF is 6.034 billion shares, also a new high since its inception, and ranks first among comparable funds [2] - Over the past 7 days, the Rare Earth ETF has seen continuous net inflows, with a maximum single-day net inflow of 1.184 billion yuan, totaling 3.405 billion yuan [2] - As of October 20, the net value of the Rare Earth ETF has increased by 88.93% over the past two years, ranking 59th out of 2358 index equity funds, placing it in the top 2.50% [2] - The highest monthly return since the establishment of the Rare Earth ETF is 41.25%, with the longest consecutive monthly increase being 4 months and the longest increase percentage being 83.89% [2] Group 2: Industry Developments - On October 19, Tianhe Magnetic Materials announced plans to invest 850 million yuan in a project for high-performance rare earth permanent magnets and related equipment in Baotou City [3] - Northern Rare Earth and Baotou Steel announced an increase in rare earth prices for the fourth quarter of 2025 [3] - In September, the export of rare earths and related products reached 10,538 tons, a year-on-year increase of 7.6%, with a cumulative export of 95,875 tons from January to September, up 3.1% year-on-year [3] - The Ministry of Commerce of China issued two announcements on October 9 regarding rare earth export controls, indicating that products containing Chinese-origin rare earths valued at 0.1% or more may be subject to export restrictions [3] - The new regulations on rare earths are seen as a necessary response in the context of global supply chain competition, following similar measures for gallium and germanium [3] - It is recommended to focus on investment opportunities along the "resources + growth" dual lines, considering the potential impact of regional politics and export policies from major resource countries [3]

Core Insights - The tungsten concentrate industry is crucial for strategic sectors like aerospace and defense, with a focus on high-density, high-melting-point, and high-hardness properties [1][5][11] - China, as the largest tungsten producer, faces rapid resource consumption and has implemented policies for total control and export regulation to transition from resource output to high value-added production [1][5][6] - The industry is characterized by a concentration of resources, with significant production capacity in provinces like Jiangxi and Henan, and a market dominated by state-owned enterprises [1][12][16] Industry Overview - Tungsten concentrate is extracted from tungsten ore through various processes, requiring a minimum tungsten trioxide (WO₃) content of 65% [2][3] - The global tungsten resource distribution is highly concentrated, with China holding 52% of the total reserves, while the domestic reserve-to-production ratio is only 36 years [10][11] Policy Analysis - China has established a policy framework focusing on resource protection and sustainable utilization, including total mining volume management and export controls [5][6][14] - Recent policies have refined the management of mining quotas and introduced stricter regulations on exports of tungsten-related products [6][14] Industry Chain - The tungsten concentrate industry chain includes exploration, mining, and processing, with a high concentration of mining enterprises and increasing prices due to supply constraints [8][12] - The downstream applications are diverse, with significant growth in demand for tungsten wire in the photovoltaic sector, while traditional sectors face cost pressures [8][12] Current Industry Status - The tungsten industry in China is experiencing a transformation, with a focus on high-end applications and a shift towards sustainable practices [13][15] - In 2024, the total tungsten concentrate production is projected to be 12.7 million tons, reflecting the impact of total control policies [14][15] Competitive Landscape - The industry is characterized by a "resource core, state-owned leadership, and collaborative ecosystem" model, with major players like Jiangxi Tungsten Industry Group and Xiamen Tungsten leading the market [16][17] - The market concentration is high, with the top five companies controlling 61% of the production capacity [16] Future Trends - The tungsten concentrate industry is expected to evolve towards resource consolidation, technological advancement, and global expansion [17][19] - Key trends include a shift from scale advantages to ecological dominance, with a focus on high-end applications and green transformation [17][18][19]

Core Viewpoint - Xiamen Tungsten announced the election of Mr. Wang Yulong as the employee director of the company's 10th board of directors during the 14th seventh employee representative assembly held on October 17, 2025 [2] Group 1 - The 14th seventh employee representative assembly was convened on October 17, 2025 [2] - Mr. Wang Yulong was elected as the employee director of the 10th board of directors [2]

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 | ...