Core Viewpoint - The article highlights the increasing importance of rare earth elements, particularly heavy rare earths, as strategic resources amid global geopolitical tensions, and evaluates four leading companies in the heavy rare earth sector for their competitive advantages and overall potential [1] Group 1: Company Advantages and Highlights - Guangsheng Nonferrous Metals: The company benefits from being controlled by China Rare Earth Group, which provides significant support in terms of policy, resources, and technology. It has substantial rare earth reserves of nearly 120,000 tons across multiple mines [3] - China Rare Earth: As the core listed platform of China Rare Earth Group, the company is well-positioned for industry consolidation and green transformation, holding mining rights with a resource volume of 22,734 tons [6] - Shenghe Resources: This mixed-ownership company has unique characteristics and has acquired several mining companies, integrating both light and heavy rare earth businesses [9] - Xiamen Tungsten: The company has established a comprehensive collaborative system covering the entire rare earth industry chain, ensuring a strong position in the market [11] Group 2: Financial Performance Analysis - Sales Net Profit Margin: In Q1, China Rare Earth had the highest profit margin at 9.99%, followed by Xiamen Tungsten, Shenghe Resources, and Guangsheng Nonferrous Metals [16] - Total Asset Turnover: Guangsheng Nonferrous Metals had the highest turnover rate at 0.20, with Xiamen Tungsten and Shenghe Resources following closely [19] - Equity Multiplier: Guangsheng Nonferrous Metals had the highest financial leverage at 2.12, while China Rare Earth had the lowest at 1.08 [22] Group 3: Comprehensive Financial Strength - The highest return on equity was observed in Xiamen Tungsten at 2.4%, followed by Shenghe Resources at 1.74%, China Rare Earth at 1.54%, and Guangsheng Nonferrous Metals at 1.39%. Xiamen Tungsten's balanced performance across net profit margin, turnover, and leverage indicates strong overall potential [23]

Market Overview - On June 11, the tungsten sector showed strength, with Xianglu Tungsten Industry hitting the limit up, and other companies like Xiamen Tungsten, Zhangyuan Tungsten, and China Tungsten High-tech also experiencing collective gains [1] Company Insights - Xianglu Tungsten Industry (002842.SZ) has turned profitable, operating in the complete tungsten industry chain, including mining, smelting, and production of various tungsten products, with a significant mining area of 5.96 square kilometers [2] - Guangdong Guangsheng Nonferrous Metals (600259.SS) has also turned profitable, focusing on a diversified industrial layout of rare earths, tungsten, and copper, with a tungsten resource reserve of 65,000 tons [2] - Xiamen Tungsten (600549.SS) is one of the largest tungsten smelting product processing companies globally, with a complete tungsten industry chain and significant market share in tungsten wire production [2] - Zhangyuan Tungsten (002378.SZ) is a leading tungsten smelting product processing company, with a complete production system from mining to deep processing and tungsten resource reserves of 94,600 tons [2] - Luoyang Copper (603993.SS) is a global leader in copper, cobalt, aluminum, and tungsten production, with a tungsten resource reserve of 26,040,000 tons [2] Price Trends - As of June 6, the price of 65% WO3 tungsten concentrate in China surpassed 173,000 yuan per ton, marking an increase of 31,000 yuan since the beginning of the year, with a cumulative rise of 21.8%, reaching a historical high [3] Institutional Analysis - China will implement export controls on tungsten-related matters by February 2025, which is expected to strengthen the strategic nature of tungsten resources, as 90% of tungsten concentrate processing capacity is concentrated in China [4] - The application of tungsten in various fields, including photovoltaic cutting and robotics, is expected to drive demand growth [5] - Supply constraints are anticipated due to declining production from existing mines and limited new mine launches, with the first batch of tungsten mining quotas for this year down 6.5% year-on-year, contributing to rising tungsten prices [5] - The tungsten market is expected to enter a bull market phase, with prices likely to continue breaking historical highs, and the supply-demand gap projected to expand from 18,300 tons in 2024 to 19,100 tons in 2028 [5]

Summary of Tungsten Industry Conference Call Industry Overview - **Tungsten Demand**: Global tungsten demand is robust, with hard alloys being the primary consumption area, accounting for 65% of total demand. Emerging industries such as electric vehicles, aerospace, and military applications are driving growth in tungsten demand [2][3][4]. - **China's Tungsten Resources**: China holds 51% of global tungsten reserves and produces 80% of the world's tungsten. The industry is highly concentrated, with Jiangxi, Hunan, and Henan provinces holding 80% of China's reserves, which is 40% of global reserves [2][5]. - **Price Dynamics**: Tungsten prices have risen due to multiple factors, including environmental regulations, export controls, and structural constraints. In 2025, tungsten prices reached their highest level since 2011, with a cumulative increase of 21.8% [2][9]. Key Insights - **Strategic Importance**: Tungsten is considered a strategic resource, essential for industrial manufacturing, often referred to as the "industrial tooth." The supply-demand dynamics are tightening, leading to higher prices in the context of de-globalization [3][6]. - **Supply Constraints**: The growth rate of tungsten supply is limited, with China's production growth slowing down and overseas increments being insufficient to offset the reduction in Chinese output. By 2025, overseas supply is expected to increase slightly, but long-term production levels may stabilize around 2013 levels [4][15]. - **Export Control Impact**: China's tightening of supply indicators and export controls has led to a split in domestic and international price systems. Despite overall declines in tungsten product exports, the export of high-value downstream products like tools and blades has continued to grow [8][22]. Market Changes - **Global Supply Chain Reconfiguration**: Countries are increasingly focusing on the security of the tungsten supply chain. The U.S. and Europe are restructuring their supply chains and supporting overseas tungsten mining projects while planning to build higher strategic inventories [2][10]. - **Investment Recommendations**: Investors are encouraged to understand the fundamentals of tungsten and consider stock allocations in related companies, as the current price increases and favorable market conditions may lead to significant benefits for listed companies [7][28]. Financial Performance - **Listed Companies' Growth**: Major Chinese tungsten companies have shown significant revenue growth from 18.75 billion yuan in 2019 to 37.25 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.7% [25]. - **Cash Flow Analysis**: Leading companies reported stable operating cash flows, with significant improvements in financing activities, indicating a strong financial position to capitalize on market opportunities [26]. Future Outlook - **Demand Projections**: The demand for tungsten is expected to grow due to the rise of new industries and increased military spending globally. The compound annual growth rate for tungsten consumption is projected to be 2.61% from 2025 to 2038 [19][24]. - **Price Trends**: Tungsten prices are anticipated to remain high in the short term, driven by tightening supply and increasing demand for high-end equipment. The market is expected to enter a prolonged bullish phase [29]. Conclusion - The tungsten industry is poised for significant growth driven by strategic demand from various sectors, supply constraints, and favorable pricing dynamics. Companies in this sector are well-positioned to benefit from these trends, making tungsten a critical area for investment consideration.

从医药、化工、再到军工依然还是轮动的一天！而今日最强的减肥药的思考，之前已经写过了，不再重复了，有兴趣的朋友可以找出来看看，今 日想深挖一下稀土的思考！ 一、政策驱动：从资源管控到战略定价权重构 1.1 供给端：配额制度与出口管制的双重收紧 中国作为全球稀土供应链的核心，2025 年稀土开采配额预计维持在 27-28 万吨 REO，同比增速 5%-10%，较前几年 20% 以上的高速增长显著放 缓。政策导向从 "规模扩张" 转向 "质量管控"，通过《稀土开采和稀土冶炼分离总量调控管理办法》将进口矿、独居石等所有来源稀土纳入配额 管理，强化国家供给控制权。中重稀土配额连续五年维持 1.92 万吨不变，镝、铽等战略资源稀缺性进一步凸显。 关键影响： 1.2 需求端：新能源与高端制造的双重引擎 稀土永磁材料（NdFeB）成为增长核心，新能源汽车、风电、工业电机及人形机器人等领域需求爆发： 二、市场空间：供需错配下的千亿级蓝海 2.1 全球供需格局：缺口持续扩大 三、价格走势：结构性分化与周期拐点 3.1 轻稀土：触底反弹与成本支撑 3.2 中重稀土：稀缺性与政策溢价 四、产业链价值重构：从资源到技术的全链条升级 4 ...

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-051 厦门钨业股份有限公司 关于向特定对象发行股票部分限售股上市流通的公告 ? 本次股票上市流通日期为2025 年 6 月 13 日。 一、本次限售股上市类型 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为135,925,480股。 厦门钨业股份有限公司（以下简称"公司"）于 2024 年 7 月 22 日收到中国 证监会出具的《关于同意厦门钨业股份有限公司向特定对象发行股票注册的批复》 （证监许可〔2024〕1051 号），同意公司向特定对象发行股票的注册申请。 中国证券登记结算有限责任公司上海分公司（以下简称"中登公司上海分公司"） 办理完毕股份登记托管相关事宜，中登公司上海分公司出具了《证券变更登记证 明》。 公司向特定对象发行股票完成后，间接控股股东福建省冶金（控股）有限责 任公司（以下简称"福建冶金"）认购的本次发行的股票自发行结束之日 ...

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-051 厦门钨业股份有限公司 关于向特定对象发行股票部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 厦门钨业股份有限公司（以下简称"公司"）于 2024 年 7 月 22 日收到中国 证监会出具的《关于同意厦门钨业股份有限公司向特定对象发行股票注册的批复》 （证监许可〔2024〕1051 号），同意公司向特定对象发行股票的注册申请。 2024 年 12 月 13 日，公司向特定对象发行股票新增的 169,579,326 股股份在 中国证券登记结算有限责任公司上海分公司（以下简称"中登公司上海分公司"） 办理完毕股份登记托管相关事宜，中登公司上海分公司出具了《证券变更登记证 明》。 公司向特定对象发行股票完成后，间接控股股东福建省冶金（控股）有限责 任公司（以下简称"福建冶金"）认购的本次发行的股票自发行结束之日起三十 六个月内不得转让，其他发行对象所认购的股份自发行结束之日起六个月内不得 转让。具体锁定期安排如下： ...

中信证券股份有限公司 关于厦门钨业股份有限公司向特定对象发行股票 部分限售股份解除限售上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为厦门钨 业股份有限公司（以下简称"公司"、"厦门钨业"或"发行人"）向特定对象 发行 A 股股票的保荐人。根据《证券发行上市保荐业务管理办法》《上海证券 交易所股票上市规则》等相关法律、法规和规范性文件的规定，对公司向特定对 象发行股票部分限售股份解除限售上市流通事项进行了核查，具体情况如下： 本次申请上市流通的限售股为公司向特定对象发行的部分限售股，限售期为 自公司向特定对象发行结束之日起 6 个月，涉及限售股股东为除福建冶金外的 10 名限售股股东，对应的股份数量为 135,925,480 股，占公司目前总股本比例为 8.56%，现限售期即将届满，将于 2025 年 6 月 13 日起上市流通。 二、本次限售股形成后至今公司股本数量变化情况 2024 年 12 月 13 日，公司向特定对象发行 A 股股票完成登记后，公司总股 本由 1,418,098,600 股变更为 1,587,677,926 股。 一、本次限售股上市类型 本次限售股上市类 ...

Group 1: Industry Overview - The number of newly registered companies in China's rare earth industry has shown a fluctuating growth trend from 2015 to 2023, with a significant decline in 2024, registering only 99 new companies compared to the previous year [1] - As of April 17, 2025, the number of newly added companies in the rare earth sector is 19 [2] Group 2: Company Characteristics - As of April 17, 2025, 50.33% of registered rare earth companies in China are operational, while 26.79% have been deregistered, indicating a generally stable operational status [2] - The majority of registered capital in the rare earth industry is concentrated in companies with capital under 1 million, accounting for 40% of the total, while 35% of companies have registered capital exceeding 5 million [6] Group 3: Regional Distribution - The majority of operational rare earth companies are located in Jiangxi, Zhejiang, Inner Mongolia, and Shaanxi, with Jiangxi having the highest number at 197 companies, representing 16.4% of the national total in the rare earth mining sector [9] - Zhejiang ranks second with 105 companies, where 94% are involved in rare earth metal processing [9] Group 4: Company Type Distribution - As of April 17, 2025, 90.32% of operational rare earth companies in China are privately owned, while state-owned enterprises account for 7.91%, highlighting the dominance of private enterprises in the industry [12]

Group 1 - Xiamen Tungsten has developed and produced various tungsten products and components for domestic and international fusion customers, including ITER [1] - The company is the first in China to possess the capability for precision machining of large-scale ITER-grade tungsten materials, meeting high standards for different magnetic confinement fusion devices [1] - This development enhances Xiamen Tungsten's technical strength and market position in the nuclear fusion field, potentially leading to more orders and positive long-term impacts on the company's growth [1] Group 2 - Baoli Electric reported that its revenue from fusion-related businesses is relatively small and will not significantly impact its performance [2] - The company highlighted that its stock has experienced abnormal trading fluctuations, with a cumulative price increase deviation of 20% over two trading days [2] - Baoli Electric's price-to-earnings and price-to-book ratios are above industry averages, indicating potential trading risks in the secondary market [2] Group 3 - Del's announcement of a 300 million yuan investment in new lithium battery pilot and industrialization projects, as well as smart motor industrialization projects, aims to expand its business in the new energy battery and smart motor sectors [3] - The investment aligns with national industrial policies and is expected to enhance the company's core competitiveness and industry influence [3] - The project will improve the company's industrial layout, optimize its structure, diversify its product line, reduce operational costs, and enhance economic benefits, contributing to sustainable operational capabilities [3]

证券代码：600549 证券简称：厦门钨业 公告编号：2025-050 厦门钨业股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 5 月 28 日 (二) 股东大会召开的地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： 份总数的比例（%） (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 本次表决符合《公司法》及《公司章程》的规定，本次大会由董事长黄长庚 先生主持。 (五) 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一) 非累积投票议案 审议结果：通过 表决情况： 同意 反对 弃权 股东类型 比例 比例 票数 比例（%） 票数 票数 （%） （%） A股 703,165,930 99.4571 3,511,988 0.4967 326,226 0.0462 审议结果：通过 表决情 ...