藏格矿业股份有限公司 2025 年年度股东会 会 议 资 料 2026 年 4 月 3 日 藏格矿业 2025 年年度股东会会议资料 藏格矿业股份有限公司 2025 年年度股东会会议资料目录 | 2025 | 年年度股东会会议须知 1 | | --- | --- | | 2025 | 年年度股东会会议议程 3 | | 2025 | 年年度股东会会议议案 5 | | | 议案一：关于修订公司部分制度的议案 6 | | | 议案二：关于变更部分回购股份用途并注销暨减少公司注册资本的议案 7 | | | 议案三：关于公司 2025 年年度利润分配方案的议案 8 | | | 议案四：关于公司续聘 2026 年度审计机构的议案 9 | | | 议案五：关于公司及子公司申请银行综合授信业务并提供担保的议案 11 | | | 议案六：关于公司 年度董事会工作报告的议案 12 2025 | | | 议案七：关于董事 2025 年度绩效考核确认及 2026 年度薪酬津贴发放方案的议案 14 | | | 议案八：关于公司三年（2026-2028 年）发展战略规划的议案 15 | 藏格矿业 2025 年年度股东会会议资料 藏格矿业 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2026-028 藏格矿业股份有限公司 关于召开2025年年度股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据藏格矿业股份有限公司（以下简称"公司"）第十届董事会第八次会议 决议决定，公司于 2026 年 4 月 3 日（星期五）在成都市高新区天府大道北段 1199 号 2 栋 19 楼会议室以现场与网络表决相结合的方式召开 2025 年年度股东会，具 体内容详见公司于 2026 年 3 月 14 日在巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于召开 2025 年年度股东会的通知》（公告编号：2026-021）。为维 护广大投资者的合法权益，方便公司各位股东行使股东会表决权，现将公司召开 2025 年年度股东会的有关事项提示如下： 一、召开会议的基本情况 1、会议届次：2025 年年度股东会。 2、会议召集人：董事会。 3、会议召开的合法、合规性：公司第十届董事会第八次会议审议通过了《关 于召开 2025 年年度股东会的议案》，本次会议的召集、召开符合 ...

期货交易咨询业务资格 证监许可【2011】1454号 多空博弈下的中枢抬升 ——2026Q2碳酸锂季度策略 东证衍生品研究院有色金属首席分析师：孙伟东 从业资格号：F3035243 投资咨询号：Z0014605 联系人：肖嘉颖 从业资格号：F03130556 图表：碳酸锂、氢氧化锂和锂辉石现货走势回顾 资料来源：Wind，SMM，东证衍生品研究院 继25Q4储能需求爆发、枧下窝复产不及预期带动碳酸锂价格快速拉涨后，2026Q1盘面继续暴力拉升，而后进入宽幅震荡。 1月中上旬：特朗普闪击委内瑞拉+正极材料厂联合减产挺价+出口退税取消政策落地+江西矿证问题再度发酵。盘面快速冲高，从月初 12.5万元/吨上涨至高点18.9万元/吨，涨幅51%。 1月中下旬至2月初：交易所宏观调控+特朗普提名沃什引发缩表担忧。至2月初，盘面最低跌至12.4万元/吨，跌幅达34%。 春节后至2月下旬：春节后下游需求回暖、淡季不淡，SMM库存连续数周大幅去化。2月25日津巴布韦宣布暂停所有锂矿出口。翌日盘 面跳空高开，最高至18.8万元/吨，随后冲高回落，该阶段涨幅达52%。 2月下旬至今：2月28日美以对伊朗打击行动落地，伊朗宣布关闭 ...

晨会纪要 证券研究报告 2026 年 03 月 30 日 核心结论 分析师 【食品饮料】金徽酒（603919.SH）2025 年报点评：合同负债增加，产品 结构提升 金徽酒深入推进以"品牌引领下的用户工程+市场深度掌控=以小生态带动大 生态"为核心的营销转型，持续优化产品结构，通过金徽 28 高端引领，金 徽 18、柔和金徽、能量金徽系列产品销量稳健增长。 【有色金属】金力永磁（300748.SZ）25 年年报业绩点评：25 年公司业绩 高增，筑牢新能源及节能环保核心优势 公司持续强化新能源及节能环保领域的市场领先优势。分下游应用来看，新 能源汽车及汽车零部件为第一大收入来源，2025 年公司实现销售收入 39.41 亿元，同比增长 30.31%，产品可装配新能源乘用车约 650 万辆，覆盖全球 前十大新能源汽车生产商；节能变频空调领域贡献收入 19.17 亿元，同比增 长 12.66% 【医药生物】和黄医药（0013.HK）2025 年年报点评：业绩符合预期，ATTC 平台潜力品种值得期待 盈利预测与评级：预计公司 2026-2028 年实现收入 6.30/7.30/8.34 亿美元， 同比增长 14.9% ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

多家锂盐行业企业业绩预增或实现扭亏，释放出回暖信号。 ▲ 图片由AI生成。 近期，天齐锂业、赣锋锂业、盐湖股份等锂盐行业上市公司相继披露2025年度业绩数据，多家企业业绩预增或实现扭亏，释放出回暖 信号。有业内人士指出，锂价反弹背景下，手握优质锂资源且具备先进技术的企业率先迎来利润修复。当前，锂资源供需格局逐步由过 剩转向紧平衡，价格中枢上移，相关企业业绩弹性释放。随着行业进入复苏与提质升级新阶段，企业仍需不断优化生产工艺、提升资源 自给率、加强成本控制、提高抗风险能力，以实现可持续发展。 业绩开始回暖 2025年，"锂业双雄"天齐锂业、赣锋锂业均实现扭亏为盈。数据显示，天齐锂业预计2025年归母净利润为3.6 9亿元—5 .53亿元，上年 同期为亏损79.05亿元；扣非净利润为2.4亿元—3.6亿元，上年同期为亏损79 .23亿元。基本每股收益从上年同期的亏损4. 82元/股，转 为盈利0.22元/股—0.3 4元/股。 赣锋锂业方面，预计2025年实现归母净利润11亿元—16.5亿元，同比增长153 .04%—179.56%，上年同期亏损20.74亿元；预计扣非净 利润为亏损3亿元—6亿元，上年同期亏损8 ...

证券研究报告 公司点评 | 藏格矿业 藏格矿业（000408.SZ）回购股份点评 回购股份彰显管理层信心，未来 3 年高增长的确定性较强 2026 年 03 月 27 日 事件：公司公告，以不超过 85.38 元/股的价格回购公司股份，回购金额为 2-4 亿元，回购的股份用于员工持股或者股权激励。 回购股份彰显管理层信心，未来 3 年高增长的确定性较强。根据公司公告， 基于对公司未来发展信心及长期价值的认可，为维护广大投资者利益并建立 长效激励机制，充分调动公司董事、高级管理人员、核心及骨干人员的积极 性，将股东利益、公司利益和核心团队个人利益有效结合，促进公司长远发 展，公司拟以自有资金，以不超过 85.38 元/股回购公司股份，回购金额为 2-4 亿元，回购的股份用于实施公司员工持股计划或股权激励。 根据公司 2026 年 3 月 15 日公告的投资者关系管理信息： 风险提示：全球经济复苏情况、政策风险、项目进展、碳酸锂下游需求扰动。 核心数据 | | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | ...

Core Viewpoint - The article discusses the recent holdings of the social security fund in the A-share market, highlighting its role as a stabilizing force and its investment strategies, including long-term holdings and a focus on companies with strong governance and growth potential [2][5][11]. Group 1: Social Security Fund Holdings - As of March 25, 2026, the social security fund appeared in the top ten shareholders of 77 companies, holding a total of 193 million shares valued at 31.54 billion yuan [2][4]. - The social security fund's total assets reached 3.32 trillion yuan by the end of 2024, with an average annual return of 7.39% since its establishment, accumulating over 1.9 trillion yuan in investment returns [5][11]. - In the fourth quarter of the previous year, the fund initiated positions in 25 stocks, increased holdings in 22 stocks, and reduced holdings in 15 stocks, maintaining its position in 15 stocks [5][9]. Group 2: Notable Stock Performances - Among the newly acquired stocks, Chongqing Rural Commercial Bank saw the highest number of shares purchased, with 93.83 million shares bought, valued at over 600 million yuan [5]. - The stock with the highest net profit growth among the newly held stocks was Shouhua Gas, which reported a net profit of 169.32 million yuan, a year-on-year increase of 123.82% [6]. - The social security fund's largest holdings include China Fortune Land Development, Nanshan Aluminum, and others, with significant share quantities exceeding 100 million shares [7][9]. Group 3: Long-term Investment Strategy - The social security fund has a long-term holding strategy, with 15 stocks held for over two years and three stocks held for more than five years, including China Giant Glass and Nanshan Aluminum [9]. - The fund's investment characteristics include a focus on stable companies, a diversified portfolio, and a preference for industry leaders, aiming for sustainable returns to support social security initiatives [9][11]. - Analysts suggest that while the fund's holdings can provide valuable insights for investors, caution is advised due to potential delays in information and the inherent risks of individual stock investments [11].

Core Viewpoint - The lithium battery industry is experiencing a recovery in material prices, leading to improved financial performance for several companies in the sector [2][3]. Group 1: Industry Events - The 2026 (Second) Starting Point Lithium Battery Cylindrical Cell Technology Forum and the release of the Top 20 Cylindrical Battery Rankings will take place on April 10, 2026, in Shenzhen [2]. - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute SPIR, with participation from numerous companies in the lithium battery materials sector [2]. Group 2: Financial Performance of Companies - Many companies in the anode and cathode materials sector have reported significant profits, with some achieving net profits in the billions [3]. - WanHua Chemical reported a revenue of 203.235 billion yuan, with a growth rate of 11.62%, but a net profit decrease of 3.88% to 12.527 billion yuan [5]. - Tianhua New Energy's revenue reached 75.49 billion yuan, growing by 14.23%, but its net profit fell by 51.77% to 402 million yuan [5]. - The performance of companies like RuiTaiLai and BeiDaiRui shows strong growth in the anode materials segment, with RuiTaiLai achieving a net profit increase of 98% [5][6]. Group 3: Market Trends - The global shipment of lithium battery cathode materials is projected to reach 4.798 million tons in 2025, a year-on-year increase of 48.5%, driven by the growth in electric vehicles and energy storage markets [11]. - The demand for lithium iron phosphate (LFP) is expected to surge, particularly in large-capacity battery cells [11][12]. - The anode materials segment is also expected to see significant growth, with shipments projected at 2.723 million tons, a 48% increase, primarily driven by artificial graphite [12]. Group 4: Company Strategies - WanHua Chemical is transitioning towards battery materials, aiming for a new business target of 100 billion yuan, having established a closed-loop system from upstream resources to downstream applications [7]. - Tianhua New Energy is focusing on lithium hydroxide and lithium carbonate for battery production, while also exploring next-generation battery technologies [8]. - Cangge Mining has reported a significant revenue increase in Q4, attributed to the recovery in lithium carbonate prices and strong performance in potassium chloride and copper mining [9].

证 券 研 究 报 告 藏格矿业（000408）2025 年报点评 推荐（维持） 钾铜量价齐升业绩高增，巨龙放量赋予成长动能 事项： 公司发布 2025 年报，公司全年实现营业总收入 35.77 亿元，同比上升 10.03%， 归母净利润 38.52 亿元，同比上升 49.32%，扣非净利润 40.3 亿元，同比增长 58.3%。其中第四季度，公司实现营业收入 11.75 亿元，同比增长 26.76%，环 比增长 62.49%，归母净利润 11.02 亿元，同比增长 54.7%，环比增长 15.88%， 扣非净利润 12.75 亿元，同比增长 82.01%，环比增长 34.47%。 评论： 公司研究 钾肥 2026 年 03 月 26 日 | 目标价：94.82 | 元 | | --- | --- | | 当前价：78.13 | 元 | 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 公司基本数据 | 总股本(万股) | 157,022 ...