代码不同，命也不同。 作者 | 破浪 编辑 | 小白 今年以来大家对化工ETF的热情极高，只要名字里带"化工"二字的产品，份额都出现了不同程度的增 长。 事实上，这里面的门道多得很，差之毫厘，收益可能就谬以千里。 涨幅断层式领先背后的真相 要说近期化工类产品的"显眼包"，莫过于建信基金旗下的能源化工ETF建信（159981.SZ）。 在多数化工类ETF还在跟随权益市场震荡寻底时，这款产品却走出了断层式的领先涨幅。 （来源： 市值风云APP ） 它能领先的关键在于它跟踪的指数——易盛能化A。 但有趣的是，代码不同，命也不同。表现最好的今年收益快接近35%了，而其它均不到5%。 | 序号 | 证券代码 | 证券名称 | > | 区间净申购额估算值(区间 ... 今年以来回报 [記始交易日期]2026-01-01 交易日期 20... [截止交易日期]2026-03-19 [是否年化]非... | | | 基金规模合并值 [交易日期]202 ... 跟踪指数名称 [单位]亿元 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | [单位]亿元 | ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告、绿电储能，封面：图虫创意 3月17日，藏格矿业披露， 2025年实现营业收入35.77亿元，同增10.3%，净利润38.5亿元，同增 49.32%。实现扣非后归母净利润40.31亿元，同比增长58.28%。 其中，藏格矿业第四季度实现收入11.7亿，同比增长27%；实现净利润12.7亿，同比增长82%。 | | | | | 2025 年末 | 2024 年末 | 本年末比上年末增减 | 2023 年末 | | --- | --- | --- | --- | --- | | 总资产 | 17, 692, 154, 203. 25 | 15.083.281. 912. 76 | 17. 30% | 14.091. 584. 562. 19 | | 归属于上市公司股东的净 资产 | 16, 243, 552, 634. 19 | 13, 865, 071, 905. 51 | 17. 15% | 13, 057, 776, 309. 67 | | | 2025 年 | 2024 年 | 本年比上年增减 | ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

2026 年 03 月 16 日 公司点评 买入/首次 藏格矿业(000408) 昨收盘:79.74 业绩高增长，投资收益持续提升 ◼ 走势比较 (20%) 18% 56% 94% 132% 170% 25/3/17 25/5/28 25/8/8 25/10/19 25/12/30 26/3/12 藏格矿业 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 15.7/15.7 | | --- | --- | | 总市值/流通(亿元) | 1,252.1/1,252 | | | .08 | | 12 个月内最高/最低价 | 97.28/31 | | (元) | | 相关研究报告 E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 证券分析师：刘强 电话： 事件：2026 年 3 月 14 日，公司发布 2025 年年报，报告期内公司实 现收入 35.8 亿元，同比+10.0%；归母净利润 38.5 亿元，同比+49.3%；扣 非净利润 40.3 亿元，同比+ ...

公司点评 | 藏格矿业 业绩超预期+三年发展战略规划发布，进入高增长时期 证券研究报告 2026 年 03 月 17 日 藏格矿业（000408.SZ）2025 年报点评 事件：公司公告 2025 年年报，实现营收 35.77 亿元，同比增长 10.03%；归 母净利润 38.52 亿元，同比增长 49.32%；扣非后增长 58.28%。 2025 年业绩超预期，既有增长、更有质量。公司 2025 年实现营收 35.77 亿 元，同比增长 10.03%；归母净利润 38.52 亿元，同比增长 49.32%；扣非后 归母净利润为 40.31 亿元，同比增长 58.28%，业绩增长超出我们预期。 1）盈利能力方面，毛利率为 59.24%，同比提升 14.33 个百分点；净利率为 107.28%，同比提升 28.24%；ROE 为 25.59%，同比提升 6.42 个百分点。 经营性净现金流为 21.00 亿元，同比增长 128.49%；资产负债率为 8.35%， 总体来看公司业绩既有增长，更有质量。 2）分产品和业务来看：1、钾肥，产量为 103.32 万吨、销量为 108.43 万吨， 含税销售价格为 2964 ...

Summary of the Conference Call for Cangge Mining Company Overview - **Company**: Cangge Mining - **Industry**: Mining (Potash, Lithium, Copper) Key Financial Highlights - **2025 Revenue**: CNY 35.77 billion, up 10.03% YoY - **Net Profit**: CNY 38.52 billion, up 49.32% YoY - **Operating Cash Flow**: CNY 21 billion, up 128.49% YoY - **Dividend Proposal**: CNY 39.22 billion, payout ratio of 102% [2][4][12] Business Segment Performance Potash Segment - **Revenue**: CNY 29.49 billion, up 33.42% YoY - **Gross Margin**: 64.64% - **Unit Cost**: CNY 961.62/ton, down 17.6% YoY - **Production Target for 2026**: 1 million tons [2][4][9] Lithium Segment - **Revenue**: CNY 5.93 billion - **Gross Margin**: 34.82% - **Production Target for 2026**: 16,500 tons, up 87% YoY - **Dami Salt Lake Project**: Expected to start production in Q3 2026, with a total lithium capacity target of 60,000 tons by 2028 [2][4][9][10]. Copper Segment (Julong Copper) - **Investment Income**: CNY 27.82 billion, up 44.34% YoY - **Profit Contribution**: 72.23% of net profit - **Production Target for 2026**: 310,000 tons, up 60% YoY [2][4][5][9]. Cost Management and Efficiency - **Debt Ratio**: 8.35% at the end of 2025 - **Cost Control Measures**: - Management fees down 16% - Procurement costs down 10.27% - Average sales cost of potash reduced by CNY 205/ton [3][6]. Project Updates Dami Salt Lake - **Current Status**: Construction phase, expected to start production in Q3 2026 [7][8]. Laos Potash Project - **Current Status**: Phase one of 1 million tons is being advanced, with a target of 1.25 million tons by 2028 [7][8]. Julong Copper Phase II - **Current Status**: Commissioned in January 2026, increasing annual copper production to 300,000-350,000 tons [8][14]. Future Production Plans - **2026 Production Goals**: - Potash: 1 million tons - Lithium: 16,500 tons - Copper: 310,000 tons - Industrial Salt: 1.5 million tons [9][10]. Strategic Development Goals - **2028 Targets**: - Potash: 1.25 million tons - Lithium: 120,000 tons - Continued collaboration with Zijin Mining for resource acquisitions [10][11]. Shareholder Returns and Sustainability - **Dividend Policy**: Cash dividends to be maintained, with a focus on sustainable returns based on financial health and project funding needs [12][13]. Market and Investor Relations - **Investor Engagement**: Increased communication with investors, including 142 calls and over 300 responses to inquiries in 2025 [22]. Risk Management - **Hedging Strategy**: Currently no plans for lithium hedging, but cautious evaluation of market conditions for future strategies [21]. Conclusion Cangge Mining is positioned for growth with strong financial performance, strategic project developments, and a commitment to shareholder returns. The focus on cost management and operational efficiency will support its ambitious production targets and expansion plans in the coming years.

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the industry, driven by various government policies and market dynamics [3][7] Industry Trends - The report notes significant price increases in various segments, including lithium carbonate and battery materials, indicating a robust market environment [3] - The energy storage capacity in the U.S. is projected to grow significantly, with expectations of 51% year-on-year growth in 2026 [7] - The report emphasizes the importance of new energy policies in various regions, including the U.S. and Europe, which are expected to further stimulate demand for energy storage solutions [3][19] Company Performance - Notable companies such as CATL and Tianqi Lithium are highlighted for their strong financial performance, with CATL's net profit expected to reach 72.2 billion yuan in 2025, a year-on-year increase of 42.3% [3] - The report mentions several companies with significant growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and lithium battery markets [3][6] Investment Strategy - The report suggests a focus on leading companies in the energy storage and lithium battery sectors, recommending investments in firms like CATL, Yihua Lithium Energy, and others due to their strong growth prospects and market positions [3][6] - The report also indicates a favorable outlook for companies involved in the development of solid-state batteries and advanced energy storage technologies [3][4]

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the sector, driven by various national policies and market dynamics [3][7] Industry Trends - Energy Storage: The 14th Five-Year Plan emphasizes the development of new energy storage and flexible power sources. In Germany, the EEG 2027 draft proposes to stop fixed feed-in tariffs for small photovoltaic installations [3] - Electric Vehicles: In February, electric vehicle sales in China reached 765,000 units, with exports increasing by 115% year-on-year. The domestic battery production was 142 GWh, showing a 41% year-on-year increase [3] - Market Prices: Lithium carbonate prices remain high, with battery prices adjusting accordingly. The report notes a significant increase in the prices of various battery materials [3] Company Performance - CATL reported a net profit of 72.2 billion yuan for 2025, a year-on-year increase of 42.3% [3] - Tianqi Lithium's performance is expected to improve significantly, with a projected increase in net profit due to rising lithium prices [3] - Other companies like Ganfeng Lithium and BYD are also highlighted for their strong growth potential in the electric vehicle and energy storage markets [3][4] Investment Strategy - The report suggests a strong push for energy storage, with expectations of over 60% growth in global installations in 2026. It emphasizes the importance of leading companies in the energy storage and lithium battery sectors [3][4] - Key investment recommendations include CATL, Sungrow Power, and other leading firms in the energy storage and electric vehicle supply chains [3][4]

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2025, driven primarily by the increase in potassium chloride prices and investment returns from its stake in Jilong Copper Industry [4][5]. Group 1: Financial Performance - In 2025, the company achieved revenue of 3.577 billion yuan, a year-on-year increase of 10.03% [4] - The net profit attributable to shareholders reached 3.852 billion yuan, up 49.32% year-on-year [4] - The net profit after deducting non-recurring items was 4.031 billion yuan, reflecting a growth of 58.28% year-on-year [4] - In Q4 2025, the company recorded a single-quarter revenue of 1.175 billion yuan, a year-on-year increase of 26.76% and a quarter-on-quarter increase of 62.49% [4] Group 2: Business Segments - The potassium chloride business generated revenue of 2.949 billion yuan, a year-on-year increase of 33.42%, with a gross margin improvement of 19.81 percentage points to 64.64% [5] - The average selling price of potassium chloride was 2,964 yuan/ton, up 28.6% year-on-year, while the average sales cost decreased by 17.6% to 962 yuan/ton [5] - The lithium carbonate business saw a revenue decline of 42.0% to 593 million yuan, with a gross margin decrease of 10.6 percentage points to 34.8% [5] - Lithium carbonate production was 8,808 tons, and sales were 8,957 tons, down 23.9% and 34.1% year-on-year, respectively [5] Group 3: Investment and Projects - The second phase of Jilong Copper Mine commenced production on January 23, 2026, increasing the processing capacity from 150,000 tons/day to 350,000 tons/day, which will significantly enhance investment returns [6] - The Xizang Mami Cuo Salt Lake project is progressing, with the first phase planned to produce 50,000 tons of lithium carbonate annually, expected to be fully operational by Q3 2026 [6] - The Laos potassium salt mine project is advancing, with a registered potassium chloride resource of approximately 984 million tons and a planned annual production of 2 million tons [7]