Core Points - The company has completed the registration capital change and updated its articles of association, obtaining a new business license from the Qinghai Provincial Market Supervision Administration [1] - The registered capital of the company is now 1.5725745 billion yuan [1] - The company operates in various sectors including mining, transportation, and sales of various products [1] Business License Details - Unified Social Credit Code: 9113040060115569X8 [1] - Company Name: Cangge Mining Co., Ltd. [1] - Type: Other Joint Stock Company (Listed) [1] - Legal Representative: Wu Jianhui [1] - Established Date: June 25, 1996 [1] - Address: No. 15-02, Kunlun South Road, Golmud City, Qinghai Province [1] Business Scope - Licensed Projects: Mining of mineral resources (non-coal mines), road cargo transportation (excluding hazardous goods) [1] - General Projects: Domestic container cargo transportation agency, earthwork engineering construction, sales of mining machinery, mechanical and electrical equipment, building materials, investment activities, asset management services, enterprise management consulting, and various retail and wholesale activities [1]

近日，公司完成了注册资本工商变更登记及《公司章程》备案手续，并取得了 青海省市场监督管理局换发的《营业执照》，变更后的公司营业执照基本信息如下： 一、《营业执照》主要内容 证券代码：000408 证券简称：藏格矿业 公告编号：2025-066 藏格矿业股份有限公司 关于完成注册资本工商变更登记并换发营业执照的公告 一、 二、 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。 藏格矿业股份有限公司（以下简称"公司"）分别于 2025 年 5 月 6 日、2025 年 5 月 22 日召开了第九届董事会第二十一次（临时）会议、2025 年第一次临时股 东大会，审议通过了《关于变更注册资本及修订〈公司章程〉的议案》。公司于 2 025 年 2 月 28 日完成 10,209,328 股回购股份的注销手续，公司总股本由 1,580,43 5,073 股变更为 1,570,225,745 股。具体内容详见公司在巨潮资讯网（http://www.cn info.com.cn）披露的《第九届董事会第二十一次（临时）会议决议公告》（公告编 号：2025-034）、《2025 年 ...

Investment Rating - The report maintains an "Outperform" rating for the chemical industry as of July 15, 2025 [1] Core Insights - The potassium fertilizer prices are experiencing a continuous recovery, benefiting companies with abundant resources [2] - Domestic production of potassium chloride has decreased year-on-year, while inventory levels remain low, indicating a tightening supply [3] - The potassium fertilizer market is characterized by an oligopoly, with geopolitical conflicts introducing uncertainties that may affect supply and pricing [4] Summary by Sections Potassium Fertilizer Price Trends - As of July 11, 2025, domestic prices for potassium chloride have risen significantly, with prices at 3339 CNY/ton and 3000 CNY/ton, marking increases of 823 CNY/ton and 450 CNY/ton since the beginning of the year [2] - In Q2 2025, the average price for domestic potassium chloride was 2993.95 CNY/ton, reflecting a quarter-on-quarter increase of 105.50 CNY/ton and a year-on-year increase of 597.50 CNY/ton [2] Domestic Production and Inventory - In the first half of 2025, China's potassium chloride production totaled 2.53 million tons, a decrease of 17.1% year-on-year, with June's production at 416,300 tons, down 27.9% year-on-year [3] - Domestic market inventory stands at 1.768 million tons, down 820,000 tons since the beginning of the year, indicating a tight supply situation [3] Market Structure and Geopolitical Risks - The global potassium fertilizer market is dominated by a few countries, primarily Canada, Russia, and Belarus, creating an oligopolistic structure [4] - Recent geopolitical tensions, such as the U.S. imposing tariffs on potassium fertilizer imports from Canada and Mexico, and conflicts involving Israel, pose risks to supply and pricing stability [4] Investment Opportunities - The report highlights that companies with rich potassium resources are likely to benefit from the ongoing market recovery, with specific companies mentioned as potential investment targets [9]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-065 藏格矿业股份有限公司 关于麻米措矿业取得采矿许可证的公告 一、 二、 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。 近日，藏格矿业股份有限公司（以下简称"公司"）全资子公司藏格矿业投资 （成都）有限公司参与认购的江苏藏青新能源产业发展基金合伙企业（有限合伙） 投资控股的西藏阿里麻米措矿业开发有限公司（以下简称"麻米措矿业"）收到西 藏自治区自然资源厅颁发的纸质版《中华人民共和国采矿许可证》（以下简称《采 矿许可证》），现将相关事项公告如下： 4、矿山名称：西藏阿里麻米措矿业开发有限公司西藏阿里改则县麻米错盐湖 矿区锂硼矿 5、经济类型：有限责任公司 6、开采矿种：锂矿、硼、钾 7、开采方式：露天开采 8、生产规模：36.45 万吨/年 9、矿区面积：115.36 平方公里 10、有效期限：壹拾年 自 2020 年 4 月 30 日至 2030 年 4 月 30 日 一、《采矿许可证》主要内容 1、证号：C5400002020045210149743 2、采矿权人：西藏阿里麻米措矿业开发有 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Report's Core View The report analyzes the impact of various events on different financial and commodity markets. Key events include Trump's proposed 30% tariffs on Mexico and the EU, policy changes in the US and China, and supply - demand dynamics in multiple industries. These events lead to different market trends and investment outlooks in various sectors, such as financial futures, commodities like metals, energy, and agricultural products [1][2][3]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Trump announced a 30% tariff on the EU and Mexico starting August 1st. Gold showed strong performance on Friday due to increased market risk aversion. However, the strength is less than in April because of the strong US dollar and lower uncertainty. Gold is expected to be strong in the short - term but remain in a volatile range [12][13]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The EU extended the suspension of counter - measures to negotiate with the US. Trump's tariff policy is expected to increase short - term market risk aversion, causing the US dollar index to rise. The US dollar is expected to continue rising in the short - term [15][16][17]. 3.1.3 Macro Strategy (Stock Index Futures) - China and the US strengthened communication, and the Chinese government promoted a long - cycle assessment mechanism for insurance funds. The A - share market is over - valued, and the index is expected to oscillate at a high level. It is recommended to allocate various stock indices evenly [20][21]. 3.1.4 Macro Strategy (US Stock Index Futures) - New tariff threats may delay the Fed's interest rate cut and make the inflation outlook unclear. Trump's 30% tariff on Mexico and the EU may lead to market risk aversion. US stock indices are expected to oscillate, and it is recommended to control positions carefully [22][23]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted reverse repurchase operations. The bond market is expected to oscillate in the short - term. It is recommended that trading desks moderately buy Treasury bonds and sell them after the futures rebound [25][26][27]. 3.2 Commodity News and Comments 3.2.1 Black Metal (Steam Coal) - On July 11th, the price of steam coal in the northern port market remained stable. High temperatures increased power plant demand, and port inventories decreased. Coal prices are expected to remain strong in the short - term [28]. 3.2.2 Black Metal (Iron Ore) - In June, the monthly operating rate of China's construction machinery decreased. Iron ore prices rebounded, but the 100 - dollar key level is difficult to break through. It is recommended to wait and see [29][30]. 3.2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In the 28th week, the actual soybean crushing volume of oil mills was lower than expected, and it is expected to increase in the 29th week. After the release of the double - monthly reports, the oil market will enter the next stage of expected trading. Different oils have different investment suggestions [31][32]. 3.2.4 Agricultural Products (Soybean Meal) - Analysts estimated that the US soybean crushing volume in June decreased by 4% from May but increased by 5.5% year - on - year. USDA raised the end - of - season soybean inventory. The price of soybean meal is expected to oscillate in the short - term, and the basis is expected to remain weak [33][34][36]. 3.2.5 Agricultural Products (Sugar) - Brazil's port sugar - waiting ships increased, and its 2025 sugarcane production is expected to decline. Pakistan is seeking to purchase 30 - 500,000 tons of sugar. The international sugar price is expected to stabilize and weakly rebound in the short - term, but the upside is limited [37][38][39]. 3.2.6 Agricultural Products (Cotton) - Xinjiang's cotton topping work is basically completed. USDA's July report raised the end - of - season cotton inventory in the US and globally. ICE cotton prices are expected to oscillate at a low level, and Zhengzhou cotton is expected to be strong in the short - term [42][44][45]. 3.2.7 Black Metal (Coking Coal/Coke) - The coking coal market in Lvliang is strong, and the expectation of a coke price increase is rising. The short - term rise is mainly affected by macro factors, and it is recommended to wait and see [47][48]. 3.2.8 Black Metal (Rebar/Hot - Rolled Coil) - The retail and wholesale of passenger cars in early July showed different trends, and the dealer inventory coefficient increased. The steel price is expected to oscillate strongly in the short - term. It is recommended to be cautious about going long and use a hedging strategy for spot [53][54]. 3.2.9 Agricultural Products (Corn Starch) - The price difference between tapioca starch and corn starch widened slightly. Corn starch inventory increased, and the future is uncertain [55]. 3.2.10 Agricultural Products (Corn) - The成交 rate of imported corn auctions decreased. If the inventory and auction data continue to be bearish, the spot price in the northern port may decline slightly, and it is recommended to short new - crop contracts in advance [56][57]. 3.2.11 Non - ferrous Metals (Copper) - Osisko may expand a copper deposit in Quebec, and Codelco's copper production increased by 9% in the first half of the year. The global macro - expectation risk is rising, and the copper price may be under pressure in the short - term [58][60][61]. 3.2.12 Non - ferrous Metals (Nickel) - Philippine nickel ore exports to Indonesia are expected to increase. The nickel price is expected to oscillate at a low level in the short - term, and it is recommended to short on rallies in the medium - term [62][63][64]. 3.2.13 Non - ferrous Metals (Lithium Carbonate) - China's lithium carbonate production increased in June and is expected to rise in July. The lithium carbonate price is expected to be strong in the short - term and may decline in the medium - term [65][66]. 3.2.14 Non - ferrous Metals (Polysilicon) - Wuxi Suntech found a new trustee. Polysilicon companies raised their quotes. The price is expected to be bullish in general but may correct in the short - term [67][68][69]. 3.2.15 Non - ferrous Metals (Industrial Silicon) - Yunnan's industrial silicon production increased during the flood season, and Xinjiang's production decreased. The industrial silicon price has strong resistance to decline, and it is recommended to short on rallies [70][71][72]. 3.2.16 Non - ferrous Metals (Lead) - A central China lead smelter resumed production. The lead price is expected to rise in the long - term, and it is recommended to buy on dips in the short - term [73][74][75]. 3.2.17 Non - ferrous Metals (Zinc) - LME zinc inventories decreased, and the 0 - 3 spread increased. The zinc price is expected to be mainly affected by macro factors in the short - term, and it is recommended to manage positions carefully [76][78][79]. 3.2.18 Energy and Chemicals (Carbon Emissions) - The EUA futures price decreased on July 11th. The EU carbon price is expected to be strong in the short - term [80][82]. 3.2.19 Energy and Chemicals (Crude Oil) - Russia plans to compensate for over - production from August to September. IEA lowered the global crude oil demand growth forecast. The oil price is expected to oscillate in the short - term [82][83][84]. 3.2.20 Energy and Chemicals (Bottle Chips) - Bottle chip factories' export quotes are mostly stable, and they plan to cut production in July. It is recommended to look for opportunities to expand processing fees by buying on dips [85][87]. 3.2.21 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong increased slightly. The caustic soda price is expected to have difficulty rising further [87][88]. 3.2.22 Energy and Chemicals (Pulp) - The price of imported wood pulp increased. The pulp price is expected to have limited upside due to unchanged supply - demand [89]. 3.2.23 Energy and Chemicals (PVC) - The PVC market is consolidating. PVC prices are expected to have limited upside due to deteriorating fundamentals [90]. 3.2.24 Energy and Chemicals (Soda Ash) - The soda ash market is weak. It is recommended to short on rallies in the medium - term [91]. 3.2.25 Energy and Chemicals (Float Glass) - The price of float glass in Shahe increased. The glass price is expected to have a large fluctuation range, and it is recommended to use an arbitrage strategy [92][93]. 3.2.26 Shipping Index (Container Freight Rate) - Ningbo - Zhoushan Port ranked seventh in the global shipping center. The EC2508 futures price is expected to oscillate between 1950 - 2050 in the short - term [94][95].

Group 1 - The core viewpoint of the articles highlights the significant increase in mergers and acquisitions (M&A) activities among state-controlled listed companies in the A-share market, driven by government reforms and policies [1][2] - As of July 13, 2023, there have been a total of 849 M&A cases involving state-controlled listed companies, representing a substantial increase of approximately 182% compared to the same period last year [1] - The number of major asset acquisitions, disposals, or swaps has also doubled from 12 cases last year to 25 cases this year, indicating a trend towards more significant transactions [1] Group 2 - The restructuring of state-owned enterprises (SOEs) is focused on enhancing core competitiveness and addressing external challenges, particularly in the context of economic transformation and upgrading [1][2] - Notable examples of industry consolidation include the restructuring of the China Ordnance Equipment Group and significant asset acquisitions in the non-ferrous metals and energy sectors, such as Zijin Mining's acquisition of a stake in Zangge Mining [2] - The restructuring efforts are characterized by a strong focus on core responsibilities, resource integration, high marketization, and significant synergy effects, with innovative restructuring models emerging [2] Group 3 - In the "hard technology" sector, state-owned enterprises are increasingly engaging in M&A to strengthen their independent control over core technologies, reflecting a strategic shift from scale expansion to innovation-driven and value-creating approaches [3] - The integration of industrial chains through policy guidance, market operations, and technological innovation is expected to accelerate the development of core technologies and enhance the self-sufficiency of the industry [3] - Future restructuring of SOEs is anticipated to effectively utilize the advantages of strategic emerging industries, promoting rapid market application and facilitating the integration of new productive forces [3]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Group 1 - The company expects a net profit attributable to shareholders of 1.75 billion to 1.90 billion yuan for the current reporting period, representing a year-on-year growth of 34.93% to 46.49% compared to 1.296994 billion yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 1.77 billion and 1.92 billion yuan, which indicates a year-on-year increase of 38.54% to 50.29% from 1.2775693 billion yuan in the previous year [1] - The basic earnings per share are projected to be between 1.1205 yuan and 1.2165 yuan, compared to 0.8258 yuan per share in the same period last year [1] Group 2 - The increase in net profit is primarily attributed to the investment income from the associated company, Tibet Julong Copper Co., Ltd., with an expected recognition of investment income of approximately 1.265 billion yuan, reflecting a growth of about 48.08% compared to the previous year [1]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-064 一、 二、 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日—2025 年 6 月 30 日 2、预计的业绩：□扭亏为盈 ☑同向上升 □同向下降 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东 | 盈利：175,000 万元-190,000 万元 | 盈利：129,699.38 万元 | | 的净利润 | 比上年同期增长：34.93%-46.49% | | | 扣除非经常性损益后 | 盈利：177,000 万元-192,000 万元 | 盈利：127,756.93 万元 | | 的净利润 | 比上年同期增长：38.54%-50.29% | | | 基本每股收益 | 盈利：1.1205 元/股-1.2165 元/股 | 盈利：0.8258 元/股 | 二、与会计师事务所沟通情况 公司已就业绩预告有关事项与会计师事务所进行了预沟通，双方在业绩预告 方面不存在分歧。本次业 ...