Core Viewpoint - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) showing significant gains, particularly in lithium battery materials, potassium fertilizers, and fluorine chemicals [1][8]. Group 1: Market Performance - The chemical ETF (516020) opened with a steady increase, reaching a maximum intraday gain of 2.32% and closing with a gain of 2.19% [1][8]. - Key stocks in the sector, such as Tianqi Lithium and Salt Lake Potash, saw increases exceeding 7%, while other companies like Wanhu Chemical and Xingfa Group rose over 3% [1][8]. Group 2: Price Movements - Lithium carbonate prices rose by 1,170 CNY to 97,100 CNY per ton, marking a new high in over a year, with a cumulative increase of 4,440 CNY over the past five days [10]. - Lithium hydroxide prices increased by 1,100 CNY to 85,500 CNY per ton, also reaching a new high, with a five-day cumulative increase of 3,630 CNY [10]. Group 3: Valuation Insights - The chemical sector is currently viewed as having a favorable cost-performance ratio, with the chemical ETF's underlying index price-to-book ratio at 2.33, positioned at the 39.92 percentile over the past decade [3][10]. Group 4: Future Outlook - The demand for chemical products is expected to grow, driven by various industries including real estate, automotive, and textiles, despite anticipated pressure on real estate demand by 2025 [11]. - The chemical industry is transitioning from a phase of scale expansion to high-quality growth, aided by policy collaboration and self-regulation within the industry [11].

Company Performance - Cangge Mining's stock price has reached a historical high, with the stock showing a continuous upward trend, having set new records on 10 trading days in the past month [2] - As of 10:29, the stock is up 3.16%, priced at 74.99 yuan, with a trading volume of 7.5 million shares and a transaction amount of 557 million yuan, resulting in a turnover rate of 0.48% [2] - The latest total market capitalization of the stock in A-shares is 117.75 billion yuan, with a circulating market value of 117.75 billion yuan [2] - The company's Q3 report indicates a total operating revenue of 2.401 billion yuan for the first three quarters, representing a year-on-year increase of 3.35%, and a net profit of 2.751 billion yuan, up 47.26% year-on-year, with basic earnings per share of 1.7566 yuan and a weighted average return on equity of 18.30% [2] Industry Overview - The non-ferrous metals industry, to which Cangge Mining belongs, has an overall increase of 1.27%, with 75 stocks rising, including Guocheng Mining, Shengxin Lithium Energy, and Zhongkuang Resources, which have increased by 8.81%, 7.49%, and 6.10% respectively [2] - Conversely, 64 stocks in the industry have declined, with the largest decreases seen in Tianli Composite, Sry New Materials, and Yinbang Shares, which have dropped by 9.38%, 7.60%, and 5.68% respectively [2] Margin Trading Data - As of December 16, the latest margin trading balance for Cangge Mining is 1.731 billion yuan, with a financing balance of 1.674 billion yuan, reflecting an increase of 28.2 million yuan over the past 10 days, which is a 1.71% increase [2]

Group 1 - The chemical sector experienced a significant rally on December 17, with the chemical ETF (516020) opening strong and reaching an intraday high of 1.8% before closing up 1.42% [1] - Key stocks in the sector included potassium fertilizers, polyurethane, and lithium batteries, with Salt Lake Co. surging over 5%, Wanhua Chemical rising over 3%, and several others gaining more than 2% [1] - An important meeting held last week outlined key development tasks for the upcoming year, emphasizing "comprehensive rectification of 'involutionary' competition," "promoting high-quality development," and "dual carbon leadership," which may provide ongoing momentum for optimizing the chemical industry landscape [1] Group 2 - According to Dongfang Securities, the focus on "anti-involution" and "high-quality development" will strengthen industry competition order governance, accelerate the exit of outdated capacity, and shift the industry from "quantity-based pricing" to "quality-based competition" [3] - The current valuation of the chemical sector is attractive, with the chemical ETF (516020) index price-to-book ratio at 2.33, positioned at a relatively low level within the past decade [3] - The chemical industry is at the bottom of the cycle, and the "anti-involution" trend is expected to enhance the competitive landscape, leading to improved profitability and valuation for leading companies [3] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry theme index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Co. [4] - Investors can also access the chemical sector through the chemical ETF linked funds (Class A 012537/Class C 012538) for efficient exposure [4]

Core Viewpoint - Cangge Mining announced a capital increase plan for the Cangqing Fund, raising the total scale from 5.31 billion to 6.71 billion yuan, with the company investing up to 660 million yuan to enhance its resource layout in lithium extraction from salt lakes and ensure good investment returns [1] Group 1: Fund Expansion - Cangge Mining's wholly-owned subsidiary, Cangge Mining Investment (Chengdu) Co., Ltd., and other partners signed a partnership agreement to expand the Cangqing Fund by 1.4 billion yuan [1] - The original limited partner, Ningbo Qingchuyulan Equity Investment Partnership, transferred its entire share in the Cangqing Fund to Jiangsu Shagang Group and withdrew from the partnership [1] Group 2: Investment Details - Cangge Mining Investment will increase its subscription to the Cangqing Fund by 660 million yuan, aiming to secure the value of previous investments and enhance the company's development capabilities in the lithium extraction sector [1] - The subscription details of the partners before and after the expansion are provided, showing the changes in their subscribed amounts and proportions [1] Group 3: Financial Performance - For the first three quarters of 2025, Cangge Mining reported revenues of 2.401 billion yuan and a net profit attributable to shareholders of 2.751 billion yuan [1]

Group 1 - The core point of the news is that Cangge Mining (000408.SZ) plans to increase its investment in the Jiangsu Cangqing New Energy Industry Development Fund by raising an additional 1.4 billion RMB to enhance its resource layout in the lithium extraction field from salt lakes and ensure good investment returns [1][2] Group 2 - Cangge Mining's wholly-owned subsidiary, Cangge Mining Investment (Chengdu) Co., Ltd., will invest up to 659.13 million RMB to subscribe for additional fund shares in the Cangqing Fund [1] - The Cangqing Fund's total scale will increase from 5.31 billion RMB to 6.71 billion RMB following the fundraising [2] - The original limited partner, Ningbo Qingchubai Equity Investment Partnership, has transferred its shares in the Cangqing Fund to Jiangsu Shagang Group Co., Ltd. and has exited the partnership, while other partners remain unchanged [2]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-087 藏格矿业股份有限公司 关于全资子公司参与产业发展基金扩募 并签署合伙协议的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、基金扩募背景 江苏藏青新能源产业发展基金合伙企业（有限合伙）（以下简称"藏青基金"） 为扩大投资规模，拟新增募集资金 14 亿元人民币。2025 年 10 月 16 日，藏格矿 业股份有限公司（以下简称"公司"）召开第十届董事会第五次（临时）会议， 审议通过了《关于全资子公司追加认购基金份额暨关联交易的议案》，同意公司 全资子公司藏格矿业投资（成都）有限公司（以下简称"藏格矿业投资"）作为 有限合伙人，使用自有资金不超过人民币 65,913.37 万元追加认购藏青基金本次 扩募份额。本次追加投资旨在保障公司前期投资价值，增强公司在盐湖提锂领域 的资源布局和持续发展能力，预期将为公司带来良好的投资回报。具体内容详见 公司在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于全资子公司与专业 投资机构共同投资追加认购基金份额暨关联交易的公告》（ ...

Group 1 - The core point of the news is that Cangge Mining (000408.SZ) plans to increase its investment in the Jiangsu Cangqing New Energy Industry Development Fund by raising an additional 1.4 billion RMB to enhance its resource layout in the lithium extraction sector [1][2] - Cangge Mining's wholly-owned subsidiary, Cangge Mining Investment (Chengdu) Co., Ltd., will invest up to 659.13 million RMB in the fund to secure the value of its previous investments and support sustainable development [1] - The total scale of the Cangqing Fund will increase from 5.31 billion RMB to 6.71 billion RMB following this fundraising effort [2] Group 2 - The partnership agreement for the Cangqing Fund has been officially signed, marking a significant change in the fund's structure [2] - The original limited partner, Ningbo Qingchubulan Equity Investment Partnership, has transferred its entire stake in the fund to Jiangsu Shagang Group Co., Ltd. and has exited the partnership [2] - Other partners in the fund remain unchanged, and details regarding the capital increase of each partner are provided in the announcement [2]

藏格矿业公告，近日，公司全资子公司藏格矿业投资（成都）有限公司已正式签署江苏藏青新能源产业 发展基金合伙企业（有限合伙）合伙协议。藏青基金计划扩募14亿元，总规模从53.1亿元增至67.1亿 元。藏格矿业投资本次追加认缴金额不超过6.59亿元，占扩募后总规模的47.0810%。 ...

Report Title - The report is titled "2026 Strategy Report for New Energy Varieties" by Everbright Futures Research Institute, dated December 2025 [1][2] Report Industry Investment Rating - The report does not mention the industry investment rating Core Viewpoints - In 2026, the lithium resource market will show a pattern of strong supply and demand, with a price center likely to rise to 100,000 - 110,000 yuan/ton, but price elasticity may increase [7][8] - The industrial silicon market will continue to see the global supply center shift to China, with domestic supply showing a pattern of decreasing in the south and increasing in the north. The supply surplus pattern is difficult to reverse in the short term, and prices will be anchored to costs, with a reference range of 7,000 - 9,500 yuan/ton [140][265] - The polysilicon market will enter the second stage of capacity clearance. Marginal supply and demand will turn into a tight - balance structure, and prices will show a range - bound characteristic, with a reference range of 46,000 - 62,000 yuan/ton [142][270] Summary by Directory Carbonate Lithium: Smooth Sailing and a Turnaround 2025 Market Review - The price of carbonate lithium in 2025 showed a trend of "first declining, then rising, with the bottom rising and fluctuating upwards". The price was affected by factors such as policy, supply, and demand at different stages [6][9] 2026 Supply - Demand Pattern - Supply: Global lithium resource supply is expected to increase by 29% year - on - year to 2.142 million tons of LCE in 2026 [7] - Demand: In 2025, lithium battery demand may increase by 35% year - on - year to 1,963 GWh, and is expected to increase by 23 - 32% year - on - year to 2,421 - 2,589 GWh in 2026 [7] - Supply - Demand Balance: In 2025, the surplus narrowed to 97,000 tons of LCE. In 2026, under different demand growth rate expectations, the lithium resource surplus will be in the range of [90,000, 218,000] tons of LCE [7] Price Outlook - In 2026, the price center may rise to 100,000 - 110,000 yuan/ton, but price elasticity may increase. If the price remains above 105,000 yuan/ton, it may lead to supply - side responses and test the demand side [8] Industrial Silicon & Polysilicon: United Efforts and a Bright Future 2025 Market Review - Industrial silicon showed a pattern of alternating rises and falls in the resonance of macro and micro factors. Polysilicon showed a trend of first declining and then rising [140][145] 2026 Market Analysis Logic - Industrial Silicon - Supply: The global supply center will continue to shift to China, and domestic supply will show a pattern of decreasing in the south and increasing in the north. The possibility of new production capacity plans for postponed projects is very low, and the industry will enter a structural adjustment cycle [140][161] - Demand: The photovoltaic terminal will shift from a high - speed development stage to a stable adjustment stage, and the growth rate of polysilicon capacity will turn negative. The overseas restocking cycle is coming to an end, and the domestic terminal is hard to see an increase. The growth rate of the organic silicon industry will gradually weaken, and the growth rate of the aluminum alloy industry will slow down [140][183] - Polysilicon - Supply: The industry will enter the second stage of capacity clearance. New capacity is almost impossible to achieve due to strict energy - consumption indicator control, and the progress of the platform acquisition plan is not optimistic [142][205] - Demand: As the focus of the 14th Five - Year Plan shifts from the power supply end to the energy storage end, the domestic new installation volume will tend to decrease. Component exports face policy tightening and cost pressure. The overseas market shows a new competitive pattern of regional differentiation and policy linkage [142][218] Price Outlook - Industrial Silicon: The price reference range is 7,000 - 9,500 yuan/ton, and it is recommended to short at high prices following the production increase rhythm [265][267] - Polysilicon: The price reference range is 46,000 - 62,000 yuan/ton, and it is recommended to try long at low prices within the range following policies and industry dynamics [270][271]

Core Viewpoint - The periodic sample adjustment of various indices, including the Shanghai Stock Exchange 50 and ChiNext indices, is set to take effect, reflecting a shift towards including more emerging industry leaders and enhancing the technology attributes of these indices [1][9]. Index Adjustments - The Shanghai Stock Exchange 50 Index will replace 4 samples, while the Shanghai 180 Index will replace 7 samples, and the Shanghai 380 Index will replace 38 samples [1]. - The ChiNext Index will see 8 samples replaced, with notable additions including companies like Aosheng Technology and Shenghong Technology [1][3]. - The CSI 500 Index will replace 50 samples, and the CSI 1000 Index will replace 100 samples, indicating a significant overhaul [1]. Emerging Industry Focus - The adjustments will increase the representation of strategic emerging industries, with the ChiNext Index's strategic emerging industry weight reaching 93% [9]. - The new sample companies have shown a 13% year-on-year increase in R&D expenses, with 30 companies having an R&D intensity exceeding 10% [9]. - The weight of strategic emerging industries in the ChiNext 50 Index is now at 98%, with new generation information technology industries, such as artificial intelligence and chips, accounting for 45% [9]. ETF Rebalancing - Following the index adjustments, ETFs tracking these indices will also undergo rebalancing to align with the new sample compositions [8].