Core Viewpoint - Cangge Mining (000408.SZ) announced the termination of its investment in Hefei Jingsha Xinghe due to unfavorable market conditions and the need to manage investment risks effectively [1] Group 1: Investment Decision - The company approved a proposal for its wholly-owned subsidiary, Cangge Mining Investment (Chengdu) Co., Ltd., to invest 100 million RMB in Hefei Jingsha Xinghe, which is controlled by Shanghai Jingsha Equity Investment Fund Management Co., Ltd. [1] - The investment was directed towards the Galaxy Aerospace project [1] Group 2: Termination of Investment - Due to changes in the market environment, the financing process for the investment project did not meet expectations, leading to a consensus among partners to terminate the investment [1] - The company has completed the deregistration procedures for Hefei Jingsha Xinghe, as confirmed by the Hefei High-tech Development Zone Market Supervision Administration [1]

一、对外投资情况概述 藏格矿业股份有限公司（以下简称"公司"）于2024年1月19日召开的第九 届董事会第十一次（临时）会议，审议通过了《关于全资子公司拟参与投资专项 基金的议案》，同意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"）拟使用自有资金1亿元人民币投资上海锦沙股权投资基金管理有 限公司控制的合肥锦沙星河企业管理合伙企业（有限合伙）（以下简称"合肥锦 沙星河"）（曾用名：合肥锦沙星河股权投资合伙企业（有限合伙）），投资方 向为银河航天项目。具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn） 披露的相关公告。 二、对外投资进展情况 证券代码：000408 证券简称：藏格矿业 公告编号：2025-085 藏格矿业股份有限公司 关于终止与专业机构共同投资并注销合伙企业的公告 四、备查文件 《登记通知书》。 特此公告。 自项目筹备以来，各合作方为合肥锦沙星河的投资事项等均做出了积极努力， 因市场环境变化导致投资项目融资进程不及预期，经藏格矿业投资审慎评估并与 各合伙人协商一致，为切实管控投资风险、合理优化管理成本，各方一致决定终 止本次与专业机构共同投资事项 ...

Core Viewpoint - The article discusses the recent sample adjustment of the CSI Dividend Index, highlighting the reasons for the removal and addition of stocks, and the overall impact on the index's quality and dividend yield [3][9]. Sample Adjustment Information and Logic Analysis - The CSI Dividend Index underwent a sample adjustment involving 20 stocks, accounting for 20% of the total sample size [5]. - Stocks were removed primarily due to low dividend yields, liquidity issues, or excessively high payout ratios [6]. - Notably, many stocks were removed because their dividend yields fell below acceptable levels, often due to declining performance [6]. Stocks Removed from the Index - Stocks such as Aotai Biological, Baosteel, and Dashiang were removed due to low dividend yields, with Baosteel's yield at 3.68% and Aotai's at 5.62% [5]. - Other reasons for removal included liquidity issues for companies like Dashiang and Fuanna, and high payout ratios for companies like Huafa and Xiangzhong Energy [5]. Stocks Added to the Index - New additions included stocks like Anhui Construction and Baoxini, which had higher dividend yields, with Anhui's yield at 5.46% [7]. - The adjustment included a diverse range of industries, enhancing the index's overall sector representation [8]. Comparison of Basic Data Before and After Adjustment - The overall financial performance of stocks added to the index was superior to those removed, with net profit growth of -2.94% for new additions compared to -23.52% for those removed [11]. - The return on equity (ROE) for new additions was 12.93%, indicating stronger financial health [11]. Valuation and Performance Comparison - The average price-to-earnings (PE) ratio for stocks added to the index was significantly lower than those removed, suggesting improved valuation metrics [13]. - The average dividend yield for new additions increased by 36 basis points compared to those removed, reflecting a more attractive income potential [13]. Conclusion - The adjustments to the CSI Dividend Index are expected to enhance its dividend yield and overall quality, while also reducing the PE ratio, thereby maintaining its long-term investment value [15].

Core Viewpoint - Cangge Mining (000408.SZ) has obtained new mining rights and permits for its wholly-owned subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd, expanding its resource base to include not only potash but also associated minerals such as salt, magnesium, lithium, and boron [1] Group 1 - The company continues to focus on the development of salt lake potash and lithium resources while maintaining stable production of both [1] - The company is actively promoting the comprehensive utilization of associated minerals including salt, magnesium, and boron to maximize resource value [1] - Currently, the company has not yet entered the boric acid or borax product markets and does not have relevant production capacity or industry ranking information [1]

Core Viewpoint - The company has significant lithium production capacity and is advancing its projects in Qinghai and Tibet, indicating strong growth potential in the lithium market [1] Group 1: Production Capacity - The company has an annual production capacity of 10,000 tons of lithium carbonate at the Qarhan Salt Lake in Qinghai [1] - The company is also involved in the Tibet Mami Cuo Salt Lake project, which has commenced the construction of a phase one project with an annual production capacity of 50,000 tons of lithium carbonate, expected to be completed within 9 to 12 months [1] Group 2: Project Development - The phase one construction of the Tibet Mami Cuo Salt Lake project is set to be fully operational by the third quarter of 2025, and the project is progressing as planned [1]

Group 1 - The company has an annual production capacity of 10,000 tons of lithium carbonate at the Qarhan Salt Lake in Qinghai [1] - The company is involved in the Tibet Mami Cuo Salt Lake project, which has officially commenced the construction of a phase one lithium carbonate production facility with an annual capacity of 50,000 tons, expected to be completed within 9 to 12 months [1]

Core Viewpoint - Cangge Mining (000408.SZ) has obtained new mining rights and permits for its wholly-owned subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd, expanding its resource development to include potassium salt, magnesium salt, lithium ore, and boron ore alongside its main product, potash [1] Group 1: Resource Development - The company is committed to the continuous development of salt lake potash and lithium resources, ensuring stable production of potash and lithium [1] - The company is actively promoting the comprehensive utilization of associated minerals such as salt, magnesium, and boron to maximize resource value [1] Group 2: Current Operations - Currently, the company has not established a presence in boric acid or borax products and does not have relevant production capacity or industry ranking information [1]

Group 1 - The company has an annual production capacity of 10,000 tons of lithium carbonate at the Qarhan Salt Lake in Qinghai [1] - The company is involved in the Xizang Mami Cuo Salt Lake project, which has officially commenced the construction of the first phase with an annual production capacity of 50,000 tons of lithium carbonate, expected to be completed in 9 to 12 months [1]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000408 | 藏格矿业 | 62.92 | 3.52% | 30.88万 | | 19.60亿 | | 600711 | 盛屯矿业 | 12.58 | 1.94% | 208.04万 | | 26.48亿 | | 301219 | 腾远钻业 | 62.61 | 1.29% | 6.73万 | | 4.22亿 | | 605376 | 博迁新材 | 49.56 | 0.59% | 2.85万 | | 1.42亿 | | 603799 | 华友钻业 | 62.11 | 0.45% | 58.38万 | | 36.62亿 | | 300618 | 塞锐钻业 | 44.35 | 0.34% | 8.90万 | | 3.98亿 | | 002460 | 赣锋锂业 | 62.55 | 0.00% | 52.12万 | | 32.78亿 | | 002466 | 天齐锂业 | 54.62 | -0.75% | 53.22万 | | 29.34 ...