| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002240 | 盛新锂能 | 32.33 | 5.97% | 76.68万 | 24.53亿 | | 000408 | 藏格矿业 | 70.01 | 2.96% | 14.67万 | 10.15 Z | | 605376 | 博迁新材 | 55.11 | 2.15% | 10.34万 | 5.74亿 | | 002756 | 永兴材料 | 46.51 | 1.57% | ● 14.33万 | 6.64亿 | | 002460 | 赣锋锂业 | 63.33 | 1.33% | 58.60万 | 36.94亿 | | 002192 | 融捷股份 | 49.57 | 1.27% | 14.31万 | 7.05亿 | | 002466 | 天齐锂业 | 52.89 | 1.22% | 44.65万 | 23.53亿 | | 6633309 | 永杉坪V | 11.02 | 1.10% | 13.26万 | 1.46 Z | | 000762 | 西藏矿业 ...

证券研究报告 基础材料 锂：近端强现实，远期依旧看好上涨 锂行业：近端强现实，远期需求分歧依旧较大 今年 9 月以来，碳酸锂价格持续走强，期货主力合约价格一度突破 10 万元 /吨，价格上涨主要可归因为供给端江西枧下窝矿山在 8 月停产以及需求端 下游电池需求呈现明显淡季不淡，供给扰动与需求高增速共振下，国内库存 持续去化。与此同时，国内储能招标维持高增速，导致市场对于 26 年全球 储能出货预期大幅抬升。强现实+强需求预期推升碳酸锂价格在三季度以来 持续上涨。站在当前节点展望后市，市场对具体 26/27 年需求增速预期尤其 储能的增速上呈明显分歧，该分歧直接导致市场对于碳酸锂未来的长期供需 测算结果方差较大。本文将对不同终端增速预期下的碳酸锂需求以及不同价 格下的供给进行测算，以分析未来锂价的合理中枢。 供给：预计锂资源 26 年/27 年产量增速为 32.3%/17.1% 根据我们测算，2026 年全球锂资源供应增量将主要来自国内盐湖新项目投 产、非洲矿与澳矿的放量，以及南美盐湖产能的爬产。中性预期下，我们预 测 2025 年至 2027 年全球锂资源供给量预计分别为 163.4 万吨、216.2 万 吨 ...

藏格矿业 20251205 摘要 公司 2025 年氯化钾目标产量 100 万吨，销量 90 万吨；前三季度产量 70.16 万吨，销量 78.38 万吨，含税售价近 2,920 元，同比增长 26.88%，受益于全球高钾肥价格及国内冬储需求。 碳酸锂板块前三季度产量 6,021 吨，销量 4,800 吨，全年产销目标调整 至 8,510 吨，预计 2026 年产量目标在 1~1.2 万吨之间。同时，公司 对未来锂价持乐观态度，专注于成本优化。 参股巨龙铜业贡献显著利润，前三季度投资收益 19.50 亿元，占公司净 利润约 71%。巨龙铜业前三季度产铜 14.25 万吨，销量 14.24 万吨， 全年产量目标 18.5~19 万吨，二期稳步推进，力争年底建成投产。 马米错项目一期预计明年建成投产，冬季施工影响有限，成本预计每吨 3 万元。公司享有优先收购权，或在一期投产前收回部分股权。二期已 预留基础设施，采矿证无需重新办理。 公司通过创新基金间接持有国能矿业股份，其下属盐湖采矿权规划远期 年产能 13 万吨，一期 3,300 吨已建成，预计 2026 年可实现 1 万吨的 产能。 Q&A 请介绍一下公司 2 ...

Core Viewpoint - The major shareholder of Cangge Mining Co., Ltd., Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management Co., Ltd., plans to reduce its shareholding by up to 9,337,068 shares, accounting for 0.60% of the total share capital after excluding repurchased shares, due to funding needs [1]. Group 1: Shareholder Reduction Plan - Xinsha Hongyun Investment has completed its share reduction plan, having sold a total of 9,337,065 shares from October 24, 2025, to December 2, 2025, which is 0.60% of the total share capital after excluding repurchased shares [2]. - The shares sold by Xinsha Hongyun Investment were acquired through a previous agreement [3]. Group 2: Compliance and Regulations - The share reduction by Xinsha Hongyun Investment complied with relevant laws and regulations, including the Securities Law of the People's Republic of China and the interim measures for the management of share reductions by shareholders of listed companies [3]. - There were no violations of previously disclosed reduction plans, and the reduction was executed in accordance with the announced plan [4].

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The lithium price has shown a strong rebound due to supply constraints and increased demand from the energy storage sector, with battery-grade lithium carbonate prices rising from 61,300 CNY/ton to 85,700 CNY/ton in Q3 2025, marking an 11.92% increase from the previous quarter [12] - The overall revenue of 12 A-share lithium companies reached 39.718 billion CNY in Q3 2025, reflecting a year-on-year increase of 27.01% and a quarter-on-quarter increase of 12% [18] - The net profit attributable to shareholders for these companies surged to 5.328 billion CNY in Q3 2025, a significant year-on-year increase of 110% and a quarter-on-quarter increase of 65% [21] - The average gross margin for the companies was 24.7%, with a net margin of 13.42%, indicating a positive trend in profitability [29] Market Analysis - The lithium supply remains resilient despite production disruptions in regions like Jiangxi, with Q3 2025 lithium salt production reaching 328,500 tons, a year-on-year increase of 17.9% [14] - Global sales of new energy vehicles reached 5.4 million units in Q3 2025, a 23% increase year-on-year, driving demand for lithium [9] - Lithium salt inventory decreased from 150,000 tons to 130,000 tons in Q3 2025, indicating a trend of destocking in the industry [17] Financial Performance - The average cash ratio for the companies was 0.79, with a debt-to-asset ratio of 38.75%, indicating stable debt repayment capabilities [55] - Capital expenditures for the 12 companies totaled 16.943 billion CNY in the first three quarters of 2025, reflecting a year-on-year increase of 15.65% [49] - The four major expenses (sales, management, R&D, and financial costs) totaled 3.26 billion CNY in Q3 2025, with a notable increase in financial expenses [38]

石化ETF紧密跟踪中证石化产业指数数据显示，截至2025年11月28日，中证石化产业指数前十大权重股 分别为万华化学、中国石油、盐湖股份、中国石化、中国海油、藏格矿业、巨化股份、华鲁恒升、恒力 石化和宝丰能源，前十大权重股合计占比56.67%。（以上所列股票仅为指数成份股，无特定推荐之 意） 石化ETF(159731)，场外联接(华夏中证石化产业ETF发起式联接A：017855；华夏中证石化产业ETF发 起式联接C：017856)。 截至2025年12月4日9:46，中证石化产业指数上涨0.37%，成分股藏格矿业、光威复材、中国石油、金发 科技、亚钾国际等领涨。石化ETF(159731)上涨0.48%，最新价报0.84元。石化ETF最新规模达2.02亿 元，最新份额达2.42亿份，均创近1年新高。 从资金净流入方面来看，石化ETF近9天获得连续资金净流入，最高单日获得1148.52万元净流入，合 计"吸金"2550.14万元，日均净流入达283.35万元。 截至12月3日，石化ETF近2年净值上涨28.30%。从收益能力看，截至2025年12月3日，石化ETF自成立 以来，最高单月回报为15.86%，最长连涨 ...

（文章来源：每日经济新闻） 每经AI快讯，12月4日，早盘有色板块震荡走强，铜方向领涨，洛阳钼业、藏格矿业涨超4%，均创历史 新高，盛屯矿业涨超8%，锡业股份、金诚信、西部矿业、江西铜业涨幅靠前。 ...

成份股方面，钾肥、锂电、石化等板块部分个股涨幅居前。截至收盘，杭氧股份飙涨5.56%，亚钾国际 大涨4.37%，恒逸石化、藏格矿业、华峰化学等多股跟涨超2%。 化工板块今日（12月3日）逆市上涨！反映化工板块整体走势的化工ETF（516020）多数时间红盘震 荡，盘中场内价格最高涨幅达到1.39%，午后略有回落，截至收盘，逆市涨0.38%。 | 证券简称 | 库号 证券代码 | 区间涨跌幅 | | | --- | --- | --- | --- | | | | [区间首日] 2025-01-01 | | | | | [区间尾日] 2025-12-03 | | | | | [単位] % | | | :: 1 000813.CSI 细分化工 | | | 28.1279 | | ::: | 2 000001.SH 上证指数 | | 15.7003 | | ::: | 3 000300.SH 沪深300 | | 15.1500 | 注：统计区间为2025年1月1日至2025年12月3日，细分化工指数近5个完整年度的涨跌幅为：2020年， 51.68%；2021年，15.72%；2022年，-26.87%；2023年， ...

证券代码：000408 证券简称：藏格矿业 公告编号：2025-086 藏格矿业股份有限公司 关于持股5%以上股东减持股份计划实施完成的公告 股东宁波梅山保税港区新沙鸿运投资管理有限公司保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 藏格矿业股份有限公司（以下简称"公司"）持股5%以上股东宁波梅山保 税港区新沙鸿运投资管理有限公司（以下简称"新沙鸿运投资"）因资金需求， 计划以集中竞价交易方式或大宗交易方式合计减持公司股份不超过9,337,068股， 即不超过剔除公司回购股份后总股本的0.60%，减持区间为2025年10月24日至20 26年1月23日。具体内容详见公司于2025年9月25日在巨潮资讯网（http://www.cn info.com.cn）披露的《关于持股5%以上股东减持股份预披露公告》（公告编号： 2025-077）。 近日，公司收到新沙鸿运投资出具的《关于实施完成股份减持计划的告知函》， 在2025年10月24日至2025年12月2日期间，新沙鸿运投资累计通过集中竞价交易 方式减持公司 ...

Core Viewpoint - The chemical industry is currently experiencing a dual bottom in valuation and profitability, with signs of recovery in profit margins and a potential upward trend in the economic cycle driven by demand recovery and resource supply contraction [1][2]. Group 1: Industry Performance - As of December 3, 2025, the chemical sector index rose by 0.87%, with notable gains from stocks such as Hangzhou Oxygen Plant (up 4.48%) and Yara International (up 4.42%) [1]. - The basic chemical sector's net profit increased by 7.45% year-on-year for the first three quarters of 2025, indicating a recovery trend despite mixed performance across sub-sectors [1]. - The overall chemical industry remains at a low level of prosperity, but a gradual improvement in profit margins is becoming evident [1]. Group 2: Market Dynamics - The industry is expected to benefit from reduced supply-side pressures and a global monetary easing environment, particularly with the anticipated interest rate cuts by the Federal Reserve, which could stimulate downstream demand [1]. - The focus on "anti-involution" policies is crucial as multiple sub-industries face competitive pressures, and the industry is likely to accelerate the release of high-performance new materials driven by AI demand [1][2]. Group 3: Investment Opportunities - Investors can track the chemical sector through the Jia Shi Chemical ETF (159129), which closely follows the China Securities Index for the chemical industry [2]. - There are also opportunities for off-market investors to engage with the chemical sector via the Chemical ETF Connect Fund (013527) [3].