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].

从估值方面来看，当前化工板块仍具配置性价比。数据显示，截至昨日（12月2日）收盘，化工ETF（516020）标的指数细分化工指数市净率为2.33倍，位 于近10年来39.73%分位点的相对低位，中长期配置性价比凸显。 展望后市，中国银河证券表示，2024年以来化工行业资本开支迎来负增长，随着"反内卷"浪潮袭来及海外落后产能加速出清，供给端有望收缩。"十五五"规 划建议"坚持扩大内需"为未来五年定调，叠加美国降息周期开启，化工品需求空间打开。其认为，供需双底基本确立，政策预期强力催化，2026年化工行业 或迎周期拐点向上，开启从估值修复到业绩增长的"戴维斯双击"。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF（516020）跟踪中证细分化工产业主题指数，全面覆盖化 工各个细分领域。其中近5成仓位集中于大市值龙头股，包括万华化学、盐湖股份等，分享强者恒强投资机遇；其余5成仓位兼顾布局磷肥及磷化工、氟化 工、氮肥等细分领域龙头股，全面把握化工板块投资机会。场外投资者亦可通过化工ETF联接基金（A类012537/C类012538）布局化工板块。 来源：沪深交易所等， ...

12月3日上午，藏格矿业股价大涨超3%，最高触及65.45元/股，刷新历史新高，市值突破千亿元大关。 ...

格隆汇12月3日｜藏格矿业股价大涨超3%，最高触及65.45元/股，刷新历史新高，市值突破千亿元大 关。 ...

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，并注销合肥锦沙星河。近日，公司获 悉合肥锦沙星河已收到合肥市高新开发区市场监督管理局出具的《登记通知书》，准予其注销登记。截 至本公告披露日，合肥锦沙星河的工商注销手续已办理完毕。 格隆汇12月2日丨藏格矿业(000408.SZ)公布，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（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）（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。 ...

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].

格隆汇12月2日丨藏格矿业(000408.SZ)在投资者互动平台表示，公司全资子公司格尔木藏格钾肥有限公 司取得新的采矿权证与采矿许可证，在延续主矿种钾盐的基础上，新增矿盐、镁盐、锂矿、硼矿共伴生 矿种，公司持续做好盐湖钾锂资源开发，保持钾锂稳定生产，积极推动共伴生矿盐、镁矿、硼矿的综合 利用，最大化资源价值。公司目前暂未布局硼酸或硼砂产品，暂无相关产能及行业排名信息。 ...

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]