本报记者 吴晓璐 据Wind资讯数据统计，截至8月4日，今年以来已有61家A股公司控股股东、实际控制人完成变更。从变更后实控人性质来 看，有16家实控人变更为地方国资（含2家不同地方国资之间变更）。 近年来，地方国资频频通过并购等方式收购上市公司，强化产业整合，提升资源配置效率，实现优势资源协同发展，在提 高上市公司的持续经营和盈利能力，提升上市公司价值的同时，也可以带动地方经济转型升级。 推动地方经济转型升级 据记者梳理，上述16家地方国资收购的上市公司中，有8家通过协议转让获得控制权，有5家通过"协议转让+表决权委托/ 放弃"获得控制权。另外，通过司法拍卖、"定增+表决权委托"以及大股东增持获得控制权的各有1家。从行业来看，基础化工 行业有3家，数量最多，其次电子和有色金属行业分别有2家。从公司来看，有5家属于战略性新兴产业企业，其中2家为科创板 公司，其他为传统产业企业。 对于此次权益变更，锡港启兴表示，洪汇新材在特种氯乙烯及相关行业不断技术革新、探索研究，在国内外同行业中处于 领先地位，为锡山区当地经济发展、当地产业集群持续转型升级起到了重要的积极作用。锡山区国服中心高度重视新兴产业、 重点产业投资， ...

记者丨董鹏 编辑丨骆一帆 未来几年，除了5000亿市值的紫金矿业以外，"紫金系"很可能会再增紫金黄金国际、藏格矿业 两家千亿级别的上市平台。 上周末，藏格矿业发布了紫金矿业入主后的首份半年报。当期，该公司在实现16.8亿元营收的 基础上，扣非后净利润达到18.1亿元，同比增长41.55%。 其中关键，便在于巨龙铜业为其贡献的12.64亿元投资收益，这构成了上市公司当期利润的主 要来源。 更为重要的是， 后续藏格矿业还有其他明确的项目增量。 短期内，包括计划2025年底投产的巨龙铜业二期，投产后其年产量有望翻倍增加至30-35万 吨，中远期则有已经获得采矿许可的麻米错项目、处于"探转采"阶段的老挝钾盐项目。 "2025年7月，老挝发展就地下开采系统充填研究攻关召开启动会，紫金集团副总工程师带队攻 关，项目科研与前期工程正按计划推进。"藏格矿业在业绩说明会上指出。 后续，随着以上项目产能的释放，将显著增厚公司利润规模，近期部分卖方研究员已将其2026 年利润预期值上调至61亿元左右。 截至目前， 藏格矿业总市值已经升至750亿元，如若上述盈利预期能够兑现，后续公司确实存 在冲刺千亿市值的可能性。 此外，加上总资产 ...

Group 1: Market Overview - The global demand for potassium fertilizer is steadily increasing, supported by supply reductions from major suppliers and geopolitical trade disruptions, which create a tight supply-demand balance for potassium prices [2] - In the first half of 2025, domestic potassium chloride production was approximately 2.5547 million tons, a year-on-year decrease of 9.5%, indicating a tightening supply trend [2] Group 2: Strategic Planning - The company's strategic goal is to reach a global mining group level by 2027, leveraging its strengths in potassium and lithium resource development [3] - The company aims to enhance its resource reserves, production capacity, and development technology to become one of the world's most important suppliers of potassium and lithium [3] Group 3: Financial Performance - In the first half of 2025, the average sales cost of potassium chloride was 996 RMB/ton, a year-on-year decrease of 7.36% [7] - The company achieved a net profit of approximately 48.52 million RMB from lithium operations, which represents a low proportion of the overall net profit [7] Group 4: Project Updates - The company is actively pursuing the renewal of mining permits for the Chaka Salt Lake, with approvals progressing through various levels of government [5][6] - The Laos potassium project has secured a resource reserve certificate for a total of 984 million tons of potassium chloride and 16 million tons of associated bromine resources [9] Group 5: Shareholder Returns - In the first half of 2025, the company distributed cash dividends totaling 1.569 billion RMB, with cumulative dividends from 2022 to 2024 amounting to 7.4 billion RMB [12] - The company plans to maintain a reasonable dividend policy while ensuring funding for key projects, allowing investors to share in the company's growth [12]

Group 1 - The latest stock price of Cangge Mining is 47.82 yuan, an increase of 1.76 yuan, representing a rise of 3.82% compared to the previous trading day [1] - The company operates in the fertilizer industry, primarily engaged in the production and sales of potassium fertilizers and lithium salt products [1] - The production cost of lithium carbonate from the Mami Cuo Salt Lake is approximately 31,000 yuan per ton, significantly lower than the industry average [1] Group 2 - In the first half of the year, the company achieved an operating income of 1.678 billion yuan and a net profit of 1.8 billion yuan, reflecting a year-on-year growth of 38.80% [1] - The investment income from the associated company, Julong Copper Industry, contributed 1.264 billion yuan, accounting for 70.22% of the net profit [1] - The National Social Security Fund's second-quarter holdings indicate that the 103rd combination holds 18.12 million shares of Cangge Mining, representing 1.15% of the circulating shares [1] Group 3 - The company plans to implement a mid-term dividend, proposing a cash dividend of 10 yuan for every 10 shares, totaling a distribution amount of 1.569 billion yuan [1]

Core Viewpoint - Minmetals Mining is expected to see significant growth in net profit driven by lithium, potassium, and copper production, with a strong cost advantage in lithium extraction from salt lakes [1] Financial Performance - The net profit attributable to shareholders for the first half of 2025 is projected to be 1.8 billion yuan, representing a year-on-year increase of 38.8% [1] - In Q2 2025, the net profit attributable to shareholders is expected to reach 1.05 billion yuan, showing a year-on-year increase of 37.2% and a quarter-on-quarter increase of 40.9% [1] Sales and Production Insights - Lithium sales in Q2 increased quarter-on-quarter, showcasing a significant cost advantage [1] - Potassium sales saw a substantial increase, with both price growth and cost reduction contributing to better-than-expected performance [1] - Copper production increased while costs decreased, leading to record high unit profitability [1] Growth Drivers - The company is driven by three key sectors: lithium, potassium, and copper, indicating a large growth potential [1] - The cost advantage in lithium extraction from salt lakes is highlighted as a significant factor for future profitability [1] - The ongoing expansion projects, particularly the second and third phases of the Jilong project, are progressing as planned, with expectations of exceeding project timelines [1] Future Projections - The projected net profits for 2025, 2026, and 2027 are 3.56 billion yuan, 6.08 billion yuan, and 7.93 billion yuan respectively [1] - The corresponding price-to-earnings ratios based on the closing price on August 1 are 20, 12, and 9 times [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Viewpoints - The report suggests focusing on gold stocks for a potential second wave of market opportunities within the year, driven by three dimensions: gold prices, valuations, and investment style [2][4] - Gold prices are expected to rise due to a pure driving force this year, breaking away from traditional interest rate frameworks, with a 90% probability of a rate cut in September [2][4] - Valuations of nearly all A-share gold stocks have adjusted to levels seen before the Q1 rally, indicating a high risk-reward ratio for investors [2][4] - The relative performance of gold stocks has diverged significantly from gold prices, reaching a new high in this cycle [2][4] Summary by Sections Precious Metals - The report emphasizes the importance of gold stocks and suggests increasing allocation to them, highlighting companies such as Zhaojin Mining, Chifeng Jilong Gold Mining, Shandong Gold, and Shengda Resources [4] - Strategic metals like rare earths and tungsten are also highlighted for their potential value reassessment, driven by national policies and international market dynamics [5] - The report notes that the prices of rare earths have shown a significant increase, with Baotou Steel's rare earth concentrate price rising to 19,100 yuan/ton, a 1.5% increase [5] Industrial Metals - Industrial metals are experiencing downward pressure due to domestic demand concerns and a stronger US dollar, with copper and aluminum prices declining by 1.7% and 2.3% respectively [6][24] - The report indicates that the overall industrial metal market is in a state of fluctuation, with expectations of a rebound if the Federal Reserve implements rate cuts or if domestic stimulus measures are intensified [7] Lithium and Cobalt - The report highlights the short-term price fluctuations in lithium and cobalt, with battery-grade lithium carbonate prices dropping by 9.9% to 68.5 yuan/kg, while cobalt prices have shown an upward trend [25][29] - The report suggests monitoring supply disruptions in Jiangxi and emphasizes the potential for price increases in cobalt due to supply constraints [5][29]

Group 1 - Cangge Mining reported a gross profit margin of 30.53% for its lithium carbonate business in the first half of 2025, indicating strong product competitiveness [1] - The company received a mining license from the Tibet Autonomous Region's Natural Resources Department, allowing it to legally exploit salt lake resources [1] - The production cost of lithium carbonate for the first phase of the Mami Cuo project is approximately 31,000 yuan per ton, suggesting potential for cost control and competitive advantage in the industry [1] Group 2 - Bangjie Co. announced that major shareholders Shanghai Fangyuan and Zhejiang Dianchuang plan to reduce their holdings, with Shanghai Fangyuan intending to sell up to 6.7462 million shares (1.47% of total shares) and Zhejiang Dianchuang planning to sell up to 4.4974 million shares (0.98% of total shares) through various trading methods [2] - The reduction in shareholding is attributed to the shareholders' personal financial planning, and it is not expected to significantly impact the company's control or governance structure [2] - The market may reassess Bangjie Co.'s industry position due to performance pressures following its diversification into the photovoltaic sector [2] Group 3 - China Shenhua has announced plans to issue shares and pay cash to acquire assets from the State Energy Group, including coal, coal power, and related assets, while also raising supporting funds [3] - The transaction aims to enhance the company's control over its "coal-electricity-transport-chemistry" industrial chain, improving its risk resilience [3] - This move is part of a broader trend of central enterprise coal asset integration, which is expected to increase industry concentration and promote efficient and green development [3]

Group 1 - Cangge Mining reported a gross margin of 30.53% for its lithium carbonate business in the first half of 2025, indicating strong product competitiveness [1] - The company received a mining license from the Tibet Autonomous Region's Natural Resources Department, allowing it to legally exploit salt lake resources [1] - The production cost for lithium carbonate after the first phase of the Mami Cuo project is estimated to be around 31,000 yuan per ton, suggesting potential for cost control and profitability expansion [1] Group 2 - Bangjie Co. announced that major shareholders Shanghai Fangyuan and Zhejiang Dianchuang plan to reduce their holdings, with Shanghai Fangyuan intending to sell up to 6.7462 million shares (1.47% of total shares) and Zhejiang Dianchuang planning to sell up to 4.4974 million shares (0.98% of total shares) through various trading methods [2] - The reduction in shareholding is attributed to the shareholders' personal financial planning, and it is not expected to significantly impact the company's control or governance structure [2] - The market may reassess Bangjie Co.'s industry position due to performance pressures following its diversification into the photovoltaic sector [2] Group 3 - China Shenhua has announced plans to issue shares and pay cash to acquire assets from the State Energy Group, including coal, coal power, and coal chemical assets, while also raising supporting funds [3] - The transaction aims to enhance China Shenhua's control over its "coal-electricity-transport-chemistry" industrial chain, improving its risk resilience and potentially introducing new technologies and R&D resources [3] - This move represents a significant step in the consolidation of state-owned coal assets, which is expected to increase industry concentration and optimize resource allocation towards a more efficient and greener development direction [3]

前不久，藏格矿业（000408）（SZ000408，股价46.06元，市值723.2亿元）旗下锂业公司格尔木藏格锂 业有限公司（以下简称藏格锂业）开采锂资源被政府叫停。作为盐湖提锂的龙头之一，藏格矿业的锂业 务动向引发投资者关注。 在8月1日晚间发布的2025年半年报中，藏格矿业首次对外披露藏格锂业察尔汗盐湖提锂停产的来龙去 脉，并表示提锂过程并不违规。 具体办理进展包括：藏格钾肥已完成重要前置手续办理；藏格钾肥按照逐级报送审批原则，提交了采矿 权延续变更申请，目前县、州、省均已审查完毕并下发了同意的审查意见，现等待自然资源部下发审查 意见；自然资源部审查意见下发后，藏格钾肥可根据自然资源部批复，办理新的《采矿许可证》，该许 可证将包含新增矿种的开采权限。 藏格矿业认为，根据《中华人民共和国矿产资源法》第三十九条规定，采矿权人在开采主要矿种的同 时，对具有工业价值的共生和伴生矿产应当综合开采，综合利用，防止浪费。藏格锂业积极响应国家号 召，依托自主研发技术对伴生矿种氯化锂进行综合利用，履行了有关部门的立项审批程序，既符合国家 相关法律法规，亦深度契合国家及地方推动盐湖资源综合开发的产业政策导向。 披露藏格锂业 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.678 billion yuan and a net profit attributable to shareholders of 1.8 billion yuan [1] - The gross profit margin for the potassium chloride business was 61.84%, while the lithium carbonate business had a gross profit margin of 30.53% [1] - The net cash flow from operating activities reached 834 million yuan, representing a year-on-year increase of 137.19% [2] Group 2: Potassium Chloride Business - The average selling price of potassium chloride (including tax) was 2,845 yuan per ton, an increase of 25.57% year-on-year, while the average sales cost was 996 yuan per ton, a decrease of 7.36% year-on-year [1] - The rise in potassium fertilizer prices is attributed to global supply-demand mismatches, including U.S. tariffs on Canadian potassium fertilizer and geopolitical uncertainties [1] - The company expects the tight supply-demand situation to support high prices as autumn fertilizer demand increases [1] Group 3: Lithium and Copper Projects - The company is actively pursuing the extension of its mining license for the Chaqi Mining Area, with approvals from various levels of government already received [2] - The first phase of the Mami Cuo Salt Lake project is expected to have a lithium production cost of approximately 31,000 yuan per ton, benefiting from efficient production processes and controlled investment scales [2] - The company anticipates significant contributions to its performance from the second phase of the Jilong Copper Mine, which is expected to be completed by the end of 2025, with an annual copper production of approximately 300,000 to 350,000 tons [3][4] Group 4: Synergies with Zijin Mining - The collaboration with Zijin Mining is expected to leverage world-class lithium resource reserves and the company's technical advantages in lithium extraction [3] - The synergy will manifest in low-cost lithium extraction processes, regional collaboration in Tibet, and enhanced resource management systems [3] - The company believes that Zijin Mining's control over Jilong Copper will improve operational efficiency and accelerate project development [3]