证券代码：000408 证券简称：藏格矿业 公告编号：2025-081 关于全资子公司与专业投资机构共同投资 公司于 2021 年 10 月 8 日召开了第八届董事会第二十五次（临时）会议，审 议通过了《关于全资子公司拟参与认购产业发展基金份额的议案》，公司全资子 公司藏格矿业投资作为有限合伙人出资 25 亿元认购江苏藏青基金的合伙份额。 江苏藏青基金总规模 53.1 亿元，藏格矿业投资认购份额占全体合伙人认缴出资 额的 47.08%。近日，江苏藏青基金拟扩募规模 14 亿元，藏格矿业投资拟使用不 超过 65,913.37 万元自有资金认购江苏藏青基金扩募份额。具体情况如下： 1 追加认购基金份额暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、认购标的名称：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"江苏藏青基金"）； 一、交易概述 2、认购金额及资金来源：藏格矿业股份有限公司（以下简称"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"）拟参与 认购江苏藏青基金此次扩募份额，认购金 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2025-082 藏格矿业股份有限公司 第十届董事会第五次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 藏格矿业股份有限公司（以下简称"公司"）第十届董事会第五次（临时） 会议通知及会议议案材料于 2025 年 10 月 13 日以电子邮件等方式送达第十届董 事会全体董事和其他列席人员。会议采取现场结合通讯方式于 2025 年 10 月 16 日在四川省成都市高新区天府大道北段 1199 号 2 栋 19 楼会议室召开。会议应到 董事 9 名，实到董事 9 名。会议由董事长吴健辉先生主持，董事吴健辉先生、李 健昌先生、肖瑶先生和独立董事刘志云先生采取通讯方式参加会议。公司部分高 级管理人员列席了会议。本次会议召集召开符合《公司法》及《公司章程》的有 关规定，会议合法、有效。 董事会认为，公司向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"）增资不超过 7 亿元，用于追加认购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"江苏藏青 ...

藏格矿业股份有限公司 2025 年第三季度报告 证券代码：000408 证券简称：藏格矿业 公告编号：2025-080 藏格矿业股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1、董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 （一） 主要会计数据和财务指标 3、第三季度财务会计报告是否经过审计 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 723,304,846.05 | 28.71% | 2,401,446,783.35 | 3.35% | | 归属于上市公司股东 | 950,596, ...

Core Points - The New Silk Road Index (399429) closed at 1575.16 points, down 0.69%, with a trading volume of 58.815 billion yuan and a turnover rate of 2.12% [1] - Among the index constituents, 23 stocks rose, with Baiyin Nonferrous leading with a 10.0% increase, while 75 stocks fell, with Western Gold leading the decline at 6.2% [1] Index Constituents Summary - The top ten constituents of the New Silk Road Index include: - TBEA Co., Ltd. (6.10% weight, latest price 20.07, 1.01% increase, market cap 101.41 billion yuan) in the Power Equipment sector - Salt Lake Industry (5.25% weight, latest price 22.34, 1.93% decrease, market cap 118.21 billion yuan) in the Basic Chemicals sector - LONGi Green Energy (5.13% weight, latest price 20.25, 2.69% increase, market cap 153.46 billion yuan) in the Power Equipment sector - AVIC Aviation Power (4.56% weight, latest price 41.96, 1.04% decrease, market cap 111.85 billion yuan) in the Defense and Military sector - Shaanxi Coal and Chemical Industry (4.11% weight, latest price 22.54, 3.25% increase, market cap 218.53 billion yuan) in the Coal sector - Shenwan Hongyuan (3.47% weight, latest price 5.45, 0.18% increase, market cap 136.47 billion yuan) in the Non-Bank Financial sector - Zangge Mining (3.33% weight, latest price 57.39, 1.86% decrease, market cap 90.12 billion yuan) in the Nonferrous Metals sector - Yuxing Energy (3.19% weight, latest price 17.13, 1.27% decrease, market cap 125.62 billion yuan) in the Basic Chemicals sector - Goldwind Technology (3.06% weight, latest price 16.00, 4.36% decrease, market cap 67.60 billion yuan) in the Power Equipment sector - Western Mining (3.00% weight, latest price 22.87, 1.42% decrease, market cap 54.50 billion yuan) in the Nonferrous Metals sector [1] Capital Flow Summary - The New Silk Road Index constituents experienced a total net outflow of 1.81 billion yuan from main funds, while retail investors saw a net inflow of 1.744 billion yuan [3] - Notable capital flows include: - Baiyin Nonferrous: 5.16 million yuan net inflow from main funds, 2.30 million yuan net outflow from retail investors - LONGi Green Energy: 172 million yuan net inflow from main funds, 15.1 million yuan net outflow from retail investors - New Mileage: 1.59 million yuan net inflow from main funds, 93.05 million yuan net outflow from retail investors - Other companies like China Western Electric and Zhongcai Zihuan also showed varying degrees of net inflows and outflows [3]

Core Viewpoint - Cangge Mining's stock price has experienced significant fluctuations, with a year-to-date increase of 114.40% but a recent decline of 6.39% over the past five trading days [2] Group 1: Stock Performance - As of October 16, Cangge Mining's stock price was 57.31 CNY per share, with a market capitalization of 899.90 billion CNY [1] - The stock has seen a trading volume of 4.05 billion CNY and a turnover rate of 0.44% [1] - The stock has increased by 4.60% over the past 20 days and 38.49% over the past 60 days [2] Group 2: Financial Performance - For the first half of 2025, Cangge Mining reported a revenue of 1.678 billion CNY, a year-on-year decrease of 4.74%, while the net profit attributable to shareholders was 1.800 billion CNY, an increase of 38.80% [2] Group 3: Shareholder Information - Cangge Mining has distributed a total of 9.629 billion CNY in dividends since its A-share listing, with 5.998 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders increased by 4.41% to 29,400, with an average of 53,435 circulating shares per shareholder, a decrease of 4.22% [2][3] - Major shareholders include Hong Kong Central Clearing Limited and Shenwan Hongyuan Securities, with both increasing their holdings [3]

与之形成对比的是，雅化集团、融捷股份、盛新锂能等锂企市值均未超200亿元，板块内头部企业与腰 部企业的估值差距较过往显著扩大，"强者愈强"特征凸显。 近两个月，赣锋锂业涨幅领跑锂板块，市值再度逼近1500亿元。锂板块市值排序呈现新态势：赣锋锂业 居首，盐湖股份紧随其后，藏格矿业逼近千亿元，三者中赣锋锂业与盐湖股份已突破千亿元市值。 锂业股估值逻辑变化背后是锂价于周期低谷徘徊之际，市场炒作逻辑从"拥矿（盐湖）为王"转向"技术 +资源"：要么拥有锂行业里最低边际成本的盐湖资源和提锂技术，要么实质切入固态电池、储能、高 端锂电材料等赛道。 千亿龙头"双龙戏珠" 10月13日，赣锋锂业尾盘直线拉升，股价大涨9%以上，再度领涨锂板块。 最近两个月以来，赣锋锂业是锂板块龙头，涨幅超过60%，继2023年6月之后再度逼近1500亿元市值。 从资金流向看，机构对赣锋锂业颇为看好。以10月9日盘后龙虎榜为例，有两大机构资金合计买入9.97 亿元。 《每日经济新闻》记者注意到，锂业股半年报就显示已有机构资金提前介入迹象。比如赣锋锂业一季报 的持股机构数为65家，半年报已经变为425家，天齐锂业持股机构数更是由42家增长至453家 ...

倒计时34天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 10 月 14 日，藏格矿业发布公告称，全资子公司藏格钾肥收到海西州自然资源局、海西州盐湖管理局下发的《关于同意恢复锂资源开发利用活动的 批复》，明确同意藏格钾肥恢复锂资源开发利用活动； 全资子公司藏格锂业于 2025 年 10 月 11 日正式复产。 回溯事情原委，藏格锂业 7 月 16 日因违规开采锂资源被责令停产，并被要求积极整改，完善锂资源合法手续。 根据公告显示，藏格锂业 2025 年计划实现碳酸锂产量 11000 吨、销量 11000 吨，上半年已实现碳酸锂产量 5170 吨、销量 4470 吨。 本次临时停产累计时长 87 天，公司将结合 2025 年剩余有效生产时间，精准测算复产后可 ...

Group 1: Market Overview - The gold bull market is expected to continue, with the non-ferrous metal sector showing the strongest performance this year, having increased over 74% as of October 14 [1] - The precious metals index has surged over 90%, leading the secondary industry rankings [1] - A total of 29 stocks have doubled in price this year, with notable performers including Zhongzhou Special Materials, Zhaojin Mining, and Xinyi Silver [1] Group 2: Precious Metals Trends - Precious metals have dominated the commodity market this year, with gold prices surpassing $4,100 per ounce as of October 14, following a breakthrough of $3,000 in March [2] - Factors such as the U.S. government shutdown and escalating trade tensions are driving investors towards gold as a safe-haven asset, further pushing prices up [2] - Global central banks are increasing their gold purchases, and there is a trend of reallocating funds from U.S. Treasury securities to gold among various investors [2] Group 3: Hidden Gold Concept Stocks - The rise in precious metal stocks has led to increased interest in hidden gold concept stocks, with 60 stocks identified outside the precious metals sector [3] - Companies like Eurasia Group and Fuda Alloy have market capitalizations below 3 billion yuan, indicating potential for growth [3] - South Mining Group is focusing on gold and copper resources, with a project in Zimbabwe expected to yield clear investment returns [3] Group 4: Company-Specific Developments - TBEA announced an annual gold production of 2.5 to 3 tons [4] - Chengze Mining reported gold production of 500 kg in 2022 and 255 kg in the first half of 2023 [4] - Shengtun Mining plans to acquire all issued shares of Canadian Loncor for approximately 1.9 billion USD [5] Group 5: Stock Performance - A list of A-share gold concept stocks shows significant year-to-date gains, with Pengxin Resources leading at 152.58% increase [6] - Other notable performers include Chaoshengguo and Huayu Mining, both with gains exceeding 149% [6] - The data indicates a strong bullish sentiment in the gold sector, with many stocks experiencing substantial price increases [6]

Group 1: Report's Core View - The short - term trend of lithium carbonate is relatively strong due to favorable demand and warehouse receipt de - stocking [1] Group 2: Industry Investment Rating - Not mentioned Group 3: Summary by Related Content Fundamental Tracking - **Futures Market Information**: For the 2511 contract, the closing price was 72,680, with a volume of 270,327 and an open interest of 192,931. For the 2601 contract, the closing price was 72,760, the volume was 118,981, and the open interest was 203,570. The warehouse receipt volume was 35,180 [1] - **Basis Information**: The basis of spot - 2511 was 320, spot - 2601 was 240, 2511 - 2601 was - 80, electric carbon - industrial carbon was 2,250, and spot - CIF was 6,374 [1] - **Raw Material Information**: The price of lithium spodumene concentrate (6%, CIF China) was 828, lithium mica (2.0% - 2.5%) was 1,725 [1] - **Lithium Salt Information**: The price of battery - grade lithium carbonate was 73,000, industrial - grade lithium carbonate was 70,750, battery - grade lithium hydroxide (micronized) was 78,200, etc. [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 73,007 yuan/ton, down 32 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 73,000 yuan/ton, down 100 yuan/ton, and that of industrial - grade lithium carbonate was 70,750 yuan/ton, down 100 yuan/ton [2] - Jinyuan Co., Ltd.'s Baqiancuo salt lake lithium extraction project is in the trial - production stage, and the Argentine Carlo project is still in exploration [2] - Zangge Mining's subsidiary resumed lithium resource development and utilization activities on October 11, 2025, with a temporary shutdown of 87 days, and the impact on the 2025 operating performance is expected to be small [3] Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a moderately positive outlook [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The US officially imposed restrictions such as port fees on China's maritime, logistics, and shipbuilding sectors. China strongly opposed this and announced counter - measures against 5 US - related subsidiaries of Hanwha Ocean Co., Ltd., highlighting China's determination to counter in key areas [7]. - For LPG, the price of domestic propane at the cost of arrival (tax - included) is basically below 4,000 yuan/ton. The demand has increased significantly, but it has not rebounded under speculative demand. The short - term pattern of strong domestic and weak foreign is clear, which is bullish for the long - short spread on the futures market, but the impact of Sino - US trade disputes and crude oil price trends should be noted [9][10]. - For cotton, the short - term trend is stable. Before mid - November, attention should be paid to the development of international economic and trade situations. The short - term trend of cotton futures is expected to be weakly volatile [11]. - For the container shipping index (European line), it will be volatile in the short term. Attention should be paid to the change in shipping capacity in November. The recent sharp rise was affected by China's counter - measures against Hanwha Ocean, but it has no substantial impact on the European line. The fundamentals show that most shipping companies are expected to be fully loaded in week 43, and the no - show rate needs further observation [12]. 3. Summary by Related Catalogs 3.1 Metal Products - **Gold**: Continues to reach new highs. The Fed Chairman Powell hinted at another interest rate cut and that the balance - sheet reduction is nearing the end, which is favorable for gold prices [21]. - **Silver**: The contradiction in the spot market has eased, and the price has risen and then fallen [21]. - **Copper**: The market is cautious, and the price is volatile. The production of Codelco in Chile has decreased, and China's copper imports in September have shown different trends [25][27]. - **Zinc**: The trend is weakly volatile. The Fed's attitude towards interest rates affects the market, and inventory and price data show certain changes [28]. - **Lead**: The inventory has increased, and the price is under pressure. The Fed's interest - rate policy also has an impact on the lead market [31]. - **Tin**: Attention should be paid to the macro - impact. The price of tin has declined, and inventory and price differences have changed [34]. - **Aluminum**: Ranges within a certain interval. Alumina's price center moves down, and cast aluminum alloy follows the trend of electrolytic aluminum. Market data such as inventory and price differences have changed [38]. - **Nickel**: The macro - sentiment has turned bearish, and the nickel price is oscillating at a low level. Stainless steel is under pressure from both the macro - environment and the actual situation, but the cost limits the downward space [41]. - **Lithium Carbonate**: The demand is improving, and the warehouse receipts are being cleared. The short - term trend is relatively strong [44]. - **Industrial Silicon**: The supply - demand pattern is weak [47]. - **Polysilicon**: Meetings are being held this week, and the futures market is expected to rise [48]. 3.2 Building Materials and Energy - **Iron Ore**: The price fluctuates widely. Market data such as inventory and price differences have changed, and relevant policies have an impact on the market [52]. - **Rebar and Hot - Rolled Coil**: The current situation is weak, and the expectation has also weakened. Steel prices may decline slightly [54]. - **Silicon Ferroalloy and Manganese Ferroalloy**: The quotations in the main production areas are unstable, and the prices fluctuate widely. The prices of manganese ore at ports have moved down [58]. - **Coke and Coking Coal**: The expectations are fluctuating, and the prices fluctuate widely. Market data such as inventory and price differences have changed [61][62]. - **Log**: The price oscillates repeatedly [64]. 3.3 Chemical Products - **Para - Xylene and PTA**: The medium - term trend remains weak [17]. - **MEG**: The spread between January and May contracts is in a reverse - arbitrage situation [17]. - **Rubber**: The price oscillates [17]. - **Synthetic Rubber**: The trend is weak [17]. - **Asphalt**: The price has declined following the oil price [17]. - **LLDPE and PP**: The trends are weak [17]. - **Caustic Soda**: Do not short in the short term [17]. - **Pulp**: The price oscillates [17]. - **Glass**: The price of raw glass is stable [17]. - **Methanol**: The price is under pressure and oscillates [17]. - **Urea**: The short - term trend is oscillating, and the medium - term trend is under pressure [17]. - **Styrene**: Stop loss on short positions [17]. - **Soda Ash**: The spot market has not changed much [17]. 3.4 Agricultural Products - **Palm Oil**: The driving force from the origin is limited. Attention should be paid to the support at the lower level [20]. - **Soybean Oil**: The price moves within a certain range. Attention should be paid to Sino - US economic and trade relations [20]. - **Soybean Meal and Soybean**: The trade concerns have resurfaced, and the prices may rebound and oscillate [20]. - **Corn**: The price has rebounded [20]. - **Sugar**: The price oscillates within a certain range [20]. - **Egg**: The price oscillates [20]. - **Live Pig**: The bottom of the spot price has not been reached [20]. - **Peanut**: Attention should be paid to the weather in the producing areas [20].