2、公司近年来氯化钾实际年产量稳定，本次核减不会对公司现有氯化钾年 度生产销售计划及经营业绩产生重大不利影响。 证券代码：000408 证券简称：藏格矿业 公告编号：2026-004 藏格矿业股份有限公司 关于全资子公司氯化钾产能核减的公告 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。 重要提示： 1、本次产能核减事项是藏格矿业股份有限公司（以下简称"公司"）基于 盐湖资源现状及可持续发展战略的自愿调整，已获政府主管部门同意。 一、事项概述 近日青海省工业和信息化厅发布《关于核减格尔木藏格钾肥有限公司氯化钾 产能的公告》。根据该公告，青海省工业和信息化厅研究同意，将公司全资子公 司格尔木藏格钾肥有限公司（以下简称"藏格钾肥"）的氯化钾产能由200万吨/ 年核减为120万吨/年。 二、产能核减的内容与原因 核实报告》和《开发利用方案》，矿区保有KCl资源量2,309.66万吨，设计生产 规模主产品氯化钾120万吨/年。本次产能核减是政府主管部门对公司已编制开发 方案中产能的同意，不改变公司现有的生产经营安排。近年来，藏格钾肥氯化钾 实际产量均保持在100万吨/ ...

Core Viewpoint - The company has reduced the potassium chloride production capacity of its wholly-owned subsidiary, Golmud Cangge Potash Co., Ltd., from 2 million tons per year to 1.2 million tons per year, with government approval obtained for this adjustment [1] Group 1: Production Capacity Adjustment - The capacity reduction is based on the current resource situation and aims to adjust the potassium chloride production capacity [1] - The actual annual production of potassium chloride has remained stable in recent years, and this reduction will not significantly impact the company's existing annual production and sales plans or operating performance [1] - The adjustment is aligned with the company's long-term development strategy, allowing for a more scientific and rational planning of the overall development pace of salt lake resources [1]

Core Insights - The energy metals sector experienced a significant increase of 2.31% on January 21, with Shengxin Lithium Energy leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Energy Metals Sector Performance - Shengxin Lithium Energy (002240) closed at 37.33, with a rise of 9.99% and a trading volume of 731,900 shares, amounting to a transaction value of 2.661 billion yuan [1] - Rongjie Co., Ltd. (002192) saw a closing price of 58.30, up 6.74%, with a trading volume of 246,500 shares and a transaction value of 1.413 billion yuan [1] - Yongxing Materials (002756) closed at 53.78, increasing by 6.52%, with a trading volume of 262,800 shares and a transaction value of 1.406 billion yuan [1] - Other notable performers included Tibet Mining (000762) with a 3.83% increase, Ganfeng Lithium (002460) up 3.50%, and Tianqi Lithium (002466) up 3.26% [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 2.055 billion yuan from main funds, while retail investors experienced a net outflow of 1.226 billion yuan [1] - Main funds showed significant net inflows in Shengxin Lithium Energy (6.70 billion yuan) and Ganfeng Lithium (6.03 billion yuan), while retail investors had notable outflows in these stocks [2] - The overall trend indicates a preference for institutional investment in the energy metals sector, contrasting with retail investor behavior [2]

中化新网讯 1月13日，藏格矿业发布2025年度业绩预告，预计实现归属于上市公司股东的净利润37亿 ~39.5亿元，同比增长43.41%~53.10%;扣除非经常性损益后的净利润为38.7亿~41.2亿元，同比增长 51.95%~61.76%。公司业绩实现强劲增长，主要受益于主要产品的量价齐升、有效的成本管控，以及参 股铜业公司带来的投资收益大幅增加。 报告期内，藏格矿业核心产品氯化钾业务表现亮眼，实现量价齐升与成本优化。产销量方面：全年氯化 钾产量达103.36万吨，销量达108.43万吨，产销率保持高位，超额完成年度目标。销售价格方面：受市 场供需等因素推动，2025年氯化钾销售价格同比上涨，共同驱动了该业务收入与利润的强劲增长。 ...

Summary of Key Points Industry Involved - The announcement pertains to the potassium chloride production industry in Qinghai Province, specifically involving Geermu Zangge Potash Fertilizer Co., Ltd. Core Points and Arguments - The Qinghai Provincial Department of Industry and Information Technology issued a notice regarding the reduction of potassium chloride production capacity for Geermu Zangge Potash Fertilizer Co., Ltd. from 2 million tons to 1.2 million tons [1] - The reduction is attributed to severe depletion of mineral resources in the mining area, outdated production facilities, and low resource utilization rates [1] - To promote sustainable development and utilization of salt lake resources, a new development plan for the mining area has been drafted [1] - The company voluntarily applied for the capacity reduction, which was approved after consideration of opinions from local governments and relevant departments [1] Other Important but Possibly Overlooked Content - The announcement reflects broader trends in resource management and sustainability within the mining sector in Qinghai [1] - The decision may impact the supply chain and pricing of potassium chloride in the market, given the significant reduction in production capacity [1]

Group 1: Key Insights on Precious Metals - The upward momentum for precious metals, particularly gold, is strong, with London gold prices reaching $4,611.05 per ounce, an increase of $117.20 per ounce from the previous week, reflecting a rise of 2.59% [2] - The market is closely monitoring the Federal Reserve's upcoming meeting, with a 95% probability of a 25 basis point rate cut anticipated in January [2][3] Group 2: Key Insights on Copper and Aluminum - Copper prices are experiencing high-level consolidation, with LME copper closing at $12,925 per ton, down $65 per ton, a decrease of 0.50% [4] - Domestic copper inventory is reported at 213,515 tons, showing an increase of 4,600 tons from January 9, while SHFE inventory also reflects a similar trend [4] - Aluminum prices are at 24,000 yuan per ton, down 60 yuan, with LME aluminum inventory at 488,000 tons, a decrease of 9,825 tons [6] Group 3: Key Insights on Tin and Antimony - Domestic refined tin prices are at 41,4640 yuan per ton, up 639.40 yuan per ton, indicating a positive trend [8] - Antimony prices have rebounded, with domestic antimony ingot prices increasing by 0.2 million yuan per ton from January 9 [10] Group 4: Investment Ratings and Recommendations - The copper industry maintains a "recommended" investment rating due to ongoing tightness in copper supply [13] - The aluminum industry also holds a "recommended" investment rating, supported by rigid supply dynamics [14] - The tin industry is rated "recommended" as supply constraints are expected to support tin prices [14] - The antimony industry is rated "recommended" following a rebound in prices after a six-month decline [14] Group 5: Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold (600489), Shandong Gold (600547), and China National Gold (600916) [15] - In the copper sector, recommended stocks include Zijin Mining (601899) and Western Mining (601168) [15] - For aluminum, recommended stocks are Shenhuo Co. (000933) and Yunnan Aluminum (000807) [15] - In the tin sector, recommended stocks include Tin Industry Co. (000960) and Hunan Gold (002155) [15]

Core Viewpoint - The announcement from the Qinghai Provincial Department of Industry and Information Technology indicates a reduction in the potassium chloride production capacity of Gelmu Zangge Potash Fertilizer Co., Ltd. from 2 million tons to 1.2 million tons, aligning with the actual production levels of its parent company, Zangge Mining [1][2] Group 1: Production Capacity Adjustment - The production capacity of Gelmu Zangge Potash Fertilizer Co., Ltd. has been reduced from 2 million tons to 1.2 million tons due to a mismatch with actual production levels [1] - Zangge Mining's actual potassium chloride production was 1.0336 million tons last year, with sales of 1.0843 million tons, indicating a high production and sales rate [1] - The company has consistently set lower production targets compared to actual output, with production figures declining over the past three years [1] Group 2: Resource and Operational Challenges - Zangge Mining faces resource challenges as its potassium fertilizer production relies on brine, which is affected by resource availability and climate conditions [1] - The company has voluntarily applied for the capacity reduction due to severe depletion of mineral resources and outdated production facilities [2] - A new development plan for the salt lake resources has been initiated to ensure sustainable resource utilization [2] Group 3: Other Business Operations - Zangge Mining also holds potassium salt resources in Laos, with a resource volume of approximately 984 million tons and plans for a 2 million tons/year potassium chloride project currently in the preparation stage [2] - The company reported a lithium carbonate production of 8,808 tons and sales of 8,957 tons last year, with investment income being the largest contributor to net profit [2] - The confirmed investment income for the company was approximately 2.68 billion yuan, primarily due to the performance of its stake in Tibet Julong Copper Co., benefiting from rising copper prices [2]

Core Viewpoint - The energy metals sector experienced a slight increase of 0.44% on January 20, with significant contributions from companies like BQX New Materials, while the overall market indices showed minor declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - BQX New Materials led the energy metals sector with a closing price of 73.99, reflecting a rise of 6.77% [1]. - Other notable performers included Zangge Mining, which rose by 1.61% to 91.45, and Tianqi Lithium, which increased by 1.50% to 59.49 [1]. Group 2: Trading Volume and Value - BQX New Materials had a trading volume of 283,400 shares, resulting in a transaction value of 2.103 billion yuan [1]. - Tianqi Lithium recorded a trading volume of 485,000 shares with a transaction value of 2.862 billion yuan [1]. - The total trading volume and values for other companies in the sector varied, with Shengton Mining and Ganfeng Lithium also showing significant transaction values of 2.556 billion yuan and 3.803 billion yuan, respectively [1]. Group 3: Capital Flow - The energy metals sector saw a net outflow of 521 million yuan from institutional investors, while retail investors contributed a net inflow of 193 million yuan [2]. - The sector's capital flow indicated that speculative funds had a net inflow of 328 million yuan [2]. - Specific companies like Shengxin Lithium and Tianqi Lithium experienced varied capital flows, with Shengxin Lithium seeing a net inflow of 14 million yuan from institutional investors [3].

Core Viewpoint - The announcement from the Qinghai Provincial Department of Industry and Information Technology indicates a significant reduction in the potassium chloride production capacity of Geermu Zangge Potash Fertilizer Co., Ltd. due to resource depletion and outdated facilities [1]. Group 1: Company Information - Geermu Zangge Potash Fertilizer Co., Ltd. has voluntarily applied to reduce its potassium chloride production capacity from 2 million tons to 1.2 million tons [1]. - The decision to reduce capacity is based on the severe depletion of mineral resources in the mining area and low resource utilization rates [1]. Group 2: Industry Context - The announcement reflects ongoing efforts to promote sustainable development and utilization of salt lake resources in Qinghai Province [1]. - The revised mining resource development plan aims to address the challenges faced by the potash fertilizer industry in the region [1].

人民财讯1月20日电，青海省工业和信息化厅今日发布《关于核减格尔木藏格钾肥有限公司氯化钾产能的公告》。公告显示，格尔木藏格钾肥有限公司因矿 权所属矿区资源储量贫化严重，部分生产设施老旧、资源利用率低，为持续推进盐湖资源可持续开发利用，重新编制了《青海省格尔木市察尔汗盐湖藏格钾 肥采矿段钾镁盐矿矿产资源开发利用方案》，并自愿申请核减产能。结合市(州)及相关部门意见，青海省工业和信息化厅研究同意将格尔木藏格钾肥有限公 司氯化钾产能由200万吨核减为120万吨。 ...