Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Core Viewpoint - The rebound in potassium and lithium product prices has led to a rapid recovery in the performance of leading companies in the basic chemical sector, with some companies expected to double their earnings by 2025 [1][15]. Group 1: Earnings Forecasts - As of January 14, 2026, 21 basic chemical companies in the A-share market have disclosed their earnings forecasts for 2025, with 11 companies expecting profit growth, indicating a recovery in multiple sub-sectors [1][15]. - Salt Lake Co. (000792.SZ) expects a net profit of approximately 8.29 billion to 8.89 billion yuan, representing a year-on-year increase of 77.78% to 90.65% [2][16]. - Lier Chemical (002258.SZ) and Chuanjin Nuo (300505.SZ) both anticipate a minimum profit growth exceeding 100% [1][16]. Group 2: Sector Performance - The companies with expected profit increases are primarily concentrated in the fertilizer and pesticide sectors, with the fourth quarter of 2025 expected to see strong performance in the phosphate and lithium chemical sectors, driving significant earnings growth [1][3]. - The fertilizer and pesticide index (886007.WI) has seen a year-to-date increase of 49.94%, outperforming the 33.29% increase in the Shenwan Basic Chemicals index [19]. Group 3: Salt Lake Co. Performance - Salt Lake Co. is projected to achieve a net profit of 8.29 billion to 8.89 billion yuan for 2025, with a significant acceleration in profit growth expected in the fourth quarter, driven by rising prices of potassium chloride and lithium carbonate [4][21]. - The company reported a production of approximately 4.9 million tons of potassium chloride and 46,500 tons of lithium carbonate, with prices for potassium chloride and lithium carbonate showing significant year-on-year increases [5][22]. Group 4: Lier Chemical Performance - Lier Chemical expects to achieve an operating income of 8.8 billion to 9.1 billion yuan in 2025, with a net profit forecast of 460 million to 500 million yuan, reflecting a year-on-year increase of 113.62% to 132.19% [9][26]. - The company attributes its earnings growth to increased demand for certain products and an improvement in overall gross margin [26]. Group 5: Chuanjin Nuo Performance - Chuanjin Nuo anticipates a record high in 2025, with expected operating income of 3.8 billion to 4.2 billion yuan and a net profit of approximately 430 million to 480 million yuan, representing a year-on-year increase of 144.24% to 172.64% [12][30]. - The company has focused on optimizing production plans and product structures to enhance profitability [30]. Group 6: Market Trends - The prices of potassium and lithium products are expected to continue rising due to tightening supply and increasing demand, benefiting companies like Salt Lake Co. and Chuanjin Nuo [8][25]. - The average price of industrial-grade lithium carbonate has surged to 158,000 yuan per ton, reflecting a significant increase compared to previous months [25].

Meeting Overview - The first temporary shareholders' meeting of Qinghai Salt Lake Industry Co., Ltd. was held on January 16, 2026, at 15:00 [3] - The meeting was conducted at Wukuang Hairun Hotel, Xining, Qinghai Province [3] - The meeting combined on-site voting and online voting [4] Attendance - A total of 2,191 shareholders (and their agents) attended the meeting, representing 2,248,200,878 shares, which is 42.4864% of the total voting shares [5] - Among them, 5 shareholders attended the meeting in person, representing 682,735,895 shares (12.9023%) [5] - 2,186 shareholders voted through the Shenzhen Stock Exchange trading system and internet voting, representing 1,565,464,983 shares (29.5841%) [5] Resolutions - The meeting approved several resolutions, including: - Cash acquisition of 51% equity in Wukuang Salt Lake Co., Ltd. and related transactions [6] - Estimated daily related transactions for 2026 [6] - Related transactions with China Minmetals Corporation and its subsidiaries [7] - Related transactions with China Salt Lake Industry Group and its subsidiaries [7] - Related transactions with Sinochem Fertilizer for product sales [7] - Related transactions with subsidiaries of Qinghai State-owned Assets Investment Management Co., Ltd. [7] - Related banking transactions including deposits and acceptance bill custody [7] Legal Compliance - The meeting was witnessed by lawyers from Taihe Tai (Xining) Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [8]

证券代码：000792 证券简称：盐湖股份 公告编号：2026-001 青海盐湖工业股份有限公司 2026 年第一次临时股东会决议公告 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。 特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 2.召开地点：青海省西宁市胜利路 19 号五矿海润酒店 21 楼 3 号会议室。 3.召开方式：本次股东会采取现场投票、网络投票相结合的方式 4.召集人：公司九届董事会 5.主持人：公司董事长侯昭飞先生 6.本次股东会的召集、召开符合《公司法》《公司章程》及《上市公司股东会 规则》的有关规定。 二、会议出席情况 出席本次股东会的股东（及代理人）共 2,191 人，代表股份 2,248,200,878 股， 占公司有表决权股份总数的 42.4864％。其中： 1.出席本次股东会现场会议的股东（及代理人）共 5 人，代表股份 682,735,895 股，占公司有表决权股份总数的 12.9023%； 一、会议召开情况 1.召开时间：2026 年 1 月 16 日（星期五）15:00 2. ...

关于青海盐湖工业股份有限公司 2026 年第一次临时股东会的 地址|中国•西宁市城西区胜利路 4 号时代盛华写字楼 14 层 电话|0971-4110886 法律意见书 1 泰和泰（西宁）律师事务所 关于青海盐湖工业股份有限公司 2026 年第一次临时股东会的法律意见书 （2026）泰律意字第 38 号 致：青海盐湖工业股份有限公司 一、关于本次股东会的召集、召开程序 （一）本次股东会的召集 根据盐湖股份公司董事会于 2025 年 12 月 31 日在巨潮资讯 网(www.cninfo.com.cn)上披露的青海盐湖工业股份有限公司 《关于召开 2026 年第一次临时股东会的通知》（以下简称《股 东会通知》），公司决定于 2026 年 01 月 16 日 15:00 以现场表 决与网络投票相结合的方式召开 2026 年第一次临时股东会，地 点位于青海省西宁市胜利路 19号五矿海润酒店 21 楼 3号会议室。 综上，盐湖股份公司董事会已就本次股东会的召开提前以公 告形式通知了股东。《股东会通知》列明了有关本次股东会会议 的届次、召集人、会议时间、召开方式、出席对象、会议地点、 会议审议事项、会议登记事项、网络投 ...

Core Viewpoint - Salt Lake Co. has established the world's largest single-set lithium extraction facility, utilizing advanced processing technology to enhance lithium recovery and promote sustainable practices [1] Group 1: Technological Advancements - The project employs cutting-edge "continuous ion exchange moving bed + membrane coupling" technology to extract lithium from brine, expected to increase lithium recovery rates by approximately 25% [1] - The facility aims to optimize lithium extraction efficiency through reliable and advanced technological pathways [1] Group 2: Energy Consumption and Sustainability - The project adheres to green development principles, implementing technological innovations to enhance energy efficiency, including reducing desorption temperatures and recovering low-grade thermal energy [1] - Expected outcomes include a 47.4% reduction in freshwater consumption and a 50.6% decrease in comprehensive energy consumption (standard coal) [1] Group 3: Digital Transformation - The project benchmarks against leading smart factories and manufacturing enterprises in China, promoting digital upgrades across all aspects of raw materials, production, operations, and finance [1] - Key processes will be digitized, and production equipment will be modernized to enhance operational efficiency, reduce production costs, optimize management systems, and support strategic decision-making [1]

（文章来源：证券日报） 证券日报网讯 1月16日，盐湖股份在互动平台回答投资者提问时表示，后续，公司将继续坚持聚焦主 业，提升核心竞争力和业务拓展能力，推动公司高质量发展以增强市场信心与价值认同。 ...

Core Viewpoint - Salt Lake Co. currently does not meet the conditions for dividend distribution, but is focused on improving operational performance and reducing undistributed profits [2] Group 1: Company Performance - Since resuming trading, the company has been enhancing its operational performance, leading to a continuous reduction in undistributed profits [2] - The company is actively monitoring policy trends and prioritizing the enhancement of its value [2] Group 2: Future Plans - The company plans to conduct a comprehensive and prudent assessment of its operational status, strategic layout, and industry development trends regarding future decisions [2] - Any future plans related to dividend distribution will strictly adhere to relevant laws and regulations, ensuring timely and accurate information disclosure [2]

Core Viewpoint - The company emphasizes its commitment to market demand and aims to ensure a stable supply of potassium chloride products during the critical spring farming period, thereby supporting agricultural productivity and income [1] Group 1 - The company is focused on enhancing the synergy across the entire production, sales, and transportation chain [1] - Continuous optimization of resource allocation is a priority for the company [1] - The company aims to maintain a good market order while ensuring sufficient and stable supply of potassium chloride products [1]

Group 1 - The chemical sector is experiencing fluctuations, with the chemical ETF (516020) showing a slight decline of 0.22% as of the report time [1][5] - Key stocks in the sector, including Guangdong Hongda, fell over 3%, while several others like Hanjin Technology and Hengyi Petrochemical dropped more than 2%, negatively impacting the sector's performance [1][5] - Recent regulatory developments include the approval of the "People's Republic of China Hazardous Chemicals Safety Law," effective from May 1, 2026, marking a new phase in hazardous materials management [7] Group 2 - The Ministry of Industry and Information Technology and six other departments have issued a "Work Plan for Stable Growth in the Petrochemical and Chemical Industry (2025-2026)," emphasizing a transition towards green and high-end development [7] - Shanghai Securities anticipates a recovery in the chemical industry, with supply growth expected to slow and a replenishment cycle beginning [7] - Huafu Securities notes that after a downturn in profitability and valuation in 2025, the industry is poised for a rebound in 2026, entering a new phase of supply-demand rebalancing [7] Group 3 - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Industry, providing investment opportunities [2][8] - The remaining 50% of the ETF's holdings are diversified across leading stocks in sub-sectors such as phosphate fertilizer, fluorine chemicals, and nitrogen fertilizers [2][8] - Investors can also access the chemical ETF through linked funds (Class A 012537/Class C 012538) for more efficient exposure to the sector [2][8]