（编辑 丛可心 袁冠琳） 证券日报网讯 12月4日，盐湖股份在互动平台回答投资者提问时表示，公司实际控制人及控股股东已就 同业竞争事项作出明确承诺，公司将严格遵循相关法律法规和监管要求，积极推进同业竞争问题的妥善 解决。 ...

证券日报网讯 12月4日，盐湖股份在互动平台回答投资者提问时表示，公司主营产品为氯化钾和碳酸 锂，目前未生产硼酸及硼砂产品。 （文章来源：证券日报） ...

盐湖股份（000792.SZ）12月4日在投资者互动平台表示，公司主营产品为氯化钾和碳酸锂，目前未生产 硼酸及硼砂产品。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：您好：请问贵集团是否生产硼酸和硼砂？每年产能规 模大概多少？硼酸或硼砂产量在全国排名情况？ ...

（文章来源：每日经济新闻） 盐湖股份（000792.SZ）12月4日在投资者互动平台表示，目前，4万吨锂盐项目整体运行平稳，效能提 升态势良好，日产量达60~70吨，纯度稳定在99.7%以上，装置连续无故障运行。公司本年度碳酸锂生 产计划为3000吨，从当前进展来看，该目标有望超额完成。 每经AI快讯，有投资者在投资者互动平台提问：新4万吨产能已经生产2个月了，现在月、日产量是多 少？ ...

盐湖股份（000792.SZ）12月4日在投资者互动平台表示，公司碳酸锂生产目前保持正常。同时，随着公 司对碳酸锂生产工艺的持续优化与改进，冬季低温环境对生产的影响已逐步降低，有效保障了生产经营 的稳定。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：近期气温低，公司盐湖提锂受到影响了吗？ ...

人民财讯12月4日电，盐湖股份12月4日在互动平台表示，目前，4万吨锂盐项目整体运行平稳，效能提 升态势良好，日产量达60—70吨，纯度稳定在99.7%以上，装置连续无故障运行。公司本年度碳酸锂生 产计划为3000吨，从当前进展来看，该目标有望超额完成。 转自：证券时报 ...

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The lithium price has shown a strong rebound due to supply constraints and increased demand from the energy storage sector, with battery-grade lithium carbonate prices rising from 61,300 CNY/ton to 85,700 CNY/ton in Q3 2025, marking an 11.92% increase from the previous quarter [12] - The overall revenue of 12 A-share lithium companies reached 39.718 billion CNY in Q3 2025, reflecting a year-on-year increase of 27.01% and a quarter-on-quarter increase of 12% [18] - The net profit attributable to shareholders for these companies surged to 5.328 billion CNY in Q3 2025, a significant year-on-year increase of 110% and a quarter-on-quarter increase of 65% [21] - The average gross margin for the companies was 24.7%, with a net margin of 13.42%, indicating a positive trend in profitability [29] Market Analysis - The lithium supply remains resilient despite production disruptions in regions like Jiangxi, with Q3 2025 lithium salt production reaching 328,500 tons, a year-on-year increase of 17.9% [14] - Global sales of new energy vehicles reached 5.4 million units in Q3 2025, a 23% increase year-on-year, driving demand for lithium [9] - Lithium salt inventory decreased from 150,000 tons to 130,000 tons in Q3 2025, indicating a trend of destocking in the industry [17] Financial Performance - The average cash ratio for the companies was 0.79, with a debt-to-asset ratio of 38.75%, indicating stable debt repayment capabilities [55] - Capital expenditures for the 12 companies totaled 16.943 billion CNY in the first three quarters of 2025, reflecting a year-on-year increase of 15.65% [49] - The four major expenses (sales, management, R&D, and financial costs) totaled 3.26 billion CNY in Q3 2025, with a notable increase in financial expenses [38]

Group 1 - The chemical sector experienced a counter-market rise on December 3, with the chemical ETF (516020) showing a maximum intraday increase of 1.39% and closing up 0.38% [1] - Key stocks in the sector included Hangyang Co., which surged by 5.56%, and Yara International, which rose by 4.37%, along with several others gaining over 2% [1] - The basic chemical sector attracted significant capital inflow, with a net inflow of 1.877 billion yuan on the day, ranking third among 30 major industries [3] Group 2 - The chemical ETF (516020) has shown a year-to-date increase of 28.13%, outperforming major indices such as the Shanghai Composite Index (15.7%) and the CSI 300 Index (15.15%) [4] - The basic chemical sector has seen a cumulative net inflow of 18.977 billion yuan over the past five days, ranking second among the 30 major industries [3][5] Group 3 - The chemical industry is expected to benefit from ongoing "anti-involution" policies, which may strengthen supply-side constraints and gradually reverse the overcapacity situation [6] - The overall profitability of the chemical sector is anticipated to recover from its bottom due to a slowdown in fixed asset investment and demand recovery [6] - The current price-to-book ratio of the chemical ETF (516020) is 2.33, indicating a relatively low valuation compared to the past decade, suggesting good long-term investment potential [6] Group 4 - Looking ahead, the chemical industry is projected to experience a cyclical upturn starting in 2026, driven by a combination of supply-side contraction and increased demand [7] - The demand recovery in downstream sectors such as automotive, home appliances, and textiles is expected to continue, supported by macroeconomic improvements and consumption stimulus policies [7] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [7]

盐湖股份所属申万行业为：基础化工-农化制品-钾肥。所属概念板块包括：化肥、特色小镇、锂电池、 西部开发、盐湖提锂等。 截至9月30日，盐湖股份股东户数19.00万，较上期减少5.45%；人均流通股27844股，较上期增加 5.76%。2025年1月-9月，盐湖股份实现营业收入111.11亿元，同比增长6.34%；归母净利润45.03亿元， 同比增长43.34%。 分红方面，盐湖股份A股上市后累计派现53.06亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，盐湖股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1.60亿股，相比上期增加3400.67万股。 12月3日，盐湖股份盘中下跌2.01%，截至14:23，报25.39元/股，成交14.24亿元，换手率1.05%，总市值 1343.53亿元。 资金流向方面，主力资金净流出2631.31万元，特大单买入1.79亿元，占比12.59%，卖出2.49亿元，占比 17.51%；大单买入3.53亿元，占比24.77%，卖出3.09亿元，占比21.70%。 盐湖股份今年以来股价涨54.25%，近5个交易日跌4.15%，近20 ...

Core Viewpoint - The report highlights the growth in China's agricultural nitrogen, phosphorus, and potassium fertilizer production, indicating a positive trend in the industry from 2020 to 2025 [1] Group 1: Industry Overview - In September 2025, China's agricultural nitrogen, phosphorus, and potassium fertilizer (calculated as pure) production reached 5.22 million tons, reflecting a year-on-year increase of 3.3% [1] - From January to September 2025, the cumulative production of agricultural nitrogen, phosphorus, and potassium fertilizers in China was 48.713 million tons, showing a cumulative growth of 9.6% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Group 2: Companies Involved - Listed companies in the fertilizer sector include Salt Lake Co. (000792), Hubei Yihua (000422), Yuntianhua (600096), Luxi Chemical (000830), Xinyangfeng (000902), Stanley (002588), Sichuan Meifeng (000731), and Yangmei Chemical (600691) [1]