盐湖股份9月29日大宗交易平台出现一笔成交，成交量100.00万股，成交金额2004.00万元，大宗交易成 交价为20.04元，相对今日收盘价折价0.84%。该笔交易的买方营业部为机构专用，卖方营业部为中国中 金财富证券有限公司青海分公司。 两融数据显示，该股最新融资余额为35.67亿元，近5日减少9933.89万元，降幅为2.71%。 据天眼查APP显示，青海盐湖工业股份有限公司成立于1997年08月25日，注册资本529157.2541万人民 币。（数据宝） 9月29日盐湖股份大宗交易一览 | 成交量（万 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 价（%） | 业部 | | | 100.00 | 2004.00 | 20.04 | -0.84 | 机构专 | 中国中金财富证券有限公司 | | | | | | 用 | 青海分公司 | 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为45.68亿元。 证券时报·数据宝统计显示，盐湖股份今日收盘 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-29 | 000792 | 盐湖股份 | 20.04 | 100.00 | 2,004. 枫构专用 | | 中国中金财富证券 | | | | | | | | | 有限公司青海分公 | | | | | | | | | 司 | 9月29日，盐湖股份大宗交易成交100万股，成交额2004万元，占当日总成交额的1.3%，成交价20.04元，较市场收盘价20.21 元折价0.84%。 ...

Group 1 - Zhiguang Electric plans to acquire minority stakes in its subsidiary Zhiguang Energy Storage through a combination of share issuance and cash payment, leading to a temporary suspension of its stock trading for up to 10 trading days [1] - Guangbo Co. has been awarded a procurement project by the State Grid Corporation of China, confirming its status as one of the successful bidders for office and industrial supplies [2] - Dongguan Holdings announced the resignation of its chairman Wang Chong'en due to work changes, with Lin Yongsen appointed as the interim chairman [2] Group 2 - *ST Tianmao's stock will be delisted on September 30, 2025, following the Shenzhen Stock Exchange's decision to terminate its listing [3] - Salt Lake Co. has entered the trial production phase for its 40,000 tons/year integrated lithium salt project, successfully producing qualified battery-grade lithium carbonate [5] - Xindazheng plans to adjust its share repurchase price limit from 13.78 yuan to 16.79 yuan per share, maintaining a total repurchase fund of 10 million to 20 million yuan [7] Group 3 - Xindazheng intends to acquire 75.15% of Jiaxin Liheng's equity through share issuance and cash payment, with the transaction price yet to be determined [9] - Koli'er's actual controller plans to reduce his stake by up to 2% of the company's total shares due to funding needs [11] - United Precision's two actual controllers plan to collectively reduce their stake by up to 3% of the company's total shares for personal financial reasons [13] Group 4 - Yipinhong's subsidiary has received a drug registration certificate for L-carnitine oral solution, which is classified as a chemical drug [15] - Tiancheng Self-Control plans to establish a wholly-owned subsidiary in Japan and invest in a warehouse and production base with a budget of up to 10 million yuan [17] - Ningbo Huaxiang's joint venture has obtained a patent license from Jilin University for PEEK technology, which will enhance its R&D capabilities [21] Group 5 - Bright Dairy's subsidiary Synlait Milk Limited plans to sell its North Island assets to Abbott for $170 million, aiming to focus on core business development [23] - Nanjing Pharmaceutical has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group, with the latter acquiring 11.04% of Nanjing Pharmaceutical's shares [24] - Guoxing Optoelectronics' application for a private placement of A-shares has been accepted by the Shenzhen Stock Exchange [25] Group 6 - Hailianxun has received approval from the China Securities Regulatory Commission for its plan to merge with Hangqilun B through a share exchange [27] - CITIC Bank's risk director Hu Gang has resigned, with Jin Xinian appointed as the new risk director pending regulatory approval [29]

盐湖股份于9月29日发布公告称，公司4万吨/年基础锂盐一体化项目已正式进入投料试车阶段，并成功产出合格的电池级碳酸锂产品。 该项目是盐湖股份落实"十四五"生态盐湖产业发展规划中"扩大锂"战略部署的重要举措。此前，公司已启动投资建设4万吨/年基础锂盐一体化项目，旨在进 一步提升公司在锂盐领域的产能规模和市场竞争力。 截至公告披露日，该项目已基本建成。关键装置吸附提锂装置试车产出合格液，纳滤反渗透系统完成膜安装及水联动，沉锂及公辅工程完成核心设备单机试 车。这标志着项目正式进入投料试车阶段，并成功产出合格的电池级碳酸锂产品。 4万吨/年基础锂盐一体化项目的投料试车成功，将进一步提升盐湖股份在锂盐领域的产能规模，增强公司锂盐产品的市场竞争力、盈利能力和抗风险能力。 这一项目的顺利推进，不仅为公司生态盐湖产业的高质量发展提供了核心支撑，也为盐湖的可持续发展注入了强劲动力。 ...

截至6月30日，盐湖股份股东户数20.10万，较上期减少6.24%；人均流通股26327股，较上期增加 6.66%。2025年1月-6月，盐湖股份实现营业收入67.81亿元，同比减少6.30%；归母净利润25.15亿元，同 比增长13.69%。 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6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八大流 通股东，持股1.26亿股，相比上期增加2761.17万股。 责任编辑：小浪快报 资金流向方面，主力资金净流入89.80万元，特大单买入4045.04万元，占比8.99%，卖出7183.72万元， 占比15.97%；大单买入1.38亿元，占比30.65%，卖出1.06亿元，占比23.48%。 盐湖股份今年以来股价涨21.51%，近5个交易日涨2.15%，近20日跌0.30%，近60日涨16.82%。 资料显示，青海盐湖工业股份有限公司位于青海省格尔木市黄河路28号，成立日期1997年8月25日，上 市日期1997年9月4日，公司主营业务涉及钾肥和锂盐的开发、生产和销售。主营业务收入构成为：钾产 ...

Macro Economic Group - In the first eight months of the year, the total profit of industrial enterprises above designated size reached 46,930 billion yuan, a year-on-year increase of 0.9%, marking the first positive growth since April this year, with a recovery of 2.6 percentage points compared to January-July [3] - In August, the profit of industrial enterprises increased by 20.4% year-on-year, a significant rebound of 21.9 percentage points compared to July [3] - The profit margin of industrial enterprises was 5.24% in the first eight months, up from 5.15% in July, while the manufacturing sector's profit margin was 4.53%, up from 4.46% in July [3] Industry Overview - The industries with the highest year-on-year growth rates from January to August include transportation equipment manufacturing, non-ferrous metals, and electrical machinery and equipment manufacturing, while the lowest growth rates were seen in coal mining, steel, furniture manufacturing, and textile and apparel industries [4] - Notable improvements in year-on-year growth in August were observed in the liquor, beverage, and refined tea manufacturing, steel, non-ferrous metals, chemical fiber, and transportation equipment manufacturing sectors [4] - The cement industry is expected to reduce inefficient clinker production capacity by about 10% this year, with the overall capacity utilization rate currently at around 50% [7] Advanced Manufacturing Group - The Ministry of Transport and other departments have issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'", aiming to establish a smart integrated transportation network by 2030 [11] - The demand for energy storage has exceeded expectations this year, driven by the expansion of new energy and the introduction of capacity price policies, leading to improved internal rate of return (IRR) for energy storage [12] - The lithium extraction capacity from salt lakes in China is expected to significantly increase, with major companies accelerating project layouts, which may lead to a decrease in lithium carbonate prices [13]

Core Viewpoint - The successful launch of the "4+2" ten-thousand-ton lithium salt project by China Salt Lake marks a significant achievement in enhancing China's lithium resource supply stability and technological capabilities, contributing to the green low-carbon circular economy in Qinghai Province [3][4]. Group 1 - The "4+2" ten-thousand-ton lithium salt project was successfully launched in Golmud City, Haixi Prefecture, Qinghai Province on September 28 [3]. - The project utilizes globally leading technology, which will enhance China's lithium resource supply stability and technical equipment levels [4]. - The project is part of China Minmetals' strategy to support the integration of the entire metal mining industry chain, positioning China Salt Lake as a key player in the new energy industry chain [4]. Group 2 - China Salt Lake Industrial Group, established in February, consists of three companies: Qinghai Salt Lake Industry Co., Qinghai Huixin Asset Management Co., and Minmetals Salt Lake Co., with a registered capital of 10 billion RMB [4]. - The group has a production capacity of 5.8 ten-thousand tons of lithium salt and 5.3 million tons of potassium fertilizer annually, making it the largest potassium salt and salt lake lithium salt production base in China [5]. - Future plans include maximizing the comprehensive utilization value of salt lake resources by transforming resources into materials, materials into products, and products into production lines [5].

4万吨/年基础锂盐一体化项目投料试车，将进一步提升公司锂盐产能规模，增强公司锂盐产品市场竞争 力、盈利能力和抗风险能力，为公司生态盐湖产业高质量发展提供核心支撑，为盐湖可持续发展注入了 强劲动力。 关于4万吨/年基础锂盐一体化项目投料试车的公告 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。 为落实青海盐湖工业股份有限公司（以下简称"公司"）"十四五"生态盐湖产业发展规划中"扩大锂"战略 部署，公司此前启动投资建设4万吨/年基础锂盐一体化项目（具体详见《关于投资新建4万吨/年基础锂 盐一体化项目的公告》，2022-038）。截至本公告披露日，该项目已基本建成，关键装置吸附提锂装置 试车产出合格液，纳滤反渗透系统完成膜安装及水联动，沉锂及公辅工程完成核心设备单机试车，正式 进入投料试车阶段并产出合格的电池级碳酸锂产品。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000792 证券简称：盐湖股份 公告编号：2025-055 青海盐湖工业股份有限公司 特此公告。 青海盐湖工业股份有限公司董事会 2025年9月29日 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The gold market has strong performance, with prices hitting new highs, and the silver increase is greater than that of gold. The market focuses on the US government shutdown risk and Trump's tariff risk. The short - term gold price is expected to run at a high level with increased volatility [3][14]. - The treasury bond futures are in the stage of shock bottom - building. After adjustment, the bond market valuation is gradually reasonable. The bond market will gradually desensitize to negative factors and return to fundamental trading [16]. - The demand for动力煤is weak, and the price is expected to remain near the long - term agreement price. Attention should be paid to coal supply policies [4][19]. - The iron ore price is expected to continue the box - type shock, and the trend market needs to wait. Attention should be paid to the demand for finished products after the National Day and the changes in coal supply policies [22]. - The palm oil production in Malaysia is expected to decline in September, and the inventory - building pressure will slow down significantly. It is recommended to wait and see before the National Day [23][24]. - The downward space of Zhengzhou sugar is limited, and there may be a weak rebound in the fourth quarter [29]. - The external cotton market is under seasonal supply pressure, and the domestic new cotton harvest will face challenges in downstream demand. The market pressure in the fourth quarter is large [33]. - The coking coal and coke market shows different trends between spot and futures before the festival. The spot price rises due to pre - festival stockpiling, while the futures are worried about post - festival demand and show a shock trend [34]. - The supply and demand of豆粕is weak, and the future price is mainly driven by policies. Attention should be paid to the USDA quarterly inventory report, South American weather and Sino - US relations [38]. - The steel price has limited upward space and needs to pay attention to the callback risk. It is recommended to take a light - position shock approach before the festival [40][41]. - The starch price difference may be undervalued, and there may be a safety margin for widening at low prices [43]. - The medium - term view of玉米is bearish, and the 11 - contract may decline more than the 01 - contract after the National Day [44]. - The red date futures price has risen sharply, and it is recommended to operate short - term. Attention should be paid to the development of jujube fruits in the production area and downstream consumption [47]. - The lithium carbonate price may decline in the long - term under the pressure of inventory - building at the end of the year, but the decline space is limited in the peak season before the actual resumption of production [50]. - The lead price is expected to remain in shock in the short - term, and it is recommended to lay out long positions at low prices and pay attention to positive arbitrage opportunities [52]. - The zinc price decline space is limited, and it is recommended to wait and see on the single - side and pay attention to positive arbitrage opportunities [54]. - The PX price will be in shock adjustment in the short - term [56]. - The PTA price is in a shock trend, and it is recommended to adopt a band strategy [59]. - The downward space of the caustic soda futures price is limited [62]. - The paper pulp market is expected to be in a weak shock [64]. - The PVC fundamentals are weak, but the downward space is limited. Attention should be paid to domestic policy benefits [65]. - The fundamentals of苯乙烯are weak in the fourth quarter, and attention should be paid to whether the sentiment can be boosted [67]. - The soda ash price is recommended to be shorted at high prices, and attention should be paid to supply disturbances [68]. - It is recommended to pay attention to the arbitrage opportunity of going long on glass 2601 and shorting on soda ash 2601 [70]. - The container freight index fluctuates greatly before the festival, and it is recommended to wait and see in the short - term [72][73]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Richmond Fed President Tom Barkin is cautious about the prospect of interest rate cuts. Fed Governor Michelle Bowman believes that decisive action is needed to cut interest rates. The US 8 - month core PCE price index increased by 0.2% month - on - month [12][13][14]. - The gold price fluctuated and closed higher on Friday, hitting a new high. The precious metals and non - ferrous metals were strong, and silver rose more than gold. The market focuses on the US government shutdown risk and Trump's tariff risk. It is recommended to reduce positions before the holiday [14][15]. 1.2 Macro Strategy (Treasury Bond Futures) - The central bank carried out 165.8 billion yuan of 7 - day reverse repurchase operations and 600 billion yuan of 14 - day reverse repurchase operations, with a net investment of 411.5 billion yuan on the same day [16]. - Some institutions may choose to hold cash for the holiday due to concerns about the new regulations on public bond funds. However, the impact is limited. The treasury bond futures are in the stage of shock bottom - building, and it is recommended to take a shock approach in the short - term [16][17]. 2. Commodity News and Comments 2.1 Black Metal (动力煤) - Some coal mines stopped or reduced production at the end of the month, and the supply decreased slightly. The downstream only maintained rigid demand procurement, and the port coal price stagnated and declined this week [18]. - The demand is weak, and the price is expected to remain near the long - term agreement price. Attention should be paid to coal supply policies [19]. 2.2 Black Metal (Iron Ore) - The construction of the Simandou project has made breakthroughs, and the equipment production and shipment are advancing simultaneously [20]. - The iron ore price is in a shock market, and it is expected to continue the box - type shock. Attention should be paid to the demand for finished products after the National Day and the changes in coal supply policies [22]. 2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From September 1 to 25, the palm oil production in Malaysia decreased by 4.14% month - on - month [23]. - The palm oil production in Malaysia is expected to decline in September, and the inventory - building pressure will slow down significantly. It is recommended to wait and see before the National Day [23][24]. 2.4 Agricultural Products (Sugar) - As of the week of September 24, the amount of sugar waiting to be shipped at Brazilian ports was 3.1039 million tons, a decrease of 5.44% from the previous week [25]. - In the 25/26 sugar - making season, 3 sugar mills in Xinjiang have started operation. The sugar production in Xinjiang is expected to be about 700,000 tons [26]. - The market expects that the sugar production in the central and southern regions of Brazil will increase by 15% year - on - year in the first half of September. The downward space of Zhengzhou sugar is limited, and there may be a weak rebound in the fourth quarter [28][29]. 2.5 Agricultural Products (Cotton) - The CCI in India may purchase cotton without limit due to the low cotton price. The new cotton in India has been on the market, and the cotton price in the northern region has dropped by about 5 - 6% in the past two weeks [30]. - The export signing volume of US cotton decreased in the week of September 12 - 18, and the shipment volume increased. The external cotton market is under seasonal supply pressure, and the domestic new cotton harvest will face challenges in downstream demand. The market pressure in the fourth quarter is large [32][33]. 2.6 Black Metal (Coking Coal/Coke) - The price of coking coal in the Linfen Anze market remained stable. Before the festival, the coking coal market showed different trends between spot and futures. The spot price rose due to pre - festival stockpiling, while the futures were worried about post - festival demand and showed a shock trend [34]. 2.7 Agricultural Products (豆粕) - It is estimated that the soybean crushing volume in China will be 9.42 million tons in October, and the arrival volume of imported soybeans is expected to be 9.49 million tons, 8.5 million tons, and 8 million tons from October to December respectively [35][36]. - The supply and demand of豆粕is weak, and the future price is mainly driven by policies. Attention should be paid to the USDA quarterly inventory report, South American weather and Sino - US relations [38]. 2.8 Black Metal (Rebar/Hot - Rolled Coil) - The daily average pig iron output of 247 steel mills increased to 2.42 million tons. The inventory of five major varieties decreased slightly this week, and the demand for building materials increased seasonally, but the demand elasticity is not optimistic. The steel price has limited upward space and needs to pay attention to the callback risk. It is recommended to take a light - position shock approach before the festival [39][40][41]. 2.9 Agricultural Products (Corn Starch) - The theoretical profits of corn starch enterprises in Heilongjiang, Jilin, Hebei, and Shandong on September 22 were - 55 yuan/ton, - 179 yuan/ton, 7 yuan/ton, and - 82 yuan/ton respectively [42]. - The starch price difference may be undervalued, and there may be a safety margin for widening at low prices [43]. 2.10 Agricultural Products (Corn) - As of September 25, the average inventory of feed enterprises was 26.01 days, a decrease of 0.57% from the previous week [44]. - The medium - term view of玉米is bearish, and the 11 - contract may decline more than the 01 - contract after the National Day [44]. 2.11 Agricultural Products (Red Dates) - The price of red dates in the Guangzhou Ruyifang market fluctuated slightly. The futures price of red dates rose sharply, and it is recommended to operate short - term. Attention should be paid to the development of jujube fruits in the production area and downstream consumption [45][47]. 2.12 Non - Ferrous Metals (Lithium Carbonate) - Longpan Times stopped production on September 25 and is expected to resume production in November. Salt Lake Co., Ltd.'s 40,000 - ton/year basic lithium salt integration project started trial production, and Tianqi Lithium's 30,000 - ton battery - grade lithium hydroxide project was officially put into operation [48][49][50]. - The lithium carbonate price may decline in the long - term under the pressure of inventory - building at the end of the year, but the decline space is limited in the peak season before the actual resumption of production [50]. 2.13 Non - Ferrous Metals (Lead) - On September 26, the LME 0 - 3 lead was at a discount of $41.63/ton. The lead price is expected to remain in shock in the short - term, and it is recommended to lay out long positions at low prices and pay attention to positive arbitrage opportunities [51][52]. 2.14 Non - Ferrous Metals (Zinc) - On September 26, the LME 0 - 3 zinc was at a premium of $39.84/ton. The zinc price decline space is limited, and it is recommended to wait and see on the single - side and pay attention to positive arbitrage opportunities [53][54]. 2.15 Energy Chemical Industry (PX) - A refinery in the northeast plans to shut down its reforming unit for about 10 days starting from September 27. The PX price will be in shock adjustment in the short - term [55][56]. 2.16 Energy Chemical Industry (PTA) - The negotiation in the PTA spot market weakened, and the basis loosened. The PTA price is in a shock trend, and it is recommended to adopt a band strategy [57][59]. 2.17 Energy Chemical Industry (Caustic Soda) - On September 26, the price of liquid caustic soda in Shandong decreased locally. The downward space of the caustic soda futures price is limited [60][62]. 2.18 Energy Chemical Industry (Paper Pulp) - The price of imported wood pulp in the spot market was mainly stable. The paper pulp market is expected to be in a weak shock [63][64]. 2.19 Energy Chemical Industry (PVC) - The price of PVC powder in the domestic market was weakly sorted. The PVC fundamentals are weak, but the downward space is limited. Attention should be paid to domestic policy benefits [65]. 2.20 Energy Chemical Industry (Styrene) - The weekly consumption of styrene's main downstream products decreased by 4.46% from the previous week. The fundamentals of苯乙烯are weak in the fourth quarter, and attention should be paid to whether the sentiment can be boosted [66][67]. 2.21 Energy Chemical Industry (Soda Ash) - On September 26, the price of soda ash in the South China market remained stable. The soda ash price is recommended to be shorted at high prices, and attention should be paid to supply disturbances [67][68]. 2.22 Energy Chemical Industry (Float Glass) - On September 26, the price of float glass in the Shahe market increased. It is recommended to pay attention to the arbitrage opportunity of going long on glass 2601 and shorting on soda ash 2601 [69][70]. 2.23 Shipping Index (Container Freight) - The EU's shipping fuel regulations have "killed" the demand for methanol - powered ships. Before the festival, the container freight index fluctuated greatly, and it is recommended to wait and see in the short - term [71][72][73].

每经记者｜朱成祥 每经编辑｜魏官红 丨 2025年9月29日 星期一 丨 NO.1 盐湖股份：4万吨/年基础锂盐一体化项目投料试车 点评：盐湖股份4万吨/年基础锂盐一体化项目投料试车，标志着中国盐湖提锂技术实现工业化突破。短 期关注产能爬坡进度及锂价反弹节奏；长期来看，盐湖股份依托资源垄断+成本优势，有望成为全球锂 盐市场定价权争夺者。不过，也需要注意水资源对盐湖提锂的限制。 NO.2 博迁新材：签订合作协议，估算销售镍粉产品43亿元至50亿元 9月28日，盐湖股份公告称，公司4万吨/年基础锂盐一体化项目已基本建成，关键装置吸附提锂装置试 车产出合格液，纳滤反渗透系统完成膜安装及水联动，沉锂及公辅工程完成核心设备单机试车，正式进 入投料试车阶段并产出合格的电池级碳酸锂产品。项目投料试车将提升公司锂盐产能规模，增强市场竞 争力、盈利能力和抗风险能力。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.3 智光电气：拟购买控股子公司智光储能股权，股票停牌 9月28日，智光电气公告称，公司正在筹划以发行股份及支付现金的方式购买控股子公司智光储能的全 部或部分少数股权，同时 ...