证券代码：000792 证券简称：盐湖股份 公告编号：2025-049 青海盐湖工业股份有限公司 2025 年第二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。 一、会议召开情况 1.召开时间：2025 年 8 月 28 日（星期四）15:00 2.召开地点：青海省西宁市胜利路 19 号盐湖海润酒店 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：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 1.出席本次股东会现场会议的股东（及代理人）共 9 人，代表股份 683,394,495 股，占公司有表决权股份总数的 12.9148%； 2.通过深圳证券交易所交易系统和互联网投票系统投票的股东共 1,985 人，代 表股份 1,089,069,420 股，占公司有表决权股份总数的 20.5 ...

青海竞帆律师事务所 关于青海盐湖工业股份有限公司 2025 年 第二次临时股东会之 法律意见书 Jingfan China,810001 青 海 竞 帆 律 师 事 务 所 青海竞帆律师事务所 股东会法律意见书 青 海 竞 帆 律 师 事 务 所 青海竞帆律师事务所 关于青海盐湖工业股份有限公司 2025 年 第二次临时股东会的法律意见书 （2025）青竞律（非诉）字第（3202）号 致：青海盐湖工业股份有限公司 地址：青海省西宁市西关大街 130 号青海银行 18 楼 邮编：810000 电话：86-971-8587800 8587781 电子邮箱：jfsjmytd@163.com 目 录 | 一、本次股东大会的召集、召开程序 | 4 | | --- | --- | | 二、关于出席本次股东会人员的资格 | 5 | | 三、关于本次股东会的表决程序 | 6 | | 四、结论意见 | 8 | 青海竞帆律师事务所 股东会法律意见书 青海竞帆律师事务所（以下简称"本所"）接受青海盐 湖工业股份有限公司（以下简称"公司"）的委托，指派安 蕊、段义君律师（以下简称"本所律师"）出席公司召开的 2025 年第二次临时股 ...

Core Viewpoint - The petrochemical industry is experiencing a mixed performance, with the China Petrochemical Industry Index showing a slight decline, while the petrochemical ETF has demonstrated significant annual growth and high tracking accuracy [1][2]. Group 1: Index Performance - As of August 28, 2025, the China Petrochemical Industry Index has decreased by 0.1% [1]. - The petrochemical ETF (159731) has dropped by 0.39%, with the latest price at 0.77 yuan [1]. - Over the past year, the petrochemical ETF has seen a net value increase of 20.37% [1]. Group 2: ETF Performance Metrics - The highest single-month return for the petrochemical ETF since inception was 15.86%, with the longest consecutive monthly gains being three months and a maximum increase of 19.49% [1]. - The average monthly return during the rising months is 5.30% [1]. - The ETF has outperformed its benchmark with an annualized excess return of 8.15% over the last three months [1]. Group 3: Industry Insights - Since 2024, the growth rate of fixed asset investment in the industry has noticeably slowed, leading to marginal improvements on the supply side [1]. - China's global market share in chemical products is steadily increasing, indicating a potential new cycle for the chemical industry [1]. - Short-term overseas demand may face challenges, but there is optimism for domestic demand and supply dynamics to improve, particularly for related industry targets [1]. - In the medium to long term, the chemical sector is expected to restart a new cycle against a backdrop of low oil prices and global recovery [1]. Group 4: Top Holdings in the Index - As of July 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index account for 56.18% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical [2]. - The top three stocks by weight are Wanhua Chemical (10.04%), China Petroleum (9.51%), and China Petrochemical (8.07%) [4].

Group 1 - The chemical sector experienced a significant rise on August 26, with the chemical ETF (516020) opening strong and reaching an intraday increase of 2.08%, closing with a gain of 1.39% [1] - Key stocks in the sector included titanium dioxide, nitrogen fertilizers, and rubber products, with notable gains from Zhongke Titanium, Luxi Chemical, and Sinochem International, all rising over 6% [1] - Foreign investment firms are optimistic about the chemical industry, citing improved export expectations and supportive policies that may benefit cyclical sectors like chemicals [2][3] Group 2 - The chemical industry has faced challenges such as declining product prices and reduced capacity utilization, leading to shrinking profit margins [3] - Recent data indicates that the chemical ETF (516020) is at a low valuation point, with a price-to-book ratio of 2.22, suggesting a favorable time for investment [3] - The basic chemical sector has seen substantial capital inflow, with a net inflow of 64.93 billion and a total of 1583.72 billion over the past 60 days, ranking it among the top sectors for investment [4] Group 3 - Future prospects for the chemical industry may improve as policies aimed at reducing excess capacity are implemented, potentially leading to a more favorable competitive landscape [5] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with significant holdings in large-cap stocks [5]

Group 1 - The core viewpoint of the news is that Salt Lake Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in share price and market capitalization [1][2]. - As of August 26, the stock price of Salt Lake Co., Ltd. rose by 2.05% to 19.95 CNY per share, with a total market capitalization of 105.57 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 21.20%, with a 4.40% rise in the last five trading days and a 26.51% increase over the past 60 days [1]. Group 2 - For the first quarter of 2025, Salt Lake Co., Ltd. reported a revenue of 3.12 billion CNY, representing a year-on-year growth of 14.50%, and a net profit attributable to shareholders of 1.15 billion CNY, up 22.52% year-on-year [2]. - The company has distributed a total of 5.31 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of March 31, 2025, the number of shareholders increased to 214,400, while the average circulating shares per person decreased by 0.16% to 24,683 shares [2][3].

Core Viewpoint - The lithium mining industry is experiencing a challenging period due to falling lithium prices, but recent supply constraints and a potential recovery in prices may lead to improved financial performance for mining companies in the near future [2][6][10]. Group 1: Industry Performance - Lithium carbonate prices dropped below 60,000 yuan/ton in the first half of 2025, leading to disappointing financial results for many lithium mining companies, with some still facing losses [2][3]. - Major lithium mining companies like Zhongmin Resources reported a revenue of 3.267 billion yuan, a year-on-year increase of 34.89%, but a net profit decline of 81.16% [3]. - Rongjie Co. and Yongxing Materials also faced significant profit declines, with net profits down 48.54% and 47.84% respectively, despite some revenue growth [4]. Group 2: Supply and Demand Dynamics - The supply-demand imbalance characterized by strong supply and weak demand has led to a prolonged decline in lithium carbonate prices, with some companies expressing concerns about operating at a loss [6][10]. - Recent production halts, including those by CATL and other companies, have raised expectations for supply constraints, contributing to a rebound in lithium carbonate prices, which recently surpassed 80,000 yuan/ton [7][10]. - The suspension of CATL's Yichun mine, which has an annual capacity of 100,000 tons of lithium carbonate equivalent, is expected to impact domestic supply and support price recovery [7]. Group 3: Future Outlook - The anticipated supply contraction and industry initiatives to curb excessive competition are expected to support lithium prices and improve the financial health of mining companies [8][10]. - Companies like Ganfeng Lithium are focusing on increasing their resource self-sufficiency, with projections indicating a self-sufficiency rate exceeding 50% [11]. - The cost advantages of salt lake lithium resources are expected to be enhanced as prices recover, benefiting companies with low-cost operations [11].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The chemical sector's overall performance ranked 15th this week, with a change of 2.86%, underperforming the Shanghai Composite Index by 0.63 percentage points and the ChiNext Index by 3.00 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Industry Performance - The chemical sector's performance for the week of August 18-22, 2025, showed a 2.86% increase, while the Shanghai Composite Index increased by 3.49% and the ChiNext Index by 5.85% [4][22] - The top three performing sub-sectors were other rubber products (8.53%), polyurethane (6.34%), and titanium dioxide (5.69%), while the bottom three were synthetic resin (-1.67%), carbon black (-1.00%), and other plastic products (-0.34%) [23][22] Key Industry Dynamics - South Korea plans to cut naphtha cracking capacity by 25%, affecting 2.7 to 3.7 million tons based on an annual capacity of 14.7 million tons, as part of efforts to restructure its petrochemical industry [35] - The Ministry of Industry and Information Technology of China held a meeting to regulate the photovoltaic industry, emphasizing the importance of maintaining a healthy competitive environment [35] Recommended Focus Areas - Synthetic biology is highlighted as a key area for growth, with traditional chemical companies needing to adapt to energy costs and carbon taxes [4] - The third-generation refrigerants are expected to enter a high-growth cycle due to supply constraints and increasing demand from markets like Southeast Asia [5] - The electronic specialty gases market presents significant opportunities for domestic companies due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [6][8] - Light hydrocarbon chemicals are becoming a global trend, with a shift towards lighter raw materials for ethylene production [8] - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns [9] - Potash fertilizer prices are expected to rebound as major producers reduce output and demand increases from farmers [10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand recovers [12]

Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Industry Focus - The 2025 CBP Bio-Agriculture Promotion Conference will focus on the core issues of biological transformation in the agricultural sector, aiming to interpret cutting-edge trends and development directions in bio-agriculture [1] - The Chinese fertilizer export situation for 2025 is expected to show "total volume growth year-on-year, continuous optimization of structure, and emerging markets" according to a senior consultant from Beijing Guotong Big Data Co., Ltd [1] - The Ministry of Agriculture and Rural Affairs has initiated a major pest and disease prevention campaign for autumn grain crops, organizing field observations in major producing provinces [1] Market Analysis - In Shandong and Chongqing, the agricultural input market is becoming more active as the autumn fertilizer preparation period begins, indicating a potential improvement in trading atmosphere [1] - The domestic monoammonium phosphate market is experiencing a significant divergence between strong upstream costs and weak downstream demand, leading to a stalemate in the market [1] Company Dynamics - Xingfa Group is actively responding to national supply and price stabilization calls amid a surge in agricultural input demand during the busy season [1] - Stanley's mid-year report shows a revenue of 6.391 billion yuan, a year-on-year increase of 12.66%, and a net profit of 607 million yuan, up 18.9% year-on-year [1] - Fubon Technology is leading a major agricultural microbiology project in Hubei Province focused on the creation and application demonstration of efficient crop nitrogen-fixing agents [1] - Jinzhe Group ranked 31st on the innovation list of the 2025 Shandong Top 100 Private Enterprises [1] - Hubei Yihua reported a net profit of 399 million yuan for the first half of 2025, a year-on-year decrease of 43.92% [1] Company Announcements - Salt Lake Co. announced the termination of a $300 million subscription intention for a merger with Highfield Resources Limited after a comprehensive evaluation [2] - Aojia Ecological reported a profit of 668,700 yuan for the first half of 2025, reversing a loss from the previous year, with a revenue of 101 million yuan, up 30.56% year-on-year [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [7][8]. Core Views - The Federal Reserve's dovish stance is expected to drive a bullish outlook for precious metals, with gold prices likely to reach new highs due to anticipated interest rate cuts and inflationary pressures [1][38]. - The copper market is supported by both macroeconomic factors and supply-side constraints, leading to a strong price outlook [2]. - Lithium prices are rebounding due to ongoing supply disruptions, while the market remains tight with a strong demand forecast [3]. Summary by Sections Precious Metals - The Federal Reserve's shift to a dovish tone has increased expectations for interest rate cuts, with a 90% probability for a September rate cut [1]. - Gold prices are projected to rise, with optimistic scenarios suggesting silver could reach $70 per ounce if the gold-silver ratio normalizes [1]. - Key companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - Copper prices are expected to strengthen due to macroeconomic support and supply disruptions, with domestic smelting capacity facing maintenance [2]. - Aluminum prices are predicted to fluctuate in the short term, influenced by macroeconomic sentiment and supply adjustments across regions [2]. - Companies of interest include Luoyang Molybdenum, Nanshan Aluminum, and China Hongqiao [2]. Energy Metals - Lithium prices are experiencing a strong rebound, with industrial-grade lithium carbonate priced at 84,000 yuan per ton, reflecting a 1.5% weekly increase [3]. - The market remains tight with a forecasted increase in demand for electric vehicles, supporting a bullish outlook for lithium [3]. - Companies to monitor include Ganfeng Lithium, Tianqi Lithium, and others [3]. Market Trends - The non-ferrous metals sector has shown a general upward trend, with the sector index rising by 1.3% recently [19]. - Specific sub-sectors like small metals have seen significant gains, with a 10.5% increase noted [19]. - The report highlights the importance of monitoring inventory levels and price movements across various metals to gauge market health [35].