Group 1 - Yancoal Energy Group Co., Ltd. signed an "Implementation Agreement" and "Equity Subscription Agreement" with Highfield Resources Limited on September 23, 2024, to acquire newly issued shares through asset injection and cash subscription [1] - Qinghai Salt Lake Industry Co., Ltd. intends to invest approximately $300 million in ordinary shares of Highfield Resources, aiming to become its largest shareholder and gain control upon completion of the transaction [2] - Recently, Yancoal Energy received notification from Qinghai Salt Lake that it will no longer pursue the subscription transaction outlined in the letter of intent [2] Group 2 - The signing of the letter of intent and related opinions by the company was based on a framework of cooperation and does not constitute a formal agreement, thus the termination of the transaction will not adversely affect the company's financial status or operations [2] - The company will disclose relevant information in a timely manner based on the progress of related matters [3]

Core Viewpoint - Salt Lake Potash (000792) announced on August 18 that it signed a project cooperation letter of intent with Highfield Resources Limited, Yancoal Energy Group Co., Ltd., and EMR Capital, intending to invest approximately $300 million to acquire ordinary shares of Highfield Resources, aiming to become its largest shareholder and gain control over certain projects [1] Group 1 - The company intends to invest around $300 million in Highfield Resources to become its largest shareholder [1] - The agreement includes governance arrangements to gain actual control over Yancoal Canada Resources Ltd., Highfield Resources, and its subsidiaries, including the Southey potash project and the Muga project [1] - Following the signing of the letter of intent, the company established a dedicated working group to conduct due diligence in areas such as resources, technology, and legal aspects [1] Group 2 - After comprehensive evaluation, the company determined that the conditions for advancing the project cooperation were not mature at this stage [1] - The company has prudently decided to terminate the project cooperation matter [1]

Group 1 - The company announced the termination of the project cooperation letter of intent with Highland Resources, Yancoal Energy, and EMR Capital [1] - The company previously intended to invest approximately $300 million in ordinary shares of Highland Resources to become its largest shareholder and gain control [1] - A dedicated working group was established to conduct due diligence in areas such as resources, technology, and legal aspects [1] Group 2 - After comprehensive evaluation, the company concluded that the conditions for advancing the project cooperation were not mature at this stage [1] - The decision to terminate the cooperation is made to protect the interests of the company and all shareholders [1] - The termination of this cooperation will not adversely affect the company's financial status or operational performance [1]

格隆汇8月18日｜盐湖股份公告，公司与高地资源、兖矿能源及EMR资本签署的《项目合作意向书》终 止。公司原计划以3亿美元左右现金认购高地资源发行的普通股，成为其最大股东并取得控制权。经综 合评估，现阶段推进该项目合作条件尚不成熟，决定终止合作。此次合作终止不会对公司财务状况和生 产经营产生不利影响。 ...

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has signed an "Implementation Agreement" and "Equity Subscription Agreement" with Highfield Resources Limited, indicating a strategic investment move to acquire new shares through asset injection and cash subscription [1] Group 1 - The agreement with Highfield Resources is set to be executed on September 23, 2024, highlighting a future commitment to the partnership [1] - Highfield Resources has entered into a non-binding memorandum of understanding with Qinghai Salt Lake Industry Co., Ltd. and EMR Capital, which involves a cash subscription of approximately $300 million to become the largest shareholder of Highfield Resources [1] - Qinghai Salt Lake has notified Yanzhou Coal Mining that it will not proceed with the subscription transaction outlined in the memorandum of understanding [1]

Core Viewpoint - The company has terminated the project cooperation letter of intent with Highland Resources, Yancoal Energy, and EMR Capital, which was aimed at acquiring a significant stake in Highland Resources for approximately $300 million [1] Group 1 - The company planned to invest around $300 million in ordinary shares of Highland Resources to become its largest shareholder and gain control [1] - The decision to terminate the cooperation was based on a comprehensive assessment indicating that the conditions for advancing the project were not mature at this stage [1] - The termination of this cooperation will not adversely affect the company's financial status or operational performance [1]

签署意向书后，公司成立专门工作组开展了资源、技术、法律等方面境外实 地踏勘尽调工作。经公司综合评估，公司认为现阶段推进该项目合作的条件尚不 成熟。为维护公司及全体股东利益，现审慎决定终止本次项目合作事项。 二、对公司的影响 公司与相关各方签署《项目合作意向书》及相关意见，是基于合作意愿签署 的框架性、意向性的文件，各方并未就本次合作项目签署正式合作协议文件。本 次项目合作的终止不会对公司财务状况和生产经营产生不利影响，不存在损害公 司和中小股东利益的情形。 证券代码：000792 证券简称：盐湖股份 公告编号：2025-048 青海盐湖工业股份有限公司 关于项目合作意向的进展公告 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。 一、项目合作意向概述及进展情况 2025 年 5 月 12 日，公司披露《关于签署项目合作意向书的公告》（公告 编号：2025-031），与 Highfield Resources Limited（以下简称"高地资源"）、兖矿 能源集团股份有限公司及 EMR 资本签署了《项目合作意向书》。公司有意向以 3 亿美元左右现金认购高地资源发行 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Core Insights - The rare metals theme index rose by 2.12% as of August 15, 2025, with significant gains in constituent stocks such as Zhongke Sanhuan (up 8.73%) and Platinum New Materials (up 8.02%) [1][3] - The rare metals ETF (562800) also saw a half-day increase of 2.12%, indicating strong market interest [1] Trading Activity - The rare metals ETF had a turnover rate of 4.49% with a half-day trading volume of 64.58 million yuan [3] - Over the past week, the ETF averaged daily trading of 127 million yuan, ranking first among comparable funds [3] - The ETF's scale increased by 143 million yuan in the past week, also the highest among comparable funds [3] - The ETF's shares grew by 19.5 million in the past week, marking significant growth and leading in new share issuance among comparable funds [3] - In the last five trading days, the ETF attracted a total of 125 million yuan in inflows [3] Performance Metrics - As of August 14, 2025, the rare metals ETF's net value increased by 65.05% over the past year, ranking 354 out of 2961 index stock funds, placing it in the top 11.96% [3] - The ETF achieved a maximum monthly return of 24.02% since inception, with the longest consecutive monthly gain being three months and a maximum cumulative increase of 29.68% [3] - The average return during rising months was 8.13% [3] - The ETF outperformed its benchmark with an annualized excess return of 8.17% over the past three months [3] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the rare metals theme index included Northern Rare Earth, Salt Lake Co., Luoyang Molybdenum, and others, collectively accounting for 55.85% of the index [3] Market Developments - The shutdown of the world's largest single lithium mica mine operated by CATL due to expired mining licenses is expected to increase lithium prices and reduce supply, impacting manufacturers of cathode materials, battery manufacturers, and end vehicle manufacturers [4] - Despite a currently relaxed lithium carbonate market, the uncertainty in resource availability reinforces the "lithium scarcity" narrative, favoring leading companies with compliant mining licenses [4] - Tungsten product prices are reaching new highs due to decreased supply from domestic quotas and environmental inspections, while international supply increases are below expectations [5]

Group 1 - The core viewpoint of the articles highlights the impact of the recent explosion at the Haicang Xinyang Zhongkun Chemical Plant, which has a global market share of 22% in DHM (Dihydromyrcene) production, leading to a short-term supply contraction of 5%-8% and a potential price increase of 20%-30% in Q3 [1] - The chemical industry is experiencing a wave of "involution," resulting in many companies facing increased revenue without corresponding profit growth, necessitating a "de-involution" approach for sustainable industry development [1][2] - The China Securities Index for the chemical industry (000813) shows mixed performance among its constituent stocks, with Jinfa Technology (600143) leading gains at 3.68% and Hongda Co., Ltd. (600331) experiencing the largest decline [1] Group 2 - Zhongtai Securities suggests that the price differentials of certain chemical products are nearing historical lows, indicating a potential for a new round of supply-side reforms to promote orderly production and restore normal profit levels [2] - The chemical ETF (159870) closely tracks the China Securities Index for the chemical industry, which consists of seven sub-indices reflecting the overall performance of major listed companies in related sectors [2] - As of July 31, 2025, the top ten weighted stocks in the China Securities Index for the chemical industry account for 43.54% of the index, with major companies including Wanhua Chemical (600309) and Yilong Co., Ltd. (000792) [2]