（文章来源：每日经济新闻） 2024年1至12月份，盐湖股份的营业收入构成为：制造业占比98.72%，其他业务占比1.05%，贸易业占 比0.23%。 盐湖股份（SZ 000792，收盘价：18.22元）8月6日晚间发布公告称，2025年5月20日至2025年8月6日， 中国五矿通过集中竞价和大宗交易方式累计增持公司股份约2.48亿股，占公司总股本比例的4.69%，已 达相关增持计划股份数量下限，中国五矿已完成相关增持计划。 ...

Group 1 - The core point of the article is that China Minmetals has completed its share buyback plan for Salt Lake Co., Ltd. by acquiring a total of 248,093,348 shares, which represents 4.69% of the company's total share capital [1] Group 2 - The share buyback took place between May 20, 2025, and August 6, 2025, through centralized bidding and block trading methods [1] - The number of shares acquired has reached the lower limit of the planned buyback amount [1]

Core Viewpoint - The actual controller of Qinghai Salt Lake Industry Co., Ltd., China Minmetals Corporation, has completed a share buyback plan, enhancing investor confidence and demonstrating long-term investment value [2][3]. Summary by Sections Share Buyback Plan - China Minmetals plans to increase its stake in Qinghai Salt Lake Industry by acquiring at least 248,093,348 A-shares, representing 4.69% of the total share capital [2][3]. - The buyback has been completed, reaching the minimum target set in the plan [2][3]. Shareholding Situation - After the completion of the buyback, China Minmetals and its concerted action party, Yinhong Financial Asset Investment Co., Ltd., control a total of 1,586,848,447 shares, which is 29.99% of the total share capital [3]. - Prior to the buyback, the total shares controlled were 1,338,755,099, accounting for 25.30% of the total share capital [3]. Compliance and Regulations - The company assures compliance with relevant laws and regulations regarding shareholding changes and will not reduce its holdings during the statutory lock-up period [4].

2、增持进展：2025 年 5 月 20 日至 2025 年 8 月 6 日，中国五矿通过集中竞 价和大宗交易方式累计增持公司股份 248,093,348 股，占公司总股本比例的 4.69%， 已达本次增持计划股份数量下限，中国五矿已完成本次增持计划。 近日，公司收到实际控制人中国五矿出具的《中国五矿集团有限公司关于增 持计划实施完成的告知函》，现将有关情况公告如下： 二、增持计划实施情况 证券代码：000792 证券简称：盐湖股份 公告编号：2025-042 青海盐湖工业股份有限公司 关于实际控制人增持计划实施完成的公告 公司实际控制人中国五矿集团有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： 1、增持计划主要内容：青海盐湖工业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露《关于实际控制人增持计划的公告》（公告编号：2025-025）， 基于对公司未来持续稳定发展的信心和长期投资价值的认可，为增强投资者信心， 公司实际控制人中国五矿集团有限公司（以下简称"中 ...

Summary of Key Points Core Viewpoint - On August 6, Salt Lake Co., Ltd. executed a block trade of 32.0933 million shares, amounting to 584.41 million yuan, which accounted for 48.03% of the total trading volume for that day, with a transaction price of 18.21 yuan, reflecting a slight discount of 0.05% compared to the market closing price of 18.22 yuan [1][2]. Group 1 - The block trade involved a significant volume of 32.0933 million shares [1][2]. - The total transaction value reached 584.41 million yuan [1][2]. - The transaction price was set at 18.21 yuan, which is marginally lower than the market closing price [1][2]. Group 2 - The buyer of the shares was Chuangkuang Securities Co., Ltd. [2]. - The seller was Guokai Securities Co., Ltd. [2]. - The trade represented 48.03% of the total trading volume on that day, indicating a high level of activity in Salt Lake Co., Ltd.'s shares [1][2].

Group 1 - The chemical sector is experiencing a slight weakening in upward momentum, transitioning from emotion-driven trading to fundamental pricing [3] - The chemical ETF (516020) showed a maximum intraday increase of 0.81%, with a current increase of 0.49% [1] - Key stocks in the sector include Jinfa Technology, which surged over 5%, and Huafeng Chemical, which rose over 3% [1] Group 2 - The agricultural chemical prices, such as paraquat and glyphosate, continue to rise, driven by strong downstream demand and robust overseas orders [3] - The chemical ETF (516020) has a price-to-book ratio of 2.05, indicating a low valuation compared to the past decade [3] - The industry is facing challenges such as overcapacity and intensified homogenization competition, leading to a decline in overall profit margins [4] Group 3 - The current policies aim to optimize industrial layout and accelerate the elimination of inefficient capacity, which may enhance industry concentration [4] - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering various subfields and concentrating nearly 50% of its holdings in large-cap leading stocks [4] - The "Belt and Road" initiative is expected to help explosive enterprises expand overseas demand [3]

Group 1 - The China Chemical Industry Theme Index (000813) has shown a slight increase of 0.17% as of August 6, 2025, with notable gains from constituent stocks such as Huafeng Chemical (002064) up 2.84% and Jinhai Technology (600143) up 2.81% [1] - The chemical ETF (159870) is currently priced at 0.61 yuan, with a significant net subscription of 66 million units, marking 13 consecutive days of net subscriptions [1] - Domestic policies are frequently emphasizing supply-side requirements, while rising raw material costs and capacity exits in Europe and the US are impacting overseas chemical companies [1] Group 2 - The top ten weighted stocks in the China Chemical Industry Theme Index (000813) account for 43.54% of the index, including companies like Wanhua Chemical (600309) and Yilong Co. (000792) [2] - The index is designed to reflect the overall performance of listed companies in the chemical sector by selecting larger and more liquid securities from various sub-industries [1][2]

Group 1 - The chemical sector is experiencing fluctuations, with the chemical ETF (516020) showing a slight increase of 0.15% as of the report time [1] - Key stocks in the sector include Enjie Co., which rose over 4%, and other companies like Guangdong Hongda and Jinfat Technology, which both increased by over 2% [1] - The National Development and Reform Commission announced plans to investigate cost issues in industries with significant internal competition, aiming to regulate pricing behaviors [1] Group 2 - Tianfeng Securities suggests that the chemical industry may see a re-pricing based on cost factors related to green low-carbon initiatives and energy-saving measures, potentially leading to a recovery similar to the supply-side reform period [3] - The current valuation of the chemical ETF (516020) is at a low point, with a price-to-book ratio of 2.04, indicating a favorable time for investment [3] - The "anti-involution" trend is expected to be a long-term policy focus, which may lead to the elimination of outdated production capacity and an improvement in the competitive landscape of the chemical industry [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks [5] - Investors can also consider the chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [5]

水泥(大部份已反映)：中国建材 医疗(大部份已反映)：三生制药、威高股份 保险(部份已反映)：中国平安、太保 猪肉(部份已反映)：牧原股份、温氏股份 太阳能供应链(轻微反映)：协鑫科技、通威股份、隆基绿能 餐饮外卖(轻微反映)：阿里巴巴 锂(轻微反映)：盐湖股份 化工(未反映)：华鲁恒升、恒力石化 汽车(未反映)：比亚迪、理想汽车、长城汽车 格隆汇8月5日｜瑞银发表报告，列出潜在受惠"反内卷"政策的板块和首选股名单，并关注相关板块股价 是否已反映相关因素。 ...

Industry Overview - The domestic potassium chloride production capacity is mainly concentrated in Qinghai and Xinjiang, with Salt Lake Co. and Zangge Mining being the largest producers in China [1][5] - In the first five months of 2025, China's potassium chloride production was 2.33 million tons, a year-on-year decrease of 3.79%, while consumption was 7.73 million tons, down 3.46% year-on-year, indicating a dual decline in both production and consumption [1][5] - The expansion of domestic potassium chloride production capacity is limited due to resource endowment and mining conditions, particularly in major production areas like Qinghai and Xinjiang [1][5] Market Dynamics - Despite the importance of potassium fertilizer for food security, the demand for traditional potassium chloride is slowing due to changes in agricultural planting structures and the promotion of new fertilizers [1][5] - Global economic uncertainties have also impacted industrial demand for potassium chloride, leading some downstream enterprises to adopt cautious procurement strategies [1][5] Price Trends - By the end of June 2025, the domestic potassium chloride market experienced an unusual price increase, with domestic salt lake potassium chloride prices reaching 3,050-3,100 RMB/ton, and port prices for white potassium exceeding 3,300 RMB/ton [7] - The China Potassium Chloride Wholesale Price Index (CKPI) on June 30 was 3,177.90 points, a year-on-year increase of 23.35% and a 60.69% increase compared to the base period (2015) [7] Production Capacity and Utilization - As of June 2025, the industry operating rate was 61.77%, a decrease of 20.22 percentage points month-on-month and 6.89 percentage points year-on-year [9] - The production capacity utilization of Salt Lake Co. was below 70%, while Zangge Mining's capacity was limited due to mining intensity issues, leading to an overall contraction in industry output [9] Import and Export Trends - In the first half of 2025, China's potassium chloride imports were 6.36 million tons, a year-on-year decrease of 2.48%, with an import value of 12.85 billion RMB, down 11.14% [12] - Exports were significantly lower, with only 25,100 tons exported, a year-on-year decrease of 64.23%, reflecting changes in domestic and international market conditions [12] Competitive Landscape - The potassium chloride industry in China is highly concentrated, with the top two companies (Salt Lake Co. and Zangge Mining) holding over 70% market share, and the top five companies accounting for more than 85% [14] - The competitive advantage of leading companies stems from resource endowment differences, with the salt lake resources in the Qaidam Basin accounting for 96% of domestic capacity [14] Key Companies - Salt Lake Co. is the largest potassium chloride producer in China, with a designed capacity of 5 million tons and significant resource advantages in the Qaidam Basin [16] - Zangge Mining is the second-largest producer, with a production capacity of 2 million tons and advanced technology for resource development [18] Industry Development Trends - The industry is transitioning from reliance on domestic resources to global resource allocation, with leading companies accelerating overseas expansion due to domestic resource depletion and stricter environmental policies [20] - Technological innovations are driving industry upgrades, focusing on efficient resource utilization and low-carbon transformation [21][22] - The government is implementing policies to stabilize supply chains, including reserve systems and transportation cost reductions [23]