Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Group 1 - *ST Tianmao's stock will be delisted on September 30, 2025 [1] - Duori Pharmaceutical is planning a change in control and will suspend trading from September 29 [2] - Zhonghuan Environmental is also planning a change in control and will suspend trading from September 29 [3] Group 2 - Yidao Information is planning to acquire Langguo Technology and become its controlling shareholder, suspending trading from September 29 [3] - Zhiguang Electric is planning to purchase minority stakes in its subsidiary Zhiguang Energy, suspending trading from September 29 [4] - Guanzhong Ecology's controlling shareholder intends to change to Deep Blue Finance Whale, with trading resuming on September 29; the company plans to acquire 51% of Hangzhou Actuary [5] Group 3 - Xindazheng intends to acquire 75.15% of Jiaxin Liheng to expand its business reach [6] - Boqian New Materials signed a strategic cooperation agreement, estimating sales of nickel powder products between 4.3 billion to 5 billion yuan [7] - Zhongxin Co. faces significant impact from the U.S. Department of Commerce's final ruling on anti-dumping investigations against thermoplastic molded fiber products from China and Vietnam [7] Group 4 - Xin Guang Optoelectronics' chairman and general manager, Kang Weimin, has been placed under detention measures [8] - Yalake Co. has commenced trial production for its 40,000 tons/year integrated lithium salt project [9] - United Precision's two actual controllers plan to collectively reduce their holdings by no more than 3% [10] Group 5 - Keli'er's actual controller and chairman, Nie Pengju, plans to reduce his holdings by no more than 2% [11] - Jinhaitong's Xunuo Investment plans to reduce its holdings by no more than 3% [12] - Jingsong Intelligent's Anyuan Investment plans to reduce its holdings by no more than 2.68% [13]

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。 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 青海盐湖工业股份有限公司董事会 2025 年 9 月 29 日 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。 特此公告。 ...

Core Viewpoint - Salt Lake Co., Ltd. is advancing its lithium strategy by completing a 40,000 tons/year integrated lithium salt project, enhancing its market competitiveness and supporting sustainable development in the ecological salt lake industry [1] Group 1: Project Development - The 40,000 tons/year integrated lithium salt project has been substantially completed, with key devices such as the lithium adsorption device successfully trialed [1] - The nanofiltration reverse osmosis system has completed membrane installation and water linkage, indicating progress in the project's operational readiness [1] - Core equipment for lithium precipitation and auxiliary engineering has undergone individual trial runs, marking the project’s transition to the material trial production phase [1] Group 2: Market Impact - The trial production of the 40,000 tons/year integrated lithium salt project is expected to significantly increase the company's lithium salt production capacity [1] - This enhancement in production capacity is anticipated to improve the company's market competitiveness, profitability, and risk resistance [1] - The project is positioned as a core support for the high-quality development of the ecological salt lake industry, injecting strong momentum into sustainable development efforts [1]

格隆汇9月28日丨盐湖股份(000792.SZ)公布，为落实青海盐湖工业股份有限公司"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。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。 ...

Core Insights - Qinghai's salt lakes, particularly Chaka and Qarhan, are not only major tourist attractions but also vital to the local economy and food security, with vast mineral resources that can sustain global salt consumption for 2000 years [2][4][10]. Group 1: Salt Lake Resources - Qinghai's salt lakes contain enough salt to feed the global population of 8 billion for 2000 years, with Chaka Lake alone having a proven salt reserve of 448 million tons [4][6]. - Qarhan Salt Lake, significantly larger at 5,856 square kilometers, has a total salt reserve exceeding 60 billion tons, including 42.62 billion tons of sodium chloride [6][9]. - The mineral resources in Qarhan include 540 million tons of potassium chloride, 1.65 billion tons of magnesium chloride, and 824,600 tons of lithium, making it a critical resource for various industries [8][9]. Group 2: Impact on Food Security - The salt lakes play a crucial role in China's food security by providing essential potassium for fertilizer production, which is vital for agricultural yields [10][23]. - China relies heavily on potassium imports, with domestic production only meeting about 50% of its needs, highlighting the strategic importance of Qinghai's salt lakes [14][22]. Group 3: Economic Development and Future Prospects - The Qinghai salt lake industry is projected to become a world-class industrial base, with targets set for production value to reach 34 billion yuan by 2025 and 120 billion yuan by 2035 [32][34]. - The development of lithium extraction technologies positions Qinghai as a key player in the global renewable energy sector, particularly in battery production [28][30]. - Qinghai's salt lake resources are seen as strategic assets, with potential applications across various sectors, including agriculture, new energy materials, and defense [26][34].

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 3.51% and a transaction volume of 87.15 million yuan [3] - As of September 25, the ETF has seen an average daily transaction volume of 208 million yuan over the past month, ranking first among comparable funds [3] - The ETF's scale has increased by 247 million yuan this month, also ranking first among comparable funds [3] - The ETF's shares have grown by 43.5 million shares this month, achieving significant growth and ranking first among comparable funds [3] - Over the past 19 trading days, the ETF has experienced net inflows on 10 days, totaling 423 million yuan [3] - The ETF's net value has increased by 79.68% over the past year [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly gains being 4 months and a maximum increase of 58.56% [3] - The average monthly return during rising months is 8.77%, and the ETF has outperformed the benchmark with an annualized return of 5.45% over the past three months [3] Group 2: Silicon Carbide and Rare Metals Market Trends - Silicon carbide prices have risen by 5.7% to 5,600 yuan per ton, reaching a three-month high, while high-purity gallium prices have increased by 1.1% due to recovering demand in the semiconductor sector [4] - The strategic importance of silicon carbide as a core substrate is increasing with its penetration in new energy vehicles, photovoltaic inverters, and 5G base stations [4] - Although short-term price fluctuations are influenced by production capacity release, the long-term outlook for the silicon carbide industry remains positive due to accelerated domestic substitution and increased downstream application [4] - Prices of tungsten and praseodymium-neodymium oxide are also at high levels, indicating a continued structural tightness in resource supply [4] Group 3: Top Holdings in Rare Metal Index - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Salt Lake Industry, Huayou Cobalt, Tianqi Lithium, Ganfeng Lithium, China Rare Earth, Shenghe Resources, Zhongjin Resources, and Xiamen Tungsten, collectively accounting for 57.58% of the index [4]

Group 1 - The rare metal ETF fund has seen a turnover rate of 6.78% with a transaction volume of 11.3956 million yuan, and the average daily transaction volume over the past month is 19.6415 million yuan as of September 25 [3] - The net value of the rare metal ETF fund has increased by 78.35% over the past year, with the highest monthly return since inception being 24.02% and the longest consecutive monthly increase lasting 4 months with a total increase of 57.92% [3] - Supply constraints have led to a significant rise in cobalt prices, with the Democratic Republic of Congo extending its cobalt export ban until October 15, resulting in a nearly 40% increase in cobalt prices this year [3] Group 2 - Bohai Securities indicates that the extension of the cobalt export ban in the Democratic Republic of Congo has caused a significant decline in domestic cobalt raw material imports, with electrolytic cobalt prices recovering to 275,000 yuan per ton from earlier lows [4] - The industry is currently in a destocking phase, and the cobalt supply is expected to remain constrained through 2026-2027, despite steady demand growth in the electric vehicle and energy storage sectors [4] - The top ten weighted stocks in the China Rare Metals Theme Index account for 57.58%, with notable companies including Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [4] Group 3 - The rare metal ETF fund serves as a good investment tool for investors looking to gain exposure to the rare metals industry [6] - The performance of individual stocks within the rare metals sector varies, with notable increases in stocks like Huayou Cobalt and Tianqi Lithium, while Ganfeng Lithium has seen a slight decline [6]

Core Points - The company announced the resignation of its Vice President, Chen Jun Guo, due to work adjustments [1] - Chen Jun Guo will not hold any position in the company after his resignation [1] - The resignation will not affect the company's normal production and management operations [1] - Chen Jun Guo did not hold any shares in the company and has no outstanding commitments [1] - The board expressed gratitude for Chen Jun Guo's contributions during his tenure [1]

Core Points - Salt Lake Co. announced the resignation of its Deputy General Manager, Chen Junguo, due to work adjustments [2] - Following his resignation, Chen will not hold any position within the company [2]