Core Viewpoint - The announcement details the resignation of Mr. Chen Junguo, the Vice General Manager of Qinghai Salt Lake Industry Co., Ltd., due to work adjustments, and confirms that his departure will not affect the company's normal operations [1]. Group 1: Resignation Details - Mr. Chen Junguo submitted a written resignation report to the company's board of directors [1]. - His resignation is effective upon delivery to the board and he will not hold any position in the company thereafter [1]. - Mr. Chen did not hold any shares in the company and there are no unfulfilled commitments [1]. Group 2: Company Acknowledgment - The board of directors expressed gratitude for Mr. Chen's diligent service and significant contributions during his tenure [1].

证券代码：000792 证券简称：盐湖股份 公告编号：2025-054 青海盐湖工业股份有限公司 关于公司高级管理人员辞职的公告 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。 青海盐湖工业股份有限公司（以下简称"公司"）董事会近日收到公司副总经 理陈俊国先生提交的书面辞职报告。陈俊国先生因工作调整，申请辞去公司副经 理职务，辞去上述职务后不在公司担任任何职务。 根据《公司法》等有关法律、法规以及《公司章程》的规定，陈俊国先生的 辞职报告自送达公司董事会时生效，陈俊国先生的辞职不会影响公司正常的生产 经营和管理。 截至本公告披露日，陈俊国先生未直接或间接持有公司股票，不存在应当履 行而未履行的承诺事项。陈俊国先生在担任公司副总经理期间恪尽职守、勤勉尽 责，公司董事会对陈俊国先生在任职期间做出的卓越贡献表示衷心感谢！ 特此公告。 青海盐湖工业股份有限公司董事会 2025 年 9 月 26 日 ...

Group 1 - The chemical sector has regained momentum, with the Chemical ETF (516020) experiencing a rise of 1.24% by the end of trading on September 24, following a brief period of low-level fluctuations [1][2] - Key stocks in the sector include rubber additives, lithium batteries, and fluorochemicals, with notable gains from Tongcheng New Materials and Enjie Co., both hitting the daily limit, and Tianqi Materials and Duofluoride rising over 6% [1][2] - Recent government policies aim to promote high-quality development in energy equipment, which is expected to improve supply and demand dynamics in the chemical industry [1][3] Group 2 - Guojin Securities indicates that the current policy direction provides a phase-specific industry tone, with many chemical sectors at price profit bottoms and low inventory levels, making them sensitive to marginal changes [3] - The Chemical ETF (516020) has a price-to-book ratio of 2.21, which is at a low point historically, suggesting a favorable long-term investment opportunity [3] - Future measures are expected to lead to a significant slowdown in global chemical industry capacity expansion, potentially transforming the Chinese chemical industry into a high dividend yield sector [4] Group 3 - The chemical sector is anticipated to enter a new long-term prosperity cycle, driven by recent policy initiatives aimed at improving supply-demand dynamics [4] - The Chemical ETF (516020) tracks the CSI segmented chemical industry index, with nearly 50% of its holdings in large-cap leading stocks, providing a robust investment opportunity in the sector [5] - Investors can also consider the Chemical ETF linked funds for efficient exposure to the chemical sector [5]

Group 1 - The core viewpoint of the article highlights the continuous rise of A-shares, particularly in the petrochemical sector, with the CSI Petrochemical Industry Index increasing by approximately 0.8% [1] - Key stocks in the petrochemical sector include Tongcheng New Materials, which hit the daily limit, and Blue Sky Technology, which rose over 5%, along with other notable performers such as Sanmei Co., Haohua Technology, and Yaqi International [1] - CITIC Construction Investment Securities anticipates an improvement in the chemical upstream sector driven by policy support, particularly for leading companies in midstream industries closely tied to domestic demand, including polyurethane, coal chemical, petroleum chemical, and fluorochemical sectors [1] Group 2 - The Petrochemical ETF (159731) and its connected funds (017855/017856) closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.65% and the petroleum and petrochemical industry for 32.3% of the index [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, Sinopec, Salt Lake Industry, China National Offshore Oil Corporation, Juhua Co., Cangge Mining, Hualu Hengsheng, Baofeng Energy, and Hengli Petrochemical, collectively accounting for 55.63% of the index [1]

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 4.62%, with a transaction volume of 115 million yuan [1] - Over the past month, the average daily transaction volume of the rare metal ETF reached 218 million yuan, ranking first among comparable funds [1] - In the last two weeks, the rare metal ETF's scale increased by 53.46 million yuan, achieving significant growth and ranking first among comparable funds [1] - The ETF's shares grew by 13 million shares in the last two weeks, also ranking first among comparable funds [1] - In the last ten trading days, the rare metal ETF attracted a total of 195 million yuan in inflows [1] - As of September 22, 2025, the net value of the rare metal ETF increased by 86.19% over the past year [1] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being four months and a maximum increase of 58.56% [1] - The average return during the rising months was 8.77% [1] - The annualized return over the last three months exceeded the benchmark by 5.76% [1] Group 2: Market Dynamics and Policy Impact - The unique resource characteristics of minor metals lead to greater price elasticity, benefiting from high beta during market uptrends [2] - The Democratic Republic of Congo's cobalt export policy, effective September 21, extends the cobalt export ban until October 15, 2025, followed by a quota system [2] - The quota for October to December 2025 is set at 18,125 tons, with a total quota of 96,600 tons for 2026-2027, representing a 56% decrease from the 2024 production levels [2] - The Congolese government's firm pricing stance is expected to compel downstream companies to initiate large-scale inventory replenishment, driving cobalt prices upward [2] - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index accounted for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [2] Group 3: Stock Performance Overview - The stock performance of key companies in the rare metals sector showed declines, with Northern Rare Earth down 4.79% and Ganfeng Lithium down 0.76% [4] - Other notable declines included Luoyang Molybdenum at -2.75% and Tianqi Lithium at -3.01% [4] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [4]

Group 1 - The "924 market" in A-shares marks its one-year anniversary, with 584 companies' shareholders increasing their holdings by a total of 89.5 billion yuan from September 24, 2024, to September 22, 2025 [1] - Nanjing Bank's major shareholders cumulatively increased their holdings by 617 million shares, amounting to 6.54 billion yuan [1] - Salt Lake Co.'s major shareholders cumulatively increased their holdings by 248 million shares, with a net increase of 4.547 billion yuan [1] - BYD's major shareholders increased their holdings by 11.87 million shares, totaling 3.183 billion yuan [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

Core Viewpoint - The article discusses the rising prices of lithium and rare earth metals amid the "anti-involution" trend, highlighting the performance of rare metal ETFs, particularly the 嘉实中证稀有金属ETF (562800) [1][16]. Group 1: Market Performance - The technology sector, particularly communication and electronics, has seen significant gains, with ETFs like the communication ETF (159695) and the Sci-Tech Chip ETF (588200) both exceeding 50% year-to-date [3]. - The non-ferrous metals sector has also performed well, with an annual increase of 51.05% [4]. - The rare earth ETF 嘉实 (516150) and the rare metal ETF (562800) have recorded year-to-date increases of 64.2% and 51.9%, respectively [4]. Group 2: Economic Factors - The Federal Reserve's recent interest rate cut of 25 basis points marks the beginning of a new easing cycle, which is expected to enhance liquidity and stimulate demand in the downstream sectors [6]. - The "anti-involution" policy is addressing structural supply-side issues, particularly in industries like new energy vehicles, photovoltaics, and lithium batteries [8]. Group 3: Lithium Market Insights - Lithium carbonate prices have been on the rise, with futures prices increasing over 20% since July [8]. - The lithium sector's listed companies reported a 54% year-on-year increase in net profit, totaling 37.26 billion yuan in the first half of the year [10]. - Demand for lithium is projected to reach 1.386 million tons of LCE by 2025, with a year-on-year growth of 20.4% [11]. Group 4: Rare Earth Market Insights - China holds over one-third of the global rare earth reserves and has a significant share of the global production and processing capacity [15]. - The rare earth prices have surged due to supply chain concerns and increased inventory accumulation by foreign manufacturers [15]. - Companies like 北方稀土 have reported substantial revenue growth, with a 45.2% increase in revenue and a 19-fold increase in net profit year-on-year [15]. Group 5: ETF Overview - The 嘉实中证稀有金属ETF (562800) strategically allocates 40% of its weight to small metals, including rare earths, and 20% to energy metals like lithium, nickel, and cobalt [22]. - The ETF has seen a significant increase in fund size, reaching 2.73 billion yuan, with a 119.7% increase in fund shares this year [27].

Core Viewpoint - The lithium battery industry is undergoing a significant reshuffle, with a drastic reduction in the number of battery manufacturers in China, dropping from 81 in 2017 to 36 in 2023, a decrease of 55.56% [2]. Industry Overview - The lithium battery industry has experienced several rounds of rapid growth and harsh restructuring over the past two decades, particularly in the last decade [2]. - A new wave of intense industry reshuffling is imminent, with many companies facing financial health challenges due to excessive production capacity compared to market demand forecasts [2][3]. - As of 2024, nearly 30,000 energy storage companies in China are in abnormal statuses such as cancellation or closure, with over 3,200 of these companies established for only one year [2]. Financial Health Index - The 24潮产业研究院 (TTIR) emphasizes the importance of analyzing the financial health index of Chinese lithium battery listed companies for stakeholders including operators, creditors, investors, and government [3]. - The financial health index is based on three main dimensions: capital structure, debt repayment ability, and net cash [4][5]. Key Financial Indicators - The financial health index includes over ten core indicators, such as asset-liability ratio, quick ratio, cash flow to short-term debt ratio, EBITDA interest coverage ratio, and total debt to EBITDA ratio [3][4]. - The index aims to provide a clearer understanding of the financial health of companies in the lithium battery sector, highlighting those in the "danger" zone financially [4]. Rankings of Financial Health - The "Financial Health Index Ranking of Chinese Lithium Battery Listed Companies (2025)" shows that many companies are in precarious financial positions, with the top-ranked companies including 盐湖股份 (78.71), 藏格矿业 (76.90), and 永兴材料 (76.34) [6][7]. - The ranking is based on a comprehensive score that reflects the companies' financial stability and ability to sustain operations amidst industry challenges [6][7]. Conclusion - The lithium battery industry is at a critical juncture, with financial health becoming a key indicator of survival and growth potential for companies in this competitive landscape [2][3].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On September 16, the main contract of lithium carbonate futures opened high and closed low. The spot market had weak trading volume, and the discount even widened. The price of spodumene concentrate increased, while the price of mica also rose. Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all rose. In terms of downstream demand, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the planned production of lithium carbonate and lithium manganate increased, and the production of power batteries increased last week. Terminal demand showed that the year - on - year growth rate of new energy vehicle production slowed down in August, and the 3C shipments were average. The planned production of energy storage batteries increased in September. The registered warehouse inventory decreased, and social inventory decreased. Smelters and other sectors reduced inventory, while downstream sectors increased inventory. Currently, both supply and demand are strong, and the upstream inventory pressure is not significant. The expected supply contraction is weakening as the resumption of lithium mines is progressing actively. It is expected that the price of lithium carbonate will fluctuate at a low level. Investors should be vigilant about the downstream restocking point [1]. - The trading strategy suggests short - selling on rallies [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Closing Prices**: On September 16, the closing prices of the near - month contract, continuous - one contract, continuous - two contract, and continuous - three contract of lithium carbonate futures were 73060 yuan/ton, 73180 yuan/ton, 73340 yuan/ton, and 73340 yuan/ton respectively, with increases of 540 yuan/ton, 500 yuan/ton, 460 yuan/ton, and 460 yuan/ton compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 500267 hands (+17477), and the open interest was 300437 hands (-9009) [1]. - **Inventory**: The inventory was 38824 tons (-139 tons) [1]. - **Spreads**: The spread between the near - month and continuous - one contracts was - 120 yuan/ton (+40 yuan/ton), the spread between the continuous - one and continuous - two contracts was - 160 yuan/ton (+40 yuan/ton), and the spread between the continuous - two and continuous - three contracts was 0 yuan/ton (unchanged) [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 330 yuan/ton (-100 yuan/ton) [1]. 3.2 Spot Market Data - **Lithium Ore Prices**: The average price of lithium spodumene concentrate (6%, CIF China) was 853 US dollars/ton (+5 US dollars/ton), the average price of lithium mica (Li2O:1.5% - 2.0%) was 1075 yuan/ton (-82.5 yuan/ton), the average price of lithium mica (Li2O:2.0% - 2.5%) was 1815 yuan/ton (+40 yuan/ton), the average price of amblygonite (Li2O:6% - 7%) was 6090 yuan/ton (+115 yuan/ton), and the average price of amblygonite (Li2O:7% - 8%) was 7065 yuan/ton (-135 yuan/ton) [1]. - **Lithium Compound Prices**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 72850 yuan/ton (+400 yuan/ton), the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70600 yuan/ton (+400 yuan/ton), the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.3 US dollars/kg (unchanged), the average price of battery - grade lithium hydroxide (56.5% coarse - grained/domestic) was 74050 yuan/ton (-100 yuan/ton), and the average price of battery - grade lithium hydroxide (56.5% micronized/domestic) was 79020 yuan/ton (-100 yuan/ton) [1]. - **Other Lithium - Related Product Prices**: The average price of lithium hexafluorophosphate (99.95%/domestic) was 56650 yuan/ton (+150 yuan/ton), the average price of ternary precursor 523 (polycrystalline/consumer - type) was 81250 yuan/ton (+600 yuan/ton), the average price of ternary precursor 523 (single - crystal/power - type) was 79125 yuan/ton (+300 yuan/ton), the average price of ternary precursor 622 (polycrystalline/consumer - type) was 74675 yuan/ton (+225 yuan/ton), the average price of ternary precursor 811 (polycrystalline/power - type) was 93800 yuan/ton (+300 yuan/ton), the average price of ternary material 523 (single - crystal/power - type) was 119650 yuan/ton (+200 yuan/ton), the average price of ternary material 523 (polycrystalline/consumer - type) was 114375 yuan/ton (+200 yuan/ton), the average price of ternary material 622 (polycrystalline/consumer - type) was 118325 yuan/ton (+200 yuan/ton), the average price of ternary material 811 (polycrystalline/power - type) was 146650 yuan/ton (+750 yuan/ton), the average price of lithium iron phosphate (power - type) was 33470 yuan/ton (+95 yuan/ton), the average price of lithium iron phosphate (mid - to - high - end energy - storage type) was 32075 yuan/ton (+95 yuan/ton), the average price of lithium iron phosphate (low - end energy - storage type) was 29300 yuan/ton (+100 yuan/ton), and the average price of lithium cobalt oxide (60%, 4.35V/domestic) was 231500 yuan/ton (+750 yuan/ton) [1]. - **Cobalt - Related Product Prices**: The average price of electrolytic cobalt (≥99.8%/imported) was 273000 yuan/ton (unchanged), the average price of cobalt sulfate (≥20.5%/domestic) was 57400 yuan/ton (+725 yuan/ton), and the average price of tricobalt tetroxide (≥72.8%/domestic) was 226500 yuan/ton (+1500 yuan/ton) [1]. 3.3 Inventory Data - **SMM Lithium Carbonate Inventory**: The inventory of smelters was 36213 tons (-3262 tons), the inventory of downstream sectors was 58279 tons (+3072 tons), the inventory of other sectors was 44020 tons (-1390 tons), and the total inventory was 138512 tons (-1580 tons) [1]. 3.4 Company News - On September 16, Salt Lake Co., Ltd. (000792.SZ) stated on the investor interaction platform that the original annual production capacity of 30,000 tons of lithium carbonate in Lanke Lithium Industry was upgraded through technological innovation, and the current capacity has been increased to 40,000 tons per year. The company will continue to benchmark against the industry's advanced level to further improve resource extraction and utilization efficiency and promote high - quality industrial development [1].

Core Viewpoint - The company reported a net profit of 1.371 billion yuan in Q2 2025, showing a year-on-year increase of 7% and a quarter-on-quarter increase of 20% [1] Group 1: Financial Performance - In Q2 2025, the company achieved a net profit attributable to shareholders of 1.371 billion yuan, up 7% year-on-year and 20% quarter-on-quarter; the non-recurring net profit was 1.365 billion yuan, up 6% year-on-year and 19% quarter-on-quarter [1] - The company’s potassium chloride production reached approximately 1.0249 million tons in Q2 2025, a 6% increase quarter-on-quarter, while sales remained stable at approximately 886,800 tons [2] - The revenue from potassium chloride business in the first half of 2025 was 5.368 billion yuan, a year-on-year increase of 0.55%, with a gross margin of 59.95%, up 6.43 percentage points year-on-year [2] Group 2: Lithium Business - In Q2 2025, the company produced 11,500 tons of lithium carbonate, a 35% increase quarter-on-quarter, with sales of 12,500 tons, a 54% increase quarter-on-quarter [2] - The revenue from lithium carbonate business in the first half of 2025 was 1.242 billion yuan, a year-on-year decrease of 26.2%, with a gross margin of 49.96%, down 10.2 percentage points year-on-year [2] Group 3: Project Development and Future Outlook - The company is making significant progress on its core projects, with the 40,000 tons/year lithium salt project reaching 71% overall progress and expected to enter trial production by the end of September [2] - The company is actively pursuing exploration in the Qaidam Basin and other regions, while also expanding its resource acquisition channels through cooperation in potassium fertilizer-rich areas [3] - The company has a strong cash position with 19 billion yuan in cash as of Q2 2025, indicating promising dividend expectations and long-term investment value [3]