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]

Group 1 - The chemical sector is experiencing a pullback, with the chemical ETF (516020) showing a decline of 0.74% as of the report [1][2] - Key stocks in the sector, such as SanKe Tree and Guangdong Hongda, have seen declines exceeding 2%, while several others have dropped over 1%, negatively impacting the overall sector performance [1][2] - Current trends indicate that the supply-side reform in China's chemical industry may accelerate due to reduced capacity in Europe and a slowdown in new capacity expansion in China, potentially benefiting leading companies [1][3] Group 2 - Chinese chemical companies are solidifying their cost and efficiency advantages, with leading firms entering a long-term upward performance phase [3] - The chemical industry is currently operating at a relatively high capacity, with core product operating rates generally above 65%, which is more favorable compared to the oversupplied photovoltaic sector [3] - The chemical ETF (516020) is currently trading at a price-to-book ratio of 2.09, which is at a low point historically, suggesting a favorable long-term investment opportunity [3][4] Group 3 - The "anti-involution" trend is expected to be a key focus for the chemical supply-side narrative, with recommendations to pay attention to sectors with significant supply compression and leading companies [4] - 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 [4][5] - Investors can also consider the chemical ETF linked funds (A class 012537/C class 012538) for exposure to the chemical sector [5]

Group 1 - The chemical sector experienced a rise on August 13, with the chemical ETF (516020) reaching a peak intraday increase of 0.6% and closing up 0.45% [1] - Key stocks in the sector included SanKe Tree, which surged by 8.06%, and Shengquan Group and Lianhong Xinke, both rising over 4% [1] - The chemical ETF has seen significant net subscriptions, with over 310 million yuan in net inflows across 15 of the last 20 trading days [1][3] Group 2 - The chemical sector is responding to a call for "anti-involution," with the China Nonferrous Metals Industry Association advocating for better collaboration across the lithium industry [3] - Analysts believe that the "anti-involution" initiative could mark a turning point for the chemical sector, with recent high-level meetings emphasizing this goal [3][4] - The chemical industry currently has a relatively high operating rate, with core products operating above 65%, indicating a healthier competitive landscape compared to other sectors like photovoltaics [4] Group 3 - The chemical ETF (516020) is tracking a specialized index with a price-to-book ratio of 2.09, which is at a low point historically, suggesting a favorable long-term investment opportunity [4] - The industry faces challenges such as overcapacity and intensified competition, but recent policies aim to optimize industry structure and encourage consolidation [5] - The ETF provides exposure to major market leaders and various sub-sectors within the chemical industry, making it a strategic investment vehicle for capturing growth opportunities [5]

Group 1 - The company plans to change its financial statement and internal control audit institution for the year 2025 from Da Xin Certified Public Accountants to Tianzhi International Certified Public Accountants [1][2][3] - The change is in accordance with the requirements of the State-owned Assets Supervision and Administration Commission regarding the management rules for financial statement audits of central enterprises [3][16] - The audit committee and board of directors have no objections to the proposed change of the accounting firm [4][18] Group 2 - Tianzhi International Certified Public Accountants was established in December 1988 and has 90 partners and 1,097 registered accountants as of December 31, 2024 [5][6] - The firm reported a total audited revenue of 2.501 billion yuan for 2024, with audit service revenue of 1.938 billion yuan [7] - Tianzhi International has a history of no civil liability due to professional conduct in the past three years [9] Group 3 - The audit fee for the 2025 fiscal year is set at 3.42 million yuan, which includes 2.62 million yuan for annual report auditing and 800,000 yuan for internal control auditing [15] - The previous auditor, Da Xin Certified Public Accountants, provided standard unqualified opinions for the financial reports and internal control evaluations from 2019 to 2024 [16][18] Group 4 - The company plans to increase the expected amount of daily related transactions for 2025 with China Minmetals, China Salt Lake, and Sinochem Fertilizer due to actual business development needs [24][29] - The proposed increases in transaction limits are 264 million yuan, 977 million yuan, and 138 million yuan respectively [24] - The independent directors have unanimously agreed that the daily related transactions are necessary for normal business operations and do not harm the interests of the company and its shareholders [32][81]

Core Viewpoint - The company plans to change its financial statement and internal control audit institution for the year 2025 from DaXin Accounting Firm to TianZhi International Accounting Firm, following the relevant regulations from the State-owned Assets Supervision and Administration Commission [1][5]. Summary by Sections Announcement of Change - The company has appointed DaXin Accounting Firm as its financial report and internal control audit institution from 2019 to 2024, which provided standard unqualified audit opinions during this period [1][4]. - The change is in compliance with the regulations set forth by the State-owned Assets Supervision and Administration Commission regarding the management of financial statement audits [5]. Communication with Previous Auditor - The company has communicated thoroughly with DaXin Accounting Firm regarding the change, and there are no objections from them [2][5]. - The change requires approval from the company's shareholders' meeting, and both the previous and new auditors will cooperate according to the relevant auditing standards [2][5]. Information on the New Auditor - TianZhi International Accounting Firm was established in December 1988 and operates as a special general partnership [2]. - As of December 31, 2024, TianZhi has 90 partners and 1,097 registered accountants, with 399 having signed audit reports for the securities service industry [2]. - The firm has a revenue of 912 million yuan and serves 154 listed company clients across various industries [2]. Audit Committee and Board Approval - The Audit Committee of the company reviewed DaXin Accounting Firm and concluded that TianZhi International Accounting Firm meets the qualifications to provide audit services [5]. - The board of directors approved the proposal to appoint TianZhi International Accounting Firm for the 2025 financial audit and internal control audit, with a unanimous vote of 12 in favor [5][6]. Effective Date - The appointment of the new accounting firm will take effect upon approval by the shareholders' meeting [6].

证券代码：000792 证券简称：盐湖股份 公告编号： （二）关联交易履行的审议程序 2025-046 青海盐湖工业股份有限公司 关于增加 2025 年日常关联交易预计额度的公告 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。 一、关联交易概述 （一）日常关联交易预计情况 青海盐湖工业股份有限公司（以下简称"公司"）九届董事会第九次会议和 （内容详见巨潮资讯网 2025 年 3 月 29 日《关于日常关联交易预计的公告》（公 告编号：2025-119））。 根据公司业务发展实际需求，2025 年与中国五矿、中国盐湖、中化化肥的 日常关联交易规模将超出前次审议额度。为保障主营业务持续稳定开展，确保与 上述关联方的合作顺应业务发展节奏、满足实际经营需要，依据公司关联交易相 关管理规定，拟对 2025 年度与三方的日常关联交易额度进行相应调整，具体增 加额度分别不超过 2.64 亿元、9.77 亿元、1.38 亿元。 此议案经公司第九届董事会第十二次（临时）会议、九届监事会第十次（临 时）会议审议通过，公司关联董事侯昭飞、王祥文、张铁华、陈胜男回避表决， 根据《公司 ...