证券代码：000792 证券简称：盐湖股份 公告编号：2025-035 青海盐湖工业股份有限公司 关于开展碳酸锂期货套期保值业务的公告 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。 重要内容提示： 1.交易目的：青海盐湖工业股份有限公司（以下简称"公司"）为减少公 司主营产品碳酸锂价格波动对公司生产经营的影响，有效规避市场风险，公司 拟择机开展碳酸锂期货套期保值业务。 2.交易品种：公司严格控制套期保值业务的种类及规模，开展套期保值业务 的交易品种仅限于本公司核心主营产品碳酸锂的商品期货交易。 3.交易金额：根据公司经营及业务需求情况，公司拟开展碳酸锂商品套期保 值业务的保证金及权利金上限（包括为交易而提供的担保物价值、预计占用的金 融机构授信额度、为应急措施所预留的保证金等）不超过人民币 5,400.00 万元， 且任一交易日持有的最高合约价值不超过人民币 24,000.00 万元。该额度在审批 期限内可循环滚动使用。 4.交易场所：公司拟开展的碳酸锂商品期货套期保值业务的交易场所仅限于 境内合法运营的期货交易所。 5.已履行的审议程序：该事项已经公司于 ...

Group 1 - The company, Salt Lake Co., plans to apply for a project loan not exceeding 1.8 billion yuan from a syndicate formed by five financial institutions [1] - The loan will have a term of 2 years [1] - The participating banks include Industrial and Commercial Bank of China, National Development Bank, Bank of China, Agricultural Bank of China, and Bank of Communications [1]

青海盐湖工业股份有限公司 证券代码：000792 证券简称：盐湖股份 公告编号：2025-033 九届监事会第九次（临时）会议决议公告 本公司及监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"）九届监事会第九次（临时） 会议通知及议案材料于 2025 年 5 月 20 日以电子邮件方式发给公司监事。本次会 议于 2025 年 5 月 26 日在青海省格尔木市黄河路 28 号公司 1 号楼 1602 会议室以 现场和视频相结合的方式召开。本次会议由监事会副主席王凌女士主持，会议应 到监事 6 人，实到监事 6 人。会议召开符合《公司法》等相关法律法规及《公司 章程》的规定，本次会议审议了如下议案： 特此公告。 青海盐湖工业股份有限公司监事会 2025 年 5 月 27 日 一、审议《关于申请项目融资贷款暨关联交易的议案》（本议案关联监事余 树广回避表决） 本议案内容详见 2025 年 5 月 27 日《证券时报》《中国证券报》《证券日报》 《上海证券报》及巨潮资讯网 www.cninfo.com.cn 公告。 表决情况：5 票同 ...

证券代码：000792 证券简称：盐湖股份 公告编号：2025-032 青海盐湖工业股份有限公司 九届董事会第十一次（临时）会议决议公告 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"）九届董事会第十一次（临时） 会议通知及议案材料于 2025 年 5 月 19 日以电子邮件方式发给公司董事。本次会 议于 2025 年 5 月 26 日在青海省格尔木市黄河路 28 号公司 1 号楼 1602 会议室以 现场及视频会议方式召开。本次会议由董事长侯昭飞先生主持，会议应参与表决 董事 12 人，实际参与表决董事 12 人。会议召开符合《公司法》等相关法律法规 及《公司章程》的规定，本次会议审议了如下议案： 1、审议《关于申请项目银团贷款暨关联交易的议案》（本议案关联董事侯 昭飞、王祥文、张铁华、卜一回避表决） 本议案内容详见 2025 年 5 月 27 日《证券时报》《中国证券报》《证券日报》 《上海证券报》及巨潮资讯网 www.cninfo.com.cn 公告。 表决情况：8 票同意，0 票反对，0 票弃权。 本议案内容 ...

黄速建 陈 斌 何 萍 宋 林 张钦昱 青海盐湖工业股份有限公司 九届董事会独立董事专门会议第三次会议决议 根据《上市公司独立董事管理办法》及《公司章程》等有关规定，青海盐湖 工业股份有限公司（以下简称"公司"或"盐湖股份"）于 2025 年 5 月 26 日以 通讯方式召开九届董事会独立董事专门会议第三次会议。会议应出席的独立董事 5 人，实际出席会议的独立董事 5 人，全体独立董事共同推举陈斌先生召集并主 持本次会议。 会议审议通过了《关于申请项目银团贷款暨关联交易的议案》，我们认为： 公司本次申请的银团贷款是充分利用政策红利，享受中央财政贷款贴息，保障公 司 4 万吨项目的建设需要，有效降低融资成本，优化公司财务结构。公司本次申 请银团贷款事项审批程序合法合规，不存在损害公司及全体股东尤其是中小股东 利益的情形，不影响公司的独立性。综上，我们同意公司本次申请银团贷款暨关 联交易的事项。 因此我们同意上述事项提交公司董事会审议，关联董事需回避表决。 独立董事： ...

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

核心阅读 盐湖是青海最重要的资源之一。近年来，在察尔汗盐湖，钾肥生产工艺优化，盐湖提锂关键技术取得突 破，绿色、高效开采水平不断提升，节能降碳、绿色发展理念深入人心。 细风轻拂起微澜，湖面宽阔，1.8米深的水下，细腻牙白色的钾矿经过长期蒸发结成"盐床"。在湖上"采 水船"滚筒的轰鸣声中，钾矿被源源不断送进仓筒，再通过水泵"打"到10公里外的钾肥厂区。打开地图 一看，眼前"无边"的盐湖，原来只是察尔汗盐湖30个盐池中的一个。 这里是位于青海海西蒙古族藏族自治州格尔木市的青海盐湖工业股份有限公司，钾肥产品生产量占全国 的2/3。近年来，察尔汗盐湖推动绿色、高效开采，加快建设世界级盐湖产业基地。 优化钾肥生产工艺，突破盐湖提锂关键技术 察尔汗盐湖中央码头，四面皆是光卤石盐池。这里是青海盐湖工业股份有限公司钾肥分公司的"原料 库"，"采水船"从盐池中采出的钾"浆"通过管道源源不断输送到车间。在车间传输带上，雪白的钾原料 在此进行"脱卤"。车间副主任石涛说："从管道运过来的矿浆在这里要'过筛'，因为各个'采水船'送来的 矿浆浓度不一，需经处理才能送往下一环节。" 步行10多米，车间外是偌大的3个巨型罐状物，上方漂浮的白 ...

Group 1 - The chemical sector showed strong performance on May 23, with the chemical ETF (159870.SZ) rising by 0.53% and the related index, the segmented chemical index (000813.CSI), increasing by 0.57% [1] - Key constituent stocks such as Wanhua Chemical, Yalake Co., and Guangwei Composites saw gains of 0.75%, 1.00%, and 1.62% respectively, indicating positive market sentiment [1] - The price of polyester FDY increased by 8.92% from the beginning of the month to 7424 yuan/ton, driven by rising raw material costs, which improved profit expectations for related companies [1] Group 2 - Securities research from Industrial Securities highlighted that the valuation of core chemical assets is currently at historically low levels, with significant safety margins [1] - For example, the historical PB percentiles for Wanhua Chemical and Huafeng Chemical are both below 1%, while Baofeng Energy and Hualu Hengsheng are below 20%, indicating strong investment value [1] - Huibo Intelligent Investment Research emphasized that AI technology is transforming R&D paradigms and production models in the chemical industry, with leading companies enhancing efficiency and reducing costs through technologies like intelligent coal blending systems [1]

Core Viewpoint - The AMAC Chemical Products Index experienced a decline of 1.58% on May 22, closing at 2513.22 points, with a trading volume of 59.798 billion yuan. Despite this, the index has shown an increase of 5.71% over the past month, 1.72% over the past three months, and 4.66% year-to-date [1]. Group 1: Index Performance - The AMAC Chemical Products Index has increased by 5.71% in the last month [1] - The index has risen by 1.72% over the past three months [1] - Year-to-date, the index has shown a growth of 4.66% [1] Group 2: Index Composition - The top ten holdings of the AMAC Chemical Products Index include Wanhua Chemical (6.37%), Salt Lake Industry (3.67%), and Baofeng Energy (2.17%) [1] - The index is composed of 43 industry classification indices, with 16 categories excluding manufacturing and 27 major categories within manufacturing [1] Group 3: Market Distribution - The Shenzhen Stock Exchange accounts for 52.29% of the index holdings, while the Shanghai Stock Exchange represents 47.71% [1] Group 4: Industry Breakdown - The AMAC Chemical Products Index is heavily weighted towards raw materials, which make up 84.55% of the holdings [2] - Major consumer goods account for 5.37%, while information technology comprises 4.43% [2] - Other sectors include industrial (3.95%), healthcare (0.74%), discretionary consumer (0.71%), energy (0.17%), and communication services (0.07%) [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of domestic lithium carbonate in May is expected to be loose, and the domestic social inventory of lithium carbonate has increased month - on - month. The price of lithium carbonate is likely to fall rather than rise due to cost factors, but investors should be wary of production cuts or construction halts in the domestic and foreign lithium industries. It is recommended that investors mainly place short positions when the price rebounds, and pay attention to the support level around 53,000 - 60,000 and the resistance level around 66,000 - 70,000 [4] 3. Summary According to Relevant Catalogs 3.1 Lithium Futures Market - **Price**: On May 20, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 60,960 yuan/ton, 60,860 yuan/ton, 62,100 yuan/ton, and 62,100 yuan/ton respectively, showing a downward trend compared with the previous trading day [1] - **Volume and Open Interest**: The trading volume of the active contract was 242,276 lots, an increase of 18,212 lots compared with the previous day; the open interest was 339,673 lots, an increase of 3,866 lots [1] - **Inventory**: The inventory was 36,545 tons, a decrease of 139 tons compared with the previous day [1] - **Spreads**: The spreads between different contracts and the basis also showed certain changes. For example, the spread between the near - month and consecutive - one contracts decreased by 3,180 yuan/ton [1] 3.2 Lithium Spot Market - **Lithium Ore**: The average prices of various lithium ores such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone decreased to varying degrees on May 20, 2025 [1] - **Lithium Compounds**: The average prices of lithium carbonate, lithium hydroxide, and other lithium compounds also showed a downward trend. For example, the average price of battery - grade lithium carbonate (99.5%, domestic) decreased by 450 yuan/ton [1] - **Other Products**: The prices of products such as ternary precursors, ternary materials, and lithium iron phosphate also decreased to varying degrees [1] 3.3 Industry News - **New Project Commissioning**: Shandong Times New Energy Technology Co., Ltd., a subsidiary of CATL, officially put its energy storage and power battery production base in Yanzhou, Jining into operation. The first - phase project has a total scale of 60GWh. The second and third phases are expected to be put into operation in the next two years, which is expected to form a global leading 100 - billion - level new energy battery industrial cluster [1] - **Production Plan**: Salt Lake Co., Ltd. said that with the support of China Minmetals and China Salt Lake, the newly built 40,000 - ton lithium salt project will produce 3,000 tons of lithium carbonate this year [1] - **Project Commencement**: On May 19, the annual production project of 10GWh of electronic energy - storage cells and 10GWh of ion batteries 2PAC of Changyi Zhongdian (Yunnan) Energy Storage Technology Co., Ltd. started construction in Simao Industrial Park, Yunnan [1] 3.4 Supply and Demand Analysis - **Supply Side**: After the Greenbushes project of Tianqi Lithium is put into operation in October 2025, the total production capacity will reach 24,000 tons/year, which may lead to a decline in the price of domestic (imported) lithium ore. The production volume of lithium carbonate in China in May is expected to increase, and the supply is expected to be loose. Some production lines will undergo inspections, and the production costs and profits of different production methods vary [2] - **Demand Side**: The monthly average production cost of lithium iron phosphate by different production processes in China is 32,000 - 110,000 yuan/ton. The production volume of lithium iron phosphate in May is expected to increase. The production costs of some cobalt - related products are rising, and the production volume of some products may change [2]