青海盐湖工业股份有限公司 关于实际控制人增持公司股份计划实施进展暨增持时间过 一、增持计划的基本情况 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计划自 2025 年 4 月 9 日起 6 个月内，通过深圳 证券交易所系统允许的方式（包括但不限于大宗交易和集中竞价交易）增持公司 A 股股票。本次计划增持股份总数量不少于 21,166.29 万股。具体内容详见公司 于 2025 年 4 月 9 日披露的《关于实际控制人增持计划的公告》 证券代码：000792 证券简称：盐湖股份 公告编号：2025-037 半的公告 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。 青海盐湖工业股份有限公司（以下简称"公司"）近日收到实际控制人中国 五矿集团有限公司（以下简称"中国五矿"）出具的《关于增持公司股份计划实 施进展暨增持时间过半的告知函》，现将相关情况公告如下： 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引 ...

证券代码：000792 证券简称：盐湖股份 公告编号：2025-037 青海盐湖工业股份有限公司 关于实际控制人增持公司股份计划实施进展暨增持时间过 半的公告 三、其他相关说明 1、本次增持计划及实施过程符合《公司法》《证券法》《上市公司收购管理 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。 青海盐湖工业股份有限公司（以下简称"公司"）近日收到实际控制人中国 五矿集团有限公司（以下简称"中国五矿"）出具的《关于增持公司股份计划实 施进展暨增持时间过半的告知函》，现将相关情况公告如下： 一、增持计划的基本情况 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计划自 2025 年 4 月 9 日起 6 个月内，通过深圳 证券交易所系统允许的方式（包括但不限于大宗交易和集中竞价交易）增持公司 A 股股票。本次计划增持股份总数量不少于 21,166.29 万股。具体内容详见公司 于 2025 年 4 月 9 日披露的《关于实际控制人 ...

Group 1 - The core viewpoint of the news is the performance of the CSI 800 Materials Theme Index, which has shown significant growth over various time frames, indicating a positive trend in the materials sector [1][2] - The CSI 800 Materials Theme Index reported a value of 2899.41 points, with a 3.48% increase over the past month, a 12.06% increase over the past three months, and an 8.07% increase year-to-date [1] - The index is composed of listed companies in the materials sector selected from the CSI 800 Index, reflecting the overall performance of these companies [1] Group 2 - The top ten weighted companies in the CSI 800 Materials Theme Index include Zijin Mining (12.74%), Wanhua Chemical (4.0%), and Yilong Co. (2.48%), among others [1] - The market share of the index's holdings is predominantly from the Shanghai Stock Exchange (65.19%) and the Shenzhen Stock Exchange (34.81%) [1] - In terms of industry composition, non-ferrous metals account for 50.67%, chemicals for 32.62%, steel for 8.63%, non-metallic materials for 6.87%, and paper and packaging for 1.22% [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Investment Rating - The report maintains an "Accumulate" rating for the lithium sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The lithium price has shown continuous growth, rising from 59,000 CNY/ton to 64,000 CNY/ton, marking an increase of 8.1% since June 23 [10]. - Supply-side signals indicate a reduction in output from Australian mines, suggesting that the industry is in the later stages of capacity clearance [2]. - Demand remains robust, with significant growth in the lithium battery production and electric vehicle sales, supporting a favorable price transmission for lithium [3]. Supply Summary - Australian lithium mines are signaling reduced output, with production expected to remain flat at 740,000 tons in Q1 2025, down 17% from the previous quarter [2]. - The current pricing has reached a sensitive cost level for Australian producers, leading to operational adjustments and cost-cutting measures [2]. - The low lithium prices have resulted in a squeeze on capital expenditures, potentially leading to a slowdown in supply growth in the future [2]. Demand Summary - The lithium battery industry is experiencing high growth, with domestic battery production reaching 801 GWh in the first half of 2025, a 52% year-on-year increase [26]. - Electric vehicle sales in China reached 5.42 million units in the first half of 2025, reflecting a 32% increase compared to the previous year [26]. - The competitive landscape in the electric vehicle sector is prompting manufacturers to initiate a "de-involution" process to stabilize pricing and improve profitability across the supply chain [27]. Investment Recommendations - The report suggests that companies with low-cost resource supply and diversified non-lithium operations will have a competitive advantage in the current market [4]. - Recommended stocks include Zhongkuang Resources, Yongxing Materials, Salt Lake Co., Tianqi Lithium, and Ganfeng Lithium, which are expected to navigate the industry downturn effectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of the 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The sectors that saw the largest declines were beauty care and non-ferrous metals, with decreases of 1.87% and 1.60% respectively [1] - The basic chemical industry ranked third in terms of decline today [1] Capital Flow Analysis - The net outflow of capital from the two markets was 21.74 billion yuan, with 8 sectors experiencing net inflows [1] - The computer industry had the largest net inflow of capital, totaling 2.81 billion yuan, despite a slight decline of 0.05% in its stock price [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Basic Chemical Industry Performance - The basic chemical industry fell by 1.22%, with a total net outflow of 2.174 billion yuan [2] - Out of 401 stocks in this sector, 41 stocks rose, and 354 stocks fell, with 4 stocks hitting the daily limit down [2] - The top three stocks with the highest net inflow in the basic chemical sector were Huafeng Super Fiber (1.62 billion yuan), Dongcai Technology (1.39 billion yuan), and Limin Co., Ltd. (1.24 billion yuan) [2] Basic Chemical Industry Capital Inflow and Outflow - The top stocks with capital inflow included: - Huafeng Super Fiber: +1.83%, 16.59% turnover, 161.85 million yuan inflow - Dongcai Technology: +10.01%, 11.12% turnover, 138.64 million yuan inflow - Limin Co., Ltd.: +5.83%, 22.57% turnover, 124.30 million yuan inflow [2][3] - The top stocks with capital outflow included: - Dazhongnan: +2.55%, 38.91% turnover, -195.83 million yuan outflow - Wanhua Chemical: -0.86%, 0.72% turnover, -137.99 million yuan outflow - Yanhai Co., Ltd.: -2.43%, 0.88% turnover, -98.39 million yuan outflow [3]

Group 1: Production and Operational Efficiency - The company's core products, potassium chloride and lithium carbonate, are experiencing stable production and improved efficiency and quality [1][2] - The production plan is progressing steadily, with high order fulfillment rates and overall operations meeting initial expectations [1] Group 2: Technological Advancements - The company is optimizing production processes by integrating digital and intelligent technologies to enhance production efficiency and resource utilization [2] - A new lithium salt project has achieved significant milestones, with total investment reduced from CNY 70.98 billion to CNY 60.82 billion, a decrease of 14.3% [3][4] Group 3: Market Dynamics and Pricing - The potassium chloride market is expected to maintain a stable upward trend due to increasing demand, with imports projected to reach 12.63 million tons in 2024, a 9% increase year-on-year [6][7] - The domestic potassium fertilizer contract price was successfully signed at USD 346 per ton, reflecting positive market changes [7] Group 4: Strategic Initiatives - The company is focusing on enhancing core competitiveness through quality improvement and cost control, aiming to solidify its market position [5] - Plans for overseas resource acquisition are underway, with partnerships established for projects in Canada and Spain [8] Group 5: Financial and Regulatory Compliance - The company has completed tax compliance for resource taxes, with potassium resource tax at 8% and lithium resource tax at 15% based on sales [12] - Future capital expenditures will align with strategic business upgrades and technological innovations to ensure sustainable development [14]

Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

Summary of Salt Lake Co. Conference Call Company and Industry Overview - **Company**: Salt Lake Co. (盐湖股份) - **Industry**: Potash and Lithium Production Key Points and Arguments 1. **Production and Sales Performance**: In the first and second quarters of 2025, the production and sales of potassium chloride and lithium carbonate met expectations, with potassium chloride costs around 1,000-1,200 RMB/ton and lithium carbonate costs below 40,000 RMB/ton after tax, both showing global cost advantages [2][4][8] 2. **Strategic Development Goals**: Following the acquisition by China Minmetals Corporation, Salt Lake Co. is aligning its management model with central state-owned enterprises, aiming for a production capacity of 10 million tons of potash fertilizer, 200,000 tons of lithium salt, and 30,000 tons of magnesium-based materials by 2030 [2][6] 3. **Potash Business Strategy**: The company is focusing on an "outbound potash" strategy, planning to acquire potash projects in Canada and Spain, currently undergoing resource evaluation and technical verification [2][7][10] 4. **Lithium Business Focus**: Salt Lake Co. aims to resolve industry competition issues before pursuing acquisitions of quality lithium salt mines in regions like Qinghai, Tibet, and Xinjiang to expand lithium salt production capacity [2][7] 5. **Market Outlook for Potash**: The company is optimistic about the future of potassium chloride due to increasing global food demand and China's high dependence on imports, with geopolitical tensions affecting supply [2][9] 6. **Lithium Price Trends**: In Q2 2025, industrial-grade lithium prices fell below 60,000 RMB/ton, while battery-grade prices remained between 60,000 and 62,000 RMB/ton, with expectations that prices are nearing the bottom due to Salt Lake's cost advantages [5][11] 7. **Dividend and Stock Buyback Plans**: The company has a willingness to distribute dividends but is currently constrained by negative retained earnings and unclear regulations. It is also considering stock buybacks, with plans to be announced based on capital expenditure and operational conditions [5][13][14] 8. **Management and Incentive Changes**: Post-acquisition by Minmetals, the company's management and incentive mechanisms are evolving to align with central state-owned enterprise standards, including a new market value management system [6][15] 9. **Capital Expenditure Plans**: Future capital expenditures will focus on normal operations and potential investments in overseas potash projects, particularly in Canada and Spain, which are expected to require significant funding [16][18] 10. **Project Development Timeline**: The Canadian and Spanish potash projects are still in the preliminary assessment phase, with further analysis pending feasibility reports before moving to construction planning [19] 11. **Current Production and Inventory Status**: The company is operating at full production and sales capacity for both potash and lithium, maintaining a regulated inventory level of 500,000 tons for state reserves [23][24] Additional Important Information - **Geopolitical Risks**: The concentration of major potash producers in countries like Russia, Belarus, and Canada poses supply risks for China, which relies heavily on imports [9] - **Future Project Considerations**: The company remains open to exploring other overseas mineral projects in regions like Congo and Southeast Asia, contingent on the quality of potential targets [18]

Core Viewpoint - The Chinese lithium battery industry, particularly in power and energy storage, is undergoing intense competition and financial decline, with significant drops in net profits projected for 2023 and 2024 [1][2]. Financial Indicators - The "deducted non-recurring net profit" for 100 lithium battery listed companies is projected to decline from 189.4 billion yuan in 2022 to 53.8 billion yuan in 2024, representing a decrease of 51.67% and 41.21% in 2023 and 2024 respectively [1][2]. - Excluding CATL, the decline in "deducted non-recurring net profit" is even more severe, with reductions of 68.08% and 82.84% for the same periods [1]. - The "cash-debt difference" for these companies worsened significantly, showing -34.4 billion yuan in 2022 and -120.6 billion yuan in 2023 [2]. - The "fixed asset acquisition depreciation difference" is still positive but shows signs of shrinkage, decreasing from 171.4 billion yuan in 2022 to 87.6 billion yuan in 2024, with a notable decline of 18.09% and 37.62% in 2023 and 2024 respectively [2]. Company Analysis - In 2024, only 11 lithium battery listed companies maintained positive values across all three key indicators, indicating their potential for sustainable development [3]. - Conversely, 10 companies showed negative values across all three indicators, suggesting significant challenges to their sustainability [4]. Performance Rankings - The top companies by "deducted non-recurring net profit" in 2024 include CATL (449.93 million yuan), Salt Lake Co. (44.01 million yuan), and Huayou Cobalt (37.95 million yuan) [13]. - Companies with negative "deducted non-recurring net profit" include Andar Technology (-6.85 million yuan) and Wumart New Energy (-5.57 million yuan) [8]. Industry Outlook - The severe internal competition and financial health of companies are critical factors for survival in the lithium battery industry, with maintaining a positive cycle in the three core dimensions being essential for sustainable growth [12].