Group 1 - The military equipment restructuring concept declined by 0.52%, ranking among the top declines in the concept sector, with companies like Changcheng Military Industry, Hunan Tianyan, and Zhongguang Optical leading the declines [1][1][1] - The top gainers in today's concept sectors included zinc metal (+3.68%), nickel metal (+3.65%), and lead metal (+3.61%), while the pork sector saw a decline of -0.54% [1][1][1] - The military equipment restructuring sector experienced a net outflow of 263 million yuan, with Changcheng Military Industry seeing the largest outflow of 117 million yuan [1][1][1] Group 2 - The top stocks with net outflows in the military equipment restructuring sector included Changcheng Military Industry (-1.20%), Chang'an Automobile (-0.81%), and Construction Industry (-0.51%) [1][1][1] - Conversely, Hunan Tianyan and Huqiang Technology were among the stocks with net inflows, receiving 2.47 million yuan and 222,100 yuan respectively [1][1][1] - The trading volume for Changcheng Military Industry was 4.97%, while Hunan Tianyan had a turnover rate of 2.32% [1][1][1]

Core Viewpoint - Lithium is a critical raw material for electric vehicle batteries, and China has abundant lithium resources, primarily found in salt lake brine. However, separating magnesium and lithium ions in high magnesium-lithium ratio brine is challenging due to the limitations of traditional nanofiltration membranes [1][2]. Group 1: Challenges in Traditional Filtration - Traditional polyamide nanofiltration membranes face a trade-off between permeability and selectivity, making it difficult to achieve both high water flux and high lithium purity simultaneously [2]. - In high-salinity environments, such as China's salt lake brine, the limitations of traditional membranes become more pronounced, necessitating significant freshwater dilution, which increases costs and complicates implementation in water-scarce regions [2]. Group 2: Innovative Solutions - A research team led by Professor Sun Haixiang proposed a novel interface polymerization strategy to control the structure of nanofiltration membranes, enabling efficient separation of magnesium and lithium ions from high magnesium-lithium ratio brine [3]. - This innovative strategy allows for precise control over the reaction behavior of dual aqueous phase monomers, breaking the limitations of traditional single monomer approaches and enabling the creation of membranes tailored for specific separation needs [3]. Group 3: Application and Future Prospects - The new nanofiltration membrane technology holds promise for ensuring the security of national lithium resources, particularly for the lithium supply chain related to electric vehicles [4]. - The high permeability and selectivity of the new membranes can significantly reduce energy consumption, enhance processing capacity, and lower initial investment and operational costs, making it a viable solution for industrial applications [4]. - The technology is currently transitioning from laboratory to industrial application, with successful collaborations underway with companies like China National Offshore Oil Corporation to apply the membranes in oilfield water treatment [5].

Core Viewpoint - Cangge Mining's stock has shown significant growth this year, with a year-to-date increase of 107.59%, indicating strong market performance and investor interest [1] Financial Performance - For the first half of 2025, Cangge Mining reported operating revenue of 1.678 billion yuan, a year-on-year decrease of 4.74%, while net profit attributable to shareholders increased by 38.80% to 1.8 billion yuan [2] - Cangge Mining has distributed a total of 9.629 billion yuan in dividends since its A-share listing, with 5.998 billion yuan distributed over the past three years [3] Stock Market Activity - As of September 29, Cangge Mining's stock price reached 55.49 yuan per share, with a market capitalization of 87.132 billion yuan [1] - The stock experienced a trading volume of 484 million yuan and a turnover rate of 0.56% on the same day [1] - The stock has seen a recent net outflow of 31.5 million yuan in principal funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of July 18, the number of shareholders for Cangge Mining increased to 29,400, with an average of 53,435 circulating shares per shareholder, a decrease of 4.22% [2] - Major shareholders include Hong Kong Central Clearing Limited and Shenwan Hongyuan Securities, both of which increased their holdings compared to the previous period [3]

锂是新能源汽车电池的核心原材料。我国锂资源储量丰富，其中约80%存在于盐湖卤水中。然而，盐湖 卤水中的镁和锂离子性质相近、共存一体，难以分离。传统聚酰胺纳滤膜长期受制于渗透性和选择性难 以兼顾的问题，在超高盐环境下性能急剧下降。基于此，中国石油大学(华东)孙海翔教授领衔的研究团 队提出了一种新型的分级调控界面聚合策略，用来调控纳滤膜的结构，可高效分离高镁锂比盐湖卤水中 的镁离子和锂离子。9月16日，中国化工报记者采访了研究团队的核心成员——中国石油大学(华东)博 士研究生陈宇昊。 传统膜材遇瓶颈 盐湖有锂难寻 纳滤膜是盐湖提锂常用的分离膜。然而，传统聚酰胺纳滤膜存在"渗透性—选择性"的权衡效应问 题。"传统纳滤膜难以同时实现高水通量和高选择性，这两者就像是天平的两端，要么水渗透快但提锂 不纯，要么锂提得纯但水渗透得慢。"陈宇昊解释道。 保障锂资源安全 应用前景广阔 该技术为保障国家锂资源安全，特别是当前以新能源汽车为代表的锂产业链安全带来了希望。陈宇昊指 出："用这项技术制备的纳滤膜可以在极高的盐浓度下运行，使开发特高镁锂比盐湖资源成为可能。"在 实际应用方面，新型纳滤膜的高渗透性与选择性意味着能耗显著降低， ...

Core Viewpoint - Salt Lake Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a decline in revenue [1][2]. Financial Performance - As of June 30, 2025, Salt Lake Co. achieved operating revenue of 6.781 billion yuan, a year-on-year decrease of 6.30% [2]. - The net profit attributable to shareholders reached 2.515 billion yuan, reflecting a year-on-year growth of 13.69% [2]. - Cumulative cash dividends since the company's A-share listing amount to 5.306 billion yuan, with no dividends distributed in the past three years [3]. Stock Market Activity - On September 29, 2023, the stock price increased by 2.09%, reaching 20.00 yuan per share, with a trading volume of 450 million yuan [1]. - The stock has risen by 21.51% year-to-date, with a 2.15% increase over the last five trading days [1]. - The company has a total market capitalization of 105.831 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 201,000, a reduction of 6.24% [2]. - The average number of circulating shares per shareholder increased to 26,327 shares, up by 6.66% [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 126 million shares, an increase of 27.617 million shares from the previous period [3]. Business Overview - Salt Lake Co. specializes in the development, production, and sales of potassium fertilizers and lithium salts, with potassium products accounting for 79.16% of revenue and lithium products 18.32% [1]. - The company is classified under the basic chemicals industry, specifically in the agricultural chemical products sector, focusing on potassium fertilizers [1].

Core Viewpoint - The renewable energy sector is experiencing significant growth, with major companies like Hunan YN and EVE Energy seeing substantial stock price increases, contributing to the rise of the ChiNext Index above 3200 points [1] Group 1: Market Performance - Hunan YN's stock rose by 16%, while EVE Energy and Xinzhou Bang increased by over 7%, and Sunshine Power rose by 6% [1] - The ChiNext ETF (159948) increased by 1.61%, with a year-to-date gain of 51% [1] - The ChiNext Index has seen a cumulative increase of 74.39% since April 8, with a current P/E ratio of 44.17, positioned at the 50.98% percentile over the past decade [1] Group 2: Industry Demand and Supply - There is strong demand for domestic energy storage cells, with leading battery companies operating at full capacity and some orders extending into early next year [1] - EVE Energy reported a full order book for its energy storage batteries, indicating robust demand [1] - Eight departments have issued a plan to stabilize growth in the non-ferrous metals industry for 2025-2026, focusing on accelerating the application verification of high-end products like all-solid-state battery materials [1] Group 3: Strategic Developments - The lithium resource self-sufficiency process is accelerating, with concentrated lithium extraction capacity being established, closely related to upstream raw material supply for companies like CATL [1] - Sunshine Power's executives announced the early termination of their share reduction plan to avoid short-term trading [1]

Core Viewpoint - The lithium extraction capacity from salt lakes in Tibet is expected to see significant growth, driven by leading companies such as Cangge Mining, Zijin Mining, and Blue Sky Technology, as they accelerate project layouts in the region [1] Group 1: Industry Developments - The construction of domestic lithium extraction capacity from salt lakes has entered a concentrated implementation phase since 2025 [1] - The rich reserves and cost advantages of salt lake lithium extraction are anticipated to contribute to this growth [1] Group 2: Company Activities - Leading companies in the industry are actively enhancing their project layouts in the Tibetan salt lakes, which is expected to substantially increase the lithium extraction scale in the Qinghai-Tibet Plateau [1] - According to Wei Ming, Secretary-General of the Lithium Salt Branch of the China Inorganic Salt Industry Association, there are no technical challenges in developing the salt lakes in Tibet, and equipment can be ready for operation within eight months if conditions permit [1]

每经记者｜朱成祥 每经编辑｜魏官红 丨 2025年9月29日 星期一 丨 NO.1 盐湖股份：4万吨/年基础锂盐一体化项目投料试车 点评：盐湖股份4万吨/年基础锂盐一体化项目投料试车，标志着中国盐湖提锂技术实现工业化突破。短 期关注产能爬坡进度及锂价反弹节奏；长期来看，盐湖股份依托资源垄断+成本优势，有望成为全球锂 盐市场定价权争夺者。不过，也需要注意水资源对盐湖提锂的限制。 NO.2 博迁新材：签订合作协议，估算销售镍粉产品43亿元至50亿元 9月28日，盐湖股份公告称，公司4万吨/年基础锂盐一体化项目已基本建成，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。项目投料试车将提升公司锂盐产能规模，增强市场竞 争力、盈利能力和抗风险能力。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.3 智光电气：拟购买控股子公司智光储能股权，股票停牌 9月28日，智光电气公告称，公司正在筹划以发行股份及支付现金的方式购买控股子公司智光储能的全 部或部分少数股权，同时 ...

Core Viewpoint - The lithium extraction capacity from salt lakes, particularly in Tibet, is expected to see significant growth due to advancements in technology and increased investment from leading companies in the industry [1][8]. Capacity Expansion - Cangge Mining's 50,000 tons/year lithium carbonate project at the Mami Cuo salt lake has commenced construction after receiving project approval in June 2023, with full production expected by 2026 [1]. - Cangge Mining has also acquired a 39% stake in Guoneng Mining, which has two high-quality salt lakes in Tibet, with a long-term plan to reach a lithium salt capacity of 130,000 tons [1]. - Zijin Mining's Lagocuo salt lake project has faced delays but is showing signs of accelerated production, with a projected output of 7,315 tons of lithium carbonate in the first half of 2025, compared to 239 tons in the same period of 2024 [2]. - Blue Sky Technology is actively involved in domestic salt lake capacity construction, including a collaboration with Guoneng Mining for a 3,300 tons lithium hydroxide production line, which aims to be the first industrialized salt lake lithium extraction project in Tibet [2]. Technological Innovation - The lithium extraction process is undergoing systematic innovation, with direct lithium extraction technologies significantly reducing production time and resource consumption [3]. - The use of advanced techniques such as membrane coupling and adsorption technology is expected to enhance resource utilization and lower production costs [3][4]. - The cost of adsorption agents has decreased from 200,000 yuan/ton to 45,000 yuan/ton, contributing to improved industrial competitiveness [4]. Industry Challenges - Despite the potential, the industry faces challenges such as low capacity utilization due to environmental factors and infrastructure difficulties in high-altitude regions [5][6]. - Projects in Tibet, including those by Zijin Mining and Jinyuan Co., have experienced slow production releases due to high-altitude conditions affecting equipment and operational efficiency [6][7]. - Water supply and power supply issues are significant hurdles, with companies needing to invest in desalination and renewable energy projects to ensure production continuity [7]. Market Outlook - The salt lake lithium extraction industry is becoming a crucial component in reducing China's reliance on imported lithium carbonate, with ongoing capital investments and policy support driving growth [8][9]. - In 2024, China's lithium carbonate production is projected to reach 702,000 tons, with salt lake extraction accounting for approximately 17.7%, a decrease from 28.6% in 2020 [9]. - The cost advantage of salt lake lithium extraction, estimated at 30,000 to 40,000 yuan/ton, is expected to encourage further investments and development in the sector [9].

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。 ...