淳厚信泽C（基金代码：007812）是淳厚基金旗下的一只混合型基金，成立于2019年8月21日。现任基 金经理由薛莉丽和廖辰轩共同担任，其中薛莉丽自2019年8月21日起任职，总管理规模达7.37亿元。该 基金在注重风险和流动性管理的前提下，力争获取超越业绩比较基准的投资收益。 根据披露的机构调研信息2025年6月25日，淳厚基金对上市公司藏格矿业进行了调研。 截至2025年7月10日，淳厚信泽C近一年回报达18.96%，跑赢基金比较基准增长率（15.19%）和中证混 合型基金指数回报（15.41%），超过同期混合型基金收益均值。 附调研内容：公司董事会秘书李瑞雪先生向广大投资者介绍了公司麻米错项目立项报告的获批情况；公 司副总裁兼总工程师张生顺先生、董事会秘书李瑞雪先生共同对广大投资者的问题做了回复。1、西藏 冬季气候严寒，低温是否会影响项目建设周期？答：公司计划于今年三季度启动项目一期工程建设，并 同步开展设备采购和施工团队进场工作。目前项目建设前期准备工作已经完成，包括矿区 20 多公里公 路及场地平整。根据规划，将于 2025 年 10 月中旬完成土建工程并实现设备入厂，随后在冬季寒冷时段 推进室内设 ...

▲图为察尔汗盐湖。何启金/摄 青藏高原生态系统丰富多样、也十分脆弱，加强生态环境保护，实现生态功能最大化， 是这一区域的主要任务。要始终坚持生态优先、绿色发展，认真实施青藏高原生态保护法， 全面落实主体功能区规划要求，把青藏高原建设成为生态文明高地。 青海对国家生态安全、民族永续发展负有重大责任，必须承担好维护生态安全、保护三 江源、保护"中华水塔"的重大使命，对国家、对民族、对子孙后代负责。 盐湖资源是青海的第一大资源，也是全国的战略性资源，务必处理好资源开发利用和生 态环境保护的关系。发展循环经济是提高资源利用效率的必由之路，要牢固树立绿色发展理 念，积极推动区内相关产业流程、技术、工艺创新，努力做到低消耗、低排放、高效益，让 盐湖这一宝贵资源永续造福人民。 ——习近平 三江之源，中华水塔。 地处青藏高原核心区域的青海是资源富省、战略要省，也是国家重要的生态安全屏障。 这里，黄河、长江、澜沧江源起奔流，生态地位特殊而重要，生态责任重大而艰巨。 习近平总书记强调，青藏高原生态系统丰富多样、也十分脆弱，加强生态环境保护，实 现生态功能最大化，是这一区域的主要任务。要始终坚持生态优先、绿色发展，认真实施青 藏高 ...

日前，记者从青海省工业和信息化厅获悉，青海省在招商引资过程中，以省委、省政府出台的《青海省 关于进一步加强招商引资工作因地制宜发展新质生产力的若干措施》(以下简称"23条措施")为指引， 以"六大工程"筑牢发展根基、"六大行动"强化推进动能，从产业政策、服务机制、开放合作三方面协同 发力，采取一系列创新举措吸引优质项目落地。 通过重点产业引领工程，打造盐湖资源综合利用、新能源等五大特色产业集群；实施招大引强突破工 程，精准引进强链补链延链重大项目；依托重大项目促进工程，保障项目顺利落地；借助企业梯度培育 工程，激发市场主体活力；推进园区提档升级工程，提升产业承载能力；开展技术创新提升工程，增强 产业发展动能，为招商引资提供坚实支撑。 深入贯彻23条措施中聚焦优势产业延链招商，传统产业升链招商，新兴产业建链招商的要求，依托本省 清洁能源装机占比超94.6%、40%"天然冷源"的能耗优势，深耕绿色算力赛道。发布5项绿色算力地方标 准，出台专项建设方案，明确"1+2+N"绿色算力基地布局，建成西宁国家级互联网骨干直联点等重大设 施。省委、省政府高位推进，连续两年在北京召开绿色算力产业发展推介会，在全国率先实现新能源 ...

Core Insights - Lithium is referred to as the "white oil" of the new energy era, essential for manufacturing electric vehicle batteries, mobile phone batteries, and energy storage devices [3][5] - The 40,000 tons/year lithium salt integration project in the Chaka Salt Lake of Qinghai Province is a significant advancement in China's lithium salt projects, marking a milestone as it transitions from construction to trial production [5][12] Industry Overview - The Chaka Salt Lake is a critical resource for lithium extraction, which is vital for the future of new energy technologies [3][5] - The project is the largest in scale, with the highest technical requirements and the most participating units in China [5] Equipment Challenges - The extreme environment of the Qinghai Salt Lake poses significant challenges for industrial equipment, particularly variable frequency drives (VFDs) [6][7] - Key challenges include high altitude with low oxygen, extreme temperature fluctuations, and corrosive salt mist [7] Equipment Solutions - The Vertiv MegaVert medium-voltage VFD is designed to withstand the extreme conditions of the salt lake, making it the preferred choice for the lithium extraction project [8][10] - Features include optimized electrical gaps, high thermal protection settings, and excellent corrosion resistance [10][12] Performance Validation - The MegaVert VFD undergoes rigorous testing, including 120 hours of salt mist testing and high-low temperature cycling tests to ensure reliability in harsh conditions [11] - The device is designed to operate reliably at high altitudes and under varying electrical conditions, ensuring stable performance [12] Client Feedback - The project manager from China Salt Lake Group praised the stable performance and reliability of the Vertiv MegaVert VFD, highlighting the professional service provided by the Vertiv team [12]

证券代码：000792 证券简称：盐湖股份 青海盐湖工业股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活动 | □特定对象调研□ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访√ 业绩说明会 | | | □ 新闻发布会□ 路演活动 | | | □ 现场参观 | | | □ 其他（请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 (周三) 下午 2025 6 18 14:30~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事长侯昭飞 | | 员姓名 | 财务总监马丕乐 | | | 董事会秘书李舜 | | | 独立董事陈斌 | | | 证券事务代表巨敏 | | | 1、问：目前碳酸锂低价运行，对行业有何影响？贵公司将 如何应对？ | | | 答：您好！当前碳酸锂市场虽处于价格低位调整期，但新能 | | | 源产业长期向好的发展趋势并未改变，行业正经历深度变革 ...

Core Viewpoint - Qinghai Province is positioned as a crucial ecological zone in China, emphasizing its role in ecological protection and high-quality development, particularly as the "water tower" of China [1][4]. Group 1: Ecological Protection and National Parks - Qinghai has established itself as the first pilot province for the national park system in China, focusing on ecological civilization and natural protection [2][3]. - The Three Rivers Source National Park integrates various types of natural reserves, covering an area of 272,200 square kilometers, which is 39.08% of the province's total land area [3]. - The park has seen significant improvements in water resources, biodiversity, and vegetation coverage, with the population of Tibetan antelope increasing from under 20,000 to over 70,000 [4]. Group 2: Economic Development and Green Transformation - Qinghai is pursuing a strategy to build a world-class salt lake industry, a national clean energy base, an international eco-tourism destination, and a source of green organic agricultural products [6][8]. - The Chaka Salt Lake, covering 5,856 square kilometers, is a key site for potassium fertilizer production, with a total salt resource reserve of 60 billion tons [6]. - The province has seen a 14.74% increase in tourist numbers at the Chaka Salt Lake scenic area, reaching 2.7 million visitors in 2024 [8]. Group 3: Water Resource Management - Qinghai has implemented a robust ecological protection system, focusing on water quality management and soil erosion control, with significant investments in environmental projects [9][10]. - The province's air quality has consistently remained at a good level, with over 96% of days classified as having good air quality [10]. - The introduction of the "Qinghai Provincial National Ecological Civilization High Ground Construction Regulations" aims to enhance ecological governance and provide replicable experiences for national ecological development [11].

Group 1: Industrial Development - Qinghai has positioned itself to build a "world-class" salt lake industry by implementing high-quality development regulations, focusing on increasing product variety, quality, and brand creation, thereby strengthening its domestic potassium fertilizer position and enhancing lithium resource extraction efficiency and quality [1] - The province aims to create a complete photovoltaic and lithium battery industrial chain while expanding the scale of clean energy projects, including the construction of clean energy transmission channels and a comprehensive clean energy consumption system [1] Group 2: Ecological Protection and Tourism - Qinghai is enhancing ecological protection and restoration in key areas while developing an ecological tourism planning system, creating demonstration zones like Qinghai Lake, and improving tourism product offerings and service quality [2] - The province is converting "green stock" into "economic increment" through coordinated efforts in tourism quality enhancement, transportation connectivity, and brand development [2] Group 3: Agricultural Development - Qinghai is focusing on modern agricultural development by establishing high-standard agricultural industrial parks, expanding organic grassland monitoring, and promoting the transformation of grassland animal husbandry [2] - The province aims to create an industrial alliance involving leading enterprises, cooperatives, bases, and farmers, while building a brand around "Clean Land Qinghai · Premium Plateau Products" [2] Group 4: Future Directions - Moving towards the "15th Five-Year Plan," Qinghai plans to enhance institutional design for industrial development, particularly in salt lake resource utilization and integrated clean energy construction [3] - The province will optimize policy support across multiple fields, ensuring effective implementation of ecological space control and precise support for industrial elements [3] - Establishing a comprehensive standard system for industrial development, including international and ecological perspectives, is a priority to ensure the sustainable progress of the "Four Places" initiative [3]

证券研究报告 | 策略点评 投资策略研究 粤开市场日报-20250611 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.52%，收报 3402.32 点；深证成指涨 0.83%，收报 10246.02 点；科创 50 跌 0.20%，收报 980.93 点；创业板指涨 1.21%，收报 2061.87 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 3411 只个股上涨，1737 只个股下跌，264 只个股 收平。沪深两市今日成交额合计 12555 亿元，较上个交易日缩量 1599 亿元。 行业涨跌情况：今日申万一级行业除医药生物、通信、美容护理等行业下跌 外，其余全部上涨，有色金属、农林牧渔、非银金融、汽车、传媒、社会服 务等行业领涨。 板块涨跌情况：今日涨幅居前概念板块为稀土永磁、稀土、网络游戏、一体 化压铸、稀有金属精选、盐湖提锂、小红书平台、保险精选、炒股软件、小 金属、南京市国资、钴矿、锂电电解液、拼多多合作商、鸡产业等板块。 2025 年 06 月 11 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu ...

Company Overview - Salt Lake Co., Ltd. is a leading producer of potassium fertilizer and lithium extraction from salt lakes, leveraging resources from the Chaka Salt Lake in Qinghai, China [2] - The company has a potassium chloride production capacity of 5 million tons and lithium carbonate capacity of 40,000 tons, achieving a dual profit driver [2] - For the fiscal year 2024, the expected revenue from potassium chloride and lithium carbonate is 11.7 billion and 3.1 billion yuan, accounting for 77% and 20% of total revenue respectively [2] Strategic Development - The company is integrating into the China Minmetals Corporation system, with 2025 marking the beginning of this transition [2] - By 2030, the company aims to achieve an annual production capacity of 10 million tons of potassium fertilizer and 200,000 tons of lithium salts [2] - The long-term vision includes establishing a comprehensive lithium battery lifecycle industry and a green hydrogen recycling industry by 2035 [2] Potassium Fertilizer Segment - Salt Lake Co. is the domestic leader in potassium fertilizer, with stable production and sales [3] - The company is expected to benefit from a recovery in potassium fertilizer prices due to supply disruptions from major producers [3] - The company also plays a crucial role in national potassium fertilizer reserves, with a task to maintain a reserve of 500,000 tons [3] Lithium Extraction Segment - The company is recognized as a low-cost leader in lithium extraction from salt lakes, with a current capacity of 40,000 tons and an additional 40,000 tons project under construction [4] - The production cost for lithium is projected to be 36,500 yuan per ton in 2024, providing a competitive edge during price downturns [4] - The lithium market is expected to see a shift towards oversupply, with prices stabilizing between 60,000 to 80,000 yuan per ton by 2025 [4] Financial Projections - The company’s net profit is forecasted to reach 5.88 billion, 6.42 billion, and 7.17 billion yuan for the years 2025, 2026, and 2027 respectively, with growth rates of 26.2%, 9.0%, and 11.7% [4] - The current price-to-earnings ratio (PE) is projected to be 14, 13, and 12 for the years 2025, 2026, and 2027 [4] - The average PE for comparable companies in the potassium and lithium sectors is significantly higher, indicating potential undervaluation of Salt Lake Co. [4]

Core Viewpoint - The company is actively pursuing its transformation strategy, focusing on lithium resource development while maintaining its real estate business as a stable foundation for growth [1][2][3] Group 1: Project Development - The company plans to commence land leveling for the Longmu Lake project this year and aims to accelerate the construction of the first 10,000-ton production line if conditions permit [1] - The 30,000-ton lithium carbonate project at Jiezhe Chaka is currently in the process of handling preliminary procedures [2] - The company is working on the construction of a 10,000-ton lithium hydroxide production line and is advancing the self-built line projects at both Jiezhe Chaka and Longmu Lake [4][10] Group 2: Financial Performance - The company's revenue for the first quarter was primarily driven by real estate sales and rental income, with a total of 500 million yuan [2] - The company anticipates a decline in overall revenue this year due to slower real estate sales, while the mining sector is expected to see a slight increase [5][11] - The gross profit margin for the Xi'an Jingchen Zunyu project was reported at 4.47%, significantly lower than the regional average of 10.80% [2] Group 3: Market Strategy and Communication - The company is committed to enhancing its market value through stable business development, improved communication with investors, and ongoing training for management to understand capital market dynamics [1][3] - The management is exploring potential share buyback plans, contingent on regulatory requirements and the company's operational status [3] Group 4: Industry Outlook - The lithium battery sector is projected to experience significant growth, particularly in the fields of power batteries and energy storage, with the company positioning itself to capitalize on these trends [18]