行业报告 | 行业研究周报 基础化工 证券研究报告 7 月化学原料和化学制品制造业工业增加值同比增长 7.2%，硝酸、PTA 价格上涨 上周指 25 年 8 月 11-17 日（下同），本周指 25 年 8 月 18-24 日（下同）。 本周重点新闻跟踪 2025 年 8 月 15 日，国家统计局发布数据显示，7 月份，规模以上工业增加值同比 实际增长 5.7%。 其中，石油和天然气开采业同比增长 4.1%，化学原料和化学制品 制造业同比增长 7.2%。1-7 月份，规模以上工业增加值同比增长 6.3%。其中，石油 和天然气开采业同比增长 3.7%，化学原料和化学制品制造业同比增长 8.0%。 本周重点产品价格跟踪点评 本周 WTI 油价上涨 1.4%，为 63.66 美元/桶。 重点关注子行业：本周尿素/DMF/乙二醇/烧碱/醋酸价格分别上涨 3%/2.5%/1.2%/0.8%/0.6%；有机硅/TDI/电石法 PVC/乙烯法 PVC/轻质纯碱/聚合 MDI/ 固体蛋氨酸价格分别下跌 4.3%/3.5%/2.2%/1%/0.8%/0.6%/0.2%；液体蛋氨酸/氨纶/粘胶 长丝/VA/粘胶短纤/重质纯碱/V ...

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The report indicates that the cost reduction measures in the Australian lithium mining sector have reached a bottleneck, with companies now focusing on more nuanced strategies to manage costs rather than broad cuts [2][22] - Australian lithium production in Q2 2025 increased by 12% to 940,000 tons (equivalent to SC6), with expectations for FY26 production to rise by 6.4% year-on-year to 3.888 million tons [1][13] - The report highlights a significant drop in lithium prices, which has pressured profit margins, yet companies maintain a certain level of cash flow resilience [3][41] Summary by Sections Production - In Q2 2025, Australian lithium production was boosted by the successful ramp-up of the Pilbara P1000 project and increased output from Wodgina, leading to a 12% quarter-on-quarter increase [1][11] - The total sales volume of Australian lithium concentrate in Q2 2025 was 989,000 tons, reflecting a 16% increase from the previous quarter, despite a 10% year-on-year decline [11] Cost Analysis - Cost reduction strategies have become more selective, with companies weighing the relationship between stripping ratios, recovery rates, and costs [2][22] - The report notes that the average cash costs for Kathleen Valley have approached critical levels, while Pilbara and Wodgina have managed to lower costs through efficiency improvements [19][20] Financial Performance - The gross profit margins for major Australian lithium mines have significantly decreased, with Greenbushes maintaining a margin of 62%, while others like Pilbara and Marion saw margins drop to between 15% and 22% [43] - Operating cash flows for companies like Pilbara improved due to increased sales volumes and cost reductions, while others like IGO faced cash flow pressures [46][47] Strategic Decisions - Most Australian mining companies are currently unable to provide price guidance, reflecting a shift from broad cost-cutting measures to more refined operational strategies [54][55] - Companies are focusing on enhancing operational efficiency and management capabilities rather than aggressive workforce reductions [2][54]

证券时报、西藏日报联合调研组 证券时报、西藏日报"从资本市场看地方高质量发展"大型融媒报道采访组日前走进西藏，进行深度调研。 谁是全国经济增速的"领跑者"？答案或许出乎不少人的意料——西藏。数据显示，2023年和2024年，西藏地区生产总值 （GDP）分别以9.5%和6.3%的增速领跑全国；今年上半年，西藏7.2%的增速较全国平均水平高出1.9个百分点，继续稳居 全国第一。 这片耸立在世界屋脊之上的土地，曾长期背负着"起步晚、底子薄、体量小"的标签。边陲区位、交通掣肘和严苛的自然 环境，更被视为难以逾越的发展"天堑"。今年，是西藏自治区成立60周年，年初召开的西藏自治区两会描绘了宏伟的发 展蓝图——2025年地区生产总值预期增长7%以上、力争达到8%。西藏正以昂扬之姿奋马扬鞭、迎头赶上，改写外界的固 有印象。 GDP增速持续领跑 2023年和2024年,西藏地 区GDP增速分别以9.5%和 6.3%领跑全国;今年上半 年,其7.2%的增速较全国 平均水平高出1.9个百分 点,继续稳居全国第一。 N = AN 紅 王霜王少 区器时报社出版 在每场场值费量增优 2.9个百分点 今年上半年,西藏金融业 增加值达11 ...

M资本市场看地方高质量发展 · 西藏篇 GDP增速持续领跑 2023年和2024年,西藏地 区GDP增速分别以9.5%和 6.3%领跑全国;今年上半 年,其7.2%的增速较全国 平均水平高出1.9个百分 点,继续稳居全国第一。 2.9个百分点 今年上半年,西藏金融业 增加值达118.85亿元; 同比增长26.7%,增速 居全国第一,直接拉动西 藏地区GDP增长2.9个百 分点。 115家 在"格桑花行动"计划推 动下,西藏累计筛选确定 入库上市后备企业115家, 其中成熟期企业23家、成 长期企业46家、初创期企 业46家。 西藏经济发展 14% 2024年,西藏22家上市 公司在藏纳税24.83亿 元、占西藏税收收入的 14%,新增在藏投资 5.82亿元。 六个一批 构建区域发展"强磁场" 飞往拉萨的航班上，透过舷窗那一方小小天地，可窥得连绵的雪山，如同地球的脊梁横亘天际，与辽阔苍穹 相接，铺展成一片广袤的高原美景。 在这片神奇的土地上，一场经济变革正在悄然发生。中央给予西藏的金融、税收等优惠政策，犹如春风化 雨，浇灌出蓬勃的经济活力。 西藏全面实行"培育一批、 股改一批、辅导一批、申报 一批、上市一批、做 ...

2020年6月，中国宝武钢铁集团有限公司及其一致行动人日喀则珠峰城市投资发展集团有限公司通过参 与西藏矿业资产经营有限公司增资扩股的方式，合计取得改制及增资扩股后西藏矿业资产经营有限公司 52%股权，西藏矿业实际控制人由自治区国资委变更为国务院国资委。 中央及西藏自治区在融资渠道、税收优惠和其他扶持政策等方面实施的一系列特殊政策支持，为西藏矿 业提供了良好的经营环境，降低了运营成本，增强了市场竞争力。 目前，西藏矿业拥有西藏罗布莎铬矿的采矿权，近两年年产量在10万吨左右，产量位于国内同行业前 列。同时，西藏矿业通过子公司西藏扎布耶拥有西藏扎布耶盐湖采矿权。 值得一提的是，虽然西藏扎布耶盐湖采矿权项目开发起步晚，但其对生态环境的保护丝毫未放松，不仅 工艺绿色环保，就连能源也来自西藏矿业通过BOO模式建设的光伏光热电站（中国宝武旗下子公司宝 武清能承建），被称之为"零碳项目"。 "西藏矿业以产业帮扶、定点帮扶及本地采购等方式全面推动乡村地区经济发展。以扎布耶项目开发为 例，公司运输和劳务等方面的业务均委托给当地公司，三年的时间内，当地农民增收接近6000万 元。"证券时报"从资本市场看地方高质量发展"大型融媒报道 ...

Economic Growth and Development - Tibet is projected to lead the national GDP growth with rates of 9.5% in 2023 and 6.3% in 2024, with a 7.2% growth in the first half of 2023, surpassing the national average by 1.9 percentage points [1] - The region aims for a GDP growth of over 7% by 2025, striving to reach 8% [1] - The economic transformation is supported by favorable policies from the central government, including financial and tax incentives [2][4] Capital Market Initiatives - The "Galsang Flower Action" plan was introduced to promote corporate listings in Tibet, marking a significant step in the region's capital market development [2] - Since 2016, the China Securities Regulatory Commission has implemented preferential IPO policies for Tibetan enterprises, facilitating their access to capital markets [3] - In 2024, 22 listed companies in Tibet are expected to contribute 24.83 million yuan in taxes, accounting for 14% of the region's tax revenue [3] Financial Sector Growth - Tibet has the lowest average loan interest rate in the country at 1.46%, with small and micro enterprises benefiting from an even lower rate of 1.15% [4] - The financial sector is projected to achieve a value-added of 266.82 billion yuan in 2024, with a year-on-year growth of 15.9% [7] Resource Development - Tibet's unique ecological resources, including clean energy and mineral resources, are becoming attractive for industrial investment [10] - The Yarlung Tsangpo River hydropower project, with an investment of approximately 1.2 trillion yuan, aims to generate 60 million kilowatts of installed capacity [10] - The development of the Zabuye Salt Lake project emphasizes the importance of high-value resource development while maintaining ecological protection [13] Tourism and Cultural Integration - Tibet's tourism sector is leveraging its unique ecological environment, with new tourism products being developed to attract diverse consumer groups [11] - The region's tourism strategy includes integrating health, sports, and cultural experiences to enhance visitor engagement [11] Industry Examples - Ganlu Tibetan Medicine Co., a leading Tibetan medicine enterprise, is actively pursuing international markets and aims to establish a comprehensive ecosystem for Tibetan medicine [7] - The establishment of the Himalayan Research Center by a major beauty brand in Tibet exemplifies the successful utilization of local resources for product development [12]

2025 年 8 月 24 日 行业研究 磷肥出口二阶段配额落地，磷矿石价格坚挺行业景气依旧 ——基础化工行业周报（20250818-20250824） 要点 6 月开始进入磷酸一铵及磷酸二铵的出口集中期。当前我国肥料级磷酸一铵 及磷酸二铵出口需要进行法检同时执行配额制，根据往年情况出口配额通常 集中在 5-9 月期间。然而，根据海关总署数据 2025 年我国磷铵出口时间整 体有所延后，2025 年自 6 月开始磷铵出口量才出现明显上升。2025 年 1-7 月，我国磷酸一铵和磷酸二铵出口总量分别为 60.1 万吨和 158.3 万吨，同比 分别减少 49.4%和 21.7%。其中，2025 年 5-7 月我国磷酸一铵和磷酸二铵 的出口总量分别为 52.6 万吨和 150.4 万吨，相较于 2024 年 5-7 月出口总量 分别变动-40.1%和+1.4%。基于此，我们认为 2025 年我国磷铵出口将集中 在 Q3 进行，但考虑到 1-7 月出口量的明显缩减，我们预计 2025 年全年磷铵 出口量将少于 2024 年水平。 2025 年磷铵出口二阶段配额基本落地，当前海外磷铵价格仍显著高于国内水 平。2025 ...

公司点评报告 · 有色金属行业 锂价下跌锂业务承压，铯铷盐板块支撑业绩 --2025 年半年报点评 2025 年 08 月 22 日 | 中矿资源（股票代码：002738.SZ） | | --- | | 推荐 | | --- | | 维持评级 | 分析师 华立 ：021-20252629 ：huali@chinastock.com.cn www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 资料来源：Wind，中国银河证券研究院 分析师登记编码：S0130516080004 | 市场数据 | 2025-08-21 | | --- | --- | | 股票代码 | 002738 | | A 股收盘价(元) | 40.67 | | 上证指数 | 3,771.10 | | 总股本(万股) | 72149.19 | | 实际流通 A 股(万股) | 71104.17 | | 流通 A 股市值(亿元) | 289 | 相对沪深 300 表现图 2025-08-21 资料来源：Wind，中国银河证券研究院 -10% 0% 10% 20% 30% 40% 50% 6 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a revenue of 3.423 billion yuan in the first half of 2025, a year-on-year decrease of 13.04%, while the net profit attributable to shareholders was 136 million yuan, an increase of 32.87% year-on-year [1]. - The lithium business faced challenges due to falling prices, with revenue declining by 26.28% to 1.764 billion yuan, resulting in a net loss of 127 million yuan [2]. - The company is expanding its self-owned mining capacity, with the Zimbabwe Kamativi lithium mine expected to produce 280,000 tons of lithium concentrate in 2025, significantly reducing lithium salt costs [3]. - The company is also increasing its lithium salt production capacity, with a total expected capacity of 130,000 tons by the end of 2025 [3]. - The overseas mining service business is seen as a new growth point, with a 25.06% year-on-year increase in revenue from blasting and mining services [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 3.423 billion yuan, down 13.04% year-on-year, and a net profit of 136 million yuan, up 32.87% year-on-year [1]. - The second quarter of 2025 saw a revenue of 1.886 billion yuan, a decrease of 9.5% year-on-year but an increase of 22.7% quarter-on-quarter [1]. Business Segments - Lithium Business: Revenue decreased by 26.28% to 1.764 billion yuan, with a net loss of 127 million yuan due to falling lithium prices [2]. - Explosives Business: Revenue increased by 3.7% to 1.465 billion yuan, with a net profit of 253 million yuan, supported by export growth and increased market share in the Sichuan region [2]. Future Outlook - The company expects to achieve net profits of 610 million yuan, 950 million yuan, and 1.39 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27, 17, and 12 times based on the closing price on August 20 [3][5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The game between reality and expectations in the lithium carbonate market is intensifying, leading to increased volatility in the market [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The closing price of the 2509 contract was 81,040 yuan, down 6,540 yuan; the trading volume was 55,748 lots, and the open interest was 65,157 lots. The closing price of the 2511 contract was 80,980 yuan, down 6,560 yuan; the trading volume was 838,879 lots, and the open interest was 395,102 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 24,045 lots, up 430 lots [1] - **Basis**: The basis of spot - 2509 was 4,660 yuan; the basis of spot - 2511 was 4,720 yuan; the basis of 2509 - 2511 was 60 yuan [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 951 US dollars, down 27 US dollars; the price of lithium mica (2.0% - 2.5%) was 2,125 yuan, down 60 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 85,700 yuan, unchanged; the price of industrial - grade lithium carbonate was 83,400 yuan, unchanged [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 85,752 yuan/ton, down 189 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate was 85,700 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate was 83,400 yuan/ton, unchanged [2] - In July, lithium ore imports were 750,700 tons, a month - on - month increase of 30.35%. Imports from Australia were 427,300 tons, a month - on - month increase of 67.24%, with an average price of 631.35 US dollars/ton, a month - on - month decrease of 9.16% [2][3] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral trend [3]