6 证券研究报告 点评报告 2026 年 1 月 6 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 1 月 5 日美国 CES 展开始举行，英伟达 CEO 黄仁勋在 CES 演讲上展示了英伟达新一 代 AI 平台 Rubin，其中 Rubin GPU 芯片搭载第三代 Transformer 引|擎，FP4 推理 算力 50PFLOPS，是 Blackwell 的 5 倍。黄仁勋表示 Rubin 平台已进入全面生产阶 段，产品将于 2026 年下半年面市，表明下一代的 AI 芯片进展正常。除了 AI 芯片 外，本届 CES 展的主要技术动态还包括英伟达、高通都发布了机器人芯片套件， 谷歌下属的 Deep Mind 公司也与波士顿动力的 Atlas 人型机器人合作，因此我们 认为黄仁勋所说的机器人领域已经迎来"ChatGPT"时刻的正确性很高，继续看好 今年芯片、人工智能和机器人的产业景气度提升。 1 月 5 日中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。 证监会主席、最高人民法院、最高人民检察院、国家发展改革委、公安部、司法 部、财政部、中国人民银行、国务院国资委 ...

2025年12月31日，盐湖股份发布2025年度业绩预告，预计公司全年净利润实现大幅增长，归属于上市公司股东的净利润同比增幅最高可达90.65%，扣除非 经常性损益后的净利润同比最高增长100.66%。 一方面，公司主营业务保持稳健发展，2025年氯化钾产量约490万吨，销量约381.43万吨；碳酸锂产量约4.65万吨，销量约4.56万吨；两钾（氢氧化钾、碳酸 钾）合计产量约38.22万吨，销量约38.89万吨。报告期内，氯化钾产品价格较上年同期有所上升，碳酸锂产品价格虽波动较大，但下半年逐步回暖，整体带 动公司业绩同比增长。 另一方面，公司顺利通过高新技术企业资格复审，依据《企业会计准则第18号--所得税》相关规定，在本年度末对可抵扣暂时性差异确认递延所得税资产， 进一步增加了公司净利润。 业绩预告显示，2025年1月1日至12月31日期间，盐湖股份归属于上市公司股东的净利润预计为829,000万元至889,000万元，上年同期该数据为466,311.65万 元，同比增长77.78%至90.65%；扣除非经常性损益后的净利润预计为823,000万元至883,000万元，较上年同期的440,051.86万元增 ...

Core Viewpoint - Salt Lake Potash Co., Ltd. (000792.SZ) forecasts a net profit attributable to shareholders for the year 2025 between 8.29 billion to 8.89 billion yuan, representing a year-on-year growth of 77.78% to 90.65% [1] Group 1: Financial Performance - The company's net profit, excluding non-recurring gains and losses, is expected to be between 8.23 billion to 8.83 billion yuan, reflecting a year-on-year increase of 87.02% to 100.66% [1] - The main business remains stable, with potash production of approximately 4.9 million tons and sales of about 3.8143 million tons; lithium carbonate production is around 46,500 tons with sales of about 45,600 tons; combined production of potassium products (potassium hydroxide and potassium carbonate) is approximately 382,200 tons with sales of about 388,900 tons [1] Group 2: Market Conditions - The price of potash products has increased compared to the same period last year, while lithium carbonate prices have shown significant volatility but have gradually recovered in the second half of the year, contributing to the overall growth in the company's performance [1] Group 3: Technological Advancements - The company has successfully passed the high-tech enterprise qualification review due to continuous technological breakthroughs in the comprehensive utilization of salt lake resources, stable R&D investment, and outstanding innovative achievements [1] - As a result of relevant regulations, the company will recognize deferred tax assets for deductible temporary differences at the end of the year, leading to an increase in net profit [1]

Core Viewpoint - Salt Lake Potash Co., Ltd. (000792.SZ) expects a significant increase in net profit for the fiscal year 2025, projecting a range of 8.29 billion to 8.89 billion yuan, representing a year-on-year growth of 77.78% to 90.65% [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 8.23 billion to 8.83 billion yuan after deducting non-recurring gains and losses, indicating a year-on-year increase of 87.02% to 100.66% [1] - The main business remains robust, with potassium chloride production at approximately 4.9 million tons and sales around 3.8143 million tons; lithium carbonate production is about 46,500 tons with sales of approximately 45,600 tons; combined production of potassium products (potassium hydroxide and potassium carbonate) is around 382,200 tons, with sales of about 388,900 tons [1] Market Conditions - The price of potassium chloride products has increased compared to the same period last year, while lithium carbonate prices have experienced significant fluctuations but showed signs of recovery in the second half of the year, contributing to the overall growth in company performance [1] Technological Advancements - The company has successfully passed the high-tech enterprise qualification review due to continuous technological breakthroughs in the comprehensive utilization of salt lake resources, stable R&D investment, and outstanding innovation achievements [1] - As a result of relevant regulations, the company will recognize deferred tax assets for deductible temporary differences at the end of the fiscal year, leading to an increase in net profit [1]