10月9日晚间，藏格矿业公告称，全资子公司格尔木藏格钾肥有限公司（以下简称"藏格钾肥"）收到了自然资源部颁发的《不动产权证书（采矿 权）》与《采矿许可证》。 《不动产权证书（采矿权）》主要信息涉及权利期限——2025年8月10日至2029年12月1日，开采矿种包含矿盐、镁盐、锂矿、硼矿等共伴生 矿种，之前矿证中则只包含主矿种钾盐。 正因为矿证中登记的开采矿种没有锂矿，藏格矿业的盐湖提锂项目此前遭遇停产。 CINE2025固态电池展暨固态电池行业年会 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 协办单位及固态年会总冠名： 茹天科技 活动时间： 2025年11月6-8日 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 第一批展商及赞助商： 金钠科技/茹天科技/海四达钠星/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能 源/时代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁 ...

中金指出，2025年以来钾肥景气度持续上行，2025-26年行业新增产能有限叠加国内库存低位，此轮钾 肥高景气度或有较长持续性。此前，中化化肥公布2025年上半年业绩。兴证国际认为，中化化肥2025年 中期基础业务收入75.57亿元，同比增长9.9%，分部溢利为7.19亿元，同比增长53.3%，收入和溢利贡献 分别达到51%和50%。其中钾肥收入29.88亿元，同比增长19.2%，磷肥收入43.62亿元，同比增长4.5%。 公司加强战略采购，积极拓展多元化采购渠道。 中化化肥(00297)午前涨超4%，截至发稿，涨4.2%，报1.49港元，成交额4836.91万港元。 消息面上，近日，工业和信息化部等7部门印发《石化化工行业稳增长工作方案(2025-2026年)》。其中 提出，做好化肥生产保供。优化重点化肥生产企业最低生产计划管理，支持煤炭、磷矿石、天然气、硫 磺、冶炼副产硫酸等重点原料供应企业与化肥生产企业签订长协，确保原料稳定供应。完善化肥产运储 销贸一体化调控体系，强化全国农资保供平台产销协调作用，推动上下游企业建立风险共担、利益共享 的购销模式。推动缓/控释肥、水溶肥、液体肥、中微量元素肥等高效化、专 ...

中金指出，2025年以来钾肥景气度持续上行，2025-26年行业新增产能有限叠加国内库存低位，此轮钾 肥高景气度或有较长持续性。此前，中化化肥公布2025年上半年业绩。兴证国际认为，中化化肥2025年 中期基础业务收入75.57亿元，同比增长9.9%，分部溢利为7.19亿元，同比增长53.3%，收入和溢利贡献 分别达到51%和50%。其中钾肥收入29.88亿元，同比增长19.2%，磷肥收入43.62亿元，同比增长4.5%。 公司加强战略采购，积极拓展多元化采购渠道。 智通财经APP获悉，中化化肥(00297)午前涨超4%，截至发稿，涨4.2%，报1.49港元，成交额4836.91万 港元。 消息面上，近日，工业和信息化部等7部门印发《石化化工行业稳增长工作方案(2025-2026年)》。其中 提出，做好化肥生产保供。优化重点化肥生产企业最低生产计划管理，支持煤炭、磷矿石、天然气、硫 磺、冶炼副产硫酸等重点原料供应企业与化肥生产企业签订长协，确保原料稳定供应。完善化肥产运储 销贸一体化调控体系，强化全国农资保供平台产销协调作用，推动上下游企业建立风险共担、利益共享 的购销模式。推动缓/控释肥、水溶肥、液体肥、中 ...

"十四五"期间，青海清洁能源与新能源装机占比分别达到94%和72%；同时积极融入国家"东数西算"战略和"一体化算力网"建设，发布了5项绿色算力地 方标准。截至今年8月，青海在建已建数据中心标准机架19万架、算力规模1.7万P。 作为全国五大牧区之一，青海农牧业绿色有机优势明显。"十四五"以来，青海大力发展冷凉蔬菜和冷水鱼产业，湟中国家级高原冷凉蔬菜产业园、龙羊 峡三文鱼产业科技园等重大平台建成投用，越来越多的青海特色农畜产品走出高原。 央视网消息（新闻联播）："十四五"期间，青海因地制宜，着力培育具有当地特色的现代化产业体系，高质量发展迈出坚实步伐。 走进柴达木盆地，察尔汗盐湖的盐田上，5G采盐船忙碌穿梭，这里是全国最大的钾肥生产基地。"十四五"以来，青海加快世界级盐湖产业基地建设， 目前已基本形成"钾、钠、镁、锂、氯"五大产业集群，钾肥总产量占全国77%。 ...

青海盐湖，不只有厨房里的盐！茶卡盐湖景区用大青盐调配的冰激凌，成了游客打卡的热门美食，仅这 一项"可盐可甜"的创意，去年就实现营收589万元。察尔汗盐湖丰富的锂、钾资源支撑着新能源电池和 钾肥产业发展。跟随记者镜头深入探秘，见证青海如何依托科技创新和绿色发展，打造独具特色的"盐 值经济"，实现生态保护与产业升级双赢。 ...

发挥资源现金奶牛优势，高分红回报股东。2022-2024 年公司累计现金分红高达74.29 亿元，2025 年中 期现金分红总额约15.69 亿元，股利支付率高达87.15%。 鉴于目前公司资产负债率仅7.0%，且能够享受西藏地区低息贷款，未来将兼顾现金分红与项目投资， 高分红回报股东。 投资建议：我们预计公司2025-2027 年营业收入分别为39.1/50.0/61.1 亿元，归母净利润分别为 36.1/59.1/70.6 亿元，对应PE 分别为25.3/15.5/13.0 倍。公司作为高成长性钾锂铜矿企，未来伴随几大项 目投产，业绩有望受益。首次覆盖，给予"买入"评级。 卡位布局优质钾锂铜矿，三大板块成长空间显著。公司的核心优势在于大型优质资源的卡位布局，经历 周期洗礼厚积薄发。公司抓住2007 年青海盐湖资源整合机遇，进入钾肥行业，经多轮扩产后实现100 万 吨以上钾肥稳产，2023 年出海老挝布局巨型钾矿。2017 年，公司充分挖掘盐湖资源价值探索盐湖提 锂，2019 年1 万吨碳酸锂投产，2021、2023 年通过藏青基金布局西藏优质盐湖资源，未来成长空间广 阔。2019 年收购大股东旗下巨龙铜业 ...

Core Viewpoint - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to achieve high-quality development while maintaining reasonable growth, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [2][3] Industry Growth and Structure - The plan requires an average annual growth of over 5% in industry value-added from 2025 to 2026, while pursuing improvements in economic efficiency and innovation capabilities [2][3] - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing supply-side dynamics [3] Capacity Control and Market Dynamics - The plan emphasizes strict control over new refining capacity and rational determination of new ethylene and paraxylene production scales, aiming to prevent overcapacity risks in the coal-to-methanol sector [3] - Future supply of refining and ethylene will be significantly limited, potentially optimizing the competitive landscape of the industry [3] Chemical Products and Investment Recommendations - The report highlights key investment directions in the chemical sector, including potassium fertilizers, pesticides, refrigerants, and fluorinated liquids, driven by improving supply-demand dynamics and resource scarcity [5][6] - The global potassium fertilizer industry is characterized by high concentration and tight supply-demand balance, with companies like "Yara International" expected to maintain high prices [6] - The pesticide sector is anticipated to see price recovery due to increased demand from South America and limited export growth from India and the U.S. [6] Emerging Trends and Policy Support - The plan supports the development of new chemical materials, such as electronic chemicals and high-performance fibers, to meet the needs of emerging industries like semiconductors and renewable energy [3] - The fertilizer industry is encouraged to strengthen raw material supply and stabilize production, ensuring a reliable supply during critical agricultural periods [4] Price Trends and Economic Indicators - The chemical product price index (CCPI) reported a decline of 8.4% from the beginning of the year, indicating ongoing challenges in the market [5] - The manufacturing PMI showed a slight recovery, but demand remains weak, highlighting the need for continued monitoring of economic conditions [5]

Core Viewpoint - China Minmetals Corporation emphasizes its commitment to value creation and investor returns through strategic development and operational excellence, showcasing strong financial performance in the first half of 2025 [1][2] Group 1: Financial Performance - In the first half of 2025, China Minmetals achieved nearly 400 billion yuan in revenue and over 9 billion yuan in net profit, reflecting a year-on-year growth of 32% [2] - The establishment of China Salt Lake Group and the inclusion of Salt Lake Co. into the corporate structure helped boost its market value to over 100 billion yuan [2] - After a major asset restructuring, the market value of China Tungsten High-Tech increased from approximately 10 billion yuan to over 40 billion yuan, marking a 200% year-on-year growth [2] Group 2: Strategic Developments - The formation of China Salt Lake Group enhances China's control over strategic resources such as potassium fertilizer and lithium salts, aligning with the group's "resource-first" strategy [1] - China Minmetals is focusing on technological innovation to drive the transformation towards high-end, intelligent, and green industries [2] Group 3: Operational Highlights - Salt Lake Co. aims to build a world-class salt lake industry base, focusing on high-quality development and resource integration [3] - China Metallurgical Group has seen significant growth in overseas contracts, with new contracts increasing from 41.4 billion yuan in 2022 to 93.1 billion yuan in 2024, and accounting for over 10% of total contracts in the first half of 2025 [3] - Five Mining Resources has stabilized operations at the Las Bambas mine in Peru, contributing 1% to Peru's GDP and 72% to the regional economy, while also investing approximately 600 million yuan in local infrastructure [4] Group 4: Shareholder Returns and Management - The company is committed to enhancing shareholder returns through improved capital operations and a proactive dividend strategy [5] - The management emphasizes the importance of maintaining healthy operations as a foundation for effective market value management [5]

Group 1: Industry Overview - The chemical sector's overall performance ranked 17th this week (2025/09/22-2025/09/26) with a decline of 0.95%, underperforming the Shanghai Composite Index by 1.16 percentage points and the ChiNext Index by 2.91 percentage points [2][3] - The chemical industry is expected to continue its trend of divergence in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [2] Group 2: Key Industry Trends - Synthetic biology is at a pivotal moment, with low-energy products likely to gain a longer growth window due to the shift in energy structure. Traditional chemical companies will need to focus on energy consumption and carbon tax costs [2] - The introduction of quota policies for third-generation refrigerants is anticipated to lead to a high-growth cycle, with supply constraints and stable demand growth from markets like heat pumps and cold chains [3] - The electronic specialty gases market is characterized by high technical barriers and value, with domestic production opportunities arising from the rapid upgrade of downstream industries [4] Group 3: Specific Chemical Segments - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter feedstocks like ethane and propane, which are more cost-effective and environmentally friendly [5] - The industrialization of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic production capabilities and the need for supply chain security [6] - MDI (methylene diphenyl diisocyanate) is experiencing a favorable supply landscape due to its high technical barriers and the concentration of production among a few global players [9] Group 4: Price Tracking and Supply Chain - Weekly price tracking shows significant increases in liquid chlorine (252.38%) and paraquat (42%), while PX and bisphenol A saw declines of -5.56% and -4.27% respectively [10] - The supply side of the chemical industry is affected, with 155 companies reporting changes in production capacity, including 4 new shutdowns and 12 restarts this week [11]

Core Viewpoint - The successful launch of the "4+2" ten-thousand-ton lithium salt project by China Salt Lake marks a significant achievement in enhancing China's lithium resource supply stability and technological capabilities, contributing to the green low-carbon circular economy in Qinghai Province [3][4]. Group 1 - The "4+2" ten-thousand-ton lithium salt project was successfully launched in Golmud City, Haixi Prefecture, Qinghai Province on September 28 [3]. - The project utilizes globally leading technology, which will enhance China's lithium resource supply stability and technical equipment levels [4]. - The project is part of China Minmetals' strategy to support the integration of the entire metal mining industry chain, positioning China Salt Lake as a key player in the new energy industry chain [4]. Group 2 - China Salt Lake Industrial Group, established in February, consists of three companies: Qinghai Salt Lake Industry Co., Qinghai Huixin Asset Management Co., and Minmetals Salt Lake Co., with a registered capital of 10 billion RMB [4]. - The group has a production capacity of 5.8 ten-thousand tons of lithium salt and 5.3 million tons of potassium fertilizer annually, making it the largest potassium salt and salt lake lithium salt production base in China [5]. - Future plans include maximizing the comprehensive utilization value of salt lake resources by transforming resources into materials, materials into products, and products into production lines [5].