Group 1 - The company announced the adjustment of its 2022 A-share issuance plan, reducing the total fundraising amount from a maximum of 19.9 billion to 10 billion [1] - The net proceeds after deducting issuance costs are intended for various projects, including a 220,000 tons/year lithium battery materials R&D integration project (500 million), a 100,000 tons/year liquid lithium salt project (130 million), a 11,000 tons/year additive project (70 million), and to supplement working capital (300 million) [1] - Other aspects of the plan remain unchanged [1]

▲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 ...

Group 1 - Hanwang Town is an industrial hub in Deyang Mianzhu City, focusing on lithium battery new energy, machinery processing, and phosphochemical industries, with an industrial output value exceeding 19.8 billion yuan in 2024 [1][2] - The Deyang-Abazhou Ecological Economic Industrial Park, established in Hanwang, is a provincial-level chemical park that integrates resources and industries through a "flying economy" model, forming a complete industrial chain from raw materials to lithium battery cathode materials [1][2] - The lithium battery industry in Hanwang is projected to surpass 16.7 billion yuan in 2024, with significant growth driven by strategic planning and the establishment of key projects [2] Group 2 - The Deyang-Abazhou Industrial Park is expanding to 20 square kilometers, attracting over 400 acres of new project land, indicating strong confidence in the future of basic lithium salt [3] - The industrial park has developed a complete industrial chain from upstream raw materials to lithium battery cathode materials, supported by targeted investment attraction and the transformation of traditional chemical enterprises into lithium battery new materials [3][4] - The lithium production capacity in Hanwang has seen explosive growth, increasing from 40,000 tons in 2018 to over 200,000 tons in 2024, with future projects expected to reach a total capacity of 500,000 tons [2]

Core Viewpoint - 康隆达's acquisition of Jiangxi Tiancheng Lithium Industry Co., Ltd. has led to significant financial losses due to unmet performance commitments, resulting in regulatory penalties for the counterparties involved [1][6]. Group 1: Acquisition and Performance Commitments - 康隆达 acquired a 17.67% stake in Tiancheng Lithium for 212 million yuan in September 2022, making it a subsidiary [1][4]. - The performance commitments for Tiancheng Lithium were set at net profits of no less than 180 million yuan, 200 million yuan, and 210 million yuan for the years 2022, 2023, and 2024, respectively [4]. - Tiancheng Lithium achieved a total net profit of 267 million yuan from 2022 to 2024, resulting in a performance completion rate of 45.2% [4]. Group 2: Financial Impact - 康隆达 reported a cumulative loss of 706 million yuan in net profit for 2023 and 2024, primarily due to the underperformance of Tiancheng Lithium [2][9]. - The company recognized goodwill impairment losses totaling 396 million yuan related to the acquisition of Tiancheng Lithium [2][9]. - In 2022, 康隆达's revenue was 1.374 billion yuan, a 30.55% increase year-on-year, but the company faced losses in subsequent years due to the underperformance of its lithium segment [8][9]. Group 3: Regulatory Actions - The Zhejiang Securities Regulatory Bureau imposed corrective measures on the performance commitment parties for failing to fulfill their obligations, which will be recorded in the securities market integrity archives [1][6]. - 康隆达 has indicated plans to pursue legal avenues to recover the 116 million yuan in cash compensation owed by the performance commitment parties [7]. Group 4: Business Operations - 康隆达's main business remains in protective gloves, with significant revenue contributions from this segment despite challenges in the lithium business [9]. - The company is also developing a production base in Vietnam for its protective glove products, which is expected to enhance revenue in 2025 [10].

Group 1 - Rebar steel production increased for the third consecutive week, with a production volume of 2.21 million tons, up 1.49%, while demand rose to 2.25 million tons, up 2.26% [1] - In the 2024/2025 crushing season, Yunnan province is expected to process 18.06 million tons of sugarcane, a 16.91% increase from the previous season, resulting in a sugar production of 2.42 million tons, up 19% [1] - Malaysia's palm oil inventory is projected to be 1.99 million tons by June 2025, a slight decrease of 0.24% from May, with production expected to drop by 4.04% to 1.7 million tons, while exports are anticipated to rise by 4.16% to 1.45 million tons [1] Group 2 - The USDA reported that approximately 8% of U.S. soybean planting areas were affected by drought as of July 1, down from 12% the previous week and compared to 9% last year [1] - U.S. soybean export net sales for the 2024/2025 marketing year were 462,000 tons, aligning with market expectations, while export shipments totaled 252,000 tons [2] - Canadian canola seed exports increased by 47.16% to 173,500 tons, with commercial inventory at 1.21 million tons as of June 29 [2] Group 3 - As of July 3, the total inventory of float glass in sample enterprises was 6.91 million heavy boxes, a decrease of 131,000 boxes or 0.19%, with inventory days reduced to 29.9 days [2] - Domestic soda ash manufacturers reported a total inventory of 1.81 million tons, an increase of 40,700 tons or 2.30% [2] - There are rumors of maintenance shutdowns at two domestic lithium salt smelting plants, with one in Jiangxi planning a two-month halt, while another in Sichuan continues normal production [2]

Group 1 - The China Securities Regulatory Commission emphasizes strengthening the A-share market's attractiveness and competitiveness through regulatory reforms and investor protection [2] - The macroeconomic resilience of China is recognized, with foreign assets becoming increasingly attractive amid global market fluctuations [3] - The real estate market shows a divergence in new and second-hand housing prices, with new homes experiencing a slight increase while second-hand homes continue to decline [4] Group 2 - The People's Bank of China introduces new regulations requiring cash transactions over 100,000 yuan for precious metals and gemstones to be reported, aiming to combat money laundering [5][6] - A new batch of Qualified Domestic Institutional Investor (QDII) quotas has been released, allowing 82 institutions to share a total of 30.8 billion USD, indicating a growing demand for overseas investments [7] - Tesla reports a 13.5% year-on-year decline in global vehicle deliveries for the second consecutive quarter, raising concerns about its market performance [13] Group 3 - The steel and photovoltaic sectors are initiating capacity reduction measures in response to "involution" competition, with major companies announcing collective production cuts [10] - Insurance companies are increasingly investing in high-dividend assets through OCI accounts to stabilize profits and adapt to a low-interest-rate environment [11][17] - The electric vehicle market sees significant growth, with Foton Motor reporting a 150.96% increase in new energy vehicle sales in the first half of the year [24]

Core Viewpoint - 康隆达 faces significant challenges due to the failure of its subsidiary, 天成锂业, to meet performance commitments, leading to regulatory actions and financial losses [1][3][5] Group 1: Company Performance and Financials - 康隆达's stock price has dropped from a peak of 56.48 yuan per share in June 2022 to 14.41 yuan per share by the end of 2024, representing a cumulative decline of 74.49% [3] - The company reported a total net loss of 706 million yuan over 2023 and 2024, with 天成锂业 achieving only 267 million yuan in net profit against a commitment of 590 million yuan over three years, resulting in a performance completion rate of 45.20% [3][4] - 康隆达 received a total of 1.16 billion yuan in cash compensation from 天成管理 and 亿源锂 due to the unmet performance commitments [3] Group 2: Regulatory Actions - 浙江证监局 issued a decision requiring 天成管理, 亿源锂, and others to rectify their failure to fulfill performance commitments, marking this as a violation of their obligations [1][5] - The Shanghai Stock Exchange also imposed disciplinary actions against the involved parties, including public reprimands, due to the violations [1][5] Group 3: Market Context and Future Outlook - 康隆达's involvement in the lithium sector initially brought substantial returns, with revenues from "lithium salts" and "lithium salt processing" reaching 721.35 million yuan and 1.80 billion yuan respectively in 2022, with gross margins significantly higher than its core business of functional gloves [2] - Despite recent stock price recovery, the company announced the termination of its "annual production of 2400 tons of multifunctional, high-performance polyethylene fiber project," reallocating the remaining funds to supplement working capital [6]

证 券 研 究 报 告 有色金属行业周报（20250623-20250627） 推荐（维持） 降息预期升温，金属价格上行 基本面上，本周五，上期所阴极铜库存 8.16万吨，环比上周减少 19264吨， COMEX库存 209281吨，环比上周增加 8084吨；LME铜库存 9.13万吨，环 比上周减少 7925吨；本周四，全球社会显性库存 43.1万吨，环比上周四减少 18587吨。重点推荐贵金属板块的赤峰黄金、中金黄金、山金国际、山东黄金， 建议关注招金矿业；白银推荐兴业银锡，建议关注盛达资源、白银有色、湖南 白银；建议关注铜板块紫金矿业、金诚信、西部矿业，铝板块建议关注中国宏 桥、宏创控股、天山铝业、神火铝业、云铝股份、中孚实业、南山铝业、南山 铝业国际。 华创证券研究所 证券分析师：马金龙 邮箱：majinlong@hcyjs.com 执业编号：S0360522120003 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 行业基本数据 行业研究 ...

2025 年 06 月 29 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250621-20250627） 本期投资提示： 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 策 略 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 比 较 证 券 研 究 报 告 相关研究 - 一、A 股本周估值（截至 2025 年 6 月 27 日） ✓ 1）指数及板块估值比较： ✓ 中证 A 股整体 PE 为 19.2 倍，处于历史 74%分位； ✓ 上证 50 指数 PE 为 ...

Core Viewpoint - The company Zhongmin Resources (002738) announced a comprehensive technological upgrade and transformation of its subsidiary Zhongmin Lithium's lithium salt production line, with a total investment of 121 million yuan [1] Group 1: Project Details - The project aims to upgrade the existing lithium salt production line with an annual capacity of 25,000 tons to a new high-purity lithium salt project with an annual capacity of 30,000 tons [1] - The funding for the project will come from Zhongmin Lithium's own funds or self-raised funds [1] - The expected duration for the shutdown and technical upgrade is approximately 6 months [1] Group 2: Environmental and Technical Standards - The production process technology level, energy consumption, and raw material consumption will meet the advanced standards of similar domestic facilities [1] - The pollutant emissions from the project will comply with national relevant standards [1] Group 3: Capacity and Competitive Advantage - Upon completion, the company will have a total annual production capacity of 71,000 tons of battery-grade lithium salt [1] - The comprehensive competitiveness of the company's lithium salt business will be further enhanced [1]