钛白粉价格受供需关系主导，2024 年四季度开工率下滑致 2025 年初 价格反弹，随后开工率回升再次引发价格下滑，8 月开工率触底后价格 再次反弹。产能过剩、需求不振及反倾销政策加剧价格波动。 短期内钛白粉价格大幅下跌可能性小，9 月价格略有上调但仍处全年低 位。尽管销售价格上涨，但成本端压力导致多数厂家亏损或微亏。若上 游原材料成本进一步下降，不排除未来降价可能。 中国钛白粉行业面临显著扩张，2025 年有效产能预计增加 45 万吨， 2026 年预计再增 38 万吨，总产能或超 700 万吨。新增产能主要来自 贵州盛威福全、攀钢钒钛、内蒙古大地云天等企业。 近年来仅济南裕兴化工永久退出市场，产能 12 万吨。多数企业采取减 产或停产策略应对市场低迷，停产装置可快速恢复生产，但长时间停产 可能导致设备腐蚀，需定期检修。 受市场恶化影响，部分小型钛白粉企业计划退出，预计退出产能约 36 万吨。国家反内卷政策影响不明显，市场压力促使部分老旧装置面临淘 汰，需淘汰约 100 万吨过剩产能以改善供需失衡。 Q&A 全球钛白粉行业更新及未来展望 20250924 摘要 钛白粉行业近年来是否有企业退出市场？退出情况如 ...

Market Overview - On September 25, the steel raw materials sector rose by 0.27% compared to the previous trading day, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Hebei Steel Resources (000923) closed at 15.60, up 1.89% with a trading volume of 165,000 shares and a turnover of 258 million yuan [1] - Dazhong Mining (001203) closed at 11.75, up 1.47% with a trading volume of 112,900 shares and a turnover of 132 million yuan [1] - Ordos (600295) closed at 10.05, up 1.11% with a trading volume of 122,200 shares and a turnover of 124 million yuan [1] - Fangda Carbon (600516) closed at 5.11, up 0.39% with a trading volume of 385,500 shares and a turnover of 28.86 million yuan [1] - Hainan Mining (696109) closed at 8.03, down 0.37% with a trading volume of 144,100 shares and a turnover of 117 million yuan [1] - Steel Titanium Co. (000629) closed at 2.81, down 0.71% with a trading volume of 821,700 shares and a turnover of 232 million yuan [1] - Denglai Mining (000655) closed at 8.47, down 0.94% with a trading volume of 103,200 shares and a turnover of 88.52 million yuan [1] - Baodi Mining (601121) closed at 6.59, down 1.05% with a trading volume of 94,100 shares and a turnover of 62.69 million yuan [1] - Guangdong Mingzhu (600382) closed at 5.87, down 1.34% with a trading volume of 54,300 shares and a turnover of 32.20 million yuan [1] Capital Flow Analysis - The steel raw materials sector experienced a net outflow of 5.86 million yuan from main funds, while retail funds saw a net inflow of 24.86 million yuan [1] - Dazhong Mining had a main fund net inflow of 11.21 million yuan, but retail funds saw a net outflow of 5.41 million yuan [2] - Hebei Steel Resources had a main fund net inflow of 11.19 million yuan, with retail funds experiencing a net outflow of 13.85 million yuan [2] - Fangda Carbon had a main fund net inflow of 3.23 million yuan, while retail funds saw a net outflow of 3.51 million yuan [2] - Hainan Mining had a main fund net inflow of 2.62 million yuan, but retail funds experienced a net outflow of 5.96 million yuan [2] - Ordos had a main fund net outflow of 4.36 million yuan, with retail funds seeing a net inflow of 2.24 million yuan [2] - Denglai Mining had a significant main fund net outflow of 8.97 million yuan, while retail funds saw a net inflow of 2.47 million yuan [2] - Steel Titanium Co. had a main fund net outflow of 20.50 million yuan, but retail funds experienced a net inflow of 4.45 million yuan [2]

Core Viewpoint - As of September 19, 2025, the number of shareholders for Vanadium Titanium Co., Ltd. is approximately 250,000 households [2] Summary by Categories - **Company Information** - Vanadium Titanium Co., Ltd. has approximately 250,000 shareholders as of the specified date [2]

Market Overview - On September 19, the steel raw materials sector experienced a slight decline of 0.03% compared to the previous trading day, with Vanadium Titanium Co. leading the losses [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Major stocks in the steel raw materials sector showed mixed performance, with Dazhong Mining rising by 2.76% to close at 11.93, while Steel Titanium Co. fell by 1.70% to close at 2.89 [1] - The trading volume and turnover for Dazhong Mining were 158,600 shares and 189 million yuan, respectively [1] Capital Flow - The steel raw materials sector saw a net outflow of 47.30 million yuan from institutional investors and 11.20 million yuan from speculative funds, while retail investors had a net inflow of 58.49 million yuan [1] - Specific stock capital flows indicated that Gold Ridge Mining had a net inflow of 4.78 million yuan from institutional investors, while Steel Titanium Co. experienced a significant net outflow of 16.66 million yuan [2]

Group 1 - The company, Vanadium Titanium Co., stated on September 18 that it currently does not meet the conditions for dividend distribution due to existing unabsorbed losses [2] - The stock price performance in the secondary market is influenced by various factors including macroeconomic environment, industry cycle, and company development status [2] - The company aims to improve its operational measures and strive to restore dividend conditions as soon as possible to provide better returns to investors [2]

Core Viewpoint - The company held an investor communication meeting to discuss its performance and strategic developments, highlighting challenges and proactive measures taken in response to market conditions [1][2]. Group 1: Company Performance - The company reported a loss in the first half of 2025, primarily due to a decline in vanadium and titanium product prices [2]. - To address market changes, the company has implemented various measures, including increasing production capacity and optimizing product mix based on market demand [2]. - The company has successfully increased the output of vanadium products and titanium dioxide, with a focus on cost control and expanding sales channels [2]. Group 2: Strategic Partnerships - The collaboration with Dalian Rongke has deepened since the signing of a strategic cooperation agreement in September 2021, with a joint venture producing 2,000 cubic meters/year of vanadium electrolyte achieving stable operations [3]. - The supply of vanadium products to Dalian Rongke is expected to reach 20,000 tons in 2025, with plans for further expansion of production capacity [3]. Group 3: Industry Insights - The company discussed the impact of high-quality development initiatives on its competitiveness, emphasizing the advantages of all-vanadium flow batteries for large-scale energy storage applications [4]. - The company believes that the growth of the energy storage industry, driven by supportive policies, will create opportunities for all-vanadium flow batteries [4].

Group 1: Company Performance - The company reported a loss in the first half of 2025 primarily due to a decline in vanadium and titanium product prices [3] - Measures taken to mitigate losses include increasing production capacity and optimizing product mix, resulting in higher output of vanadium and titanium products compared to the same period last year [3] - The company has implemented cost control measures to reduce manufacturing costs of vanadium and titanium products [3] Group 2: Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the partnership has deepened, with a joint venture producing 2,000 cubic meters/year of vanadium electrolyte achieving stable operations [4] - Cumulative supply of vanadium products to Dalian Rongke from 2021 to 2024 reached over 20,000 tons, with an expected supply of 20,000 tons in 2025 [4] - Plans are underway to jointly develop a new production line with a capacity of 60,000 cubic meters/year for vanadium electrolyte [4] Group 3: Raw Material Procurement - The company procures raw materials such as crude vanadium slag from its affiliate, with pricing based on a cost-plus model due to the lack of market price [5] - Titanium concentrate is also sourced from the affiliate, with part sold externally to meet production needs [5] Group 4: Industry Trends and Innovations - The emphasis on high-quality production across industries is seen as beneficial for enhancing the competitiveness of high-value products [5] - The company is focused on high-end development of the industrial chain, promoting product premiumization and intelligent manufacturing [5] - The all-vanadium flow battery industry is expected to grow, supported by national policies aiming for a new energy storage capacity of over 1 billion kilowatts by 2027, with direct investment projected at approximately 1.8 billion yuan [5]

Group 1: Company Strategy and Development - The company focuses on the strategic development of vanadium and titanium, aiming to establish a comprehensive vanadium industry ecosystem based on resource advantages and technology [2] - The company plans to strengthen its position as a leading global supplier of vanadium products, targeting high-end applications in steel and energy storage [2] - In titanium chemicals, the company aims to enhance its existing production lines and maintain its leading position in the domestic titanium dioxide market [2] Group 2: Collaboration and Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a 2,000 cubic meters/year vanadium electrolyte production line and has supplied over 20,000 tons of vanadium products [3] - The company is actively exploring collaborations with Shaanxi Steel and Desheng Group in the vanadium industry [4] Group 3: Market Performance and Challenges - In the first half of 2025, the company reported record production levels for vanadium and titanium products, but faced a 40% decline in sales revenue due to an 8% drop in vanadium prices and a 6% drop in titanium prices [5] - The company is currently working on a 60,000 cubic meters/year electrolyte production line, with preliminary work underway [5] Group 4: Future Outlook and Innovations - The company is committed to high-end product development and exploring new markets, including high-end titanium alloys for aerospace and robotics [4] - The company is focusing on the commercialization of vanadium energy storage, considering various business models to expand its operations [4]

Market Overview - The steel raw materials sector increased by 1.45% on September 12, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the steel raw materials sector showed the following performance: - Hebei Steel Resources (000923) closed at 16.52, up 2.93% with a trading volume of 175,600 shares and a turnover of 287 million yuan - Yidong Mining (601969) closed at 8.74, up 2.82% with a trading volume of 224,100 shares and a turnover of 193 million yuan - Other notable stocks include: - Dazhong Mining (001203) closed at 12.40, up 1.81% [1] Capital Flow - The steel raw materials sector experienced a net inflow of 151 million yuan from main funds, while retail investors saw a net outflow of 88.37 million yuan [1] - Detailed capital flow for selected stocks includes: - Hainan Mining (601963) had a main fund net inflow of 37.06 million yuan, but retail investors had a net outflow of 28.99 million yuan [2] - Fangda Carbon (600516) saw a main fund net inflow of 29.61 million yuan, with a retail net outflow of 42.71 million yuan [2] - Dazhong Mining (001203) had a main fund net inflow of 26.75 million yuan, while retail investors had a net inflow of 198,480 yuan [2]

Market Overview - On September 11, the steel raw materials sector rose by 0.57% compared to the previous trading day, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Hebei Steel Resources (000923) closed at 16.05, with a gain of 3.82% and a trading volume of 182,100 shares, amounting to a transaction value of 289 million yuan [1] - Dazhong Mining (001203) closed at 12.18, up 1.42%, with a trading volume of 140,900 shares and a transaction value of 170 million yuan [1] - Guangdong Mingzhu (600382) closed at 6.13, up 0.99%, with a trading volume of 76,500 shares and a transaction value of 46.5 million yuan [1] - Other notable performances include Steel Titanium Co. (000629) at 2.91, up 0.34%, and Jinling Mining (000655) at 9.05, up 0.33% [1] Capital Flow Analysis - The steel raw materials sector experienced a net outflow of 29.67 million yuan from institutional investors, while retail investors saw a net outflow of 19.40 million yuan [1] - Conversely, speculative funds recorded a net inflow of 49.07 million yuan [1] Detailed Capital Flow by Stock - Fangda Carbon (600516) had a net inflow of 17.87 million yuan from institutional investors, but a net outflow of 18.77 million yuan from retail investors [2] - Hebei Steel Resources (000923) saw a minor net inflow of 1.85 million yuan from institutional investors, with retail investors experiencing a net outflow of 3.42 million yuan [2] - Dazhong Mining (001203) had a net outflow of 1.83 million yuan from institutional investors, while speculative funds contributed a net inflow of 3.97 million yuan [2] - Steel Titanium Co. (000629) faced a significant net outflow of 31.64 million yuan from institutional investors, but speculative funds provided a net inflow of 17.16 million yuan [2]