Core Viewpoint - The energy storage market is experiencing significant growth due to the expansion of new energy grid-connected installed capacity, leading to increased demand for energy storage solutions [1][4]. Group 1: Market Dynamics - Over 20 A-share companies entered the energy storage sector in 2022, including industry leaders like Midea Group and Zhongke Titanium White, indicating a strong interest in this emerging market [2][4]. - New energy storage technologies such as sodium-ion batteries and vanadium batteries are gaining traction among these cross-industry entrants [2][4]. - Midea Group announced plans to gain control of Kelu Electronics, a leading energy service provider, highlighting strategic investments in the energy storage field [2][3]. Group 2: Strategic Collaborations - Zhongke Titanium White signed a strategic cooperation agreement with Sichuan Weili to develop a full vanadium flow battery storage industry chain in Gansu [2]. - Vanadium Titanium Co. and Dalian Rongke established Sichuan Vanrong Energy Storage Technology Co., focusing on vanadium flow battery electrolyte technology [2]. - Kunlun Wanwei is expanding into the new energy sector by acquiring a 60% stake in Green Vanadium New Energy, marking its first step into energy investments [3]. Group 3: Policy Support - The demand for energy storage is expected to surge as the new energy industry continues to grow, supported by government policies aimed at promoting energy storage development [4][5]. - The "14th Five-Year Plan" outlines a roadmap for the new energy storage sector, aiming for large-scale commercial application by 2025 and full marketization by 2030 [4]. - At least 24 provinces have introduced policies requiring energy storage as a prerequisite for new energy grid connection, with some regions mandating storage ratios of 10% or more [4].

Group 1 - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference opened, highlighting China's position as the largest producer and consumer in the global chemical industry [1] - In the fine chemical sector, China's revenue accounts for 50% of the global market share [1] Group 2 - Comprehensive leading companies include Wanhua Chemical, the largest global MDI producer, and New Chemical Materials, which covers the entire industrial chain of polyurethane, petrochemicals, new materials, and fine chemicals [4] - Other leading companies in specific segments include Longbai Group, the world's largest titanium dioxide producer, and Yuntianhua, a domestic leader in phosphate resources [4][5] Group 3 - Potential companies include Yuanli Technology, which has the world's largest production capacity for dimethyl adipate, and Zhongyan Chemical, the global leader in sodium metal production [5]

Group 1 - The company, Zhongke Titanium White, announced on August 1 that it has repurchased a total of 57,115,450 shares through a special securities account via centralized bidding, which represents 1.5004% of the company's current total share capital [2]

Group 1 - The company, Zhongke Titanium White (002145.SZ), announced a share buyback program, having repurchased a total of 57,115,450 shares, which represents 1.5004% of its total share capital as of July 31, 2025 [1] - The highest transaction price during the buyback was 4.39 CNY per share, while the lowest was 4.12 CNY per share [1] - The total amount spent on the share buyback reached 245 million CNY, excluding transaction fees [1]

证券代码：002145 证券简称：中核钛白 公告编号：2025-067 中核华原钛白股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中核华原钛白股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日召开 第七届董事会第三十五次（临时）会议，审议通过《关于回购公司股份方案的议 案》，公司计划以自有资金和自筹资金通过集中竞价交易的方式回购公司部分已 发行的人民币普通股（A 股），回购资金总额不超过 5 亿元（含），不低于 3 亿元 （含），回购价格不超过 5.98 元/股（以下简称"本次回购"）。本次回购股份将 用于员工持股计划或者股权激励。本次回购期限自董事会审议通过本次回购股份 方案之日起不超过十二个月。详细内容请见公司于 2025 年 3 月 13 日、2025 年 3 月 20 日 登 载 至 《 中 国 证 券 报 》《 证 券 时 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于回购公司股份方案的公告》（公告编 号：2025-026）、《回购报告书》（公 ...

Core Viewpoint - The company, Zhongke Titanium White, highlights the broad applications of its titanium dioxide products across various industries, indicating a strong growth potential in emerging sectors [1] Group 1: Product Applications - Titanium dioxide products are widely used in coatings, plastics, paper, inks, chemical fibers, and rubber [1] - End products are applied in rapidly developing industries such as real estate, automotive, and decorative paper [1] Group 2: Market Expansion - Recent technological advancements have expanded the consumption of titanium dioxide into new energy, high-end equipment, environmental protection, and medical fields [1] - The application prospects for titanium dioxide are described as very broad, suggesting significant future growth opportunities [1]

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].

Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Rotation Strategy **Model Construction Idea**: The strategy is based on the weekly change rate of the "total heat" indicator for broad-based indices. It selects the index with the highest heat change rate for investment, while staying out of the market if the "Other" group has the highest rate[7][13][16] **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other"). 2. Smooth the weekly change rate using a 2-period moving average (MA2). 3. On the last trading day of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash. **Model Evaluation**: The strategy demonstrates a clear logic of capturing short-term market sentiment shifts based on heat changes[13][16] - **Model Name**: Concept Heat TOP and BOTTOM Portfolios **Model Construction Idea**: This model identifies the hottest concepts each week and constructs two portfolios based on the highest and lowest heat stocks within these concepts[30][32][34] **Model Construction Process**: 1. Select the top 5 concepts with the largest weekly heat change rates. 2. Exclude the bottom 20% of stocks in terms of market capitalization within the selected concepts. 3. Construct the "TOP" portfolio by equally weighting the top 10 stocks with the highest total heat within each concept. 4. Construct the "BOTTOM" portfolio by equally weighting the bottom 10 stocks with the lowest total heat within each concept. **Model Evaluation**: The model effectively captures behavioral biases in concept-driven markets, where low-heat stocks in hot concepts tend to generate excess returns over time[30][32][34] --- Model Backtesting Results - **Broad-based Index Rotation Strategy**: - Annualized Return: 8.74% - Maximum Drawdown: 23.5% - 2025 YTD Return: 14.7%[16] - **Concept Heat BOTTOM Portfolio**: - Annualized Return: 15.71% - Maximum Drawdown: 28.89% - 2025 YTD Return: 25.5%[34] --- Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator **Factor Construction Idea**: The factor aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market, and scaled by 10,000[7] **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat score. The range of the indicator is [0, 10,000][7] **Factor Evaluation**: The factor serves as a proxy for market sentiment and attention, effectively capturing behavioral patterns such as overpricing or underreaction at the stock level[7] --- Factor Backtesting Results - **Total Heat Indicator**: - No specific backtesting results provided for this factor in isolation

中核华原钛白股份有限公司 关于全资子公司完成注销的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为优化资源配置，保障投资者利益，经审慎考虑，中核华原钛白股份有限公 司（以下简称"公司"）决定注销公司全资子公司会理钒能矿业有限责任公司（以 下简称"会理钒能"）。 证券代码：002145 证券简称：中核钛白 公告编号：2025-066 根据《深圳证券交易所股票上市规则》及《公司章程》等有关规定，本次注 销事项在经营管理层审批权限内，无需提交董事会、股东会审议。本次注销事项 不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 董事会 2025 年 7 月 12 日 近日，公司收到会理市市场监督管理局出具的《登记通知书》，准予会理钒 能注销登记，会理钒能目前已完成注销登记手续。 会理钒能注销完成后将不再纳入公司的合并财务报表范围，不会对公司本 年度及以后年度的整体业务发展和盈利水平产生重大影响，本次注销不存在损 害公司及股东利益的情形。 特此公告。 中核华原钛白股份有限公司 ...

证券代码：002145 证券简称：中核钛白 公告编号：2025-065 中核华原钛白股份有限公司 二、其他说明 公司回购股份的时间、回购股份数量及集中竞价交易价格、集中竞价交易 的委托时段等均符合《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》及公司回购股份方案的相关规定。 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中核华原钛白股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日召开 第七届董事会第三十五次（临时）会议，审议通过《关于回购公司股份方案的议 案》，公司计划以自有资金和自筹资金通过集中竞价交易的方式回购公司部分已 发行的人民币普通股（A 股），回购资金总额不超过 5 亿元（含），不低于 3 亿元 （含），回购价格不超过 5.98 元/股（以下简称"本次回购"）。本次回购股份将 用于员工持股计划或者股权激励。本次回购期限自董事会审议通过本次回购股份 方案之日起不超过十二个月。详细内容请见公司于 2025 年 3 月 13 日、2025 年 3 月 20 日 登 载 至 《 中 国 证 券 ...