Core Insights - The chemical industry is currently at the bottom of its cycle, with expectations of gradual recovery driven by global economic growth and demand increase [2][5][20] - The report emphasizes the importance of supply-side dynamics, noting the retreat of foreign investment and the slowdown of domestic capacity expansion, which may lead to a turning point for the industry [2][5][36] - Key recommendations include focusing on cyclical resilient and growth sectors such as industrial silicon, organic silicon, PTA, spandex, caprolactam, soda ash, and chlor-alkali, as well as high-demand products like refrigerants and potassium fertilizers [2][5][6] Demand Side Analysis - The chemical industry is closely tied to global economic performance, with a projected global GDP growth of 3.09% in 2026, driven mainly by developing countries like India [22][25] - China's GDP growth is expected to be 4.16% in 2026, indicating robust domestic demand [22][25] - Emerging sectors such as new energy and AI are expected to drive material consumption, with significant growth in electric vehicle sales and energy storage capacity anticipated [27][29] Supply Side Dynamics - The report highlights the challenges faced by foreign chemical giants due to rising energy costs and increased competition, leading to significant profit declines [36][41] - Major foreign companies are closing high-cost production facilities in Europe, which may create opportunities for domestic players [36][41][47] - Domestic chemical companies are experiencing pressure on investment returns, leading to a slowdown in capital expenditure growth and a pause in new capacity plans [49] Investment Strategy - The report suggests a focus on cyclical resilient products and growth sectors, with specific attention to high-quality companies that possess competitive advantages [6][36] - The potential for price increases or stable prices with volume growth in bottom-tier products is emphasized, particularly in industrial silicon and organic silicon [6][36] - The report also identifies opportunities in the tire and civil explosives sectors, particularly as companies expand internationally [7][36] Emerging Opportunities - New material sectors, including humanoid robots and AI materials, are highlighted as areas of potential growth, driven by domestic policy support and the need for localized supply chains [8][36] - The report notes the increasing importance of domestic production capabilities in high-end materials due to international trade tensions [8][36]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

龙佰集团的前身是一家经营困难的地方国企，产品线涵盖硫酸铝、锆盐和当时排名全国六七十位的钛白 粉。公司改制完成后，企业的未来发展方向曾一度困扰管理层。 "我们看到所有色彩的差异性，都需要一个共同的'底色'作为基础。钛白粉恰恰是目前遮盖率最好的白 色无机颜料。"龙佰集团董事长和奔流在接受中国证券报记者专访时表示。 在钛产业的赛道上，从作为世界色彩"底色"的钛白粉，到支撑航空航天、海洋工程与高端制造的高性能 金属材料海绵钛，一家来自河南焦作的企业——龙佰集团在专注与创新中，坚持内涵式增长与外延式扩 张双轮驱动，如今已经成长为相关领域的龙头企业。 面对外界对于公司市值重回千亿元目标的质疑，和奔流掷地有声地表示："虽有压力，但坚信任何企业 的发展，绝非阶梯式，而是波浪式前进。""十五五"期间，龙佰集团将围绕"全球钛基材料产业领导 者"的目标，聚焦主业，以更加开放的姿态拥抱全球市场。 深耕主业持续创新 "从一家名不见经传的地方企业走向全国，走向世界，创新始终是我们发展的核心驱动力。"和奔流说。 "我们通过认真研判，认为钛白粉在未来的国民经济发展中会有很大的应用前景。因此，放弃发展硫酸 铝，放缓发展锆盐，集中全部资源重点发 ...

● 本报记者 李嫒嫒 "从一家名不见经传的地方企业走向全国，走向世界，创新始终是我们发展的核心驱动力。"和奔流说。 龙佰集团的前身是一家经营困难的地方国企，产品线涵盖硫酸铝、锆盐和当时排名全国六七十位的钛白 粉。公司改制完成后，企业的未来发展方向曾一度困扰管理层。 "我们通过认真研判，认为钛白粉在未来的国民经济发展中会有很大的应用前景。因此，放弃发展硫酸 铝，放缓发展锆盐，集中全部资源重点发展钛白粉。"和奔流坦言，"在这一发展过程中，外部'多彩世 界'的诱惑从未间断，但我们全部拒绝了。" 如今，龙佰集团已建立起全球领先的产能体系——钛白粉年产能达151万吨，海绵钛年产能达8万吨，均 位居全球首位。公司构建起从钛矿采选加工，到钛白粉、钛金属制造，再到衍生资源综合利用的完整绿 色产业链。 龙佰集团不断创新，提升工艺技术路线，率先引进国外大型沸腾氯化法钛白粉生产技术，成功实现了从 技术引进，到完全自主掌握核心知识产权，再到消化吸收再创新的跨越。 "2015年9月18日，我们通过三年的努力实现了大型沸腾氯化法钛白粉在焦作的生产，奠定了中国钛白粉 和海外钛白粉并驾齐驱的基础，为中国真正的钛产业时代的到来夯实基础。"和奔 ...

大象新闻记者 刘译丹 通讯员 杨雯雯 "低碳龙佰"战略，让龙佰集团实现生态效益与经济效益的协同增长，实现"绿色溢价"，让低碳成为龙佰 集团参与国际市场竞争的新名片。此外，龙佰集团还向下游客户提供碳足迹数据，将碳中和从成本中心 与环境责任确立为驱动企业增长、塑造竞争优势的核心战略。 本次会议汇聚行业主管部门、龙头企业及专家代表，围绕行业运行、技术创新、绿色转型等议题展开研 讨，进一步凝聚共识。 以"提质增效+协同共生"破局行业转型 在致辞中，和奔流直指行业痛点：2025年，中国钛白粉行业已进入转型关键期，虽在工艺升级、绿色改 造上取得进展，但原料与环保成本高企、供需失衡、同质化竞争压力、叠加国际贸易壁垒等挑战，正倒 逼行业从"规模增长"转向"价值提升"。为此，他提出两大破局方向：一是锚定提质增效，筑牢发展根 基。他呼吁企业聚焦工艺优化与产品升级，加快氯化法工艺、硫酸法产能升级改造，开发高附加值专用 产品；同时将合规经营作为底线，布局碳足迹管理与国际标准适配，夯实进军高端市场基础。二是深化 协同共生，凝聚行业合力。面对系统性风险，"单打独斗"已难以为继，需构建"价值共建、责任共担、 利益共享"的行业新生态：共护市 ...

作者：Sogear 11月26日，产能位居世界第一的龙佰集团（002601.SZ）宣布对旗下所有雪莲牌钛白粉产品价格进行调整，国内市场每吨上调700元，国际市场每吨上调100 美元。 在行业龙头龙佰集团的带动下，安纳达（002136.SZ）、钛能化学（002145.SZ）、道恩钛业、东佳集团、金海钛业等二十余家国内企业迅速跟进，提价范围 基本与龙佰集团保持一致。据大宗商品报价平台生意社数据，截至2025年11月底，国内硫酸法金红石型钛白粉报价达12900-13900元/吨之间，锐钛型钛白粉 报价达12000-12500元/吨之间。 钛白粉 成本高压下的"被动"涨价 钛白粉是重要的精细化工原料，主要应用于涂料、塑料、橡胶、油墨、造纸等领域。其生产工艺主要包括硫酸法和氯化法，钛精矿和硫酸是两大核心原料。 进入2025年，受全球供应链扰动、主要产地政策调整及海运成本持续高企影响，钛精矿价格始终在高位运行。据百川盈孚数据，截至2025年11月，46%钛精 矿价格稳定在2400元/吨左右，同比上涨超过15%。 2025年下半年以来，原料硫磺价格暴涨导致硫酸采购成本普遍攀升至900-1000元/吨历史高位。对于安纳达等拥 ...

Core Viewpoint - Titanium dioxide, known as titanium white, is a key chemical product and a barometer of economic development, with China holding significant influence in this sector, particularly through Longbai Group, which has become a global leader in titanium dioxide production [3][4]. Group 1: Company Overview - Longbai Group, formerly known as Baililian, transformed into the largest titanium dioxide manufacturer in China after acquiring Longmang Titanium Industry in 2016 for 9 billion yuan, marking a significant merger in the industry [4]. - The acquisition allowed Longbai Group to control the entire supply chain from vanadium-titanium magnetite to titanium concentrate and titanium dioxide, enhancing its cost control capabilities [4][5]. - As of 2023, Longbai Group's titanium dioxide production capacity reached 1.51 million tons, surpassing international competitors and establishing it as the largest producer globally [5]. Group 2: Production and Cost Advantages - Longbai Group employs both sulfate and chloride processes for titanium dioxide production, with a focus on the more efficient chloride process, which is encouraged by the state [5]. - The company has a significant cost advantage, with production costs approximately 1,000 yuan per ton lower than its peers, providing a buffer during industry downturns [5][6]. - The innovative "sulfur-chlorine coupling" model recycles waste acid from the sulfate process, further reducing production costs and addressing environmental concerns [6]. Group 3: Financial Performance - Despite its strong production capacity and low costs, Longbai Group faced a decline in performance due to macroeconomic pressures and supply-demand imbalances, with a 6.9% year-on-year drop in revenue to 19.45 billion yuan in the first three quarters of 2025 [8]. - Net profit attributable to shareholders fell significantly by 34.7% to 1.67 billion yuan, with the third quarter alone seeing a 65.7% drop in net profit [10][12]. - The decline in profitability was primarily driven by falling titanium dioxide prices, despite record production and sales volumes [12]. Group 4: Market Challenges and Strategic Response - Longbai Group's international revenue decreased by 10.8% in the first half of 2025 due to anti-dumping investigations and high tariffs imposed by the EU, India, and Brazil [16][17]. - In response, the company is shifting its export focus to emerging markets in the Middle East and Southeast Asia, where demand is strong and trade barriers are lower [17]. - Longbai Group has maintained a high dividend payout ratio, distributing nearly all profits to shareholders, reflecting its commitment to returning value to investors [17].

东吴证券发布研报称，预计2025-2026年磷矿石新增需求482、612万吨，动储领域为主力。磷矿规划产 能与实际落地产能存在较大差距，主要原因是产能需要爬坡时间，且供给受环保安全事件影响程度较 大。看好兼具磷矿资源与磷酸铁产能的一体化企业。 价格展望 磷矿石：2024年我国磷矿石产能开工率58%，有效产能开工率95%。该行预计2025、2026年磷矿石供需 整体平衡，产能开工率57%、54%，而有效产能开工率92%、88%，仍保持较高水平。低品位磷矿石价 格可能略有承压，高品位磷矿石价格将维持高位。 磷酸铁：该行预计磷酸铁供需偏紧张，行业有效产能开工率已在2025Q3开始回暖，假设2025、2026年 磷酸铁有效产能开工率为60%、80%，我国磷酸铁仍存在供需缺口(2024年，我国磷酸铁有效产能开工率 仅有48%)。随着下游磷酸铁锂企业盈利能力修复，磷酸铁景气度有望回暖。 东吴证券主要观点如下： 需求端 磷矿石：2024年我国磷矿石需求量11320万吨，该行预计2025、2026年磷矿石需求量11802、12414万 吨，实际新增需求量482、612万吨，其中新兴领域的需求增长，而传统领域的需求下降。1)新 ...

Core Viewpoint - The report from Dongwu Securities highlights the expected growth in demand for phosphate rock driven by emerging sectors, while traditional demand is projected to decline. The overall supply and demand dynamics for phosphate rock and iron phosphate are analyzed for the years 2024 to 2026 [1][2][3]. Demand Side - Phosphate rock demand in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively. The actual increase in demand is estimated at 482 million tons and 612 million tons [1]. - Emerging sectors, particularly energy storage and power batteries, are expected to drive demand for phosphate rock, with an increase of 393 million tons and 431 million tons in 2025 and 2026 respectively. Iron phosphate is anticipated to contribute significantly to this demand [1]. - Traditional demand for phosphate fertilizers is expected to weaken due to rising raw material prices, with a forecasted decline in phosphate fertilizer production in early 2025 [1]. - Iron phosphate demand is projected to reach 214 million tons in 2024, increasing to 325 million tons and 449 million tons in 2025 and 2026, respectively, with significant contributions from energy storage [1]. Supply Side - Phosphate rock production capacity in China is expected to be 19,447 million tons in 2024, with projections of 21,732 million tons and 24,762 million tons for 2025 and 2026. Effective capacity and production are also expected to increase correspondingly [2]. - The supply of phosphate rock is significantly impacted by environmental safety incidents, leading to a gap between planned and actual production capacity [2]. - The iron phosphate industry is characterized by long-term overcapacity, with effective capacity and production expected to rise from 426 million tons and 205 million tons in 2024 to 499 million tons and 540 million tons in 2025 and 2026, respectively [2]. Price Outlook - The operating rate for phosphate rock capacity is projected to be 58% in 2024, with expectations of 57% and 54% in 2025 and 2026. High-grade phosphate rock prices are expected to remain elevated, while low-grade prices may face slight pressure [3]. - The iron phosphate market is anticipated to experience tight supply conditions, with operating rates expected to improve significantly in 2025 and 2026, indicating a potential supply gap [3]. Recommended Companies - Companies with phosphate iron and phosphate rock layouts are recommended, including Tianci Materials, Hunan YN, and Zhongwei Co. [4]. - Integrated chemical companies with phosphate iron production and phosphate rock resources are expected to benefit from rising phosphate iron prices, with suggested companies including Chuanheng Co., Xingfa Group, and others [4].

证券代码：002601 证券简称：龙佰集团 公告编号：2025-080 龙佰集团股份有限公司 2025年第三季度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、龙佰集团股份有限公司（以下简称"公司"）2025年第三季度权益分派方案已获2025年11月12日召开 的2025年第二次临时股东大会审议通过，以2025年9月30日公司总股本2,386,293,256股扣除公司回购专 用证券账户持有的公司股份13,447,300股及拟回购注销的限制性股票2,045,200股后的股本，即 2,370,800,756股为基数，拟向全体股东每10股派发人民币现金股利1.00元（含税），共计派发现金红利 额237,080,075.60元（含税）。在利润分配方案实施前，公司总股本如发生变动，将按照分配比例不变 的原则对分配总额进行调整。 2、自权益分派方案披露至权益分派业务申请期间，公司实施了回购注销限制性股票2,045,200股，导致 公司总股本发生变化，本次回购注销完成后公司股份总数由原来的2,386,293,256股减至2,384,248, ...