Core Insights - The event "豫见哈密民企共赢" held in Hami on September 16 aims to deepen cooperation between Henan and Hami, focusing on new development opportunities for private enterprises from both regions [1][2] - The collaboration is seen as a practical step towards enhancing regional coordination and promoting economic integration between the two areas [1][2] Group 1: Event Overview - The event featured representatives from numerous private enterprises in Henan and Hami, discussing potential collaborations and development opportunities [1] - Key companies participating included major players like Yutong, Yidian, Longbai, and Longcheng Group, as well as specialized high-tech firms [1] Group 2: Government Support and Objectives - Hami's government officials emphasized the region's resource advantages and expressed a desire for deeper industrial cooperation and project implementation [2] - The Henan Development and Reform Commission highlighted the importance of the event in promoting understanding of Hami's advantages and facilitating investment from Henan enterprises [2] Group 3: Investment Intentions and Areas of Focus - A list of investment intentions from 31 selected Henan private enterprises was released, covering sectors such as equipment manufacturing, energy, agriculture, and artificial intelligence [2] - Companies expressed interest in sectors like coal chemical, smart grid, and agricultural branding, indicating a proactive approach to investment in Hami [3] Group 4: Future Collaboration and Support - The event marked the beginning of cooperation, with plans for one-on-one follow-up services to convert intentions into concrete projects [3] - Local government representatives provided insights into Hami's economic development and investment policies, aiming to attract more Henan enterprises [3]

瑞财经 钟鸣辰龙佰集团近日发布2025年半年报，上半年营收利润双降。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 13.330.969,874.31 | 13,791,626,891.46 | -3.34% | | 归属于上市公司股东的净利润(元) | 1.385,258.127.22 | 1,721,457,253.31 | -19.53% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 1.346.696.448.78 | 1.675.275.322.10 | -19.61% | | 经营活动产生的现金流量净额(元) | 1.519.507.782.11 | 1.370.946.690.41 | 10.84% | | 基本每股收益(元/股) | 0.58 | 0.7200 | -19.44% | | 稀释每股收益(元/股) | 0.58 | 0.7200 | -19.44% | | 加权平均净资产收益率 | 5.84% | 7.19% | -1.35% | | | 本报告期末 | 上年度末 | ...

Group 1: Industry Insights - The retail sales growth rate in August has slowed down month-on-month, indicating that consumer momentum still needs to be boosted [1] - The banking sector is experiencing a competitive landscape shaped by asset anti-involution and the wealthization of deposits [1] Group 2: Company Reports - IFBH (06603.HK) is leading the coconut water market and building barriers in the Thai industry [1] - Hoshine Silicon Industry (603260.SH) is positioned as a leader in the silicon industry chain and is expected to benefit significantly from anti-involution trends [1] - Longbai Group (002601.SZ) anticipates stabilization and rebound in titanium dioxide prices, with ongoing integration of two mines [1] - Pony.ai (PONY.O), a global leader in autonomous driving, has entered the mass production phase for Robotaxi and is advancing into cross-province freight with Robotruck [1]

Group 1 - Venator has closed its German plant and suspended production in Asia due to financial difficulties, with an annual titanium dioxide production capacity of 650,000 tons, accounting for approximately 6.6% of global capacity [1] - The shutdown of overseas titanium dioxide enterprises is expected to improve the global supply-demand balance for titanium dioxide [1] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 2.838 billion (-6.82%), 3.525 billion (-11.62%), and 4.324 billion (-9.61%) yuan, with corresponding EPS of 1.19 (-0.29), 1.48 (-0.48), and 1.81 (-0.40) yuan [1] Group 2 - The domestic titanium dioxide industry operating rate was 60.68%, a decrease of 4.21% week-on-week, indicating a decline in overall industry load [1] - Domestic titanium dioxide production inventory decreased by 1.72% week-on-week, with some major manufacturers halting production, leading to expectations of rising prices due to reduced supply [1] - The company is actively promoting its internationalization strategy in response to anti-dumping investigations in the EU, Brazil, and India, aiming to expand its overseas market share [2] Group 3 - The company is enhancing upstream raw material security and advancing two key projects: the joint development of the Hongge North Mine and the development of the Xujia Gou Iron Mine, which are expected to increase mining capacity in the future [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to falling prices of titanium dioxide despite a slight increase in sales volume [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 13.342 billion yuan, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% [1]. - In Q2 2025, the company recorded revenue of 6.282 billion yuan, a year-on-year decline of 3.50% and a quarter-on-quarter decrease of 11.01%, with a net profit of 699 million yuan, down 9.24% year-on-year but up 1.90% quarter-on-quarter [1]. Industry Overview - The domestic titanium dioxide industry operated steadily in the first half of 2025, with a total production of 2.305 million tons, a slight decrease of 0.37% year-on-year. The apparent consumption increased by 2.88% to 1.4281 million tons [2]. - The company produced 682,200 tons of titanium dioxide in the first half of 2025, a year-on-year increase of 5.02%, with sales of 612,000 tons, up 2.08% year-on-year [2]. Price Dynamics - The average price of rutile titanium dioxide in the first half of 2025 was 14,418 yuan per ton, down 11.03% year-on-year. The price gap for titanium dioxide narrowed significantly by 26.58% to 7,083 yuan per ton due to rising sulfur prices [2]. Strategic Initiatives - In response to deteriorating trade conditions, the company is actively pursuing an overseas expansion strategy to mitigate the impact of anti-dumping measures on its exports. This includes establishing new factories abroad to be closer to end markets [3]. - The company maintains a strong position in the titanium dioxide and sponge titanium markets, with a production capacity of 1.51 million tons per year for titanium dioxide and 80,000 tons per year for sponge titanium, ranking among the top globally [3]. Investment Outlook - The company is projected to achieve net profits of 2.837 billion yuan, 3.532 billion yuan, and 4.307 billion yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of 1.19, 1.48, and 1.81 yuan, and price-to-earnings (PE) ratios of 16, 13, and 11 times respectively [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under short-term pressure, but it is actively expanding overseas production capacity while waiting for market recovery [5] - The company reported a revenue of 133.42 billion yuan for the first half of 2025, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 13.85 billion yuan, down 19.53% year-on-year [7] - The company is facing challenges due to a decline in titanium dioxide prices, but it maintains a strong position in the titanium dioxide and sponge titanium markets, with a total production capacity of 1.51 million tons per year for titanium dioxide [7] - The company is implementing an overseas expansion strategy to mitigate the impact of anti-dumping measures on its exports [7] - The company is expected to achieve net profits of 28.37 billion yuan, 35.32 billion yuan, and 43.07 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.19 yuan, 1.48 yuan, and 1.81 yuan [7] Summary by Sections Financial Performance - Revenue for 2024 is projected at 275.13 billion yuan, with a growth rate of 2.8%, and net profit is expected to be 21.68 billion yuan, down 32.8% year-on-year [6] - The company’s titanium dioxide production for the first half of 2025 was 682,200 tons, a year-on-year increase of 5.02% [7] Market Position - The company has a leading position in the titanium dioxide and sponge titanium markets, with significant production capacities [7] - The company is expanding its upstream titanium ore resources to strengthen its supply chain [7] Future Outlook - The company is expected to see a gradual recovery in profitability, with net profit growth projected at 30.9% in 2025 and 24.4% in 2026 [6][7] - The company’s integrated supply chain and strong market position are expected to support its long-term growth [7]

基础化工/化学原料 龙佰集团（002601.SZ） 钛白粉价格有望企稳反弹，两矿整合持续推进 2025 年 09 月 17 日 投资评级：买入（维持） | 日期 | 2025/9/16 | | --- | --- | | 当前股价(元) | 19.55 | | 一年最高最低(元) | 22.85/15.82 | | 总市值(亿元) | 466.52 | | 流通市值(亿元) | 388.62 | | 总股本(亿股) | 23.86 | | 流通股本(亿股) | 19.88 | | 近 3 个月换手率(%) | 66.85 | 股价走势图 数据来源：聚源 0% 10% 20% 30% 40% 50% 2024-09 2025-01 2025-05 龙佰集团 沪深300 相关研究报告 《2024 年业绩承压，积极推进矿山开 发与钛白粉国际化进程—公司信息更 新报告》-2025.4.25 《Q3 业绩环比增长，持续分红回报股 东—公司信息更新报告》-2024.10.29 金九银十逐步到来，钛白粉价格有望企稳反弹 据百川盈孚数据，上周国内钛白粉行业开工率 60.68%，环比下降 4.21%，行业 整体负荷有所下降。库 ...

（记者 王晓波） 龙佰集团（002601.SZ）9月16日在投资者互动平台表示，公司产品钛白粉销往全球6大洲，110多个国家 和地区。 每经AI快讯，有投资者在投资者互动平台提问：钛白粉市场回暖了，贵公司在海外哪些国家有销售？ ...

Group 1 - The chemical sector experienced a volatile upward trend on September 15, with the Chemical ETF (516020) closing up by 0.13% [1] - Key stocks in the lithium battery, titanium dioxide, and fluorochemical sectors saw significant gains, with Tianqi Lithium hitting the daily limit, Longbai Group rising by 5.09%, and multiple other companies increasing by over 3% [1][3] - Analysts attribute the surge in the lithium battery sector to four main positive drivers, including new payment norms from the China Automotive Industry Association and a recent action plan for green transformation in Fujian [3] Group 2 - The recent issuance of the "New Energy Storage Scale Construction Special Action Plan (2025-2027)" by the National Development and Reform Commission and the Energy Administration has contributed to market optimism [3] - The Ministry of Industry and Information Technology and other departments have jointly issued a growth plan for the automotive industry, aiming for approximately 32.3 million vehicle sales in 2025, including 15.5 million new energy vehicles [3] - The chemical ETF (516020) is currently at a low valuation, with a price-to-book ratio of 2.29, indicating a favorable long-term investment opportunity [3] Group 3 - Guohai Securities suggests that the Chinese chemical industry may undergo a revaluation, with potential for increased cash flow and higher dividend yields as global capacity expansion slows [4] - The outlook for the second half of 2025 indicates that fiscal policies in China and the U.S. may strengthen, leading to a potential upturn in the chemical sector [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and focusing on large-cap leading stocks, which may enhance investment efficiency [5]

Market Overview - On September 15, the chemical raw materials sector declined by 0.16% compared to the previous trading day, with Zhenhua Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Longbai Group (002601) with a closing price of 19.62, up 5.09% and a trading volume of 667,300 shares, totaling 1.314 billion yuan [1] - ST Yatai (000691) with a closing price of 7.81, up 4.97% and a trading volume of 101,400 shares, totaling 79.1972 million yuan [1] - Jinhai Titanium Industry (000545) with a closing price of 3.69, up 4.53% and a trading volume of 1,184,600 shares, totaling 435 million yuan [1] - Major decliners included: - Zhenhua Co., Ltd. (603067) with a closing price of 17.90, down 4.33% and a trading volume of 180,800 shares, totaling 329 million yuan [2] - Sanyou Chemical (600409) with a closing price of 5.78, down 3.02% and a trading volume of 368,900 shares, totaling 216 million yuan [2] - Jinniu Chemical (600722) with a closing price of 7.09, down 2.88% and a trading volume of 319,900 shares, totaling 228 million yuan [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 398 million yuan from institutional investors, while retail investors saw a net inflow of 239 million yuan [2][3] - Notable capital flows included: - Huayi Group (600623) with a net inflow of 26.8479 million yuan from institutional investors [3] - Tianyuan Co., Ltd. (002386) with a net inflow of 25.0141 million yuan from institutional investors [3] - Xue Tian Salt Industry (600929) with a net inflow of 21.3913 million yuan from institutional investors [3]