Market Overview - The chemical raw materials sector experienced a decline of 1.15% on October 28, with Shilong Industrial leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Zhenhua Co., Ltd. (603067) with a closing price of 19.82, up 6.90% [1] - Shanshui Technology (301190) at 23.85, up 4.93% [1] - Boyuan Chemical (000683) at 6.50, up 4.84% [1] - Major decliners included: - Shilong Industrial (002748) at 15.50, down 8.39% [2] - Longbai Group (002601) at 18.20, down 4.91% [2] - Chlor-alkali Chemical (600618) at 10.58, down 4.60% [2] Capital Flow - The chemical raw materials sector saw a net outflow of 718 million yuan from main funds, while retail investors contributed a net inflow of 630 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Zhenhua Co., Ltd. (603067) with a net inflow of 57.74 million yuan from main funds [3] - Boyuan Chemical (000683) with a net inflow of 46.66 million yuan from main funds [3] - Hongxing Development (600367) with a net inflow of 16.16 million yuan from main funds [3]

Group 1 - The core point of the news is that Longbai Group's stock price has dropped by 5.02%, currently trading at 18.18 yuan per share, with a total market capitalization of 43.383 billion yuan [1] - Longbai Group, established on August 20, 1998, and listed on July 15, 2011, is primarily engaged in the production and sales of titanium dioxide, zirconium products, and aluminum sulfate [1] - The main revenue composition of Longbai Group includes titanium dioxide (64.99%), sponge titanium (11.17%), iron-based products (8.77%), and other segments [1] Group 2 - According to data, Guotai Fund holds a significant position in Longbai Group through its fund, Guotai CSI Sub-Segmented Chemical Industry Theme ETF (516220), which reduced its holdings by 2,700 shares in the second quarter [2] - The current holding of Guotai CSI Sub-Segmented Chemical Industry Theme ETF is 198,100 shares, accounting for 2.75% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 1.17 billion yuan and has achieved a return of 22.97% this year, ranking 2,595 out of 4,218 in its category [2]

证券研究报告 龙佰集团 (002601 CH) 钛白粉内需承压，看好公司出海优势 2025 年 10 月 28 日│中国内地 化学原料 龙佰集团于 10 月 27 日发布三季报：25 年前三季度实现营业收入 194.5 亿元，同比-6.9%，归母净利润 16.7 亿元，同比-35%，扣非净利润 16.2 亿元，同比-36%；其中 Q3 实现归母净利润 2.9 亿元，同比-66%/环比-59%， 扣非净利润 2.7 亿元，同比-68%/环比-61%。公司 Q3 利润低于我们的预 期（6.5 亿元），原因系硫酸等原材料价格上涨带动营业成本环比增长较 多。考虑公司处于钛白粉领域龙头地位，行业低谷期盈利韧性较好，我们 维持"增持"评级。 25Q3 钛白粉景气仍偏弱，钛精矿价格有所回落 钛白粉方面，据隆众资讯，25Q3 硫酸法/氯化法金红石型钛白粉均价 1.33/1.73 万元/吨，同比-13%/-6%，环比-8%/-3%，钛白粉国内外需求偏弱 致 Q3 价格同环比下跌；硫酸法/氯化法钛白粉价差平均为 0.64/0.96 万元/ 吨，同比-1490/+414 元/吨，环比-953/+387 元/吨，Q3 硫酸价格继续上 ...

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

证券研究报告 | 2025年10月28日 龙佰集团（002601.SZ） 优于大市 三季度业绩承压，龙头静待需求拐点 三季度归母净利润同环比下滑。公司 2025 年三季度营收 61.0 亿元（同比 -13.7%，环比-2.7%），归母净利润 2.9 亿元（同比-65.7%，环比-58.6%）， 扣非归母净利润 2.7 亿元（同比-68.1%，环比-60.5%）。毛利率/净利 率为 19.4%/4.7%，均同环比下滑，期间费用率 12.1%（同比+0.8pct， 环比+1.2pct）。营收及归母净利润同环比双降主要受主营业务钛白粉 价格下跌等因素影响。 钛白粉价格下行，国内市场供需承压。据 Wind 数据，2025 年三季度国内 金红石型钛白粉均价约 12997 元/吨（同比-14%，环比-9%）。供应端， 据卓创资讯，2025 年前三季度中国钛白粉总产量 340 万吨，同比增加约 57 万吨，增幅约 20%，供给端持续增加。钛白粉主要下游为涂料行业， 截至 2025 年 9 月，我国房屋竣工面积累计同比-15%，传统需求持续疲 软。出口方面，2025 年 9 月中国钛白粉出口 15.6 万吨（同比+6.5%， ...

1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002601 证券简称：龙佰集团 公告编号：2025-053 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。 重要内容提示： 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二）非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况： □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 9、本次增资前后的持股比例 ■ 10、甘肃佰利联主要财务数据（合并报表） 单位：万元人民币 ■ 注：上述2024年财务数据经立信会计师事务所（特殊普通合伙）审计，2025年前三季度财务数据未经审 计。 11、甘肃佰利联不是失信被执行人。 三、本次增资对公司的影响 1、公司第八届董事会第二十三次会议决议； 2、公司第八届监事会第二十三次会议决议。 特此公告。 龙佰集团股份有限公司董事会 2025年10月27日 证券代码：002601 证券简称：龙佰集团 公告编号：2025-058 龙佰集团股份有限公司 关于召开2025年第二次临时 本次增资事项是基于公司发展战略和经营需要，有利于进一步增强子公司的资金实力和运营能力，提高 核心竞争力和盈利能力，符合公司发展战略及全体股东的利益。 公司本次增资的资金来源为公司自有资金及自筹资金，增资完成后，不会导致公司合并报表范围发生变 化，也不会对公司的财务及经营状况产生不利影响，本次增资事项不存在损害公司及全体股东利益的情 形。 四、备查文件 股东大会的通知 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 ...

每经AI快讯，龙佰集团（SZ 002601，收盘价：19.14元）10月27日晚间发布公告称，根据公司发展战略 和经营需求，为进一步提升全资子公司甘肃佰利联化学有限公司的资金实力和运营能力，公司拟以自有 资金及自筹资金对甘肃佰利联增资4亿元人民币。其中，1.3亿元人民币拟使用由中国进出口银行提供的 8年期新型政策性金融工具，利率将参照同期限银行自律机制的要求执行。 每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" （记者 曾健辉） 2025年1至6月份，龙佰集团的营业收入构成为：化学原料及化学制品制造业占比95.34%，其他业务占 比4.58%。 截至发稿，龙佰集团市值为457亿元。 ...

截至发稿，龙佰集团市值为457亿元。 每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" （记者 曾健辉） 每经AI快讯，龙佰集团（SZ 002601，收盘价：19.14元）10月27日晚间发布公告称，公司第八届第二十 三次董事会会议于2025年10月27日以通讯表决和现场表决相结合的方式召开。会议审议了《关于修订公 司部分治理制度的议案》等文件。 2025年1至6月份，龙佰集团的营业收入构成为：化学原料及化学制品制造业占比95.34%，其他业务占 比4.58%。 ...

Core Insights - The Penghua CSI Sub-segment Chemical Industry Theme ETF, managed by Yan Dong, reported a net value growth rate of 20.09% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Tianqi Lithium (天赐材料) and Jinhai Technology (金发科技) [1] - The largest holding, Wanhua Chemical (万华化学), saw an increase in shares by 2,550.77 million, representing a 935.31% increase [1] - Other significant increases in holdings include: - Yanhua Co. (盐湖股份) with a 937.21% increase, totaling 55.62 million shares valued at 1.16 billion [1] - Juhua Co. (巨化股份) with a 937.15% increase, totaling 20.27 million shares valued at 0.81 billion [1] - Cangge Mining (藏格矿业) with a 934.67% increase, totaling 11.76 million shares valued at 0.69 billion [1] - Hualu Hengsheng (华鲁恒升) with a 935.53% increase, totaling 22.28 million shares valued at 0.59 billion [1] - Baofeng Energy (宝丰能源) with a 935.77% increase, totaling 32.99 million shares valued at 0.59 billion [1] - Hengli Petrochemical (恒力石化) with a 936.43% increase, totaling 31.68 million shares valued at 0.54 billion [1] - Yuntianhua (云天化) with a 938.2% increase, totaling 19.18 million shares valued at 0.51 billion [1] - Satellite Chemical (卫星化学) and Longbai Group (龙佰集团) exited the top ten holdings [1]