Investment Rating - The industry rating is maintained at "Overweight" [5][28] Core Viewpoints - The "anti-involution" policy is expected to improve the prosperity of the titanium dioxide industry, which has been facing challenges due to rapid capacity expansion leading to oversupply and historically low price differentials [4][8] - As of June 23, 2025, 21.86% of titanium dioxide production capacity is considered outdated, primarily using the sulfate process, which is targeted for elimination under the new policy [4][8] - The elimination of outdated capacity is anticipated to gradually alleviate the oversupply situation in the titanium dioxide industry [4][8] Summary by Sections Industry Data - The titanium dioxide industry has experienced a downturn due to rapid capacity expansion and oversupply, resulting in price differentials at historical lows [4][8] - The "anti-involution" policy aims to assess and eliminate outdated production facilities, which could significantly impact the industry's supply dynamics [4][8] Investment Recommendations - The report suggests maintaining an "Overweight" rating for the industry and recommends focusing on leading companies such as Longbai Group [5][28]

资料显示，龙佰集团股份有限公司位于河南省焦作市中站区冯封办事处，成立日期1998年8月20日，上 市日期2011年7月15日，公司主营业务涉及从事钛白粉、锆制品和硫酸铝等产品的生产与销售。主营业 务收入构成为：钛白粉64.99%，海绵钛11.17%，铁系产品8.77%，其他(补充)4.59%，新能源材料 3.95%，锆系制品3.86%，其他2.66%。 龙佰集团所属申万行业为：基础化工-化学原料-钛白粉。所属概念板块包括：钛白粉、染料涂料、小金 属、MSCI中国、增持回购等。 8月27日，龙佰集团盘中下跌2.03%，截至13:46，报18.84元/股，成交4.33亿元，换手率1.15%，总市值 449.58亿元。 资金流向方面，主力资金净流出2565.68万元，特大单买入2067.53万元，占比4.77%，卖出2184.87万 元，占比5.04%；大单买入7767.16万元，占比17.92%，卖出1.02亿元，占比23.57%。 龙佰集团今年以来股价涨9.71%，近5个交易日涨5.31%，近20日涨7.60%，近60日涨17.36%。 分红方面，龙佰集团A股上市后累计派现193.87亿元。近三年，累计派现59 ...

投资要点 事件：龙佰集团发布2025 年半年报，25H1 公司实现营业收入133.31 亿元，同比下降3.34%；归母净利 润13.85 亿元，同比下降19.53%；扣非后归母净利润13.47 亿元，同比下降19.61%。单季度看，25Q2 公 司实现营业收入62.82 亿元，同比下降3.50%；归母净利润6.99 亿元，同比下降9.24%；扣非后归母净利 润6.88 亿元，同比下降8.27%。 钛白粉市场承压，海绵钛回暖。25H1 公司钛白粉、海绵钛、新能源材料的收入分别为86.64、14.90、 5.27 亿元，同比变化-7.68%、12.96%、27.23%；毛利率分别为27.11%、-0.05%、12.39%，同比变 化-6.40pct、-10.54pct、14.97pct。2025 H1钛白粉、海绵钛的销售量分别为61.20、3.87 万吨，同比变化 2.08%、25.51%。25H1内公司钛白粉销量进一步提高，市场占有率提升，但是销售收入较上年有所降 低。 风险提示：新增供给超预期；需求不及预期；贸易摩擦风险；项目进度不及预期；安全环保风险。 2025 年上半年钛精矿价格有所回落，钛白粉价格持续下 ...

Core Insights - The latest data reveals that 27 private equity firms with over 10 billion yuan in assets have appeared in the top ten shareholders of 94 A-share listed companies, with a total holding value of 34.731 billion yuan [1] Group 1: Private Equity Holdings - In Q2, 18 companies saw increased holdings from these private equity firms, while 47 companies maintained their positions, and 10 companies experienced reduced holdings [2] - Notably, Gao Yi Asset Management reduced its stake in Hikvision (002415) by 12 million shares but still holds a significant value of 9.373 billion yuan [2] - Gao Yi Asset also increased its positions in Longbai Group (002601), Angel Yeast (600298), and Yun Aluminum (000807) by 8 million, 3.5 million, and 8.4 million shares respectively [2] Group 2: Industry Focus - The concentrated holdings of private equity firms are primarily in five sectors: electronics, pharmaceuticals, computers, machinery, and basic chemicals, with the number of heavy stocks being 15, 13, 10, 8, and 7 respectively [3] - The electronics sector is particularly favored, with firms like Dazhongquan Investment and Shanghai Ruijun Asset Management making significant investments in companies like Shengyi Technology (600183) and Yangjie Technology (300373) [3] - The pharmaceutical sector also attracted attention, with new investments in companies like Taiji Group (600129) and increased holdings in companies like Fuyuan Pharmaceutical (601089) [3] Group 3: Market Trends and Insights - The movements of these private equity firms serve as a market barometer, reflecting their insights into global macro changes and China's economic transition [4] - The focus on sectors such as electronics and pharmaceuticals aligns with government support for new productivity and technological innovation [4] - The overall market sentiment is positive, with a mild improvement in the macroeconomic environment and increased investor risk appetite, supported by liquidity in the market [5]

Group 1 - The core viewpoint of the report is that Longbai Group is facing pressure on its titanium dioxide performance due to market conditions, but it is actively improving its industrial chain layout and expanding overseas markets [1][3]. - In the first half of 2025, Longbai Group reported a revenue of 13.33 billion yuan, a year-on-year decrease of 3.34%, and a net profit attributable to shareholders of 1.39 billion yuan, down 19.53% [1][2]. - The sales revenue for titanium dioxide, sponge titanium, and new energy materials in the first half of 2025 were 8.66 billion yuan, 1.49 billion yuan, and 527 million yuan, with year-on-year changes of -7.68%, 12.96%, and 27.23% respectively [2][3]. Group 2 - The company is enhancing its industrial chain integration and expanding its overseas market presence, aiming to mitigate the impact of anti-dumping taxes on titanium dioxide exports by establishing new factories abroad [3][4]. - Longbai Group is the only company in China that integrates the entire titanium industry chain, which includes coupling the titanium industry with lithium battery projects to diversify its market [3][4]. - The company maintains a strong dividend policy and is expected to achieve revenues of 30.10 billion yuan, 32.72 billion yuan, and 34.76 billion yuan from 2025 to 2027, with corresponding net profits of 2.96 billion yuan, 3.79 billion yuan, and 4.39 billion yuan [4].

Group 1 - The article highlights the recent investment activities of several prominent private equity firms in the A-share market, particularly focusing on consumer stocks and other sectors [1][4][11] - The investment by the Ge family in Kuaijishan marks a rare shift towards consumer stocks, as they have previously favored technology and growth sectors [2][3][4] - Kuaijishan's stock price saw a significant increase of 93.19% in Q2, rising from approximately 11 CNY per share to a peak of 26.39 CNY [4][6] Group 2 - Ge Weidong holds 4.97 million shares of Kuaijishan, valued at approximately 99 million CNY, while his sister holds 13.80 million shares valued at around 275 million CNY [2][3] - High Yi Asset's Feng Liu has entered the top ten shareholders of Taiji Group with 20 million shares, valued at 426 million CNY, while also increasing stakes in Longbai Group and Angel Yeast [8][9] - Taiji Group reported a significant decline in revenue and net profit for the first half of the year, with total revenue of 5.658 billion CNY, down 27.63%, and net profit of 139 million CNY, down 71.94% [9][10] Group 3 - Ningquan Asset, led by Yang Dong, has newly invested in Tianhao Energy, holding 14.56 million shares valued at 74 million CNY, and increased its position in Zhouming Technology [11][12] - Rui Jun Asset's Dong Chengfei has newly invested in Yangjie Technology and Rabbit Baby, with holdings valued at 133 million CNY and 59 million CNY respectively [11][13] - Renqiao Asset's Xia Junjie has increased holdings in New Classic and Su Keng Agricultural Development, with total shares valued at 44 million CNY and 140 million CNY respectively [11][14]

Group 1: Investment Activities of Notable Private Equity Firms - The Ge family, led by Ge Weidong, has made a rare investment in consumer stocks, specifically entering the shareholder list of Huangjiu brand Kuaijishan [1][5] - Gao Yi Asset's Feng Liu has newly invested in Taiji Group, holding 20 million shares valued at 426 million yuan, while also increasing positions in Longbai Group and Angel Yeast [1][11] - Ningquan Asset, managed by Yang Dong, has entered the shareholder list of clean energy company Tianhao Energy, holding 14.56 million shares valued at 74 million yuan [1][13] - Rui Jun Asset's chief researcher Dong Chengfei has newly invested in power semiconductor company Yangjie Technology and decorative board leader Tubao, while reducing holdings in Chipongwei [1][14] - Renqiao Asset's Xia Junjie has increased positions in New Classics and Su Kuan Agricultural Development, holding 2.29 million shares valued at 44 million yuan and 14.22 million shares valued at 140 million yuan respectively [1][15] Group 2: Financial Performance of Kuaijishan - Kuaijishan reported a revenue of 817 million yuan for the first half of the year, representing a year-on-year growth of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [1][7] - The stock price of Kuaijishan surged from approximately 11 yuan per share to a peak of 26.39 yuan per share during the second quarter, resulting in an overall increase of 93.19% [1][5] Group 3: Financial Performance of Taiji Group - Taiji Group reported total revenue of 5.658 billion yuan for the first half of the year, a year-on-year decline of 27.63%, with a net profit of 139 million yuan, down 71.94% [1][11]

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, primarily due to falling titanium dioxide prices and low industry demand [1][2]. Financial Performance - In H1 2025, Longbai Group achieved total revenue of 13.342 billion yuan, a year-on-year decrease of 3.35% - The net profit attributable to shareholders after deducting non-recurring items was 1.347 billion yuan, down 19.61% - In Q2 2025, revenue was 6.282 billion yuan, a decline of 3.5% year-on-year and 11.01% quarter-on-quarter - The net profit for Q2 was 688 million yuan, down 8.27% year-on-year [1][2]. Production and Sales - The company produced 682,200 tons of titanium dioxide in H1 2025, an increase of 5.02% year-on-year - Sales volume for titanium dioxide reached 612,000 tons, up 2.08% year-on-year - The average price of titanium dioxide in H1 2025 was 14,648.34 yuan per ton, a decrease of 9.87% year-on-year [2]. Market Conditions - The average price of titanium dioxide in Q2 2025 was 14,831 yuan per ton, down 9.79% year-on-year but up 2.53% quarter-on-quarter - As of August 18, 2025, the domestic average price of titanium dioxide fell to 13,274 yuan per ton, marking the lowest point of the year - The overall production of titanium dioxide in China for H1 2025 was 2.305 million tons, a slight decrease of 0.37% year-on-year [2][3]. Export Performance - In H1 2025, titanium dioxide exports reached 2.5166 million tons, a significant increase of 158.63% year-on-year - However, Q2 2025 exports were 415,600 tons, down 13.97% year-on-year and 17.05% quarter-on-quarter [2][3]. Shareholder Engagement - The company initiated a share repurchase plan in June 2025, having repurchased 1,564,600 shares by July 31, 2025, representing 0.0656% of total shares, with a total transaction amount of 25.48 million yuan - This move is aimed at enhancing shareholder value and reflects management's confidence in the company's long-term prospects [4]. Dividend Distribution - On June 10, 2025, the company completed its first-quarter dividend distribution, paying 5.00 yuan per 10 shares, totaling 1.186 billion yuan - This distribution aligns with the company's ongoing strategy to reward shareholders [5]. Earnings Forecast - Due to the downturn in the titanium dioxide industry, the company's revenue forecasts for 2025-2027 are adjusted to 27.582 billion, 29.885 billion, and 31.071 billion yuan respectively - Expected net profits for the same period are 2.684 billion, 3.603 billion, and 4.289 billion yuan, with corresponding EPS of 1.12, 1.51, and 1.80 yuan per share [6].

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, impacted by anti-dumping measures and a strategic shift towards overseas expansion [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%, and a net profit attributable to shareholders of 1.385 billion yuan, down 20% [1]. - In Q2 2025, revenue was 6.282 billion yuan, a decline of 4% year-on-year, with a net profit of 699 million yuan, down 9% [1]. - Revenue from titanium dioxide and sponge titanium businesses was 8.7 billion yuan and 1.5 billion yuan, respectively, with year-on-year changes of -8% and +13% [1]. Pricing and Sales Dynamics - The average price of titanium dioxide decreased by 12% year-on-year, while the average price of sponge titanium increased by 3% [1]. - The company produced 690,000 tons of titanium concentrate, all for internal use [1]. - The export volume of titanium dioxide was 420,000 tons, down 14% year-on-year and 17% quarter-on-quarter [1]. Strategic Initiatives - The company is accelerating its overseas expansion strategy in response to anti-dumping duties affecting exports, with preliminary site selection and resource integration underway [1]. - Longbai Group is enhancing its upstream raw material supply by advancing key projects, including the joint development of the Hongge North Mine and the Xujia Gou Iron Mine, aiming for an annual titanium concentrate capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons [2]. Shareholder Confidence - The company plans to repurchase shares using its own funds and a special loan of 500 to 1,000 million yuan, with a total repurchase amount of approximately 25.48 million yuan, reflecting confidence in long-term development [2]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated at 2.91 billion yuan, 3.76 billion yuan, and 4.29 billion yuan, respectively, maintaining a "recommended" investment rating [3].

Group 1: Price Increase Announcements - Multiple domestic titanium dioxide companies, including Longbai Group and Huiyun Titanium Industry, announced price increases effective August 18, 2025, raising prices by 500 RMB/ton for domestic customers and 70 USD/ton for international customers [1][2] - Titanium Hai Technology was the first to initiate the price increase, raising prices by 800 RMB/ton for domestic customers and 80 USD/ton for international customers on August 15, 2023 [2] Group 2: Market Conditions and Demand - Analysts suggest that if downstream demand increases in September, it could lead to a gradual realization of small price increases for titanium dioxide [1][4] - Current low inventory levels among traders and downstream factories may support the potential for price increases, although the overall supply remains ample [4] Group 3: Financial Performance of Companies - Longbai Group reported a revenue of 13.342 billion RMB for the first half of 2023, a decrease of 3.34% year-on-year, with a net profit of 1.385 billion RMB, down 19.53% [7] - Another company, Anada, experienced a net loss of 26.27 million RMB in the first half of 2023, a significant decline from profitability due to decreased gross margins in titanium dioxide [7][8] Group 4: Industry Challenges - The titanium dioxide industry is facing significant challenges, including high raw material costs and a prolonged period of losses, with average losses reported at around 1,000 RMB/ton from January to mid-August 2023, escalating to approximately 2,000 RMB/ton in August [6] - The industry is experiencing a supply-demand imbalance, with excess capacity leading to price declines, and companies are exploring transformations or restructuring due to poor performance [8][9] Group 5: Future Outlook - Long-term forecasts suggest that as profitability declines among many titanium dioxide producers, some may exit the market, potentially leading to a rebound in prices by 2026 [9] - However, the rapid expansion of domestic production capacity and insufficient demand from downstream industries may hinder significant price recovery in the near term [9]