Investment Rating - The report maintains a "Recommendation" rating for the titanium dioxide industry, suggesting a positive outlook for the sector [1]. Core Insights - The titanium dioxide industry is experiencing a price surge, with both domestic and international prices increasing. Key companies such as Longbai Group and Chemours have announced price hikes for their products [1]. - The cost pressures from raw materials, particularly sulfur and titanium concentrate, are significant, with sulfur prices rising by 96.31% year-on-year. This has led to a cost inversion for many companies in the industry [8]. - Supply-side adjustments are occurring, with companies like Tenor Group and Jinpu Titanium announcing permanent closures of production facilities, which is expected to optimize the supply-demand balance and support price increases [8]. Summary by Sections Industry Overview - The titanium dioxide industry is witnessing a global price increase, with domestic prices rising by 500 CNY/ton and international prices by 100 USD/ton [1]. - As of March 3, the price of titanium dioxide reached 13,534 CNY/ton, reflecting a 2.85% increase from the low point in November 2025 [8]. Company Focus - Longbai Group is highlighted as a key player, with a strong recommendation for investors. The company is expected to benefit from its integrated supply chain and advanced production techniques [3][4]. - Longbai Group's earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at 0.91, 1.23, and 1.43 CNY respectively, with a price-to-earnings (PE) ratio decreasing from 24.06 in 2025 to 15.35 in 2027, indicating strong growth potential [4]. Market Performance - The absolute performance of the basic chemical sector shows a 3.5% increase over one month, 28.4% over six months, and 48.5% over twelve months, indicating robust market activity [6]. - The relative performance against the benchmark index has also been positive, with a 3.5% increase over one month and 24.0% over six months [6].

证券代码：002601 证券简称：龙佰集团 公告编号：2026-012 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，回购期间上市公司应当在每个月的前三个交易 日内披露截至上月末的回购进展情况。现将公司截至上月末的回购进展情况公告 如下： 一、截至上月末回购股份的进展情况 截至2026年2月28日，公司通过股份回购专用证券账户以集中竞价方式累计 回购公司股份1,564,600股，占公司目前总股本的0.0656%，最高成交价为16.34元 龙佰集团股份有限公司 关于回购公司股份的进展公告 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。 龙佰集团股份有限公司（以下简称"公司"）于2025年6月6日召开的第八届董 事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用自有资金及回购专项贷款以集中竞价的方式回购公司股份，回购股份的种类为 公司已发行的人民币普通股（A股）股票，将用于股权激励或员工持股计划。本 次回购股份的资金总额不低于人民币50,000万元（含）且不超过人民币100,000 万元 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The report highlights the solid cost and efficiency advantages of leading Chinese chemical companies, which are entering a long-term upward performance phase. The recovery in demand is expected to sustain the improvement in the performance of supply-constrained sectors. The carbon emission control measures are likely to lead to a re-evaluation of the Chinese chemical industry, with capacity expansion slowing down significantly. This is expected to enhance free cash flow and potential dividend yields for companies, transforming them from cash-consuming entities to cash-generating ones. The report emphasizes the importance of demand, value, and supply in identifying investment opportunities [2][29] Summary by Sections Recent Trends - As of February 26, 2026, the Guohai Chemical Prosperity Index stands at 94.19, reflecting a slight increase of 0.22 from February 19, 2026 [1] Performance Analysis - The basic chemical sector has shown a performance increase of 6.0% over the past month, 26.1% over the past three months, and 52.2% over the past year, significantly outperforming the CSI 300 index [4] Investment Opportunities - **Value-Driven Opportunities**: Companies such as Hualu Hengsheng, Luxi Chemical, and Baofeng Energy are highlighted for their potential dividend rate increases [2] - **Supply-Driven Opportunities**: Companies like Xin Fengming and Tongkun Co. are noted for benefiting from domestic supply constraints and European capacity exits [6] - **Demand-Driven Opportunities**: The report identifies companies in sectors such as gas turbines, refrigerants, and energy storage as key beneficiaries of growing demand [6][7] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for firms like Dongfang Shenghong, Hubei Yihua, and Baofeng Energy, with expected earnings per share (EPS) growth in the coming years [30] Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, which are expected to rise, benefiting companies like China Petroleum and China National Offshore Oil Corporation. It also notes potential supply shortages in methanol and urea due to disruptions in Iranian production [10][11] Price Trends - Recent price movements include a significant increase in battery-grade lithium carbonate prices, which rose by 19.18% week-on-week, driven by supply constraints and demand recovery [14] Conclusion - The report concludes that the chemical industry is entering a favorable cycle, driven by supply-side constraints and increasing demand, making it an attractive investment area [29]

上海市锦天城（深圳）律师事务所 关于龙佰集团股份有限公司 2026年第一次临时股东会的 (2026)锦天城深律见证字HT第001号 深圳市福田中心区福华三路卓越世纪中心1号楼21、22、23层 联系电话:(86755)82816698 传真电话:(86755)82816898 法律意见书 邮政编码：518048 上海市锦天城(深圳)律师事务所 《法律意见书》 致：龙佰集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）持有有权 机关-广东省司法厅核发的统一社会信用代码为31440000772720702Y 号《律师事务所分所执业许可证（正、副本）》，依法具有执业资格。 撰写、签署编号为(2026)锦天城深律见证字HT第001号《上海市 锦天城（深圳）律师事务所关于龙佰集团股份有限公司2026年第一次 临时股东会的法律意见书》（以下简称"本《法律意见书》"）的霍庭 律师、曲冠群律师均为本所执业律师（以下简称"本所经办律师"）， 分别持有有权机关—广东省司法厅核发的证号为14403199110407747 号、14403202210415208号《中华人民共和国律师执业证》，且均处于 年审合格暨有 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2026-011 龙佰集团股份有限公司 2026年第一次临时股东会决议公告 1.本次股东会未出现否决提案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议时间：2026 年 2 月 27 日 14:30 （2）网络投票时间：2026 年 2 月 27 日 通过深圳证券交易所交易系统进行网络投票的时间为2026年2月27日9:15-9:25， 9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的时间为 2026 年 2 月 27 日 9:15 至 15:00 期间的任意时间。 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： 2、会议召开地点：公司会议室。 3、召集人：公司董事会。 4、召开方式：现场和网络投票相结合。 5、主持人：董事长和奔流先生。 6、本次会议的召集和召开符合《公司法》《深圳证券交易所股票上市规则》《上 市公司股东会规则》和《公司章程》的有关规定。 7、会议出席情况 股东出席的总体 ...

Core Viewpoint - The company, Longbai Group Co., Ltd., has received a notice from shareholder Tan Ruiqing and his concerted parties regarding a share reduction, indicating a decrease in their total shareholding percentage from 11.35% to 11.00% [1] Group 1: Share Reduction Details - Tan Ruiqing reduced his shareholding by 8,276,400 shares through centralized bidding from February 13, 2026, to February 25, 2026, which accounts for 0.35% of the company's total share capital [1] - The shares sold were from a non-public offering in 2016 that has since been released from restrictions [1] - After the reduction, Tan Ruiqing and his concerted parties hold a total of 262,267,384 shares [1]

Core Viewpoint - The announcement details a reduction in shareholding by major shareholder Tan Ruiqing and his concerted parties, which has triggered a change in ownership percentage that touches a 1% integer threshold [2]. Group 1: Shareholding Changes - Tan Ruiqing and his concerted parties, including Henan Yintai Investment Co., Ltd. and Tangyin County Yuxin Xylose Development Co., Ltd., have reduced their shareholding by 8,276,400 shares, representing 0.35% of the company's total share capital [2]. - Following this reduction, Tan Ruiqing and his concerted parties now hold a total of 262,267,384 shares, decreasing their ownership percentage from 11.35% to 11.00% [2].

Investment Rating - The industry investment rating is "Positive" and maintained [13]. Core Insights - The global chemical industry is experiencing a clear trend of "East rising, West falling," with Europe facing challenges from high energy costs, carbon constraints, and industrial relocation, while China has firmly established itself as the leader in global chemical capacity [3][10]. - From 2004 to 2024, global chemical sales are projected to grow from €1.4 trillion to €5.0 trillion, with a compound annual growth rate (CAGR) of 6.6%, significantly outpacing the global GDP growth rate of 1.9% [7][18]. - China's share of global chemical sales is expected to increase from 10% in 2004 to 46% in 2024, while the shares of the EU, the US, Japan, South Korea, and India will be 13%, 12%, 3%, 3%, and 3%, respectively [7][18]. Summary by Sections Global Chemical Overview - China leads the global chemical industry, with capital expenditures expected to reach €127 billion in 2024, accounting for 46.6% of the global total [7][20]. - Research and development (R&D) investment in China's chemical sector is projected to reach €18 billion in 2024, representing 31.0% of the global total [25][20]. Chemical Cycle and Market Dynamics - The global chemical industry is at a historical low in capital return rates and profit margins, with many companies implementing cost-cutting and restructuring measures in anticipation of a new economic upturn [8][30]. - The shift towards specialty chemicals is noted, as these products typically have lower commoditization and higher added value, allowing companies to avoid intense competition in the commodity chemicals market [30]. Cost Disparities and EU Capacity Exit - The EU chemical industry is projected to have sales of €635 billion in 2024, but its global market share has been declining for nearly 20 years due to high energy costs and regulatory pressures [9][43]. - The EU is expected to close approximately 37 million tons of chemical capacity from 2022 to 2025, representing 9% of its total capacity, with the petrochemical sector facing the highest closure rates [9][74]. Investment Recommendations - The report recommends focusing on leading Chinese chemical companies such as Wanhua Chemical, Hualu Hengsheng, and others, as they are well-positioned to capitalize on the shifting dynamics of the global chemical industry [10][83].

证券代码：002601 证券简称：龙佰集团 公告编号：2026-010 龙佰集团股份有限公司 关于公司股东及其一致行动人权益变动 触及 1%整数倍的公告 股东谭瑞清及其一致行动人保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司股东谭瑞清先生 及其一致行动人河南银泰投资有限公司、汤阴县豫鑫木糖开发有限公司（以下合 称"信息披露义务人"）出具的《关于减持股份的告知函》，获悉谭瑞清先生在 2026年2月13日—2026年2月25日通过集中竞价交易方式累计减持公司股份 8,276,400股，占公司总股本的0.35%，谭瑞清先生本人所持股份来源均为2016年 非公开发行已解除限售的股份。本次权益变动后，谭瑞清先生及其一致行动人合 计持有公司股份262,267,384股，占公司总股本的比例由11.35%降至11.00%，权 益变动触及1%的整数倍。现将具体情况公告如下： - 2 - 股份 6．备查文件 1．中国证券登记结算有限责任公司持股变动明细 ☑ 2．相关书面承 ...

Core Viewpoint - Longbai Group announced that shareholders Tan Ruiqing and his concerted parties reduced their holdings by a total of 8.2764 million shares, representing 0.35% of the company's total share capital, from February 13 to February 25, 2026 [1] Summary by Relevant Sections - Shareholding Change - The reduction in shareholding resulted in the total shares held by the disclosing parties decreasing to 26.2274 million shares, with their ownership percentage dropping from 11.35% to 11.00% [1] - Impact on Company - This change in shareholding will not lead to any change in the company's control, governance structure, or ongoing operations [1]