Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Insights - The chemical industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the significant influence of the energy and chemical sectors on PPI, with their price fluctuations directly affecting overall industrial inflation levels [16] - The industry is under pressure from declining product prices and reduced capacity utilization, leading to a strong demand for anti-involution measures [17] - The current valuation of the chemical industry is at a historical low, providing substantial upside potential as the sector is expected to recover from its cyclical bottom [17][19] Summary by Sections 1. Importance of Inflation Recovery - The report emphasizes that the chemical sector is a crucial lever for inflation recovery, as evidenced by the PPI's continuous decline and the need for policy intervention to combat deflationary pressures [6][11] 2. Reasons to Focus on Chemicals - The energy and chemical sectors account for 25%-30% of PPI, making their price recovery vital for overall inflation [16] - The industry faces significant profitability challenges, with nearly 25% of chemical companies reporting losses in 2024 [17] 3. Paths for Anti-Involution in Chemicals 3.1. Active Approach: Industry Self-Regulation - Certain sub-industries, such as polyester filament and sucralose, are attempting to improve profitability through supply-side collaboration, benefiting from high concentration and low profitability [27][29] - The report identifies key chemical products likely to benefit from self-regulation, including polyester filament, polyester bottle chips, and organic silicon [29][31] 3.2. Passive Approach: Policy-Driven Industry Improvement - The report outlines a dual-track policy framework focusing on optimizing existing capacity and strictly controlling new projects to enhance the competitive landscape [27][31] - Historical experiences suggest that effective policy measures will include phasing out outdated facilities and enforcing stricter environmental regulations [27][31]

证券日报网讯 8月20日晚间，龙佰集团发布公告称，公司2025年第一次临时股东大会审议通过了《关于 发行债券类融资工具的一般授权的议案》。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][4]. Core Views - The price of titanium dioxide is at a bottom level, and there is potential for a rebound as demand gradually recovers. The company has recently increased prices for domestic and international customers [3][4]. - Longbai Group is strengthening its upstream mineral resource layout, enhancing its integrated industrial chain advantages. The company is actively developing key projects to increase its titanium concentrate and iron concentrate production capacity [4][6]. Financial Performance Summary - In the first half of 2025, Longbai Group achieved revenue of 13.33 billion yuan, a year-on-year decrease of 3.34%, and a net profit of 1.39 billion yuan, down 19.53% year-on-year. Despite a 2.08% increase in titanium dioxide sales volume to 612,000 tons, revenue from titanium dioxide fell by 7.68% to 8.66 billion yuan due to price declines [3]. - Revenue from other products such as sponge titanium, iron-based products, zirconium products, and new energy materials showed growth, with increases of 12.96%, 10.61%, 18.95%, and 27.23% respectively [3]. Production Capacity and Resource Development - Longbai Group has a titanium dioxide production capacity of 1.51 million tons and sponge titanium capacity of 80,000 tons, ranking among the top globally. The company is working on projects to enhance its titanium concentrate and iron concentrate production capacities significantly [4][6]. Profit Forecast and Valuation - The profit forecast for Longbai Group remains unchanged for 2025-2027, with expected net profits of 2.78 billion yuan, 3.10 billion yuan, and 3.64 billion yuan respectively. The corresponding EPS for these years is projected to be 1.17 yuan, 1.30 yuan, and 1.53 yuan, with current P/E ratios of 15, 13, and 11 times [4][5].

2025年第一次临时股东大会的 法律意见书 (2025)锦天城深律见证字HT第002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 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 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(2025)锦天城深律见证字HT第002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2025年第一次 临时股东大会的法律意见书》（以下简称"本《法律意见书》"）的霍 庭律师、潘沁圣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、14403202010176547号《中华人民共和国律师执业证》，且均处于 年审合格 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-041 龙佰集团股份有限公司 2025年第一次临时股东大会决议公告 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.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议时间：2025 年 8 月 20 日（星期三）下午 14:30 （2）网络投票时间：2025 年 8 月 20 日 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 8 月 20 日上午 9:15-9:25、9:30-11:30，下午 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 2025 年 8 月 20 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议召开地点：公司会议室。 其中：参加本次会议的中小投资者共 1,116 人，代表有表决权的股份 139,638,251 股，占公司有表决权股份总数的 5.8899％。 3、召集人：公司董事会。 4、召开方式：现场和网络投票 ...

通过天眼查大数据分析，龙佰集团股份有限公司共对外投资了27家企业，参与招投标项目1295次，知识 产权方面有商标信息26条，专利信息349条，此外企业还拥有行政许可524个。 龙佰集团最新一期业绩显示，截至2025中报，公司营业总收入133.42亿元、同比减少3.35%，归属净利 润13.85亿元，同比减少19.53%，扣非净利润13.47亿元，同比减少19.61%，流动比率0.868、速动比率 0.557、资产负债率60.43%。 天眼查商业履历信息显示，龙佰集团股份有限公司，成立于1998年，位于焦作市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本238629.3256万人民币，实缴资本5216.26万人民币。公 司法定代表人为和奔流。 金融界消息 截至2025年8月20日收盘，龙佰集团（002601）报收于17.89元，上涨2.17%，换手率 1.35%，成交量26.88万手，成交金额4.78亿元。 资金流向方面，今日主力资金净流入6848.25万元，占比成交额14.33%。其中，超大单净流入6087.04万 元、占成交额12.74%，大单净流入761.21万元、占成交额1.59%，中 ...

Group 1 - As of August 19, 2023, the National Social Security Fund has invested in 89 stocks among the top ten circulating shareholders, with the basic chemical industry being the most favored, holding 11 stocks with a total market value of 4.075 billion yuan [1] - Minsheng Securities suggests looking for stocks with good performance in the second quarter, particularly in the new materials industry benefiting from AI capital investment and industry leaders in segments affected by U.S. tariff conflicts [1] - The export window for phosphate fertilizer is approaching, with high demand expected to continue. The export guidance indicates that exports may occur in phases, with the first batch concentrated from May to September, and the total export quota for 2025 is expected to decrease compared to last year [1] Group 2 - As of August 20, 2025, the CSI Sub-Industry Chemical Theme Index (000813) increased by 0.39%, with notable stock performances including Lianhong New Science (up 10.01%) and Yuntianhua (up 4.84%) [2] - The Chemical ETF (159870) rose by 0.63%, with a latest price of 0.64 yuan and a net subscription of 100 million shares during the trading session [2] - The CSI Sub-Industry Chemical Theme Index tracks the performance of large and liquid listed companies in the chemical sector, reflecting the overall performance of these companies [4] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index include Wanhua Chemical, Salt Lake Potash, and Juhua Co., with these stocks accounting for 43.54% of the total index weight [5]

展望后市，中原证券指出，随着化工行业反内卷整治的进一步深入，部分化工子行业产能重复建设、无序过度竞争的局面有望缓解，迎来景气 的阶段性好转。建议继续关注农药、有机硅和涤纶长丝等行业。 华安证券指出，化工品行情分化明显，价格有望逐渐修复。全球化工行业在能源结构转型与宏观政策调整中呈现分化格局。煤炭产能释放叠加 新能源替代加速，基础化工成本压力边际缓解，化工品价格中枢逐步稳定，部分细分领域进入修复通道。其中：受新增产能集中投放影响，传 统重资产化工行业仍处于弱周期震荡阶段；油气深加工产业链凭成本优势与高端化转型，盈利韧性持续凸显；电子化学品/可降解/新能源材料等 依托技术迭代与政策红利，需求放量驱动盈利。 化工板块今日（8月20日）重拾攻势！反映化工板块整体走势的化工ETF（516020）开盘后迅速拉升，盘中场内价格最高涨幅达到1.04%，后略 有回落，截至发稿，涨0.79%。 成份股方面，磷化工、涂料油墨、橡胶制品等板块部分个股涨幅居前。截至发稿，联泓新科强势涨停，云天化飙涨超5%，三棵树、中化国际大 涨超3%，兴发集团、龙佰集团等涨超2%。 | | | 分时 多日 1分 5分 15分 30分 | କ | | ...

从估值方面来看，Wind数据显示，截至昨日（8月19日）收盘，化工ETF（516020）标的指数细分化工 指数市净率为2.1倍，位于近10年来28.18%分位点的低位，中长期配置性价比凸显。 展望后市，中原证券指出，随着化工行业反内卷整治的进一步深入，部分化工子行业产能重复建设、无 序过度竞争的局面有望缓解，迎来景气的阶段性好转。建议继续关注农药、有机硅和涤纶长丝等行业。 化工板块今日（8月20日）重拾攻势！反映化工板块整体走势的化工ETF（516020）开盘后迅速拉升， 盘中场内价格最高涨幅达到1.04%，后略有回落，截至发稿，涨0.79%。 成份股方面，磷化工、涂料油墨、橡胶制品等板块部分个股涨幅居前。截至发稿，联泓新科强势涨停， 云天化飙涨超5%，三棵树、中化国际大涨超3%，兴发集团、龙佰集团等涨超2%。 | | | 分制 多日 1分 5分 15分 30分 · | | | | F9 盘前盘后 盛加 九转 面线 工具 份 2 | | 4. TETF | | 159870 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]