Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The titanium dioxide market is expected to rebound, with significant advantages from the company's deep industry layout [2] - In 2025, titanium dioxide prices faced continuous pressure, but a bottoming recovery is anticipated in 2026 due to industry-wide price increases and tightening supply [5][6] Summary by Relevant Sections Market Conditions - In 2025, the market price of Longbai R-996 titanium dioxide decreased from 14,900 CNY/ton to 13,500 CNY/ton, a decline of 9.4%, placing prices at the 1% percentile over the past five years [6] - The price of sulfur, a key raw material, rose significantly, reaching 963 CNY/ton by the end of 2025, up 143.18% from the beginning of the year, which narrowed the price gap for titanium dioxide [6] Mergers and Acquisitions - The company announced an agreement to acquire assets related to titanium dioxide from Venator UK for approximately 69.9 million USD, with a net book value of about 195 million USD [8] - This acquisition will enhance the company's global layout and increase its total titanium dioxide production capacity to 1.66 million tons [8] Upstream Resource Development - The company is actively developing upstream mineral resources to strengthen its integrated industry chain, with projects aimed at increasing titanium concentrate capacity to 2.48 million tons/year and iron concentrate capacity to 7.6 million tons/year [10] Share Buyback and Employee Incentives - The company approved a share buyback plan with a total fund of no less than 500 million CNY and no more than 1 billion CNY, aimed at employee stock ownership plans [11] - As of December 31, 2025, the company had repurchased 1,564,600 shares, demonstrating confidence in its development [12] Financial Projections - The company is projected to achieve net profits of 2.083 billion CNY, 2.567 billion CNY, and 3.165 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25.17, 20.43, and 16.56 [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The titanium dioxide market is expected to rebound, with significant advantages from the company's deep industry layout [2] - In 2025, titanium dioxide prices faced continuous pressure, but a bottoming recovery is anticipated in 2026 due to industry-wide price increases and tightening supply [5][6] Financial Summary - The company's total market capitalization is 52.4 billion yuan, with a circulating market value of 43.7 billion yuan [3] - The company has a total share capital of 2,384 million shares, with 1,988 million shares in circulation, representing a circulation ratio of 83.36% [3] - The projected net profit for the company from 2025 to 2027 is 2.083 billion, 2.567 billion, and 3.165 billion yuan, respectively, with corresponding P/E ratios of 25.17, 20.43, and 16.56 [13] Industry Analysis - The titanium dioxide price dropped from 14,900 yuan/ton at the beginning of 2025 to 13,500 yuan/ton, a decline of 9.4%, placing it at the 1% percentile of the last five years [6] - The price of sulfur, a key raw material, increased significantly, reaching 963 yuan/ton by the end of 2025, up 143.18% from the beginning of the year, which narrowed the price gap for titanium dioxide [6] - The company has announced the acquisition of Venator UK's titanium dioxide assets, which will enhance its global layout and increase total titanium dioxide production capacity to 1.66 million tons [8] Strategic Initiatives - The company is actively developing upstream mineral resources to strengthen its integrated industry chain advantages, with projects aimed at increasing titanium concentrate capacity to 2.48 million tons/year and iron concentrate capacity to 760,000 tons/year [10] - A share repurchase plan was approved, with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, aimed at employee stock ownership plans, reflecting confidence in the company's future [11][12]

Group 1 - The core viewpoint of the news is that Longbai Group's stock has experienced fluctuations, with a recent decline of 2.00% and a current price of 21.56 CNY per share, while the company has seen a year-to-date increase of 10.11% [1] - As of January 23, the trading volume was 4.59 billion CNY, with a turnover rate of 1.06% and a total market capitalization of 514.04 billion CNY [1] - The main business revenue composition of Longbai Group includes titanium dioxide at 64.99%, sponge titanium at 11.17%, iron-based products at 8.77%, and other segments [1] Group 2 - As of December 19, the number of shareholders for Longbai Group was 80,600, a decrease of 1.79%, while the average circulating shares per person increased by 1.82% to 24,667 shares [2] - For the period from January to September 2025, Longbai Group reported a revenue of 19.436 billion CNY, a year-on-year decrease of 6.86%, and a net profit attributable to shareholders of 1.674 billion CNY, down 34.68% year-on-year [2] - Longbai Group has distributed a total of 19.624 billion CNY in dividends since its A-share listing, with 5.717 billion CNY distributed in the last three years [3]

Investment Rating - The report assigns an "Overweight" rating for the real estate chain chemical products sector [1]. Core Insights - The report emphasizes that the improvement in the supply-demand structure of real estate chain chemical products is expected to drive a long-term upward trend. It recommends specific products such as MDI, titanium dioxide, PVC, soda ash, organic silicon, and refrigerants [2][3]. Summary by Sections Industry Overview - The report discusses the concept of "high-quality development" in real estate, indicating that the supply-demand dynamics for chemical products related to real estate are set to improve, which will support a long-term upward trend in the market [2]. Investment Recommendations - The report highlights key companies to invest in, including: - MDI leader Wanhua Chemical - Titanium dioxide leader Longbai Group - Soda ash leader Boyuan Chemical - Organic silicon leader Hesheng Silicon - Refrigerant leader Juhua Co. - PVC leader Zhongtai Chemical and Xinjiang Tianye [3][4]. Market Dynamics - The report notes that while China's housing demand has shifted from aggressive growth, there is still medium-term support for total demand, projected to stabilize at 700-800 million square meters during the 14th and 15th Five-Year Plans. Factors such as demand improvement, urban renewal, and urbanization are expected to stabilize the overall transaction scale in the industry [3]. Product Applications - The report details the applications of various chemical products in the real estate sector: - MDI is used in environmentally friendly board production and insulation materials for refrigerators - Titanium dioxide is a key white pigment in coatings - PVC is primarily used in the real estate sector, directly influenced by new housing starts and construction progress - Soda ash is essential for producing flat glass and glass products, benefiting from urban renewal projects - Organic silicon adhesives are used in construction for sealing and bonding [3]. Supply and Demand Outlook - The report indicates that the demand side is expected to stabilize due to policy support and the stabilization of real estate companies, while the supply side is seeing an end to expansion in many sectors. This combination is anticipated to improve the supply structure and alleviate competitive pressures [3].

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) experiencing fluctuations before a significant increase, closing up 1.14% after reaching a peak intraday gain of 1.56% [1][6] - Key stocks in the sector include Zhongjian Technology, which surged by 7.54%, and Hebang Biology, which rose by 7%, along with other notable gains from Longbai Group, Luxi Chemical, and Rongsheng Petrochemical [1][7] - Recent price increases in basic chemical products have been reported, with sulfur prices reaching a near ten-year high, prompting the phosphate fertilizer industry to take measures to stabilize supply and prices [9] Group 2 - According to Huafu Securities, the chemical industry has undergone a bottoming process in profitability and valuation, with expectations for a recovery in 2026 as the industry enters a new phase of supply-demand rebalancing [3][9] - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering stocks related to AI computing power, anti-involution policies, robotics, and new energy, providing a potentially efficient way to invest in the sector [3][9] - The ETF's performance is supported by the recent upward trends in the prices of key chemical products, indicating a favorable market environment for investors [9]

Group 1 - The chemical raw materials sector increased by 1.74% on January 22, with Xue Tian Salt Industry leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Notable gainers in the chemical raw materials sector included Xue Tian Salt Industry (+7.47%), Longbai Group (+6.38%), and Luxi Chemical (+5.08%) [1] Group 2 - The chemical raw materials sector experienced a net outflow of 233 million yuan from institutional investors, while retail investors saw a net outflow of approximately 11.85 million yuan [2] - The top individual stock in terms of net inflow from institutional investors was Baofeng Energy, with a net inflow of 141 million yuan [3] - Xue Tian Salt Industry had a net inflow of 57.98 million yuan from institutional investors, despite a net outflow from retail investors [3]

1月22日，龙佰集团涨5.08%，截至发稿，报21.73元/股，成交5.95亿元，换手率1.41%，总市值518.10亿 元。龙佰集团股价已经连续3天上涨，区间累计涨幅4.66%。 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%。 从基金十大重仓股角度 数据显示，信达澳亚基金旗下1只基金重仓龙佰集团。信澳鑫悦智选6个月持有期混合A（019692）三季 度持有股数2600股，占基金净值比例为0.39%，位居第五大重仓股。根据测算，今日浮盈赚取约2730 元。连续3天上涨期间浮盈赚取2392元。 信澳鑫悦智选6个月持有期混合A（019692）成立日期2023年12月22日，最新规模155.39万。今年以来收 益1.44%，同类排名7203/8843；近一年收益4.22%，同类排名7407/8096；成立以来收益1 ...

Core Viewpoint - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) showing a price increase of 1.24% as of January 22, 2026, driven by significant gains in stocks such as Hebang Biotechnology and Zhongjian Technology [1][8]. Group 1: Market Performance - The chemical ETF (516020) has seen a net inflow of over 870 million yuan in the last five days and nearly 1.2 billion yuan in the last ten days [3][10]. - Key stocks in the sector include Hebang Biotechnology, which surged over 9%, and Zhongjian Technology, which rose over 6% [1][8]. Group 2: Industry Outlook - Dongfang Securities is optimistic about the chemical industry, citing a collective shift in corporate strategies that could lead to improved market conditions [3][10]. - The report highlights five areas of focus: MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle chips [3][10]. Group 3: Investment Opportunities - Huaxin Securities notes that while the overall chemical industry remains weak, certain sub-sectors like lubricants have outperformed expectations [3][11]. - Investment opportunities are suggested in glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [3][11]. Group 4: ETF Structure - The chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Industry [4][11]. - The remaining 50% is diversified across leading stocks in phosphate fertilizers, fluorine chemicals, and nitrogen fertilizers [4][11].

Summary of Conference Call on Chemical Materials in Commercial Aerospace Industry Overview - The commercial aerospace sector has a significant demand for specialty chemical materials, including carbon fiber, epoxy resin, ceramic shells, thermal insulation materials (PI, PET), and high-temperature alloys (containing chromium salts, tantalum, and niobium) due to their superior performance and adaptability to space environments [1][3]. Key Insights and Arguments - **Ceramic Shells**: The highest value chemical material in satellite manufacturing, with a single satellite requiring approximately 1 million yuan worth of ceramic shells. If 4,000 satellites are launched over three years, the market size could reach 4 billion yuan, presenting substantial opportunities for suppliers [1][4][6]. - **Carbon Fiber**: Used extensively in satellites, with each satellite utilizing tens to hundreds of kilograms. The price ranges from hundreds of thousands to millions per ton, indicating a broad market potential as a significant growth point in commercial aerospace chemical materials [1][4][6]. - **Tantalum and Niobium Alloys**: Although their overall usage is relatively low, they are crucial components in rockets. The sales volume may decrease due to advancements in rocket reusability technology [2][5]. Notable Companies and Market Opportunities - **Guocera Materials**: A core supplier of ceramic shells, holding a significant market share in domestic satellite launches. The company is expected to significantly enhance its performance in the commercial aerospace sector [1][6]. - **Zhenhua Co., Ltd.**: Produces specialized products benefiting from environmental regulations and military demand growth, showing continuous economic improvement and reasonable valuation, making it a company to watch in commercial aerospace applications [1][6]. - **Dongcai Technology**: Leading in the field of bismaleimide resin, indicating a strong position in the market [1][6]. - **Longbai Group**: Produces titanium materials and other additives for aerospace products, demonstrating significant advantages in its niche market [1][6]. Additional Important Points - The materials used in satellites must withstand extreme temperature variations and strong electronic radiation while maintaining high precision. Common materials include carbon fiber reinforced resin composites, epoxy resin, and bismaleimide resin [3]. - Thermal insulation materials such as PI, PET, and polyester short fibers are also essential for satellite applications [3][4].

Group 1 - The chemical raw materials sector increased by 0.17% on January 21, with Xinjinlu leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Notable gainers in the chemical raw materials sector included Xinjinlu, which rose by 10.03% to a closing price of 17.99, and Jinrui Mining, which increased by 10.00% to 15.18 [1] Group 2 - The chemical raw materials sector experienced a net outflow of 232 million yuan from institutional funds, while retail investors saw a net inflow of 306 million yuan [2] - Major stocks with significant net inflows included Xinjinlu with 177 million yuan and Baofeng Energy with 104 million yuan [3] - Conversely, stocks like Huarong Chemical and Xinjiang Tianye faced declines of 4.72% and 4.15%, respectively [2]