Market Overview - On October 23, the chemical raw materials sector rose by 1.17%, with Shilong Industrial leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Performers - Shilong Industrial (002748) closed at 13.98, up 9.99% with a trading volume of 286,600 shares and a transaction value of 394 million [1] - Kaisheng New Materials (301069) closed at 25.02, up 6.97% with a trading volume of 348,800 shares [1] - Zhongyida (600610) closed at 12.15, up 4.83% with a trading volume of 879,500 shares [1] Underperformers - Sanqi Co. (603938) saw a decline of 10.00%, closing at 17.73 with a trading volume of 326,900 shares and a transaction value of 589 million [2] - Chiyanjingshen (663299) decreased by 6.17%, closing at 11.56 with a trading volume of 378,800 shares [2] - Hengguang Co. (301118) fell by 3.88%, closing at 25.00 with a trading volume of 54,400 shares [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 48.83 million from institutional investors, while retail investors saw a net inflow of 205 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Zhongyida (600610) had a net inflow of 103 million from institutional investors, while retail investors showed a net outflow of approximately 97 million [3] - Shilong Industrial (002748) recorded a net inflow of 31.81 million from institutional investors, with retail investors also showing a net outflow [3] - Kaisheng New Materials (301069) had a net inflow of 52.49 million from institutional investors, while retail investors experienced a net outflow of about 49.64 million [3]

Core Viewpoint - Longbai Group's stock price has shown fluctuations with a year-to-date increase of 12.15%, while recent trading days indicate a slight decline [1][2]. Financial Performance - For the first half of 2025, Longbai Group reported revenue of 13.342 billion yuan, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% [2]. - Cumulative cash dividends since the company's A-share listing amount to 19.387 billion yuan, with 5.958 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 19, 2025, the number of shareholders for Longbai Group is 87,900, a decrease of 8.31% from the previous period, while the average circulating shares per person increased by 9.06% to 22,610 shares [2]. - The eighth largest circulating shareholder, Hong Kong Central Clearing Limited, holds 41.0331 million shares, a reduction of 4.028 million shares compared to the previous period [3]. Market Activity - On October 23, Longbai Group's stock price rose by 2.12% to 19.26 yuan per share, with a trading volume of 177 million yuan and a turnover rate of 0.47%, resulting in a total market capitalization of 45.96 billion yuan [1]. - The net inflow of main funds was 2.9051 million yuan, with significant buying and selling activities recorded [1].

Core Viewpoint - Longbai Group's stock price has experienced fluctuations, with a year-to-date increase of 11.28% but a recent decline in the last five and twenty trading days [2] Group 1: Stock Performance - On October 22, Longbai Group's stock fell by 2.05%, trading at 19.11 CNY per share, with a total market capitalization of 456.02 billion CNY [1] - The stock has seen a 2.90% decrease over the last five trading days and a 2.25% decrease over the last twenty days, while it has increased by 10.72% over the last sixty days [2] Group 2: Financial Performance - For the first half of 2025, Longbai Group reported a revenue of 13.342 billion CNY, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.385 billion CNY, down 19.53% year-on-year [2] - Since its A-share listing, Longbai Group has distributed a total of 19.387 billion CNY in dividends, with 5.958 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of September 19, 2025, the number of shareholders in Longbai Group was 87,900, a decrease of 8.31% from the previous period, with an average of 22,610 circulating shares per shareholder, an increase of 9.06% [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 41.0331 million shares, a decrease of 4.028 million shares from the previous period [3] Group 4: Business Overview - 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 [2] - The main revenue composition includes titanium dioxide (64.99%), sponge titanium (11.17%), iron-based products (8.77%), and other materials [2]

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector experienced a decline, with the new materials index falling by 5.20%, outperforming the ChiNext index by 0.52% [2]. - The rapid penetration of generative artificial intelligence (AI) is highlighted, with a user base exceeding 510 million, suggesting significant investment opportunities in AI-related new materials [4]. - The report emphasizes the increasing demand for high-frequency and high-speed copper-clad laminates, driven by the growth in AI server requirements [5]. Summary by Sections 1. Market Performance - The new materials sector saw a decline, with key indices such as the synthetic biology index down by 3.08%, semiconductor materials down by 10.20%, and battery chemicals down by 11.53% over the past five trading days [2][16]. - The overall market performance for the week showed a drop in both basic chemicals and new materials, with the CSI 300 index down by 2.22% and the Shanghai Composite index down by 1.47% [12]. 2. Price Tracking - Amino acids showed varied price changes, with valine at 12,400 RMB/ton (-1.20%) and arginine at 21,950 RMB/ton (-2.01%) [3]. - Prices for biodegradable plastics remained stable for some products, while others like PLA (REVODE 201) saw a slight decrease to 17,000 RMB/ton (-1.16%) [3]. 3. Investment Recommendations - The report suggests focusing on companies like Shengquan Group, Dongcai Technology, and Zhongcai Technology, which are positioned to benefit from the rising demand for core raw materials in high-frequency and high-speed applications [5]. - The rapid growth in AI technology is expected to drive a tenfold increase in computing power demand by 2035, creating further opportunities in the new materials sector [4].

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59.58亿元。 融资方面，龙佰集团当日融资买入2909.86万元。当前融资余额5.71亿元，占流通市值的1.25%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，龙佰集团10月20日融券偿还8100.00股，融券卖出2300.00股，按当日收盘价计算，卖出金额 4.40万元；融券余量21.44万股，融券余额410.15万元，超过近一年90%分位水平，处于高位。 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%。 截至9月19日，龙佰集团股东户数8.79万，较上期减少8.31%；人均流通股22610股，较上期增加9.06%。 2025年1月-6月，龙佰集团实现营业收入133.42亿元，同比减少3.35%；归母净利润13.85亿元， ...

Group 1 - The report highlights a potential shift in market style towards "profit quality + valuation safety" large-cap blue chips in Q4, driven by conservative funding behavior and policy expectations [1][20][21] - It notes that leading industries are concentrated in financial, stable, and cyclical sectors, reflecting a decrease in investor risk appetite as they seek to lock in annual gains [1][21] - The report suggests that low-valuation sectors may have switching potential, but emphasizes that mere low valuation may not sustain a continuous market rally without policy catalysts and economic data improvement [1][21] Group 2 - The report indicates an upward trend in industries such as coal, electronics, home appliances, automotive, and environmental protection, while sectors like oil and petrochemicals, machinery, food and beverage, banking, real estate, public utilities, and retail are trending downward [22][23] - It predicts that industries such as commercial vehicles, automotive parts, automation equipment, and engineering machinery will perform well in the coming weeks [22][23] - The report identifies three main investment directions: breakthroughs in technology AI, economic recovery with a focus on strong performers, and the continued rise of undervalued sectors [24][25] Group 3 - The report discusses Longbai Group's acquisition of Venator UK, which is expected to enhance the global competitiveness of China's titanium dioxide industry [7] - The acquisition will increase Longbai Group's total capacity to 1.66 million tons, with chloride process capacity rising to 810,000 tons, allowing for better market access and reduced anti-dumping tax exposure [7] - The report notes that Longbai's titanium dioxide segment generated $1.18 billion in revenue in 2023, a 26% year-over-year decline due to weak demand and price drops [7] Group 4 - The report on the food and beverage sector indicates that the market atmosphere during the "Double Festival" was relatively flat, with traditional peak season effects weakening [9] - It mentions that while terminal sales showed a mild recovery, channel profits are narrowing, and inventory levels among distributors remain high [9] - The report anticipates that as Q3 earnings are disclosed, risks may be fully released, potentially leading to a recovery in sector sentiment [9]

行业报告 | 行业点评 基础化工 证券研究报告 10 月 16 日，龙佰集团公告，下属子公司佰利联欧洲于 2025 年 10 月 15 日 与 Venator UK 签署《资产购买协议》，佰利联欧洲拟以支付现金的方式收购 Venator UK 持有的与钛白粉业务相关的资产，包括土地房屋、机器设备、 备品备件、业务账簿、知识产权、存货等。 Venator 是欧美四大钛白粉生产商之一，2016 年以来产能持续压缩，2023 年收入同比下滑 28% Venator 同 Chemours、Tronox、Kronos 是欧美四大钛白粉生产商，其同时 拥有硫酸法和氯化法两种生产工艺。Venator UK 则是 Venator 旗下唯一一 个生产氯化法钛白粉的工厂，设计年产能 15 万吨/年，拥有良好的产品品质 与客户关系。根据 Venator UK 管理账簿，截至 2025 年 8 月 31 日，标的资 产账面原值约 5.34 亿美元，已计提折旧或准备约 3.39 亿美元，账面净值约 1.95 亿美元。 自 2016 年以来，泛能拓产能持续压缩，多工厂停产或出售。2023 年泛能拓 收入为 15.56 亿美元，同比-28 ...

Group 1 - The report highlights the strategic acquisition of Venator UK's titanium dioxide business assets by Longbai Group, aiming to enhance its European operations and global footprint [6][7][8] - Longbai Group plans to establish subsidiaries in Malaysia and the UK, investing $5 million and $50 million respectively, to further its globalization strategy [4][9] - The titanium dioxide market is experiencing price increases, with the current market price for sulfate titanium dioxide ranging from 12,700 to 13,800 RMB per ton, indicating a positive market trend for Longbai Group [10] Group 2 - Haiguang Information reported a significant revenue growth of 54.65% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 revenue growth reaching 69.60% [12][13] - The company is expanding its market presence through partnerships with key industry players, which is driving its revenue and profit growth [13][15] - Haiguang's CPU and DCU segments are expected to see substantial growth, particularly with increasing demand from government and internet sectors [16] Group 3 - The report indicates that the advertising business of Baidu is under short-term pressure, while AI SaaS is positively impacting cloud services [31][32] - Baidu's core revenue is projected to decline by 8% in Q3 2025, with online marketing revenue expected to drop by 22% [31][34] - The company is focusing on AI-driven search transformation to enhance user engagement and satisfaction, which may provide long-term growth potential [32] Group 4 - The report discusses the mechanical industry, specifically the Japanese motorcycle market, which saw a total production of 639,000 units in 2024, a decrease of 6.4% year-on-year [21] - The domestic sales of motorcycles in Japan totaled 368,000 units in 2024, reflecting a decline of 9.2% year-on-year [22] - The report emphasizes the export dynamics and overseas production capacity of Japanese motorcycle manufacturers, with a total export volume of 484,000 units in 2024 [24] Group 5 - Zhongke Shuguang reported a revenue of 8.804 billion RMB for the first three quarters of 2025, with a year-on-year growth of 9.49% [26][27] - The company's non-recurring net profit increased by 66.79% year-on-year, indicating a significant improvement in its core business profitability [27][28] - The launch of the Shuguang AI supercluster system is expected to enhance the company's competitive position in the AI computing infrastructure market [28] Group 6 - The report indicates that the coal price is expected to show a long-term upward trend due to rising production costs and increased taxation [43][46] - The coal industry has experienced a consistent upward price trend over the past 30 years, driven by factors such as labor costs and environmental investments [44][46] - The report suggests that the coal price will continue to face upward pressure in the long term, despite potential fluctuations [46] Group 7 - The report highlights the growth of the cloud computing and network security sectors, with a focus on AI-driven opportunities for companies like Deepin Technology [47] - Deepin Technology has seen a significant increase in its cloud computing revenue, which now constitutes 46.36% of its total revenue, reflecting its strategic shift towards cloud services [47]

Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company’s subsidiary, Baileyan Europe, signed an asset purchase agreement with Venator UK to acquire assets related to the titanium dioxide business for a total consideration of $69.9 million, with additional estimated taxes of approximately $14.19 million [2][6]. - The acquisition aims to enhance the company's international competitiveness and service overseas customers, with plans to establish subsidiaries in Malaysia and the UK with investments of $5 million and $50 million, respectively [6]. - The acquisition of Venator UK, a key player in the high-end chloride titanium dioxide market, is expected to strengthen the company's position globally and improve production efficiency and sales structure [14]. - The company is expanding its upstream resource scale, focusing on projects that will increase titanium concentrate and iron concentrate production capacities significantly [14]. Summary by Sections Acquisition Details - The company plans to acquire Venator UK's titanium dioxide-related assets, which include land, buildings, machinery, and inventory, with a net asset value of approximately $195 million as of August 31, 2025 [2][6]. Market Strategy - The company is responding to anti-dumping investigations in various regions by implementing an overseas expansion strategy, which includes establishing new factories to be closer to end markets and mitigate high anti-dumping taxes [14]. Financial Projections - The projected net profits for the company from 2025 to 2027 are estimated to be 2.29 billion, 3.17 billion, and 3.98 billion yuan, respectively [14].