Zhi Tong Cai Jing·2025-10-17 07:53Group 1 - The core viewpoint is that China, as the largest titanium dioxide producer globally, is positioned to increase its market share due to the shutdown of several overseas production facilities [2][3] - In 2024, China's titanium dioxide production capacity is expected to account for 56% of the global total, with the CR4 concentration at 44% [2] - The domestic titanium dioxide industry is characterized by a structure of "one strong leader, multiple strong players, and a long tail," with Longbai Group leading in capacity and market share [3] Group 2 - The domestic demand for titanium dioxide is closely related to the real estate sector, with a positive correlation between housing construction and apparent consumption [4] - Despite anti-dumping investigations from several countries, there remain opportunities for China's titanium dioxide exports due to high dependency on imports in some major markets [4] - The average operating rate for domestic titanium dioxide was 70% from January to August 2025, leading to a significant accumulation of inventory and a downward trend in prices [5] Group 3 - The price difference for domestic sulfuric acid titanium dioxide products reached 5,278 yuan/ton as of September 19, marking the lowest level since 2006 [5] - Approximately 19% of the titanium dioxide production capacity in China is over 20 years old, indicating a significant portion of aging capacity in the industry [6] Group 4 - Longbai Group is highlighted as a key player in the industry, with a comprehensive layout across the titanium value chain, including titanium dioxide, sponge titanium, zirconium products, and lithium battery materials [7] - The company has a production capacity of 1.51 million tons per year for titanium dioxide and 80,000 tons per year for sponge titanium, both ranking first globally [7] - Longbai Group possesses multiple mining rights, ensuring a stable supply of titanium concentrate for production [7]