基础化工行业专题报告：9月钛矿维持高价，钛白粉价差改善

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - In September, titanium ore prices remained high, and the price gap for titanium dioxide improved [1] - The report suggests focusing on Longbai Group, which has a strong production capacity and cost advantages in the titanium dioxide industry [2][28] Summary by Sections Titanium Ore - In September, domestic titanium ore production and sales slightly declined, with production at 610,200 tons (down 4.36% month-on-month) and sales at 428,700 tons (down 2.62% month-on-month) [2][6] - Import and export volumes were 26,770 tons and 520 tons respectively, with significant declines of 57.17% and 17.40% month-on-month [9] - The average price of titanium concentrate was approximately 2,175 RMB/ton at the end of September, showing a month-on-month increase of about 2.26% [11][2] Titanium Dioxide - In September, titanium dioxide production was 395,100 tons (down 0.55% month-on-month), while sales increased by 0.84% to 225,500 tons [12][18] - The average price of titanium dioxide was approximately 15,231 RMB/ton at the end of September, down 1.19% from the beginning of the month [19][20] - The price gap for sulfuric acid titanium dioxide was about 9,617 RMB/ton, benefiting from a decrease in raw material prices [20] Sponge Titanium - Sponge titanium production in September was 21,700 tons (down 4.82% month-on-month), with consumption at 4,800 tons (down 33.54% month-on-month) [21][24] - The average price of sponge titanium was around 43,000 RMB/ton, with prices under pressure due to weak downstream demand [28][27] - The inventory of sponge titanium increased to approximately 780 tons by the end of September [24][22] Investment Recommendations - Longbai Group is recommended for investment due to its annual production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, along with significant cost advantages and a complete industry chain [28][2]