钛白粉11月月报：钛白粉价格承压，行业景气低谷或将持续

Investment Rating - The industry rating is "Strongly outperform the market" [3][67]. Core Viewpoints - The industry is experiencing a downward trend in its economic climate, with titanium dioxide prices under pressure. As of November 29, the average price for titanium dioxide in November was 14,448 RMB/ton, a decrease of 349 RMB/ton compared to October, primarily due to a continued oversupply and a decline in demand [12][20]. - The average price of titanium ore has also decreased, with the average price for Panzhihua titanium concentrate (TiO2≥46%) at 2,057 RMB/ton, down 100 RMB/ton or 4.6% from October [14]. - The production of titanium dioxide in November was 275,000 tons, a year-on-year decrease of 8.8% and a month-on-month decrease of 5.2% [30]. - Exports of titanium dioxide showed a significant increase in October, with a volume of 154,000 tons, up 29.8% year-on-year, driven by demand from developing countries [40][42]. Summary by Sections 1. Titanium Dioxide and Raw Material Price Review - The industry is facing downward pressure, with titanium dioxide prices declining due to oversupply and reduced demand [12]. - The average price of titanium ore has decreased, while the price of concentrated sulfuric acid has slightly increased [14][16]. - The price differential for titanium dioxide has continued to decline, indicating further pressure on margins [20]. 2. Production Situation of Titanium Dioxide Enterprises - The production volume of titanium dioxide in November was 275,000 tons, with a decrease in both year-on-year and month-on-month comparisons [30]. - The operating rate of enterprises was 63.58%, down from 67.51% at the end of October [30]. - Inventory levels remain high, with a slight decrease to 310,000 tons [36]. 3. Import and Export Situation - Exports of titanium dioxide in October increased significantly, with developing countries like India and Brazil contributing to the demand [40][42]. - The cumulative export volume from January to October was 1,594,000 tons, reflecting a 16% year-on-year increase [42]. 4. Downstream Demand Tracking - The demand for titanium dioxide is closely linked to the real estate market, which is expected to stabilize, potentially boosting demand for coatings [50]. - Other sectors such as plastics, paper, and automotive are also showing stable growth trends [52]. 5. Titanium Dioxide Sector and Key Company Trends - The China Titanium Dioxide Index was 1,674 points as of November 28, reflecting a 1.3% decrease from the previous month [58]. - Key companies in the sector include Longbai Group, which has a significant production capacity and is expanding its upstream resources [63]. 6. Investment Recommendations - The report suggests focusing on Longbai Group, which has a leading position in titanium dioxide production and is expanding its resource base to ensure raw material security [63].