钛白粉12月月报：钛白粉价格有企稳迹象，行业仍处景气低谷

Investment Rating - The industry rating is "Outperform the Market" [27] Core Viewpoints - The titanium dioxide (TiO2) price has stabilized after a decline, but the industry remains in a low cycle [26] - Demand from developing countries is expected to continue driving exports, with November exports increasing by 19.5% year-on-year [26][70] - The real estate market is anticipated to stabilize, which will boost demand for coatings, while other downstream sectors like plastics, paper, and automotive are showing steady growth [3] Summary by Sections 1. Titanium Dioxide and Raw Material Price Review - As of December 27, the average price of titanium dioxide in December was 14,250 CNY/ton, a decrease of 198 CNY/ton from November [26] - The average price of titanium ore decreased by 4.7% to 1,960 CNY/ton in December [38] 2. Titanium Dioxide Production Situation - November production of titanium dioxide was 275,000 tons, down 8.8% year-on-year and 5.2% month-on-month [19] - The operating rate as of December 26 was 65.45%, an increase of 1.87 percentage points from the end of November [19] 3. Import and Export Situation - November exports of titanium dioxide reached 149,000 tons, a year-on-year increase of 19.5%, with cumulative exports from January to November at 1.743 million tons, up 16.3% year-on-year [70] - Major export markets in November included India (20%), Vietnam (5%), Turkey (5%), UAE (5%), and South Korea (5%) [2][75] 4. Downstream Demand Tracking - The downstream demand for titanium dioxide is primarily from coatings (58%), plastics (22%), paper (7%), and inks (4%) [3] - The real estate sector's recovery is expected to enhance demand for coatings, while other sectors like plastics and automotive are also showing stable growth [3] 5. Titanium Dioxide Sector and Key Company Trends - The report suggests focusing on leading companies with titanium ore advantages, particularly Longbai Group, which has a total titanium dioxide production capacity of 850,000 tons/year using the sulfate process and 660,000 tons/year using the chloride process [26][59] - Longbai Group is expanding its upstream resources and aims to achieve an annual titanium ore production capacity of 2.48 million tons by the end of 2025 [59]