钛白粉行业分析：“反内卷”政策下，钛白粉行业景气度有望改善

Investment Rating - The industry rating is maintained at "Overweight" [5][28] Core Viewpoints - The "anti-involution" policy is expected to improve the prosperity of the titanium dioxide industry, which has been facing challenges due to rapid capacity expansion leading to oversupply and historically low price differentials [4][8] - As of June 23, 2025, 21.86% of titanium dioxide production capacity is considered outdated, primarily using the sulfate process, which is targeted for elimination under the new policy [4][8] - The elimination of outdated capacity is anticipated to gradually alleviate the oversupply situation in the titanium dioxide industry [4][8] Summary by Sections Industry Data - The titanium dioxide industry has experienced a downturn due to rapid capacity expansion and oversupply, resulting in price differentials at historical lows [4][8] - The "anti-involution" policy aims to assess and eliminate outdated production facilities, which could significantly impact the industry's supply dynamics [4][8] Investment Recommendations - The report suggests maintaining an "Overweight" rating for the industry and recommends focusing on leading companies such as Longbai Group [5][28]