9月29日，甘肃省工商联发布2025甘肃民营企业100强榜单，中核华原钛白股份有限公司、甘肃中瑞铝业有限公司、甘肃忠恒实业投资集团有限公司、甘肃 东方钛业有限公司、靖远高能环境新材料技术有限公司、白银中天新材料有限责任公司、甘肃品高食品有限公司、甘肃新基工程建设有限公司等白银市8 家企业入围。其中，3家企业跻身10强，入围企业数量位居市州第3位。 此次入围的8家企业，作为白银市民营经济的标杆企业，多年来，积极响应市委、市政府号召，聚焦主业，做强实业，企业规模不断壮大，盈利能力持续 增强，为我市民营经济高质量发展注入了强劲动力。 中核华原钛白股份有限公司：作为钛白粉行业的领军型企业，素来享有中国钛白"黄埔军校"的美誉。公司于2007年8月在深圳证券交易所上市，主营产品 钛白粉作为"白色颜料之王"，被广泛应用于涂料、塑料、油墨、造纸等行业。位居榜单第7位。 甘肃中瑞铝业有限公司：铝产业链项目是甘肃省"十二五"规划重点招商引资项目和五个千亿级产业重点企业项目之一。2021年4月由杭州锦江集团全面投 资建设，建成后预计年产值达274.13亿元，将成为全国绿色铝产业标杆企业。位居榜单第8位。 甘肃忠恒实业投资集团有限公 ...

Group 1 - The core viewpoint of the news is that Zhongke Titanium White has seen a significant increase in stock price, rising by 5.42% to 5.83 CNY per share, with a trading volume of 742 million CNY and a turnover rate of 3.51%, resulting in a total market capitalization of 22.193 billion CNY [1] - Zhongke Titanium White, established on February 23, 2001, and listed on August 3, 2007, primarily engages in the production and sales of rutile titanium dioxide products, with its main business revenue composition being: titanium dioxide 80.17%, yellow phosphorus 7.30%, logistics 4.96%, new energy materials 3.40%, others 2.84%, and phosphorus ore 1.32% [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) increased its holdings by 4.698 million shares in the second quarter, now holding 25.0034 million shares, which accounts for 0.67% of the circulating shares [2] - The Southern CSI 1000 ETF (512100), established on September 29, 2016, has a latest scale of 64.953 billion CNY, with a year-to-date return of 27.27% and a one-year return of 47.41% [2] - The fund manager, Cui Lei, has been in position for 6 years and 329 days, with a total fund asset scale of 94.976 billion CNY, achieving the best fund return of 145.53% and the worst return of -15.93% during the tenure [2]

Core Viewpoint - The titanium dioxide sector has seen a notable increase of 2.73% as of the market close on September 29, ranking it as the 10th highest gaining sector, with significant contributions from stocks like Donghua Technology and Vanadium Titanium Co., which hit the daily limit up [1]. Group 1: Sector Performance - The titanium dioxide concept sector experienced a rise of 2.73%, with 13 stocks advancing, including Donghua Technology and Vanadium Titanium Co., which reached their daily limit up [1]. - The top gainers in the sector included China Nuclear Titanium Dioxide, Jinpu Titanium Industry, and Anning Co., with respective increases of 4.54%, 3.47%, and 2.10% [1]. Group 2: Capital Flow - The titanium dioxide sector attracted a net inflow of 293 million yuan from main funds, with seven stocks receiving net inflows, led by Vanadium Titanium Co. with a net inflow of 302 million yuan [1]. - The main capital inflow ratios for leading stocks were 41.69% for Vanadium Titanium Co., 13.51% for Lubek Chemical, and 9.33% for Donghua Technology [2]. Group 3: Individual Stock Performance - Vanadium Titanium Co. had a daily increase of 10.00% with a turnover rate of 2.62% and a main capital flow of 301.90 million yuan [2]. - Donghua Technology also saw a rise of 10.02% with a turnover rate of 3.56% and a main capital flow of 23.99 million yuan [2]. - China Nuclear Titanium Dioxide increased by 4.54% with a turnover rate of 3.64% and a main capital flow of 17.07 million yuan [2].

化工板块今日（9月29日）逆市拉升！反映化工板块整体走势的化工ETF（516020）开盘后持续红盘震 荡，盘中场内价格涨幅一度接近1%，截至发稿，涨0.68%。 成份股方面，氟化工、锂电、钛白粉等板块部分个股涨幅居前。截至发稿，多氟多涨停，天赐材料飙涨 超7%，新宙邦涨超6%，恩捷股份、巨化股份等跟涨超3%。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 * | | | | | F9 盘前盘后 强加 九转 画线 工具 份 (2 > | | 化工ETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 516020(KLLETE) 09:48 价 0.742 程度 0.005(0.68%) 580 0.742 服交量 1405 IDPV 0.7431 ? 2 | | | | 1.009 | 0.742 | | +0.005 +0.68% | | Status of the Party of | | | | | | | | | SSE CNY 9 ...

Core Viewpoint - China Nuclear Titanium White (中核钛白) has decided to divest its vanadium-titanium assets to focus on its core business areas, which include titanium chemicals, phosphorus chemicals, and new energy materials [1][4]. Group 1: Asset Sale Details - The company announced on September 24 that it is selling 100% of its stake in Hami Zhonghe Vanadium Titanium Co., Ltd. for a base price of 120.8 million yuan, which is the assessed value [1][5]. - Hami Zhonghe Vanadium Titanium was established in 2023 with a registered capital of 500 million yuan, focusing on mining and mineral processing [2]. - As of August 31, 2025, Hami Zhonghe had total assets of 123 million yuan and net assets of 120 million yuan, but reported zero revenue and losses of 273,000 yuan and 252,000 yuan for 2024 and the first eight months of 2025, respectively [2][5]. Group 2: Financial Performance - In the first half of 2025, China Nuclear Titanium White reported a revenue of 3.77 billion yuan, a year-on-year increase of 19.66%, but net profit fell by 14.83% to 259 million yuan due to declining titanium dioxide prices [6]. - The company’s main revenue source is titanium dioxide, which accounts for over 80% of its total revenue, but prices have been declining since 2022, leading to continuous pressure on profitability [1][7]. - In 2022, the company achieved a net profit of 643 million yuan, down 47.14% year-on-year, and in 2023, net profit further decreased to 419 million yuan, a decline of 34.84% [7]. Group 3: Market Context - The titanium dioxide market is facing challenges, with a projected 3% increase in domestic production capacity and a decrease in export trade volume due to trade policies, making profitability more difficult for domestic producers [7]. - The company has a production capacity of nearly 550,000 tons per year for titanium dioxide and has been impacted by changes in trade dynamics and tariffs, which have affected market sentiment [6][7].

图为惠云钛业钛白粉产品。图源：惠云钛业官网 本报（chinatimes.net.cn）记者何一华 李未来 北京报道 传统行业旺季下，钛白粉行业掀起涨价行情。 距离上次涨价过去仅一个月的时间，钛白粉企业又开始发布新一轮调价函。9月15日以来，多家公司发 布通知表示，钛白粉销售价格在原价基础上对国内各类客户上调500元人民币/吨。记者注意到，这已经 是钛白粉行业今年以来第五次涨价。 9月15日，宜宾天原发布涨价通知称，鉴于当前市场实际情况，公司决定从9月15日起，针对国内市场， 在原销售价格基础上，不同牌号氯化法钛白粉销售价格上调500元/吨；针对国际市场，在原销售价格基 础上，不同牌号氯化法钛白粉销售价格上调30美元/吨。 9月16日，钛海科技也跟进发布了调价函，表示因原材料持续上涨，结合目前国内国际钛白粉市场行 情，即日起金红石型和锐钛型钛白粉国内客户上调500 元人民币/吨，国外客户上调60美元/吨。 9月17日，国城资源发布通知，自9月17日起，公司各型号钛白粉销售价格在原价基础上对国内各类客户 上调500元人民币/吨，对国际各类客户上调70美元/吨。基于生产成本的变化，国城资源将保留进一步 调整产品价格 ...

Core Insights - The article reflects on the life and contributions of Xu Meizheng, a prominent figure in China's financial reform and corporate restructuring, particularly in the context of the bankruptcy reorganization of Zhongke Titanium White [1][3][10] Group 1: Company Background - Zhongke Titanium White is a publicly listed company located in the nuclear industrial base of Jiayuguan, employing 1,200 workers, and was established to accommodate the "nuclear second generation" [2][3] - The company was founded with special central government funding and had the best technology and equipment in the titanium dioxide industry at the time of its establishment in 2007 [2][3] Group 2: Restructuring Process - Xu Meizheng played a crucial role in the bankruptcy reorganization of Zhongke Titanium White, advocating for a plan that balanced the interests of both shareholders and employees [5][8] - The restructuring plan faced significant challenges, including a low recovery rate for ordinary creditors, which was only about 40%, compared to nearly 70% for secured creditors [5][6] - A pivotal moment occurred when Xu proposed the establishment of a small creditor group to improve the recovery rate for suppliers, which ultimately led to the approval of the restructuring plan by over 90% of creditors [6][10] Group 3: Impact and Legacy - Xu Meizheng's approach to the restructuring emphasized the importance of protecting employee interests, which was a departure from the common practice of prioritizing shareholder benefits [8][10] - The documentary "Survival in Adversity," which features Xu and the story of Zhongke Titanium White, received multiple awards and recognition for its portrayal of the human side of corporate restructuring [10][11] - Xu continued to be active in discussions on bankruptcy law and corporate restructuring until her passing, leaving a lasting impact on the field [10][11]

Financial Performance - The company has been experiencing continuous losses, with significant financial challenges highlighted during the investor relations meeting [1][2][3] - The controlling shareholder holds 185,700,000 shares, accounting for 18.82% of the total share capital [2] - The stock price has dropped approximately 40% over the last 10 days, raising concerns about potential delisting [4][10] Management Responses - The management has implemented cost-cutting measures, including layoffs and salary reductions, to mitigate losses [1][2] - The company is exploring various strategies to improve performance, including asset sales and restructuring [2][3][11] - There is no current plan for major shareholder or executive stock purchases, indicating a cautious approach to market conditions [3][4] Future Outlook - The company has paused investments in the Anhui Jinpu New Energy project, with future investments contingent on market conditions [1][2] - The management is focused on enhancing product differentiation, particularly in high-end titanium dioxide applications [5][11] - The company remains open to potential mergers or acquisitions if suitable opportunities arise [4][5][11] Market Challenges - The company faces significant market pressures, including overcapacity in the titanium dioxide sector, high costs, and intense competition [7][8][12] - Recent market environment changes have contributed to the uncertainty surrounding the company's restructuring efforts [12][15] - The company is actively seeking new opportunities to adapt to the evolving market landscape [11][14]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese chemical industry** and its transition from a "cash-consuming beast" to a "cash-generating tree" due to reduced capital expansion and strong operating cash flow [1][13]. Core Insights and Arguments - **Capital Expansion Trends**: The capital expenditure in the basic chemical industry is decreasing, with the proportion of construction projects to fixed assets declining. This trend is expected to continue, leading to positive free cash flow over the next five years [1][4][5]. - **Cash Flow and Dividends**: The petrochemical sector has turned positive in operating cash flow, with a potential dividend yield exceeding 10% by 2027 for some companies if 70% of cash flow is allocated to dividends [1][9]. - **Cost Advantages**: Chinese chemical companies benefit from lower energy and labor costs compared to European counterparts, which face high production costs and low capacity utilization [1][10]. - **Impact of Anti-Overexpansion Policies**: The anti-overexpansion policies are expected to limit capital expansion but will enhance free cash flow and dividend-paying capacity, improving the investment value of leading companies [1][13][14]. Important but Overlooked Content - **Sector-Specific Insights**: - The chromium salt industry is expected to see strong demand growth due to increased orders from gas turbines and military applications, while supply is constrained by environmental regulations [2][42]. - The coal chemical sector is experiencing a recovery in profitability due to rising global energy prices and improved demand, despite being at historical low price levels [15][18]. - The refrigerant market is projected to grow due to rising demand and supply constraints, particularly for R32 and automotive refrigerants [44]. - **Future Trends**: The report anticipates a significant upward trend for leading companies in the chemical sector, driven by improved profitability and valuation as the industry undergoes capacity clearing [14][41]. Conclusion - The Chinese chemical industry is poised for a recovery phase, with strong cash flow generation and potential for high dividend yields, particularly for leading firms. The anti-overexpansion policies, while restrictive, may ultimately enhance the industry's long-term health and investment attractiveness [1][13][14].

钛白粉价格受供需关系主导，2024 年四季度开工率下滑致 2025 年初 价格反弹，随后开工率回升再次引发价格下滑，8 月开工率触底后价格 再次反弹。产能过剩、需求不振及反倾销政策加剧价格波动。 短期内钛白粉价格大幅下跌可能性小，9 月价格略有上调但仍处全年低 位。尽管销售价格上涨，但成本端压力导致多数厂家亏损或微亏。若上 游原材料成本进一步下降，不排除未来降价可能。 中国钛白粉行业面临显著扩张，2025 年有效产能预计增加 45 万吨， 2026 年预计再增 38 万吨，总产能或超 700 万吨。新增产能主要来自 贵州盛威福全、攀钢钒钛、内蒙古大地云天等企业。 近年来仅济南裕兴化工永久退出市场，产能 12 万吨。多数企业采取减 产或停产策略应对市场低迷，停产装置可快速恢复生产，但长时间停产 可能导致设备腐蚀，需定期检修。 受市场恶化影响，部分小型钛白粉企业计划退出，预计退出产能约 36 万吨。国家反内卷政策影响不明显，市场压力促使部分老旧装置面临淘 汰，需淘汰约 100 万吨过剩产能以改善供需失衡。 Q&A 全球钛白粉行业更新及未来展望 20250924 摘要 钛白粉行业近年来是否有企业退出市场？退出情况如 ...