证券代码：300891 证券简称：惠云钛业 债券代码：123168 债券简称：惠云转债 广东惠云钛业股份有限公司 投资者关系活动记录表 1 编号：2025-037 投资者关系活 动类别 □特定对象调研□分析师会议 □媒体采访√业绩说明会 □新闻发布会□路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员姓名 线上参与公司"2024 年度暨 2025 年第一季度网上业绩说明 会"的投资者 时间 2025 年 5 月 21 日 (周三) 下午 15:30~17:00 地点 公 司 通 过 全 景 网 " 投 资 者 关 系 互 动 平 台 " （https://ir.p5w.net）采用网络远程的方式召开业绩说明 会 上市公司接待 人员姓名 1、惠云钛业董事长钟镇光 2、惠云钛业董事、总经理、总工程师何明川 3、惠云钛业副董事长、副总经理钟熹 4、惠云钛业董事、副总经理、财务总监赖庆妤 5、惠云钛业 董事、副总经理叶胜 6、惠云钛业 副总经理、董事会秘书钟怡 7、惠云钛业 独立董事熊明良 8、东莞证券保荐代表人郭文俊 9、东莞证券 保荐代表人郭彬 投资者提出的主要问题及公司回复情况 公司就 ...

Core Viewpoint - The supply side of non-financial enterprises in the A-share market is still in a bottoming phase, with both inventory and capacity remaining weak, but there are signs of marginal recovery on the demand side [1][3][6]. Supply Side Analysis - The supply side is characterized by weak replenishment and expansion intentions, with inventory growth for Q1 2025 at -1.63% year-on-year and stock growth at -4.46%, both showing declines compared to 2024 [1][3]. - The capacity utilization rate for Q1 2025 is at 2.32, down 0.04 from 2024, marking 12 consecutive quarters of decline since mid-2022 [3]. - Expansionary capital expenditure for Q1 2025 has a year-on-year decline of 20.69%, the first negative value since 2018, indicating weak investment intentions among listed companies [3]. Industry Focus - Key industries to focus on include those with relatively tight supply and good profitability, those that have shown signs of recovery from the bottom, and those still on the left side of the turning point but entering the later stages of clearing [1][10]. - Specific industries identified for potential support to performance include metal products, broiler farming, entertainment products, and gaming, with only the entertainment products sector showing high levels of expansionary capital expenditure [1][70]. Detailed Industry Breakdown Cyclical Sector - Industries with tight supply include those with high capacity utilization and low inventory, indicating potential for profitability improvement [12]. - Industries at the bottom include construction materials, chemicals, and photovoltaic power, which are experiencing supply structure optimization [12][25]. Manufacturing Sector - Tight supply industries include cable components, photovoltaic auxiliary materials, and metal products, with low expansionary capital expenditure [26][40]. - Bottomed industries include the new energy chain and military electronics, which are likely to face hard constraints on future production capacity [26][37]. Consumer Sector - Tight supply industries include broiler farming and entertainment products, with the latter showing high expansionary capital expenditure [41][54]. - Bottomed industries include pharmaceuticals and food processing, with signs of marginal improvement in capacity utilization and profitability [41][49]. TMT Sector - Tight supply industries include gaming, with low expansionary capital expenditure, indicating hard constraints on future supply [55][69]. - Industries at the bottom include electronic components and security equipment, with potential for recovery in capacity utilization and profitability [55][63].

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]

Core Viewpoint - The chemical sector in China is maintaining its development momentum despite external challenges, supported by strong domestic demand and favorable policies, with a notable recovery in product demand driven by various industries [1][6]. Group 1: Industry Performance - In Q1, the chemical sector's 529 listed companies reported a total revenue of 621.73 billion yuan, a year-on-year decline of 15.33%, while net profit reached 36.208 billion yuan, showing a slight increase of 1.58% [1]. - The refrigerant industry benefited from regulatory policies, leading to a revenue increase of 23.31% to 14.654 billion yuan and a net profit surge of 140.16% to 1.77 billion yuan [2]. - The chlor-alkali industry saw a net profit increase of 84.55% to 3.117 billion yuan, despite a revenue decline of 13.98% to 45.922 billion yuan [2]. - The food and feed additive sector achieved a revenue of 37.773 billion yuan, up 4.21%, with net profit rising 75.57% to 5.369 billion yuan [3]. - The agricultural chemical sector reported a revenue of 49.378 billion yuan, down 6.51%, but net profit increased by 25.12% to 3.093 billion yuan [3]. Group 2: Industry Challenges - The organic silicon industry faced significant challenges, with net profit dropping by 37.74% despite stable revenue [4]. - The titanium dioxide sector experienced a revenue decline of 14.35% and a net profit drop of 35.61% due to high production levels and weak downstream demand [4]. - The nitrogen fertilizer industry reported a revenue decrease of 4.28% and a significant net profit decline of 56.82% [4]. - The tire industry showed a revenue increase of 6.34% but faced a net profit decline of 24.84%, attributed to rising production costs [4][5]. Group 3: Future Outlook - The refrigerant industry is expected to maintain its growth cycle due to quota systems and increasing downstream demand [6]. - The agricultural chemical market is anticipated to stabilize as the peak usage season approaches, with active trading expected [6]. - The chemical industry must navigate challenges such as increased competition in the titanium dioxide market and the need for innovation in the daily chemical sector [6].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [4] Core Insights - Liquid Crystal Elastomers (LCEs) have significant potential applications in actuators, artificial muscles, and sensors due to their unique properties [1][12] - The performance of LCEs in artificial muscles has reached or even surpassed that of biological muscles, with advancements in strain capacity and response speed [2][19] - The report suggests focusing on companies in the liquid crystal industry, including 8Y Space, Ruian New Materials, Wanrun Shares, and Chengzhi Shares, as LCE applications continue to develop [2][19] Summary by Sections Liquid Crystal Elastomers - LCEs consist of flexible polymer chains with liquid crystal mesogens, allowing for rubber-like flexibility and elasticity while retaining liquid crystal properties [1][12] - The connection methods between mesogens and polymer chains affect the types of liquid crystal phases formed [1][12] - External stimuli such as temperature and humidity can trigger phase transitions in LCEs, leading to macroscopic shape changes [1][12] Performance Comparison - LCE fibers have comparable density and Young's modulus to muscle fibers, with higher driving strain, stress, energy density, and power density [19][20] - The report highlights that LCE fibers have improved performance metrics, making them competitive with artificial muscles [19][20] Investment Recommendations - The report recommends continued attention to undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [3] - It also suggests monitoring domestic material companies benefiting from the trend of domestic substitution, particularly in semiconductor and panel materials [3]

Group 1 - The titanium dioxide concept sector rose by 2.29%, ranking 10th among concept sectors, with 12 stocks increasing in value, including Anada which hit the daily limit, and Guocheng Mining, Zhenhua Co., and Huiyun Titanium Industry showing gains of 6.19%, 3.46%, and 3.41% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 106 million yuan, with Anada receiving the highest net inflow of 55.23 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium Industry with net inflows of 36.96 million yuan, 14.95 million yuan, and 8.70 million yuan respectively [2][3] Group 2 - The leading stocks in terms of net capital inflow ratio were Anada, Guocheng Mining, and Zhenhua Co., with net inflow ratios of 11.18%, 8.37%, and 8.13% respectively [3] - The trading performance of key stocks in the titanium dioxide sector included Anada with a daily increase of 10.04% and a turnover rate of 19.49%, while Zhenhua Co. and Guocheng Mining had increases of 3.46% and 6.19% respectively [3][4]

证券代码：000545 证券简称：金浦钛业 公告编号:2025－ 金浦钛业股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整，没有任何 虚假记载、误导性陈述或者重大遗漏。 特别提示： 一、会议召开情况和出席情况 （一）会议召开情况 （1）现场会议时间：2025年5月19日14：00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为2025年5月19日上午9:15-9:25，9:30～11:30，下午13:00～15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2025年5月19日上 午9:15至下午15:00期间的任意时间。 等有关法律、法规及《公司章程》的规定。 （二）会议出席情况 股东出席的总体情况： 其中：通过现场投票的中小股东 1 人， 代表股份 100 股，占公司有表决权股份总数的 0.00001％。通过网络投票 的中小股东 331 人，代表股份 10,945,650 股，占公司有表决权股份总数的 公司董事、监事、高级管理人员、律师出席（列席）了股东大会。 二、提案审议表决情况 本次股东大会提案表决方式为现场记名投票和网络投票相结合表决方 式，会议 ...

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Summary of Titanium Dioxide Industry Conference Call Industry Overview - The titanium dioxide (TiO2) market is projected to have an average price of approximately 1,700 RMB in 2025, influenced by fluctuations in raw material prices, particularly titanium ore. After an initial price increase in Q1, prices began to decline, with a cumulative drop of about 500 RMB expected in Q3, typically a peak season, leading to a pessimistic market sentiment [1][3][5]. Key Points Market Dynamics - The titanium dioxide industry is facing a long-term oversupply issue, with an expected addition of 710,000 tons of new capacity in 2024 and 1,400,000 tons in 2025. This will bring total capacity close to the global annual demand, resulting in high inventory levels that suppress prices post-peak season [1][4][9]. - Major exporting countries such as India, Brazil, and the EU have imposed anti-dumping duties on Chinese titanium dioxide companies, negatively impacting exports. For instance, the EU has levied a duty of 740 EUR per ton on Longbai Group [1][6][9]. Export Performance - In Q1 2025, Asia emerged as the primary export market with an export volume of approximately 320,000 tons, reflecting a year-on-year increase of 25%. Conversely, exports to Europe fell by nearly 47% to 63,500 tons due to anti-dumping duties, while Latin America saw a decline of 10%-13% to 54,000 tons [1][7]. Financial Performance - Most titanium dioxide companies reported a year-on-year decline in revenue and profit, reaching their lowest levels in the past 2-3 years. While some leading companies showed signs of recovery in Q1 2025, overall profitability remains under significant pressure due to supply-side expansion and demand constraints from anti-dumping policies [1][10]. Challenges and Risks - The industry is currently grappling with multiple challenges, including downward price pressure and the impact of anti-dumping policies on major export markets, which may exacerbate growth pressures for the year. The anticipated new capacity of 1,400,000 tons in 2025 may be delayed or not put into production due to declining profitability [1][8][9]. - There is a potential for marginal improvement in the industry as smaller or higher-cost capacities may gradually exit the market. However, the performance of the traditional peak season in Q3 remains uncertain, particularly in light of last year's "peak season not peaking" phenomenon [2][11]. Conclusion - The titanium dioxide industry is at a critical juncture, facing significant challenges from oversupply, anti-dumping measures, and declining profitability. While leading companies like Longbai Group maintain some competitive edge due to resource advantages, the overall outlook for the industry remains cautious as it navigates these pressures [2][11].

Investment Rating - The report indicates a positive investment outlook for the chemical industry, with a focus on defensive strategies and specific sectors such as compound fertilizers and domestic substitutes [2]. Core Insights - The chemical market has shown resilience, with the Shenwan Chemical Index rising by 2.07%, outperforming the CSI 300 Index by 0.07% [10]. - Key themes in the market include strong performance in military and robotics materials, while companies with poor Q1 results are under pressure [1]. - The report highlights the impact of tariff negotiations, particularly between the US and other countries, affecting trade dynamics and inventory levels in the US [1]. - AI demand is robust, with leading companies like AMD reporting significant revenue growth, indicating a strong market for AI-related products [2]. - OPEC's decision to increase production raises questions about the sustainability of oil prices, with mixed signals from supply and demand factors [2]. Summary by Sections Market Review - Brent crude futures averaged $62.05 per barrel, down 2.02% week-on-week, while WTI futures averaged $59.04 per barrel, down 1% [10]. - The basic chemical sector outperformed the index, while the petrochemical sector lagged [10]. - The top-performing sub-sectors included fluorochemicals (5.02% increase), while coal chemicals saw a slight decline [11]. Recent Views from the Chemical Team - The tire industry is experiencing a decline in production rates, with full steel tire operating rates at 44.8%, down 11.5% week-on-week [27]. - The sweetener market, particularly for sucralose, is expected to improve due to reduced supply and increased demand from the beverage industry [28]. - The dye market remains stable, with prices holding steady despite weak demand from the textile industry [30]. Key Events - Significant diplomatic meetings are scheduled, including high-level economic dialogues between China and the US, which may influence trade policies [3]. - OPEC+ confirmed an increase in production by 411,000 barrels per day, raising concerns about compliance among member countries [3]. Price Movements - The report provides detailed price movements for various chemical products, indicating fluctuations and trends in the market [26][29]. - Specific products like DAP and titanium dioxide are experiencing price adjustments due to supply and demand dynamics [31][32]. Future Outlook - The report suggests a cautious approach to investment, focusing on sectors with defensive characteristics and potential for growth amid market volatility [2].