Investment Rating - The report maintains a "Recommended" investment rating for the basic chemical industry [2] Core Views - The basic chemical industry is expected to see a layout period at the end of the year, with a high overall weighted operating rate and low price differentials indicating potential for a reversal [14] - The tire industry has shown signs of recovery, with leading companies expected to return to high growth by 2026 due to easing tariffs and recovering raw material costs [15] - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical and Chemical Industry (2025-2026)" is anticipated to accelerate industry transformation and upgrading [16] Summary by Sections Industry Basic Data - The industry comprises 494 listed companies with a total market value of 54,965.58 billion and a circulating market value of 48,900.97 billion [2] Price and Performance - The report indicates a 2.0% absolute performance increase over one month, 28.6% over six months, and 25.6% over twelve months [3] - Key price increases this week include Henry natural gas (+18.5%), ethane (+10.4%), and octanol (+7.8%) [13] Sector Tracking - The tire sector is highlighted for its recovery, with nine out of eleven listed companies reporting profit growth in Q3 [15] - The agricultural chemical sector is noted for recent price increases in small pesticide varieties and the essential nature of fertilizers [7] - The phosphorous chemical sector is under observation for changes in industry dynamics due to favorable policies [7] Investment Strategies - Suggested investment routes include early-stage recovery stocks, scarce resource leaders, high-growth potential companies, and sectors with favorable supply-demand structures [14] - The report emphasizes the importance of focusing on the fluorine, silicon, and phosphorus sectors for their valuation elasticity and potential for new cycle star products [17][18] Policy and Regulatory Developments - The Ministry of Industry and Information Technology has initiated discussions on PTA industry development to prevent excessive competition and promote stable operations [16] - The report notes that the petrochemical sector is expected to undergo significant changes due to new policies aimed at optimizing supply and enhancing technological innovation [19]

宏观研究 证 券 研 究 报 告 【每周经济观察】第 49 期 出口高频维持韧性 ❖ 每周经济观察： （一）景气向上 1、外贸：港口集装箱吞吐量同比维持高位。截至 11 月 30 日，我国港口集装 箱吞吐量环比-0.3%，上周环比为+5.4%，四周同比微幅回落至 9.6%，上周为 10%，10 月 26 日四周同比为 6.6%。 2、耐用品消费：乘用车零售周度增速转正，但月度增速转负。截至 11 月 30 日当周，乘用车零售同比增速+2%，前值-7%。乘联分会发布初步统计数据， 11 月全国乘用车市场零售同比-7%。10 月全月同比为+5.8%。 3、地产：住宅销售降幅缩窄，二手房价格暂时止跌。我们统计的 67 个城市， 12 月前 5 日，商品房成交面积同比为-26%。11 月同比为-34%。10 月同比为- 26%。11 月 24 日当周，二手房挂牌价，一线和全国均持平。今年以来，一线 城市二手房挂牌价累计下跌 5.1%，全国累计下跌 5.5%。 4、价格：国内外大宗品价格普涨，农产品价格普涨。本周南华综合指数、RJ/CRB 商品价格指数分别上涨 1%、1.5%。蔬菜批价上涨 2.4%，鸡蛋批价上涨 1. ...

Core Viewpoint - The global titanium dioxide industry is facing significant challenges due to a supply-demand imbalance, with production rates declining and prices remaining weak, leading to severe impacts on profitability for Western producers [1][2]. Group 1: Industry Overview - Over the past four years, the titanium dioxide industry has experienced a substantial decline in operating rates, with a forecasted drop below 70% due to an increase in production capacity outpacing demand growth [1][2]. - In 2021, the industry was still healthy, with a global demand of 7.6 million tons, a net increase of 740,000 tons from 2017, and a compound annual growth rate (CAGR) of 2.6% [1]. - However, from 2021 to 2024, demand growth slowed significantly to an average of 0.8% per year, with only a net increase of 180,000 tons, while production capacity increased by 790,000 tons, exacerbating the supply-demand imbalance [1][2]. Group 2: Financial Performance - Major Western producers have seen a drastic reduction in profitability over the past four years, with Conoco's operating profit margin dropping from 9% in 2021 to 6% in 2024, and further declining to 2% in the first three quarters of 2025 [2]. - Similarly, Teno's operating profit margin fell from 16% to 7%, with only 1% in the first three quarters of 2025, while Chemours' titanium technology division's adjusted EBITDA margin halved from 24% to 12% [2]. Group 3: Market Dynamics - Geopolitical uncertainties have further complicated the industry's challenges, with customers reducing inventory due to these uncertainties, impacting sales and pricing structures [2]. - Conoco reported that while domestic market sales in Europe and the U.S. offset export declines, prices faced significant pressure, with a cumulative decline of 6% in the first three quarters of 2025 despite a 2% increase at the beginning of the year [2]. Group 4: Future Outlook - In response to the industry challenges, global titanium dioxide producers are focusing on capacity optimization and trade policy adjustments to restore supply-demand balance [3]. - Conoco has indicated that a large-scale capacity reduction process has begun, with several factories in China and Europe shutting down, and the implementation of anti-dumping taxes expected to support price recovery in 2026 [3]. - Teno's CEO noted potential demand recovery in the fourth quarter of 2025, signaling a positive outlook despite the current market conditions [3].

投资者关系活动记录表 编号：2025-096 | | ☑ 特定对象调研 分析师会议 | | --- | --- | | 投 资 者 关 系活 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 动类别 | | | | 现场参观 ☑ | | | （请文字说明其他活动内容） 其他 | | 参 与 单 位 名称 | 上海聚鸣投资管理有限公司 黄海昕 | | 及人员姓名 | | | 时间 | 2025 年 12 月 4 日（周四） 上午 10:00—11:00 | | | 广东省云浮市云安区六都镇富兴路广东惠云钛业股份有限 | | 地点 | 公司 | | 上 市 公 司 接待 | 1、董事、总经理 何明川 | | 人员姓名 | 2、副总经理、董事会秘书 钟怡 | | | 一、向调研人员介绍公司基本情况 | | | 二、公司与调研人员就以下问题进行了探讨 | | | （一）目前公司的钛白粉产能、开工率、客户、收入利 | | | 润情况？ | | | 1、产能与开工率： | | | 公司专注硫酸法生产工艺，主营金红石型、锐钛型钛白 | | | 粉，目前钛白粉总产能 16 万吨/年。2025 年 ...

Core Viewpoint - Titanium Chemical has shown a mixed performance in stock price, with a year-to-date increase of 21.18% but a recent decline over the past 20 days of 7.58% [2] Company Overview - Titanium Chemical Co., Ltd. is located in Baiyin District, Gansu Province, established on February 23, 2001, and listed on August 3, 2007 [2] - The company primarily produces and sells rutile titanium dioxide, with revenue composition as follows: titanium dioxide 80.17%, yellow phosphorus 7.30%, logistics 4.96%, new energy materials 3.40%, others 2.84%, and phosphate rock 1.32% [2] - The company belongs to the Shenwan industry classification of basic chemicals - chemical raw materials - titanium dioxide [2] Financial Performance - For the period from January to September 2025, Titanium Chemical achieved a revenue of 5.765 billion yuan, representing a year-on-year growth of 11.97%, while the net profit attributable to shareholders decreased by 29.40% to 316 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 773 million yuan, with 433 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders reached 115,700, an increase of 0.80% from the previous period, with an average of 32,240 circulating shares per person, a decrease of 0.79% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest, holding 66.475 million shares, an increase of 39.109 million shares from the previous period [3] - The Penghua CSI Sub-Segment Chemical Industry Theme ETF (014942) is a new entrant among the top ten shareholders, holding 40.016 million shares [3]

Core Viewpoint - The price of titanium dioxide, which has been at a cyclical low, has recently increased due to rising costs of upstream materials, particularly sulfuric acid, despite weak demand in the market [1][3][10]. Price Increase - Major titanium dioxide producers have issued price increase notices, raising domestic prices by 700 CNY per ton and international prices by 100 USD per ton [1][3]. - As of December 3, the price in Central China reached 13,300 CNY per ton, an increase of 200 CNY from the previous day [1]. Cost Pressure - The primary driver for the price increase is the significant rise in sulfuric acid prices, which have increased by 47.95% to 57.14% month-on-month in November [5]. - The current industry gross margin is reported at -18%, with expectations of high sulfuric acid prices persisting for the next three months [3][5]. Demand Outlook - Analysts predict limited upward movement in titanium dioxide prices due to ongoing weak demand, particularly as the industry enters a traditional off-season [6][7]. - There is a risk of increased inventory for titanium dioxide producers if new orders do not meet expectations, potentially leading to production cuts [7]. Industry Challenges - The titanium dioxide industry is currently facing a supply-demand imbalance, with prices nearing a 10-year low [9][10]. - Companies without their own mineral sources are nearing losses, while those with sources, like leading firms, are only slightly profitable [10]. Strategic Shifts - The industry is considering structural adjustments and a shift towards high-end products as a potential solution to current challenges [8][10]. - The production process is gradually shifting from the more complex sulfuric acid method to the more efficient chlorination method, which has lower emissions and higher product quality [10][11].

Group 1 - The Ministry of Culture and Tourism and the Civil Aviation Administration of China issued an action plan to enhance the integration of cultural tourism and civil aviation, aiming for significant improvements in travel service levels by 2027 [1][5][21] - The action plan includes 15 measures across five areas to stimulate growth in niche markets such as silver tourism, family tourism, and ice and snow tourism [5][21] - The plan emphasizes a deeper, broader, and higher-quality integration of cultural tourism and civil aviation, creating a virtuous cycle of demand and supply [1][5][21] Group 2 - The Ministry of Industry and Information Technology is promoting innovation in shipbuilding and marine engineering equipment, with a focus on maintaining a leading global market share [2][18] - The shipbuilding sector has successfully delivered high-end equipment, supporting global shipping, international trade, and marine resource development [2][18] Group 3 - Nearly 30 provinces in China have released their "14th Five-Year" plans, with a strong emphasis on emerging industries such as artificial intelligence and renewable energy [3][19] - Experts suggest that regional development should focus on supporting emerging industries and fostering new economic growth points through technological breakthroughs and institutional innovation [3][19] Group 4 - Recent disclosures from listed companies regarding share buybacks have revealed significant shifts in institutional investment strategies, with a clear preference for technology, military, and pharmaceutical sectors [4][20] - Some traditional industry stocks are facing reductions in holdings, indicating a divergence in institutional views [4][20] Group 5 - The logistics industry in China showed a slight recovery in November, with a logistics prosperity index of 50.9%, indicating expansion in logistics demand [14][30] - The report highlights sectoral differences, with energy logistics demand slowing while industrial manufacturing logistics demand remains strong [14][30] Group 6 - China's service trade saw a steady increase in the first ten months of 2025, with total service trade reaching 65,844.3 billion yuan, a year-on-year growth of 7.5% [15][31] - Exports grew by 14.3%, while imports increased by 2.6%, leading to a reduced service trade deficit [15][31] Group 7 - The human-shaped robot industry is experiencing rapid commercialization, with leading companies moving from research and development to mass supply [27][28] - This shift indicates a significant advancement in the human-shaped robot sector, with potential implications for various applications in the market [27][28] Group 8 - Foreign investment institutions have conducted over 9,000 research visits to A-share listed companies this year, signaling a positive outlook on Chinese assets [8][23] - The focus of these investigations is primarily on technological innovation and high-end manufacturing sectors [8][23]

Core Viewpoint - The price of titanium dioxide, which has been at a cyclical low, has started to rise as companies announce price increases due to significant cost pressures from rising raw material prices, particularly sulfuric acid [1][2]. Group 1: Price Increases - Major titanium dioxide producers have issued price increase notices, raising domestic prices by 700 CNY per ton and international prices by 100 USD per ton [1][2]. - As of December 3, prices in central China reached 13,300 CNY per ton, an increase of 200 CNY from the previous day [1]. - The price adjustments are primarily driven by the rising costs of sulfuric acid, which has seen a significant increase of approximately 50% in November [3]. Group 2: Cost Pressures - The current industry gross margin is reported at -18%, with expectations that sulfuric acid prices will remain high for the next three months, leading to continued cost pressures for manufacturers [2]. - Companies like Shandong Dongjia Group have noted that fluctuations in raw material prices significantly impact production costs, and while price increases have been implemented, acceptance from downstream customers is moderate [2]. Group 3: Demand Outlook - Analysts express concerns about the demand side, indicating that the industry is entering a traditional off-season, which may limit the extent of price increases [4]. - There is a risk of increased inventory for titanium dioxide producers if new orders do not meet expectations, potentially leading to production cuts or price protection strategies [4]. - The overall market activity is expected to remain low into early 2026, with limited price fluctuation potential due to ongoing demand resistance [4]. Group 4: Industry Transformation - The titanium dioxide industry is currently facing a supply-demand imbalance, with prices nearing a 10-year low [5]. - Companies are exploring capacity adjustments and a shift towards high-end production as a potential solution to the current challenges [6]. - The production process is gradually shifting from the more complex and waste-intensive sulfuric acid method to the more efficient and higher-quality chlorination method, which currently accounts for less than 20% of production capacity [6][7].

化工市场波澜再起！钛白粉行业涨价信号密集释放！ 钛白粉又迎"涨价风暴"，多家企业密集开涨！ 2025年11月下旬，中国钛白粉行业迎来一场突如其来的价格调整风暴。作为行业龙头的龙佰集团率先于11月26日发布调价函，宣布自即日起对旗下所有钛 白粉产品进行提价，国内销售价格每吨上调700元人民币，国际市场则每吨上调100美元。 这一举措迅速引发连锁反应，山东道恩钛业、山东金海钛业、广西蓝星大华、南京钛白化工等多家重点企业相继跟进，纷纷发布类似调价通知，标志着本 轮钛白粉价格全面上涨的正式开启！ 部分涨价函如下☟ TEL : 0854-2468786 FAX : 0854-2468718 Website : www. sunwardchemical.com 山 东 东 佳 集 团 关于调整钛白粉价格的通知 东佳(市场文)-25-06 山东东佳集团所有客户、销售各部: 鉴于当前钛白粉市场状况,结合公司实际情况。经公司价格委 员会研究决定。我公司钛白粉系列产品自 2025年11月28 日起国内 销售价格上调 700元/吨,国外销售价格上调 100 美元/吨。 本次调价以货物从山东东佳集团出库日期为准,自新的调价通知 生效 ...

智通财经APP讯，惠云钛业(300891.SZ)发布公告，2023年4月21日，公司披露了《关于收到亚铁综合利 用研发中试技改线项目环评批复的公告》。项目环评手续已合法完备。该中试线项目在项目建设期间完 成了工程建设、设备调试、工艺优化等工作，满足生产运营的环保合规要求。为确保产品质量稳定性及 客户应用适配性，公司组织开展多轮工艺验证与客户试用测试，目前已完成客户验证并向客户进行小批 量的商业交付，标志着该项目从研发中试阶段正式迈入市场化运营阶段，实现了技术成果向实际产能的 关键转化。 ...