"十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份、双汇发展等龙头企业依托资本市场巩固行业地位，再到仕佳光子、新强联等科技型企业借助上市融 资突破技术瓶颈，河南资本市场正从"量的积累"向"质的提升"跨越，不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军团"在全国资本市 场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空间。围绕"两高四着力"精神内核，河南也将着力服务科技创新 和产业创新融合，提升上市公司质量和产业投融资，助力全省经济高质量发展。 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升级，推动战略产业提质焕新。 从2020年末的87家，到如今的112家，"十四五"期间，河南地区A股上市公司数量实现快速扩容，仅北交所上市企业就有13家，总数位列中部六省首位。 而2021年至今，河南企业连续4年交易所市场债券融资超过1000亿元，存量规模增至4958亿元，较2021年翻番；债券发行加权平均成本压降至目前的2.66%，较 期间最高点下降212个BP。绿色、科创等创新品种 ...

资本市场作为国民经济的晴雨表，既是观察实体经济运行活力和产业结构调整动向的重要窗口，也是通过资源配置为行业企业提质升 级赋能的源头活水。 站在"十四五"末尾，回望过去五年中部大省河南的经济发展脉络，资本市场的"助推器"作用愈发凸显。 "十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份（002714）、双汇发展（000895）等龙头企业依托资本市场巩固行业地 位，再到仕佳光子、新强联（300850）等科技型企业借助上市融资突破技术瓶颈，河南资本市场正从"量的积累"向"质的提升"跨越， 不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军团"在全国资本市场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空间。围绕"两高四着力"精神内核， 河南也将着力服务科技创新和产业创新融合，提升上市公司质量和产业投融资，助力全省经济高质量发展。 资本赋能：产业智能化加速升级 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升级，推动战略产业提质焕新。 从2020年末的87家，到如今的112家，"十 ...

河南郑州郑东新区CBD郑州国际会展中心千玺广场"大玉米"。 图虫创意/供图 证券时报记者 赵黎昀 资本市场作为国民经济的晴雨表，既是观察实体经济运行活力和产业结构调整动向的重要窗口，也是通 过资源配置为行业企业提质升级赋能的源头活水。站在"十四五"末尾，回望过去五年中部大省河南的经 济发展脉络，资本市场的"助推器"作用愈发凸显。 "十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份、双汇发展等龙头企业依托资本市场巩固 行业地位，再到仕佳光子、新强联等科技型企业借助上市融资突破技术瓶颈，河南资本市场正从"量的 积累"向"质的提升"跨越，不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军 团"在全国资本市场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空 间。围绕"两高四着力"精神内核，河南也将着力服务科技创新和产业创新融合，提升上市公司质量和产 业投融资，助力全省经济高质量发展。 资本赋能： 产业智能化加速升级 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升 级，推动战略产业 ...

资本市场作为国民经济的晴雨表，既是观察实体经济运行活力和产业结构调整动向的重要窗口，也是通 过资源配置为行业企业提质升级赋能的源头活水。站在"十四五"末尾，回望过去五年中部大省河南的经 济发展脉络，资本市场的"助推器"作用愈发凸显。 "十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份、双汇发展等龙头企业依托资本市场巩固 行业地位，再到仕佳光子、新强联等科技型企业借助上市融资突破技术瓶颈，河南资本市场正从"量的 积累"向"质的提升"跨越，不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军 团"在全国资本市场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空 间。围绕"两高四着力"精神内核，河南也将着力服务科技创新和产业创新融合，提升上市公司质量和产 业投融资，助力全省经济高质量发展。 资本赋能： 产业智能化加速升级 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升 级，推动战略产业提质焕新。 从2020年末的87家，到如今的112家，"十四五"期间，河南地区A股上市公司数量实现 ...

Summary of Titanium Dioxide and Titanium Ore Industry Conference Call Industry Overview - The titanium dioxide (TiO2) market is expected to show a fluctuating trend in 2025, with a projected annual production decline of 4%-5% due to weak real estate demand [1][2][14] - The industry experienced a brief rebound in early 2025, but this was short-lived, ending in mid-March, followed by a downward trend until August [2][3] - In August, prices hit a low point, prompting companies to adjust prices, leading to a new round of price increases, although the market stabilized in September [1][2] Key Points and Arguments - **Inventory Levels**: The average industry inventory was around 45 days in June and July, reduced to about one month after August's destocking [2] - **Cost Pressures**: Rising sulfuric acid prices have not alleviated cost pressures for sulfate-based TiO2 producers, while the price drop of by-product ferrous sulfate exacerbates profitability challenges [1][2] - **Export Challenges**: TiO2 exports are facing significant challenges, with a 5% decline in the first half of 2025 and nearly 7% by July, largely due to unfavorable foreign policies [1][3] - **Capacity Expansion**: Despite the tough market conditions, TiO2 production capacity continues to expand, with new sulfate and chloride production lines being added in Inner Mongolia and Anhui [1][4] Additional Important Insights - **Market Dynamics**: The titanium ore market mirrors the TiO2 market, with prices fluctuating in tandem, although the decline in ore prices is slower due to major mines controlling supply [1][6] - **Profitability**: Large mines maintain profitability with margins around 30%, while smaller operations struggle with profit margins below 100 RMB per ton [10] - **Future Outlook**: The demand for TiO2 is closely tied to macroeconomic conditions, particularly the real estate market. The industry is expected to see a gradual recovery in 2026, particularly in the second half, driven by improved export conditions [14][17] Capacity Developments - **New Projects**: Several new projects are underway, including a 100,000-ton chloride project in Shandong and expansions in Yibin, Sichuan, indicating confidence in future demand [5][6] - **Global Capacity Changes**: Some factories in Taiwan and Japan are closing, while new capacities are being developed in China, reflecting a mixed global capacity landscape [6][18] Market Control and Price Trends - **Market Control**: Major mines have some control over market dynamics, but their ability to manage prices is limited due to the need to balance inventory levels [16] - **Price Predictions**: The price of TiO2 is expected to improve in the latter half of 2026, driven by a low base effect from 2025 and potential export growth [17] Conclusion The titanium dioxide and titanium ore industries are currently facing significant challenges, including declining production, cost pressures, and export difficulties. However, ongoing capacity expansions and potential market recoveries in 2026 provide a cautiously optimistic outlook for the future.

天原股份（002386.SZ）9月18日在投资者互动平台表示，公司烧碱、钛白粉装置正常运行中。公司规划 建40万吨/年的氯化法钛白粉产能，将根据实际情况进行产能扩建。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司48万吨烧碱项目是否正常运行，还有钛白粉年产 10万吨，后续公司的愿景是在"十四五"期间建成40万吨/年的氯化法钛白粉产能是否属实？ ...

Group 1 - The core investment of 3 billion yuan is directed towards a 100,000-ton annual production project of adiponitrile, located in Jinzhou's Taihe District, which is crucial for nylon production [1][2] - Adiponitrile is a key raw material for nylon 66, which is increasingly important in the booming electric vehicle industry, indicating a high-growth potential in the new materials sector in China [1][2] - The project addresses a long-standing gap in China's ability to produce adiponitrile domestically, which has been likened to being able to steam buns without having flour [1] Group 2 - The choice of Taihe District for the project was influenced by its comprehensive facilities, strong industrial foundation, and professional workforce, which facilitated effective communication and collaboration [2][3] - The local government's proactive support and high-frequency coordination have accelerated the project's implementation, demonstrating a commitment to meeting the enterprise's operational needs [2][3] Group 3 - The development strategy in Jinzhou emphasizes a balance between innovation and the utilization of existing industrial strengths, focusing on establishing new industries while enhancing traditional sectors [4][5] - Jinzhou's industrial landscape is characterized by a concentration of 73 enterprises in the special alloy industry cluster, showcasing a complete industrial chain from metal material production to deep processing [5][6] Group 4 - The region's approach to circular economy practices, such as the collaboration between companies to recycle waste materials, exemplifies innovative resource utilization and cost efficiency [7][8] - The establishment of a dedicated team to assist enterprises in navigating administrative processes has streamlined operations and improved project execution efficiency [10][11] Group 5 - The local government's reform initiatives aim to enhance the management and operational efficiency of development zones, fostering a conducive environment for industrial growth [9][10] - The overall spirit of development in Jinzhou reflects a strong commitment to overcoming challenges and achieving breakthroughs in various sectors, driven by a collective ambition for progress [11]

Core Insights - In July, China's titanium dioxide imports amounted to 7,307.17 tons, representing a year-on-year decrease of 19.60% but a month-on-month increase of 49.48% [1] - The total titanium dioxide import volume for the first seven months of this year was 47,000 tons, down 17.16% year-on-year [1] Import Details - Chloride process titanium dioxide imports were 5,309.92 tons, with the top three importing countries being Mexico, Australia, and the United States [1] - Sulfate process titanium dioxide imports were 1,997.25 tons, with the leading countries being Japan, the United Kingdom, and Germany [1] - For the first seven months, sulfate process titanium dioxide imports totaled 18,200 tons, up 6.47% year-on-year, while chloride process imports were 28,900 tons, down 27.32% [1] Export Details - In July, China's titanium dioxide exports reached 134,800 tons, a year-on-year decrease of 15.55% but a month-on-month increase of 2.19% [1] - Sulfate process titanium dioxide exports were 110,300 tons, with a month-on-month increase of 2.57%, and the top three export destinations were India, Vietnam, and Turkey [1] - Chloride process titanium dioxide exports were 24,500 tons, with a month-on-month increase of 0.47%, and the leading countries were India, South Korea, and Thailand [1] - For the first seven months, total titanium dioxide exports were approximately 1,051,400 tons, down 7.14% year-on-year, with chloride process exports at 201,800 tons (down 3.12%) and sulfate process exports at 849,600 tons (down 8.05%) [1]

Group 1 - The company Tianyuan Co., Ltd. has completed the construction of a 100,000-ton phosphate iron project through its wholly-owned subsidiary Yibin Tianyuan Haifeng and Tai Co., Ltd. [1] - To further reduce production costs, the company plans to invest 184.82 million yuan in a resource utilization project for chlorination titanium white powder tailings [1] - The project aims to effectively treat secondary waste generated from the production of chlorination titanium white powder, addressing significant environmental challenges while extracting ferrous chloride for phosphate iron production, thereby lowering production costs and enhancing market competitiveness [1]

Group 1 - The company Tianyuan Co., Ltd. has completed the construction of a 100,000-ton phosphate iron project through its wholly-owned subsidiary Yibin Tianyuan Haifeng and Tai Co., Ltd. [1] - To further reduce production costs, the company plans to invest 184.82 million yuan in a resource utilization project for chlorination titanium white powder tailings [1] - The project aims to effectively treat secondary waste generated from the production of chlorination titanium white powder, addressing significant environmental challenges while extracting ferrous chloride for phosphate iron production, thereby lowering production costs and enhancing market competitiveness [1]