咱们散户炒股，总爱琢磨"低价股里淘宝贝"，毕竟几块钱的股票，门槛低、想象空间足，要是能撞上风口，翻倍收益想想都香。最近化工板块悄悄崛起，1 月6日当天大涨3%，17只个股直接涨停，而在这片热闹里，有几只"异类"格外吸睛——它们股价低至3元左右，最长横盘近4年，更稀罕的是，还被高盛、摩 根大通这些国际巨头集体重仓，堪称A股独一份的存在。外资向来被叫做"聪明钱"，选股挑剔又谨慎，为啥会扎堆盯上这些低价化工股？是真有未被发现的 价值，还是暗藏不为人知的风险？ 现价3.12元，流通市值30亿，作为国内硫酸法钛白粉生产骨干企业，它的股东名单堪称"豪华"。根据2025年三季报（巨潮资讯网可查），前十大流通股东里 直接出现4家国际大投行：J.P摩根加仓207万股至721万股，高盛加仓235万股至667万股，摩根斯坦利加仓145万股至605万股，就连减持的巴克莱银行，也还 持有503万股。从走势看，这只股从2024年2月就开始横盘，一年半里波动幅度没超过20%，近期突破区间后又回踩支撑位，典型的"蓄势"形态。 ST宏达：3.31元ST股，外资逆势加仓赌反转 更让人意外的是ST宏达，现价3.31元，流通市值仅14亿，还因连续三 ...

长期以来，国际钛白粉产业持续向氯化法工艺转型。2018年以前，我国氯化法钛白粉产量占比为2%～ 5%。近年来，在低碳环保的发展趋势下，氯化法成为钛白粉主流生产工艺。 自2019年以来，龙佰集团（002601.SZ）、中信钛业、鲁北化工（600727.SH）等企业相继新建或扩建氯 化法项目。例如，龙佰集团目前已形成66万吨/年氯化法产能；鲁北化工2024年拟定增募资不超3亿元， 用于扩建年产6万吨氯化法钛白粉项目。 有关数据显示，2024年全球钛白粉有效产能约1080万吨，其中中国产能占比56%，达605万吨。然而， 国内硫酸法产能仍占主导，占比接近84%，而国外氯化法产能占比超过87%。2024年，我国钛白粉产量 约476万吨，同比增长14.57%;氯化法钛白粉产量约66.3万吨，占比13.93%，同比下降4%。 2025年12月30日，天原股份（002386.SZ）发布公告称，其全资子公司宜宾天原海丰和泰有限公司拟在 现有厂区预留场地内，投资建设年产10万吨氯化法钛白粉项目，总投资14.83亿元。 天原股份证券部人士在接受《中国经营报》记者采访时表示，此次产能扩张主要基于国内外钛白粉市场 需求相对稳定。公司 ...

Core Viewpoint - Longbai Group has filed a lawsuit against former executives and a steel company for the alleged infringement of trade secrets related to titanium dioxide production, seeking compensation of 13 billion yuan [1][2][3]. Group 1: Lawsuit Details - The lawsuit was initiated by Longbai Group's subsidiary, Yunnan Metallurgical New Titanium Industry Co., Ltd., against four defendants, including three individuals and Hebei Yanshan Steel Group [2][3]. - The claimed amount in the lawsuit is 13.105 billion yuan, with demands for the defendants to cease using the trade secrets and destroy related materials [2][3]. - The trade secrets in question pertain to the construction process and production technology of a large-scale chlorination titanium dioxide production line [2][3]. Group 2: Background of Defendants - The defendants, including Liu Jianliang, Jiang Shuan, and Zhao Zequan, held significant leadership and technical positions at Yunnan New Titanium before joining Hebei Yanshan's affiliated company [3][4]. - Liu Jianliang was previously the legal representative and chairman of Yunnan New Titanium, leading a team recognized as an innovative team by the Yunnan Provincial Science and Technology Department in 2018 [4]. Group 3: Related Legal Actions - In May 2023, a subsidiary of Hebei Yanshan also filed a lawsuit against Yunnan New Titanium, claiming non-infringement of intellectual property rights, with a disputed amount of 500,000 yuan [5]. - The current lawsuit has not yet gone to trial, and Longbai Group is unable to assess its impact on current or future profits [5].

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.

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]

Core Viewpoint - Anada has been actively implementing various technological transformation projects since last year to enhance production capacity and improve cost efficiency, energy conservation, environmental protection, and safety in production [2] Group 1: Technological Transformation Projects - The company has undertaken several key projects, including the continuous acidolysis transformation project for sulfate titanium dioxide, the continuous crystallization transformation project for sulfate titanium dioxide with ferrous sulfate, and the waste acid ferrous purification engineering project [2] - The implementation of these projects has significantly improved the continuous production capacity of the company's production facilities [2] Group 2: Collaboration and Commitment - Since the acquisition by Wanhua Chemical, Anada has adhered strictly to its public commitments [2] - The company plans to further strengthen collaboration with Wanhua in product research and development as well as technological transformation measures [2]

Core Viewpoint - The restructuring plan of Jinpu Titanium Industry, which involves a significant acquisition aimed at transforming the company from the chemical sector to the rubber and plastic technology field, has raised concerns regarding the motivations behind the asset transactions and the financial health of the controlling shareholder's family [1][2][3]. Group 1: Restructuring Details - Jinpu Titanium Industry's restructuring is characterized as a "reverse operation," where the company sold a 31.81% stake in Nanjing Jinpu Dongyu Investment Co., Ltd. to a company controlled by the actual controller, Guo Jindong, and received a 100% stake in Shanghai Dongyi Hotel Management Co., Ltd. as compensation [2]. - The company later announced plans to acquire 100% of Nanjing Lide Oriental Plastic Technology Co., Ltd. from Jinpu Dongyu, which is now controlled by Guo Jindong's daughter, effectively repurchasing assets that were sold a year prior [2][3]. Group 2: Financial Performance and Challenges - Jinpu Titanium Industry has faced continuous losses since 2019, with cumulative losses exceeding 900 million yuan over six and a half years, including projected losses of 160 to 186 million yuan for the first half of 2025 [3][4]. - The company's main business in titanium dioxide has been adversely affected by industry challenges such as overcapacity, high costs, weak demand, and intense low-price competition, leading to a significant decline in profitability [4]. Group 3: Strategic Shift and Future Prospects - The acquisition of Lide Oriental is seen as a last resort for Jinpu Titanium Industry to exit the titanium dioxide sector and pivot to producing rubber hoses and sealing products for the rail and automotive industries, with the expectation that Lide Oriental's profits could offset the company's annual losses [4]. - However, the transition poses risks due to the lack of synergy between the rubber and plastic products and the company's previous operations, raising questions about the effectiveness of asset integration and the sustainability of Lide Oriental's recent profit growth [5][6].

Core Viewpoint - Jinpu Titanium Industry (000545.SZ) is planning a major asset restructuring to alleviate its financial difficulties, aiming to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd. through asset swaps, share issuance, and cash payments [1][2]. Group 1: Restructuring Details - The restructuring plan involves three steps: asset swap with Jinpu Dongyu for 91% of Lide Oriental, issuance of shares and cash to acquire the remaining 9%, and raising additional funds from specific investors [4]. - The target asset, Lide Oriental, is expected to generate a net profit of approximately 121 million yuan in 2024, which could improve Jinpu Titanium's financial performance post-restructuring [2][9]. - The transaction pricing is yet to be determined, raising questions about potential arbitrage opportunities [2][6]. Group 2: Financial Performance and Historical Context - Since 2018, Jinpu Titanium has faced significant financial challenges, with five out of six years reporting negative net profits, totaling over 900 million yuan in losses [1][7]. - The company’s revenue peaked at 1.855 billion yuan in 2018 but has since declined, with continuous losses reported from 2022 to 2024 [7][8]. - Jinpu Titanium has previously attempted strategic transformations, including ventures into new industries, but faced regulatory and market challenges [8]. Group 3: Market Reactions and Future Outlook - The market reacted positively to the restructuring announcement, with Jinpu Titanium hitting its first trading limit up following the news [2]. - The restructuring signifies a strategic exit from the titanium dioxide industry, as the company shifts focus to the rubber and plastic sector [7]. - There are uncertainties regarding whether the restructuring will fundamentally improve the company's operations and financial health [10].

Summary of Key Points Core Viewpoint - The company, Jinpu Titanium Industry Co., Ltd., has approved a guarantee limit of up to RMB 1.259 billion for itself and its subsidiaries to support financing needs for its subsidiaries [2][17]. Group 1: Guarantee Overview - The company and its subsidiaries will provide guarantees for their subsidiaries, including wholly-owned, controlled, and joint ventures, with a total limit of RMB 1.259 billion [2]. - The guarantee scope includes applications for bank credit, loans, acceptance bills, and other daily operational financing [2]. - The guarantee methods include credit guarantees, asset pledges, and counter-guarantees [2]. Group 2: Guarantee Progress - The subsidiary, Xuzhou Titanium White Chemical Co., Ltd., has applied for credit lines of RMB 23 million and RMB 40 million from Huaxia Bank and Jiangsu Bank, respectively [2]. - The company and its wholly-owned subsidiary, Nanjing Titanium White Chemical Co., Ltd., have provided joint liability guarantees for the credit from Huaxia Bank and Jiangsu Bank [2]. Group 3: Financial and Operational Details - The total guarantee amount is within the available guarantee limit [3]. - The subsidiary, Xuzhou Titanium White, was established in November 2010 with a registered capital of RMB 62.5 million [4]. - The loan will be used for the daily production, operation, and capital turnover of Xuzhou Titanium White [5]. Group 4: Guarantee Contract Details - The guarantee contracts with Huaxia Bank and Jiangsu Bank outline the scope of the guarantee, including principal, interest, penalties, and other related costs [6][12]. - The guarantee period is set for three years from the date of the contract's effectiveness [10][14]. - The company is aware that the loan will be used to repay government emergency turnover funds [16]. Group 5: Current Guarantee Status - As of the announcement date, the cumulative guarantee amount by the company and its subsidiaries is RMB 1.259 billion, accounting for 90.15% of the company's audited net assets as of December 31, 2024 [17]. - The actual external guarantee amount is RMB 431.77 million, which is 30.92% of the company's audited net assets [17].