基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特 有风险，提请投资者注意。 化工行业过去产能过剩问题较为突出，"反内卷"势在必行。9月26日，《石化化工行业稳增长工作 方案（2025—2026年）》，重要内容包括：将石化化工行业纳入制造业新型技术改造城市试点政策重点 支持领域；加强重大石化、现代煤化工项目规划布局引导，严控新增炼油产能；积极拓展新能源电池材 料、碳纤维及其复合材料、特种工程塑料等应用。 从全球视野看，化工行业正共同面对下游需求疲软与供需失衡的挑战，由此掀起了密集的去产能浪 潮。为应对这一局面，海外龙头企业已率先采取行动，包括壳牌、陶氏在内的欧洲、日韩等地知名化工 企业，均已开始对部分产品线进行主动的产能调控。 化工行业有望受益于"反内卷"政策推进。自9月底以来，钛白粉龙企集体涨价，国内市场调价幅度 普遍锁定300元/吨，国际市场上调40美元~50美元/吨不等，行业试图通过协同调价缓解盈利压力，迎接 传统"银十"旺季。基本面改善预期增强，化工行业高端化转型也有望打开行业估值空间，此外，在市场 出清过程中，龙头化工企业或更加受益，建议继续关注化工龙头ETF（5 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 玻璃纤维：截至10月10日，无碱2400tex直接纱报3400-4000元/吨(个别厂报价较高)，无碱2400texSMC纱 报4400-5000元/吨，无碱2400tex喷射纱报5400-6500元/吨，无碱2400tex毡用合股纱报4400-5300元/吨， 无碱2400tex板材纱报4600-5300元/吨，无碱2000tex热塑直接纱(普通级)报4100-4400元/吨。不同区域价 格或有差异，实际成交存灵活空间。 （来源：研报虎） 消费建材：截至2025年10月10日，原油价格为65.05美元/桶，周环比下跌3.59%，较2025年年初下跌 15.22%，同比下跌16.52%；沥青价格为4570元/吨，周环比持平，较2025年年初上涨2.93%，同比上涨 4.58%；丙烯酸价格为6500元/吨，周环比下跌1.14%，较2025年年初下跌16.67%，同比上涨0.78%；钛 白粉价格为13000元/吨，周环比下跌0.38%，较2025年年初下跌9.09%，同比下跌14.19%。 政策继续推动行业供给转型，积极布局建材机会 近日， ...

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 12 日 钛白粉近期二次提价，四季度制冷 剂长协价大幅上涨 看好 ——《化工周报 25/10/09-25/10/10》 本期投资提示： ⚫ 投资分析意见： 请务 ...

与此同时，随着"金九银十"传统消费旺季的临近，钛白粉终端需求逐步恢复，社会库存消化速度有望提 升，对价格形成一定支撑。海外市场补库需求增加，也带动了钛白粉的出口。 孙哲宇认为，钛白粉价格此前持续低迷，企业长期处于亏损或微利状态，盼涨情绪较强。龙头企业龙佰 集团发布涨价函起到了引领作用，向市场传递了积极信号，增强了市场对价格上涨的预期，其他企业也 纷纷跟进，形成了集体宣涨的局面。 颜钛钛行业分析师杨逊表示，目前这一波涨价潮，巩固了市场利好信心，对刺激客户需求有一定的促进 作用。 钛白粉市场后市如何发展?杨逊认为，钛白粉价格市场的整体趋势依然向上，这个旺季虽然不及预期， 但仍有一定成色。短期看，尽管原料成本处于博弈状态，但十月的市场价格或大概率保持坚挺运行，具 体新单价格还是看单、看量、看付款形式的一单一议。 涂多多产业大数据部钛分析师齐宇指出，印度出口关税消息有待最终确认，市场仍有利好支撑，后期钛 白粉出口量或将有所增长。钛白粉企业仍有部分在手订单，成本支撑下预计价格还会有小幅上涨预期。 龙佰集团（002601）股份有限公司9月30日发布涨价函，从10月10日起，所有钛白粉在国内市场上调300 元人民币/吨，国 ...

Wind数据显示，10月9日，华南市场钛白粉报价1.33万元/吨，与9月末报价持平，仍处于价格周期低 谷。近年来，钛白粉价格震荡下行，从2021年6月份的2.04万元/吨降至目前价位，导致钛白粉行业企业 经营业绩承压，行业进入深度调整期。"尤其行业里的中小企业，在规模、成本、技术方面竞争力较 弱，面临不小经营压力。"一名钛白粉行业从业者的感慨，道出了钛白粉企业当前的困境。 多重挑战下，行业内部分企业积极突围，产业链并购整合提速。受访业内人士认为，并购整合有助于推 动钛白粉产业进一步向规模化、集约化发展，促进技术升级，提升产品质量与全球竞争力。 下游需求迎来边际好转 近年来，钛白粉行业企业业绩承压，以金浦钛业股份有限公司为例，2022年至2024年，该公司归属于上 市公司股东的净利润已连续3年为负，累计亏损超5亿元。2025年上半年，该公司仍未扭亏，归属于上市 公司股东的净利润为-1.86亿元。 对于亏损，该公司相关负责人在近期举行的业绩说明会上表示："受到包括成本高企、需求疲软、低价 竞争激烈等因素影响，钛白粉行业正面临内忧外困。" "近年来，由于供需失衡，钛白粉价格持续探底。"陕西巨丰投资资讯有限责任公司高 ...

Group 1: Industrial Transformation - Jiaozuo is undergoing an unprecedented industrial transformation, evolving from a traditional coal-based industrial city to a modern, diversified economy [1] - The new materials industry is leading this transformation, with companies like Duofu Duo breaking the technological monopoly in lithium battery materials and transitioning from traditional fluorochemical to new energy materials [2] - Key enterprises such as Longbai Group and Tianbao Huanxiang are promoting lithium-ion battery materials and superhard materials, contributing to the establishment of strategic emerging industry clusters in Henan Province [2] Group 2: Green Food Industry - The green food industry is another highlight for Jiaozuo, with Daka International supporting brands like "Mixue Ice City" and "Lucky Coffee," which have over 53,000 franchise stores globally [3] - The city leverages its agricultural resources to create a comprehensive food industry chain, featuring companies like Mengniu Dairy and Lida Old Soup [3] Group 3: High-end Equipment and Automotive Parts - Jiaozuo has a strong presence in high-end equipment and automotive parts, with Fengshen Tire being the largest engineering tire manufacturer in China, exporting to over 140 countries [5] - The city has been recognized as a national base for automotive parts and new industrialization, showcasing "Jiaozuo Intelligent Manufacturing" on both national and global stages [5] Group 4: Economic Growth and Innovation - Jiaozuo's economic growth is closely tied to its industrial strength, with a focus on the "two highs and four efforts" requirements and a structured goal system [6] - The city has created 26 provincial-level quality benchmark enterprises and 27 national-level specialized "little giant" enterprises, enhancing the vitality of traditional industries [6] - High-tech and strategic emerging industries have seen significant growth, with high-tech industry value increasing by 43.8% and strategic emerging industries by 15.2% in the first half of the year [6] Group 5: Service and Agricultural Development - The service sector is improving, with Jiaozuo ranking second in freight turnover and third in transportation freight volume in the province [7] - The agricultural sector is also thriving, with stable grain production exceeding 2 million tons and an average yield of over 500 kg, ranking first in the province [8] - The city's industrial structure has optimized from 7.4:42:50.6 in 2020 to 6.2:42.5:51.3 in 2024, reflecting successful transformation efforts [8]

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 ...

9月30日，国城矿业（维权）盘中上涨2.01%，截至09:40，报14.73元/股，成交3289.88万元，换手率 0.20%，总市值165.77亿元。 资金流向方面，主力资金净流出201.13万元，特大单买入102.24万元，占比3.11%，卖出132.94万元，占 比4.04%；大单买入350.01万元，占比10.64%，卖出520.43万元，占比15.82%。 国城矿业今年以来股价涨23.89%，近5个交易日涨2.79%，近20日跌0.14%，近60日涨11.42%。 资料显示，国城矿业股份有限公司位于北京市丰台区南四环西路188号16区19号楼16层，成立日期1978 年11月10日，上市日期1997年1月20日，公司主营业务涉及铅锌矿采选及相关业务。主营业务收入构成 为：钛白粉53.55%，锌精矿21.05%，次铁精矿8.37%，铅精矿4.38%，铜精矿3.87%，银精矿2.92%，硫 酸2.91%，硫精矿1.81%，其他1.04%，硫铁粉0.09%。 国城矿业所属申万行业为：有色金属-工业金属-铅锌。所属概念板块包括：钛白粉、有色锌、金属铅、 小金属、稀缺资源等。 截至9月19日，国城矿业股东户数 ...

Summary of Key Points Core Viewpoint - The report highlights significant trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, indicating a mixed economic outlook with some sectors showing resilience while others face challenges. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, up by 0.61% month-on-month [4] - The M1 and M2 growth rate difference in August 2025 is -2.8 percentage points, an increase of 0.4 percentage points from the previous month [4] - The current price of London gold is at $3759 per ounce [4] Group 2: Infrastructure and Real Estate Chain - Recent price changes include rebar down by 1.22%, cement price index up by 2.51%, rubber up by 0.34%, coking coal up by 2.78%, and iron ore up by 0.25% [5] - National capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires have changed by +0.51 percentage points, -1.00 percentage points, +7.3 percentage points, and +0.06 percentage points respectively [5] - The average daily crude steel output of key enterprises in mid-September decreased by 0.67% month-on-month [5] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and glass have increased by 0.15% and remained unchanged respectively, with glass profit margins at -58 yuan/ton and titanium dioxide at -1163 yuan/ton [6] - The operating rate for flat glass this week is at 76.01% [6] Group 4: Industrial Products Chain - Major commodity price changes include cold-rolled steel down by 0.25%, copper up by 3.29%, and aluminum down by 0.05%, with corresponding profit margins showing mixed results [7] - The national operating rate for semi-steel tires is at 73.58%, down by 0.08 percentage points [7] Group 5: Subcategories - The price of electrolytic copper has reached a new high since June at 82680 yuan/ton, up by 3.29% [8] - The price of electrolytic aluminum is at 20830 yuan/ton, with estimated profits of 3665 yuan/ton, up by 2.98% [8] - The price of tungsten concentrate is at 269000 yuan/ton, down by 2.00% [8] Group 6: Price Comparison Relationships - The price ratio of London spot gold to silver has reached a new low for the year at 84 times [9] - The price ratio of rebar to iron ore is at 4.00, with the price difference between hot-rolled and rebar steel at 150 yuan/ton [9] - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) is 130 yuan/ton, up by 18.18% from last week [9] Group 7: Export Chain - The new export orders PMI for China in August 2025 is at 47.20%, up by 0.1 percentage points [10] - The CCFI comprehensive index for container shipping rates is at 1087.41 points, down by 2.93% [10] - The capacity utilization rate for crude steel in the U.S. is at 77.40%, down by 0.50 percentage points [10] Group 8: Valuation Percentiles - The CSI 300 index has increased by 1.07%, with the best-performing cyclical sector being industrial metals at +5.15% [11] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB is at 33.74% and 88.92% respectively [11] - The current PB ratio for the ordinary steel sector is 0.51, with the highest value since 2013 being 0.82 [11]

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].