（来源：钛资讯） 涂多多-钛日刊 一、钛市场简述 钛渣 本月北方企业高钛渣招标价格5650元/吨，较上月价格下调200元/吨，高钛渣开启10月新一轮招标价格， 此次招标数量共12000吨，市场等待本轮招标价格，市场竞争压力大，高渣价格难有支撑，价格或继续 偏弱。 四氯化钛 四氯化钛市场报价5000-5300元/吨，近日四氯化钛市场平稳，企业报价坚挺，产销基本平衡，四氯化钛 价格继续维稳。 海绵钛 一级海绵钛民品报价至4.8-4.9万元/吨左右，市场部分0级海绵钛报价4.9-5.0万元/吨左右，当前海绵钛社 会库存仍处高位，需求端缺乏增量支撑，价格重心后续或难以企稳，市场心态偏弱。 钛白粉 今日钛白粉价格指数13407.75，较昨日持平。印度法院取消对从中国进口二氧化钛征收反倾销税的决 定，从9月22日开始不再征收，直到这个案件的复核出最终的结果。反倾销关税取消利好国内钛白市 场，今日海峰鑫发函钛白粉国内价格上调300元/吨，市场将再有其他企业发函，市场或能回暖。 二、钛价格汇总 钛矿 今日攀西钛矿价格指数1875.00，较昨日持平。临近假期，市场询盘有所转弱，企业多以交付在手订单 为主，钛矿价格暂时维稳。 | ...

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.

中化新网讯 广东惠云钛业（300891）股份有限公司(以下简称惠云钛业)近日发布公告称，已完成辰翔矿 产的工商变更登记手续，取得了由广南县市场监督管理局出具的《登记通知书》以及《营业执照》，将 持有辰翔矿产70%股权。 公开信息显示，辰翔矿产是惠云钛业今年6月公告收购的企业，主要从事钛矿开采、加工和销售业务， 在云南省广南县拥有3.2697平方千米的钛矿采矿权。钛矿是惠云钛业的主要原材料，收购辰翔矿产旨在 实现上游钛矿资源储备和稳定供应，降低原材料采购成本，增强企业核心竞争力和可持续发展能力。 惠云钛业表示，此次布局上游矿产资源是企业全产业链战略的关键落子，初步打通了"矿产资源—钛白 粉生产—客户应用"的产业链。收购完成后，惠云钛业将辰翔矿产纳入产业链体系，并通过精细化运营 协同，最大化释放产业整合价值。未来，随着上游矿产资源开发的持续推进与产业链协同效应的进一步 凸显，惠云钛业有望在钛白粉行业的竞争中占据更有利的地位。 ...

Core Viewpoint - Huiyun Titanium Industry stated that its subsidiary, Chenxiang Minerals, focuses on the mining, processing, and sales of titanium ore, which is not classified as a rare metal. Titanium ore is a primary raw material for titanium dioxide production, and its byproduct, ferrous sulfate, is a key raw material for producing iron phosphate, thus indirectly contributing to the upstream of the new energy industry [1] Group 1 - The main business of Chenxiang Minerals includes titanium ore mining, processing, and sales [1] - Titanium ore is essential for the production of titanium dioxide, which is a significant component in various industries [1] - The company plans to initiate the development and operation of mining resources to achieve partial self-supply of key raw materials, positively impacting future operating performance [1]

Core Viewpoint - The acquisition of a 70% stake in Chenxiang Minerals by Guangdong Huiyun Titanium Industry is a strategic move to secure upstream titanium ore resources, reduce raw material costs, and enhance the company's competitive edge and sustainability in the titanium dioxide industry [1][2]. Group 1: Acquisition Details - The company has completed the business registration procedures for Chenxiang Minerals and obtained the necessary licenses, marking a significant step in its acquisition strategy [1]. - Chenxiang Minerals primarily engages in the mining, processing, and sales of titanium ore and holds mining rights over an area of 3.2697 square kilometers in Guangnan County, Yunnan Province [1]. Group 2: Strategic Importance - The acquisition is part of Huiyun Titanium's broader strategy to integrate its supply chain, moving from raw material sourcing to production and customer applications, thereby enhancing its overall industry chain efficiency [2]. - This move is expected to improve resource allocation across the company's operations and enable rapid responses to market demand changes [2]. Group 3: Industry Context - The titanium dioxide industry faces challenges related to upstream mineral price fluctuations and supply chain stability, with many companies relying heavily on external suppliers [3]. - By acquiring Chenxiang Minerals, Huiyun Titanium aims to mitigate risks associated with external supply dependencies and establish a stable supply chain, thereby creating a "cost moat" for its titanium dioxide production [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 13.34 billion yuan for the first half of 2025, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% year-on-year [1]. - Despite price pressures on titanium dioxide and titanium ore, the company saw a 2.08% increase in titanium dioxide sales volume to 612,000 tons in the first half of 2025 [2]. - The company is actively advancing two core projects to enhance resource utilization, aiming to increase titanium concentrate capacity to 2.48 million tons per year [3]. Financial Summary - For 2025, the company is projected to achieve revenues of 29.57 billion yuan, with a net profit of 2.54 billion yuan, reflecting a 17% increase in net profit by 2026 [4][12]. - The earnings per share are expected to be 1.06 yuan in 2025, increasing to 1.74 yuan by 2027 [12]. - The company’s price-to-earnings ratio is projected to be 17X in 2025, decreasing to 11X by 2027 [3][12].

股票代码：600727 股票简称：鲁北化工 编号：2025-044 山东鲁北化工股份有限公司 2025年半年度主要经营数据公告 特别提示 本公司董事会及全体董事成员保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 主要产品 | 2025年半年度 平均售价（元/吨） | 2024年半年度 平均售价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | 钛白粉 | 12,637.11 | 14,008.03 | -9.79 | | 甲烷氯化物 | 1,969.28 | 1,979.51 | -0.52 | | 化肥 | 2,844.78 | 2,630.80 | 8.13 | | 原盐 | 212.39 | 274.34 | -22.58 | | 水泥 | 259.49 | 237.84 | 9.11 | 1 主要产品 2025年半年度 产量（吨） 2025年半年度 销量（吨） 2025年半年度 销售金额（元） 钛白粉 136,785.60 126,123.80 1,593,840,221.40 甲烷氯化物 216 ...

Key Insights - The report highlights a cautious approach towards the bond market, suggesting a wave of critical long-short battles as market sentiment shifts [2][3] - The "U-shaped" structure of the US Treasury yield curve reflects a complex interplay of monetary policy expectations, economic growth, inflation pressures, and debt issues [3] - The coal market is facing a supply-demand imbalance, with high inventory levels leading to declining prices, but potential "anti-involution" policies could catalyze a valuation recovery [4] - The aluminum sector shows strong fundamentals, with rising prices driven by low inventory levels and increased downstream activity, particularly in the photovoltaic sector [5] - The construction sector is poised for a valuation reassessment due to the "Yaxi" hydropower project, benefiting both directly involved companies and undervalued construction firms [5] - Financial stocks are seeing increased fund allocations, particularly in the banking sector, driven by public fund reforms and strong performance from regional banks [7] - The real estate sector is stabilizing, with a focus on core cities and companies with strong credit and dividend performance, particularly in the A-share and Hong Kong markets [7] - The report indicates a new phase of asset revaluation in Hong Kong, with improved external conditions and domestic policy changes expected to support market growth [8] - TCL Electronics is projected to see a significant increase in mid-year profits, driven by strong sales in high-end TV segments [9] - Harbin Electric is expected to report a substantial profit increase due to new equipment orders and improved operational efficiency [13]

Group 1 - Russia's military control over key lithium and titanium mines in Ukraine has resulted in a significant shift in the global supply chain, with Russia now controlling 87% of Ukraine's lithium reserves and causing a 14% spike in international lithium prices [1][6] - The takeover of gas plants in Mariupol and Odessa has allowed Russia to dominate 70% of the global neon gas market, leading to a tenfold increase in neon prices from $300 to $3000 per cubic meter, severely impacting semiconductor manufacturing in the US and South Korea [3][8] - The strategic resource control by Russia has disrupted the aerospace and renewable energy sectors in the West, as titanium is essential for components in F-35 fighter jets and offshore wind turbines, highlighting the vulnerability of Western industries to resource monopolization [6][9] Group 2 - The ongoing resource conflict illustrates that modern warfare is increasingly about controlling critical resources and supply chains, with key minerals like titanium and neon being likened to strategic weapons [9] - China's advancements in 9N-grade neon purification technology and its efforts to establish a circular economy in mining and application present an opportunity for the country to enhance its resource security amidst the geopolitical tensions [9]

Investment Rating - The industry investment rating is maintained at "Neutral" as of July 16, 2025 [2]. Core Insights - The current cycle is nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain robust in 2024, while the real estate cycle continues to decline. The consumption sector has shown resilience after two years of recovery [4]. - On the supply side, global chemical capital growth is projected to turn negative in 2024. Domestic construction projects are seeing a rapid decline, nearing a bottom by Q2 2024, while fixed asset investments maintain a growth rate exceeding 15% [4]. - The chemical industry is entering a replenishment phase after a year of destocking, with inventory growth turning positive by Q3 2024. However, the overall price and profit levels in the chemical industry are expected to face pressure throughout the year [4]. Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators including the chemical industry's comprehensive prosperity index and industrial added value [3]. Price Indicators - The report includes PPI, PPIRM, CCPI, and price differentials for chemical products, highlighting recent trends and historical positions [3]. Supply-Side Indicators - Key metrics include capacity utilization rates, energy consumption, fixed asset investments, inventory levels, and ongoing construction projects [3]. Import and Export Indicators - The report analyzes the contribution of import and export values to the industry [3]. Downstream Industry Performance - The report examines performance indicators for downstream sectors such as PMI, real estate, home appliances, automotive, and textiles [3]. Global Macro and End-Market Indicators - It includes global procurement manager indices, GDP year-on-year changes, civil construction starts, consumer confidence indices, and automotive sales [3]. Global Chemical Product Prices and Differentials - The report provides insights into the pricing and differentials of chemical raw materials, intermediate products, and sub-industries like resins and fibers [3]. Global Industry Economic Indicators - It covers sales revenue changes, profitability, growth potential, debt repayment capacity, operational efficiency, and per-share metrics [3]. Recommendations for Investment Opportunities - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants, phosphates, and amino acids, while also highlighting sectors with improving supply-demand dynamics like organic silicon [7]. - Key recommended companies include Juhua Co., Sanmei Co., and Dongyue Group for refrigerants, and Wanhua Chemical for MDI [7]. Market Trends and Strategic Directions - The report emphasizes the shift from a cost-efficiency-driven global investment model to a stability and security-oriented regional cooperation model, suggesting investment opportunities in both domestic and international markets [7]. - Companies recommended for investment include Lite-On Technology, Ruile New Materials, and Wanrun Co. in the OLED materials sector [7].