（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：请问贵司的钒钛磁铁矿除了主要伴生的小金属钒和钛 外，伴生的钴、镍、铬和镓份量每年分别是多少吨？其次钴、镍、铬和镓小金属贵公司是如何利用和发 挥其价值的？ 安宁股份（002978.SZ）10月10日在投资者互动平台表示，目前公司产品为钛精矿和钒钛铁精矿，对于 伴生的钴、镍、铬、镓等金属的提取暂无计划。 ...

Core Viewpoint - The company, Shenghe Resources, has provided production forecasts for zircon sand and titanium concentrate for 2024, indicating a proactive approach to market conditions and downstream demand [1] Group 1 - The forecasted zircon sand production for 2024 is 36,865.73 tons [1] - The forecasted titanium concentrate production (excluding rutile) for 2024 is 53,476.53 tons [1] - The production plan for 2025 will be dynamically adjusted based on market conditions and downstream demand [1]

Group 1 - The core point of the article is that Zhongke Titanium White plans to divest its vanadium-titanium assets to focus on its main business, with the buyer being a company controlled by the actual controller's father [2][3] - Zhongke Titanium White announced the sale of its 100% stake in Hami Zhonghe Vanadium Titanium Co., Ltd. at a base price of 120 million yuan, which is the assessed value [3] - Hami Zhonghe Vanadium Titanium was established in 2023 with a registered capital of 500 million yuan, but it reported zero revenue for 2024 and the first eight months of 2025, with losses of 270,000 yuan and 250,000 yuan respectively [7] Group 2 - Hami is recognized as one of China's most important vanadium-titanium resource-rich areas, with significant resource potential and rapid development, becoming the "third pole" of the national vanadium-titanium industry [7] - Zhongke Titanium White initially had high hopes for Hami Zhonghe Vanadium Titanium, planning to build production lines for titanium concentrate, iron concentrate, and vanadium products based on local resources [7] - The divestment is part of Zhongke Titanium White's strategy to concentrate resources on four core production areas: Gansu Baiyin, Gansu Jiayuguan, Anhui Ma'anshan, and Guizhou Kaiyang, while also rebranding to Titanium Energy Chemical [7]

Core Viewpoint - The company held an investor communication meeting to discuss its performance and strategic developments, highlighting challenges and proactive measures taken in response to market conditions [1][2]. Group 1: Company Performance - The company reported a loss in the first half of 2025, primarily due to a decline in vanadium and titanium product prices [2]. - To address market changes, the company has implemented various measures, including increasing production capacity and optimizing product mix based on market demand [2]. - The company has successfully increased the output of vanadium products and titanium dioxide, with a focus on cost control and expanding sales channels [2]. Group 2: Strategic Partnerships - The collaboration with Dalian Rongke has deepened since the signing of a strategic cooperation agreement in September 2021, with a joint venture producing 2,000 cubic meters/year of vanadium electrolyte achieving stable operations [3]. - The supply of vanadium products to Dalian Rongke is expected to reach 20,000 tons in 2025, with plans for further expansion of production capacity [3]. Group 3: Industry Insights - The company discussed the impact of high-quality development initiatives on its competitiveness, emphasizing the advantages of all-vanadium flow batteries for large-scale energy storage applications [4]. - The company believes that the growth of the energy storage industry, driven by supportive policies, will create opportunities for all-vanadium flow batteries [4].

Group 1 - The company held an online investor meeting on September 12, 2023, to discuss its semi-annual report and engage with investors [1] - The company plans to resume production at Jingzhi Mining by June 2027, with an expected production capacity of 5 million tons per year, including 2.6 million tons of industrial-grade ore and 2.4 million tons of low-grade ore [1] - The company aims to enhance its resource reserves through horizontal mergers and acquisitions, as part of its development strategy [1] Group 2 - The 60,000-ton energy-grade titanium (alloy) material project is progressing steadily, with expected product output by the end of 2025 [2] - The company's gross margin has declined due to market price fluctuations and lower margins on comprehensive utilization products derived from tailings [2] - The company plans to launch comprehensive utilization products in September 2024, with an expected output of 45,000 tons from September to December 2024 [2]

Group 1: Production Plans and Capacities - The company expects to resume full production at Jingzhi Mining by June 2027, with an anticipated production scale of 5 million tons per year, closely matching the product grade of existing products [2][3] - The low-grade ore from Jingzhi Mining is projected to yield an annual recovery of 12.8 million tons starting March 2026, contributing to the production of titanium concentrate and vanadium-titanium iron concentrate [3][4] - After the resumption of Jingzhi Mining, the company anticipates an additional annual production capacity of approximately 900,000 tons of iron concentrate, 400,000 tons of titanium concentrate, and 70,000 tons of comprehensive utilization products [4] Group 2: Financial Performance and Profitability - The company does not expect Jingzhi Mining to contribute profits until after the full resumption of operations in June 2027 [3][4] - The company's gross profit margin has declined due to market price fluctuations and lower margins on comprehensive utilization products derived from tailings [3][4] - Future dividend arrangements will be based on investment, profitability, and financial conditions, with no dividends expected until after the output from Jingzhi Mining [4] Group 3: Strategic Development and Projects - The acquisition of Jingzhi Mining aligns with the company's strategy of horizontal resource mergers to enhance resource reserves [3][4] - The 60,000-ton energy-grade titanium (alloy) materials project is progressing steadily, with expected phased product output by the end of 2025 [4] - The company focuses on core business areas, including vanadium-titanium iron concentrate, titanium concentrate, and titanium materials, while remaining open to other investment opportunities [4]

Core Viewpoint - Shenghe Resources Holding Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by rising prices in the rare earth market and effective management strategies [2][3][4]. Financial Performance - The company achieved operating revenue of approximately 6.18 billion RMB, a year-on-year increase of 13.62% [2][3]. - Total profit reached approximately 446.14 million RMB, a substantial increase from a loss of 39.77 million RMB in the previous year [2][3]. - Net profit attributable to shareholders was approximately 376.91 million RMB, marking a 650.09% increase compared to a loss of 68.52 million RMB in the same period last year [2][3]. Business Operations - The company primarily engages in rare earth mining, smelting separation, metal processing, and zircon-titanium ore mining [4][5]. - Shenghe Resources has established a comprehensive industrial chain for rare earths, from mining to deep processing, with both domestic and international operations [4][5]. - The company is actively pursuing acquisitions, including the 100% stake in Peak Rare Earths, and has completed mergers with Jiangyin Jiahua and Zibo Jiahua [6][7]. Industry Context - Rare earths are critical strategic minerals with applications in various sectors, including new energy, materials, aerospace, and electronics [6][7]. - China remains the largest producer and exporter of rare earth materials globally, with increasing industry concentration due to the integration of domestic mining and smelting operations [6][7]. - The global demand for zircon and titanium is rising, particularly in high-end manufacturing sectors, while China continues to rely on imports for these resources [6][7]. Competitive Advantages - The company has developed a robust supply chain for rare earths and zircon-titanium, ensuring a steady supply for its downstream operations [8]. - Shenghe Resources has a strong focus on technological innovation, having secured 16 new patents and enhancing production processes to improve efficiency and product quality [8]. - The company emphasizes compliance and governance, having updated its corporate structure and operational guidelines to align with new regulations [8].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 38.60 [1][4]. Core Views - The company reported a revenue of RMB 1.1 billion for the first half of 2025, representing a year-on-year increase of 31%, while the net profit attributable to shareholders was RMB 440 million, up 0.6% year-on-year [1]. - The average price of titanium ore in the first half of 2025 decreased by 6.8% to RMB 1,944 per ton, impacting the gross margin of the titanium ore business [2]. - The company has completed the acquisition of 100% equity in Panzhihua's titanium ore assets, enhancing its competitive position in the titanium ore sector [3]. Financial Performance - For the first half of 2025, the company achieved a gross profit margin of 60.1%, down 7.8 percentage points year-on-year, with a net profit margin of 50.45% [2][4]. - The forecasted net profit for 2025-2027 is adjusted to RMB 910 million, RMB 1.064 billion, and RMB 1.139 billion respectively, reflecting a downward revision of 11% for 2025 and 2026 [4][8]. - The earnings per share (EPS) for 2025 is projected at RMB 1.93, with a price-to-earnings (P/E) ratio of 17x for 2025 and 20x for 2026 [4][8]. Market Conditions - The demand for titanium ore is currently under pressure, with downstream demand for titanium dioxide also facing challenges [3]. - Despite short-term pressures, the long-term outlook for titanium ore is positive due to a decrease in global exploration capital expenditure and a scarcity of high-grade ore resources [3].

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, impacted by anti-dumping measures and a strategic shift towards overseas expansion [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 13.342 billion yuan, a year-on-year decrease of 3%, and a net profit attributable to shareholders of 1.385 billion yuan, down 20% [1]. - In Q2 2025, revenue was 6.282 billion yuan, a decline of 4% year-on-year, with a net profit of 699 million yuan, down 9% [1]. - Revenue from titanium dioxide and sponge titanium businesses was 8.7 billion yuan and 1.5 billion yuan, respectively, with year-on-year changes of -8% and +13% [1]. Pricing and Sales Dynamics - The average price of titanium dioxide decreased by 12% year-on-year, while the average price of sponge titanium increased by 3% [1]. - The company produced 690,000 tons of titanium concentrate, all for internal use [1]. - The export volume of titanium dioxide was 420,000 tons, down 14% year-on-year and 17% quarter-on-quarter [1]. Strategic Initiatives - The company is accelerating its overseas expansion strategy in response to anti-dumping duties affecting exports, with preliminary site selection and resource integration underway [1]. - Longbai Group is enhancing its upstream raw material supply by advancing key projects, including the joint development of the Hongge North Mine and the Xujia Gou Iron Mine, aiming for an annual titanium concentrate capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons [2]. Shareholder Confidence - The company plans to repurchase shares using its own funds and a special loan of 500 to 1,000 million yuan, with a total repurchase amount of approximately 25.48 million yuan, reflecting confidence in long-term development [2]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated at 2.91 billion yuan, 3.76 billion yuan, and 4.29 billion yuan, respectively, maintaining a "recommended" investment rating [3].

Group 1: Titanium Market Overview - The titanium concentrate market is facing a severe supply-demand imbalance, leading to a weak overall industry state with low purchasing willingness from downstream buyers and significant inventory accumulation [1] - The price of titanium dioxide (TiO2) is expected to be around 46%, with mainstream prices for titanium concentrate ranging from 1600 to 1700 CNY per ton [1] - The sponge titanium industry is experiencing rising inventory levels, with weak purchasing enthusiasm from downstream sectors, while military demand remains strong [1] Group 2: Titanium Dioxide Pricing Trends - As of the week of August 8-14, 2025, the mainstream price for sulfuric acid method rutile titanium dioxide is reported to be between 12200 and 13700 CNY per ton, with a weighted average price of 13302 CNY per ton, remaining stable compared to the previous week [2] - The "floor price" for titanium dioxide has been maintained for an extended period, with expectations for demand to improve and prices to stabilize [2] Group 3: Chemical Industry Performance - The CSI Chemical Industry Theme Index (000813) has seen a strong increase of 1.59%, with notable gains in stocks such as Nuclear Titanium White (10.11%) and Boyuan Chemical (6.22%) [3] - The Chemical ETF (159870) has risen by 1.39%, with a latest price of 0.66 CNY and a net subscription of 1.1 billion units during trading [3] Group 4: Chemical ETF Composition - The CSI Chemical Industry Theme Index consists of several sub-indices, with the top ten weighted stocks accounting for 43.54% of the index, including Wanhu Chemical and Salt Lake Co [4]