股票代码：000629 股票简称：钒钛股份 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □√其他 活动参与 人员 1.参与投资者 国泰基金：孙朝晖、曾攀水 2.上市公司参与人员 证券事务代表 石灏南 时间 2026 年 1 月 9 日 15:30-16:30（星期五） 地点 腾讯会议 形式 线上交流 交流内容及 具体问答记 录 1.请介绍一下公司原材料保障及定价情况。 公司主要原料钛精矿和粗钒渣从公司控股股东攀钢集团购 买，攀钢集团占据了攀西四大矿区中的攀枝花、白马两大矿区， 确保了公司生产原料来源稳定。公司向控股股东攀钢集团采购粗 钒渣按照成本加合理利润模式定价。控股股东生产的钛精矿全量 交由公司，一部分由公司按照市场化原则采购以满足自身生产需 要，另一部分由公司对外代理销售。 2.请介绍一下公司与大连融科的合作情况。 2021 年 9 月公司与大连融科签订《战略合作协议》以来，公 司与大连融科合作不断深化，一是公司与大连融科合资建有一条 2,000 立方米/年钒电解液产线，并已长时间达产达效，运营情况 良好；二是双方积极开展钒产品购销 ...

安宁股份所属申万行业为：有色金属-小金属-其他小金属。所属概念板块包括：钛白粉、小金属、中 盘、稀缺资源、钒电池等。 截至9月30日，安宁股份股东户数2.46万，较上期增加42.10%；人均流通股15023股，较上期减少 12.92%。2025年1月-9月，安宁股份实现营业收入16.07亿元，同比增长18.19%；归母净利润6.33亿元， 同比减少7.28%。 分红方面，安宁股份A股上市后累计派现22.80亿元。近三年，累计派现10.37亿元。 机构持仓方面，截止2025年9月30日，安宁股份十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股226.67万股，相比上期增加76.98万股。南方中证1000ETF（512100）退出十大流通股东之 列。 1月7日，安宁股份盘中上涨2.05%，截至11:07，报36.91元/股，成交5.39亿元，换手率3.98%，总市值 174.21亿元。 资金流向方面，主力资金净流出2958.38万元，特大单买入5060.03万元，占比9.39%，卖出6121.27万 元，占比11.36%；大单买入9541.23万元，占比17.70%，卖出1.14亿元，占比21.22 ...

华鲁恒升有机胺、肥料、醋酸、新能源新材料，2025Q1-3产量相比2020Q1-3增长45%/109%/161%/57% （新能源新材料因口径调整同比时间基数选择2022Q1-3）。公司本部通过技改有望实现盈利明显提 升，同步进行新能源新材料领域扩产。50%价差分位盈利在50亿元。 鲁西化工己内酰胺、尼龙6、甲酸、多元醇，2024年产量相比2020年增长55%/81%/44%/10%，并新增了 有机硅22.5万吨/年产能。50%价差分位盈利在39亿元。 龙佰集团钛白粉、钛精矿，2025H1产量相比2020H1增长68%/58%，海绵钛产能从1万吨/年扩增至8万吨/ 年，两矿合并正在快速推进，钛精矿产能将从140万吨/年提升至248万吨/年，铁精矿从400万吨/年提升 至760万吨/年，同时正在并购Venator英国15万吨/年氯化法钛白粉工厂。50%价差分位盈利在45亿元（考 虑两矿合并在64亿元）。 博源化工纯碱、小苏打、尿素，2025H1产量相比2020H1增长388%/59%/-1%，阿拉善二期280万吨/年纯 碱项目逐步投产，26年贡献增量。50%价差分位盈利在53亿元。 华峰化学氨纶、己二酸、聚氨酯 ...

转自：贵州日报 贵州日报天眼新闻记者 李雪雪 12月13日，在蓝天白云的映照下，海口市南海大道龙湖天街张灯结彩，黔味居南海大道店正式开业。 时间回溯到1988年，海南建省。祖籍铜仁、现任海南中视集团董事局主席的刘文军成为最早一批"闯海 人"。经过29年的发展，创始于1996年的海南中视集团，已成为一家集文化、院线、影视、演艺、传 媒、地产、物业、投资为核心业务的民营企业集团，并连续六年入选海南省百强企业。 "自贸港封关后，一个更加开放包容的海南将带来更大的文旅消费市场，也会带来更多的国内及海外合 作方。"回顾中视集团的发展历程，海南中视集团副总裁、中视文化总经理刘洋说，一个新的历史发展 机遇正在敞开怀抱。 刘洋举例说，自贸港封关以后，"零关税"商品范围将扩大至约6600个税目，约占全部商品税目的74%， 比封关前提高了53%。这就意味着，中视文化公司每年上千万元的影视设备采购固定支出和采购海外优 质影视IP版权的不固定支出都可享受免税政策，节约大量"硬软件"成本。 中视文化作为集团核心企业，在电影院线、影视投资、演艺娱乐、广告传媒四大板块形成了区域领先优 势。其中，中视院线作为海南唯一的本土电影院线公司，经过 ...

Core Viewpoint - Yunnan's Chuxiong Yi Autonomous Prefecture is committed to the "big focus on industry, main attack on manufacturing" development philosophy, driving industrial upgrades and project construction to implement the strategy of becoming an industrial powerhouse, with steady progress in industrial development [1][2]. Industrial Growth - From 2021 to 2024, the annual average growth rate of industrial added value in Chuxiong Prefecture is projected to be 6.2%, ranking among the top in the province, with the industrial sector accounting for 26% of GDP, serving as a core engine for economic growth [2]. Diverse Industrial Development - Chuxiong Prefecture has established a new industrial system focusing on green silicon, green titanium, green copper, green vanadium-titanium, and advanced equipment manufacturing, creating a multi-polar support and collaborative development model [3]. - The green silicon industry has developed a complete industrial chain from monocrystalline silicon pulling rods to slices and battery cells; the green titanium industry has established a comprehensive chain from titanium ore mining to processing; and the green copper industry has formed a collaborative development pattern in mining, smelting, and processing [3]. Industrial Park Development - The Yunnan Desheng Vanadium-Titanium Metal Ecological Industrial Park has been established in Lufeng City, filling a gap in the vanadium industry chain in Chuxiong Prefecture [5]. - Chuxiong Prefecture has built a "1 national high-tech zone + 9 provincial parks + 2 chemical parks" development pattern, achieving full coverage of provincial industrial parks [5][8]. Project Investment - Chuxiong Prefecture adheres to the "project-oriented" philosophy, with an average annual industrial investment growth rate exceeding 20% during the 14th Five-Year Plan period, and a year-on-year increase of 5.5% in industrial investment from January to August 2025 [9]. - Key projects in the silicon, titanium, and copper industries have been completed, laying a solid foundation for industrial economic growth [11]. Innovation and Digital Transformation - Chuxiong Prefecture promotes industrial economic development through digital transformation, green development, and enterprise cultivation, with 9,430 5G base stations established to support digital initiatives [14]. - A collaboration between China Mobile and Huaneng New Energy has led to the development of a 5G-enabled smart factory project at Asia's largest mountain photovoltaic power plant, enhancing operational efficiency through advanced technologies [15]. Green Manufacturing - Chuxiong Prefecture is implementing green manufacturing initiatives, with 6 national-level green factories and 1 national-level green supply chain enterprise, indicating a growing green manufacturing system [15]. - The region has also fostered a matrix of large enterprises leading and small and medium-sized enterprises collaborating, with 418 industrial enterprises above designated size as of September 2025, an increase of 73 from the end of the 13th Five-Year Plan [15].

Price Trends - Magnesium 99.9% in Shanghai is priced at 16,905-17,005 CNY/ton, down by 50 CNY [1] - Niobium ≥99.9% is priced at 665-675 CNY/kg, with no change [1] - Vanadium ≥99.5% is priced at 1,461-1,561 CNY/kg, with no change [1] - Electrolytic manganese in Guangxi is priced at 13,400-13,600 CNY/ton, with no change [1] - Lithium metal ≥99% is priced at 590,100-625,100 CNY/ton, with no change [1] - Arsenic metal is priced at 6,705-7,205 CNY/ton, with no change [1] - Sponge titanium ≥97-98% is priced at 45-46 CNY/kg, with no change [1] - Sponge zirconium ≥99% is priced at 166-171 CNY/kg, with no change [1] Mineral Product Prices - Copper concentrate 18-20% is priced at 76,050-80,001 CNY/metal ton [1] - Lead concentrate 50% from Henan is priced at 16,650-16,750 CNY/metal ton, while from Yunnan it is priced at 16,750-16,850 CNY/metal ton [1] - Zinc concentrate 50% from Yunnan is priced at 19,092-19,192 CNY/metal ton, while from Hunan it is priced at 19,042-19,142 CNY/metal ton [1] - Molybdenum concentrate 45% is priced at 3,621-3,651 CNY/ton [1] - Black tungsten concentrate 65% is priced at 342,100-343,100 CNY/ton [1] - White tungsten concentrate 65% is priced at 341,100-342,100 CNY/ton [1] - Tin concentrate 60% from Guangxi is priced at 295,800-297,800 CNY/metal ton [1] - Titanium concentrate TiO2 ≥46% is priced at 1,631-1,681 CNY/ton [1] - Carbonate rare earth is priced at 48,105-48,405 CNY/ton [1] - Red soil nickel ore 1.8% (FOB) is priced at 72-75 USD/wet ton [1] Non-Metal Prices - 521 silicon from East China is priced at 9,600-9,800 CNY/ton [2] - Borax with 95% content from Northeast is priced at 5,000 CNY/ton [2] - Borax with 95% content from Shandong is priced at 4,500 CNY/ton [2] - Talc food grade SiO2 ≥50% with 93 800 mesh is priced at 3,000 CNY/ton [2] - Diatomaceous earth with 86% silica from Henan is priced at 3,000 CNY/ton [2]

Group 1 - The article provides a detailed overview of the current prices of various metals and minerals, indicating fluctuations in market prices for specific commodities [1][2] - Cadmium is priced between 28,600 to 29,600 RMB per ton, while chromium ranges from 81,100 to 84,600 RMB per ton [1] - Lithium metal is reported at 575,100 to 610,100 RMB per ton, reflecting significant interest in battery materials [1] Group 2 - Non-metallic products such as boron and talc are also listed, with boron priced at 4,500 RMB per ton in Shandong and talc at 3,000 RMB per ton in Henan [2] - The report highlights the price of rare earth carbonate at 44,305 to 44,705 RMB per ton, indicating ongoing demand in the market [1] - The pricing for various ores, including copper and lead concentrates, shows a range of 16,650 to 16,800 RMB per ton for lead in Henan [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [9][19]. Core Viewpoints - The report highlights the significant price increases in products such as toluene (up 25.22%) and liquid chlorine (up 13.73%), while products like butadiene and vinyl acetate saw notable declines [4][5][16]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of the current international oil price fluctuations [6][19]. - The report anticipates that the international oil price will stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material price declines [6][19]. Summary by Sections Chemical Industry Investment Suggestions - The report emphasizes the importance of monitoring sectors like glyphosate, fertilizers, and high-dividend assets for potential investment opportunities [19]. - It recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [19]. - The report also highlights the resilience of domestic chemical fertilizer and certain pesticide sectors, suggesting a focus on companies like China Heartland Fertilizer and Hualu Hengsheng [19]. Price Trends and Market Analysis - The report notes that while some chemical products have rebounded in price, the overall industry remains weak, with mixed performance across sub-sectors [17][19]. - It provides detailed price movements for various chemicals, indicating a general trend of price increases for certain products and declines for others [4][5][16]. - The report discusses the impact of OPEC's decisions on oil prices and how this affects the chemical industry, particularly in terms of raw material costs [6][20]. Company Focus and Earnings Forecast - The report includes a detailed earnings forecast for key companies, with a focus on their expected EPS and PE ratios for the coming years [9]. - Companies such as Sinopec, Jiangshan Co., and others are highlighted for their strong market positions and potential for growth [9][19]. - The report suggests that companies with strong asset quality and high dividend yields, like the "three barrels of oil," will benefit from the current market conditions [19].

Core Viewpoint - The company is positioning its zircon-titanium business as a second growth curve, leveraging its domestic processing capabilities and international resource acquisitions to enhance revenue potential [2]. Group 1: Competitive Advantages - The company operates two zircon-titanium processing plants in China with an approved processing capacity of 2 million tons per year [2]. - The acquisition of zircon-titanium heavy mineral rights in Madagascar and Tanzania provides the company with a rich resource reserve, enhancing its competitive edge in the market [2]. Group 2: Future Revenue Projections - The company anticipates that the gradual production of overseas zircon-titanium mines will significantly support its performance, indicating a strategic focus on increasing the revenue contribution from this segment [2].

Investment Rating - The report assigns a "Buy" rating to the company [4][7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 10.456 billion yuan, a year-on-year increase of 26.87%, while the net profit attributable to shareholders was 788 million yuan, up 748.07% year-on-year [2][21]. - The significant performance improvement is attributed to the substantial increase in prices of key rare earth products and the company's effective market strategies [2][21]. - The company has completed the acquisition of Peak Company, enhancing its global resource control in the rare earth sector [3][14]. Summary by Sections 1. Global Resource Layout and Upstream Resource Security - The company has a complete rare earth industry chain and is actively acquiring overseas resources, including a 100% stake in Peak Company, which owns the Ngualla rare earth project in Tanzania, expected to start production in 2026 with an annual output of 18,000 tons of rare earth concentrate [3][14]. - The company is also involved in the zircon-titanium business, with projects in Tanzania and Madagascar, aiming to enhance production capacity [3][19]. 2. Performance Recovery Driven by Price Increases - The company experienced a rebound in performance due to rising prices of rare earth products, with a notable increase in sales volume compared to the previous year [2][21]. - The average price of praseodymium and neodymium oxide reached 541,000 yuan per ton as of November 6, 2025, reflecting a 35.93% increase since the beginning of the year [2][21]. 3. Profit Forecast and Valuation - The company is expected to see continued profit growth, with net profits projected at 840 million yuan, 893 million yuan, and 965 million yuan for 2025, 2026, and 2027, respectively [4][6]. - The estimated earnings per share for the same years are 0.48 yuan, 0.51 yuan, and 0.55 yuan, with corresponding P/E ratios of 46.30, 43.54, and 40.30 [4][6].