证券日报网讯 12月19日晚间，龙佰集团发布公告称，公司2025年第三次临时股东会审议通过《关于公 司2026年度向银行申请授信额度的议案》《关于为下属子公司担保的议案》《关于开展外汇套期保值业 务的议案》。 （文章来源：证券日报） ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-081 龙佰集团股份有限公司 关于公司股东股份质押延期的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司股东河南银泰 投资有限公司（以下简称"银泰投资"）的通知，获悉其所持有的本公司部分股 份办理了质押延期。具体事项如下： 二、股东股份累计质押情况 - 1 - 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质押延 期数量（股） 占其所 持股份 比例 （%） 占公司 总股本 比例 （%） 是否为 限售股 是否为 补充质 押 质押起始 日 原质押到 期日 延期后 质押到 期日 质权 人 质押 用途 银泰投 资 否 14,700,000 24.10 0.62 否 否 2024 年 12 月 23 日 2025 年 12 月 22 日 2026 年 12 月 22 日 广发 证券 股份 有限 公司 偿还 债务 一、股东股份质押延期基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东名称 持股数量 （股） ...

上海市锦天城（深圳）律师事务所 关于龙佰集团股份有限公司 2025年第三次临时股东会的 法律意见书 (2025)锦天城深律见证字HT第005号 深圳市福田中心区福华三路卓越世纪中心1号楼21、22、23层 联系电话:(86755)82816698 传真电话:(86755)82816898 邮政编码：518048 上海市锦天城(深圳)律师事务所 《法律意见书》 致：龙佰集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）持有有权 机关-广东省司法厅核发的统一社会信用代码为31440000772720702Y 号《律师事务所分所执业许可证（正、副本）》，依法具有执业资格。 撰写、签署编号为(2025)锦天城深律见证字HT第005号《上海市 锦天城（深圳）律师事务所关于龙佰集团股份有限公司2025年第三次 临时股东会的法律意见书》（以下简称"本《法律意见书》"）的霍庭 律师、潘沁圣律师均为本所执业律师（以下简称"本所经办律师"）， 分别持有有权机关—广东省司法厅核发的证号为14403199110407747 号、14403202010176547号《中华人民共和国律师执业证》，且均处于 年审合格暨有 ...

1.本次股东会未出现否决提案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 证券代码：002601 证券简称：龙佰集团 公告编号：2025-082 龙佰集团股份有限公司 一、会议召开和出席情况 2025年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、会议召开情况 （1）现场会议时间：2025 年 12 月 19 日 14:30 （2）网络投票时间：2025 年 12 月 19 日 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 12 月 19 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 12 月 19 日 9:15 至 15:00 期间的任意时间。 2、会议召开地点：公司会议室。 3、召集人：公司董事会。 4、召开方式：现场和网络投票相结合。 5、主持人：董事长和奔流先生。 6、本次会议的召集和召开符合《公司法》《深圳证券交易所股票上市规则》《上 市公司股东会规则》和《公司章程》的有关规定。 7、会议出席 ...

智通财经APP获悉，东兴证券发布研报称，2025年，化工品价格指数小幅震荡下行，化工行业仍处于低 景气阶段，但目前全球能源类成本已从高位回落，同时，从供给、需求、库存角度看，行业已出现积极 变化。展望2026年国内化工行业，供需格局有望改善，建议关注行业景气有望回升的子行业，如钛白 粉、部分农药品种、化纤、制冷剂等；资本开支和研发共同驱动中长期增长的龙头企业；受益于需求增 加或国产替代持续推进的部分高端化工新材料，如电子化工材料、高端陶瓷材料等。 从需求端来看，国内制造业需求弱复苏，新兴领域或带来增量；此外，大规模设备更新、消费品以旧换 新等具体政策，也有助于拉动汽车、家电产业链相关化工品的需求。因此国内部分化工子行业的供需格 局有改善趋势，看好钛白粉、部分农药品种、化纤、制冷剂等子行业的供需格局有望逐步好转。 (2)资本开支和研发共同驱动中长期增长的龙头企业。经历供给侧改革之后，国内化工行业的集中度已 经有了较大的提升。未来，受到环保、安全、能耗等政策限制，化工行业资本开支向龙头集聚，投资方 向主要是聚焦原有产品产能扩张、围绕产业链向下游高附加值产品延伸、或通过研发驱动向更多高壁垒 的精细化学品和新材料领域 ...

Group 1 - The core view of the report indicates that the chemical industry in China is expected to see a bottoming out and improvement in supply-demand dynamics, with a marginal recovery in industry prosperity anticipated for 2026 [4][5][45] - In 2025, the chemical price index is projected to decline slightly, remaining in a low prosperity phase, but global energy costs have retreated from their highs, leading to positive changes in supply, demand, and inventory [4][15][45] - The report highlights that supply-side investment growth in the chemical industry is slowing, driven by anti-competitive policies and the exit of outdated overseas production capacities, which alleviates supply-side pressure [4][30][37] Group 2 - The report identifies three key investment directions for 2026: sub-industries with improving supply-demand dynamics, leading companies driven by capital expenditure and R&D, and high-end chemical new materials benefiting from increased demand or domestic substitution [5][46][57] - Sub-industries expected to see recovery include titanium dioxide, certain pesticide varieties, chemical fibers, and refrigerants, as traditional demand stabilizes and new industries emerge [5][49][57] - Leading companies are expected to concentrate capital expenditure on capacity expansion and high-value downstream products, with significant capital expenditures noted for companies like China Petroleum and Wanhua Chemical [6][51][52] Group 3 - The report emphasizes the ongoing domestic substitution in high-end chemical new materials, particularly in electronic chemical materials and ceramics, driven by the growth of emerging industries such as AI and biomedical applications [7][54][56] - The demand for electronic chemical materials is anticipated to increase as domestic companies make technological advancements and penetrate supply chains for semiconductor and display panel materials [55] - The ceramic materials market is expected to grow significantly due to new applications in biomedical fields, providing a new growth engine for high-end ceramic materials [56]

Core Insights - The chemical industry is currently at the bottom of its cycle, with expectations of gradual recovery driven by global economic growth and demand increase [2][5][20] - The report emphasizes the importance of supply-side dynamics, noting the retreat of foreign investment and the slowdown of domestic capacity expansion, which may lead to a turning point for the industry [2][5][36] - Key recommendations include focusing on cyclical resilient and growth sectors such as industrial silicon, organic silicon, PTA, spandex, caprolactam, soda ash, and chlor-alkali, as well as high-demand products like refrigerants and potassium fertilizers [2][5][6] Demand Side Analysis - The chemical industry is closely tied to global economic performance, with a projected global GDP growth of 3.09% in 2026, driven mainly by developing countries like India [22][25] - China's GDP growth is expected to be 4.16% in 2026, indicating robust domestic demand [22][25] - Emerging sectors such as new energy and AI are expected to drive material consumption, with significant growth in electric vehicle sales and energy storage capacity anticipated [27][29] Supply Side Dynamics - The report highlights the challenges faced by foreign chemical giants due to rising energy costs and increased competition, leading to significant profit declines [36][41] - Major foreign companies are closing high-cost production facilities in Europe, which may create opportunities for domestic players [36][41][47] - Domestic chemical companies are experiencing pressure on investment returns, leading to a slowdown in capital expenditure growth and a pause in new capacity plans [49] Investment Strategy - The report suggests a focus on cyclical resilient products and growth sectors, with specific attention to high-quality companies that possess competitive advantages [6][36] - The potential for price increases or stable prices with volume growth in bottom-tier products is emphasized, particularly in industrial silicon and organic silicon [6][36] - The report also identifies opportunities in the tire and civil explosives sectors, particularly as companies expand internationally [7][36] Emerging Opportunities - New material sectors, including humanoid robots and AI materials, are highlighted as areas of potential growth, driven by domestic policy support and the need for localized supply chains [8][36] - The report notes the increasing importance of domestic production capabilities in high-end materials due to international trade tensions [8][36]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

Core Viewpoint - Longbai Group aims to become a global leader in titanium-based materials, focusing on innovation and sustainable growth while expanding its market presence globally [2][7]. Group 1: Company Overview - Longbai Group has evolved from a struggling local enterprise to a leading player in the titanium industry, emphasizing the importance of titanium dioxide (TiO2) as a foundational pigment [3]. - The company has established a comprehensive green industrial chain, from titanium ore processing to the production of titanium dioxide and titanium metal, with an annual production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally [3][4]. Group 2: Innovation and R&D - Innovation is the core driving force behind Longbai Group's development, with annual R&D investments exceeding 1 billion yuan [5]. - The company has successfully introduced and mastered the large-scale boiling chlorination process for titanium dioxide production, marking a significant technological advancement [4]. Group 3: Business Expansion and Mergers - Longbai Group has pursued a strategy of mergers and acquisitions to enhance its market position, including the acquisition of Yunnan Metallurgical New Li and Panzhihua Fengyuan Mining, which significantly increased its sponge titanium production capacity [6]. - Future acquisitions will focus on core technologies and key resource elements, with an emphasis on overseas opportunities [6]. Group 4: Globalization Strategy - The company is accelerating its globalization efforts, with products currently reaching over 110 countries and regions [7]. - Longbai Group is exploring resource acquisition in Australia and potential production facilities in Southeast Asia and Central Asia to support its global operations [7].

Core Viewpoint - Longbai Group aims to become a global leader in titanium-based materials, focusing on innovation and sustainable growth while expanding its market presence globally [1][5]. Group 1: Business Strategy and Growth - Longbai Group has transitioned from a struggling local enterprise to a leading company in the titanium industry, driven by innovation and a dual strategy of internal growth and external expansion [1][4]. - The company has established a global leading production capacity with an annual output of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally [2][3]. - Longbai Group has shifted its focus to titanium dioxide, abandoning the development of aluminum sulfate and slowing down the growth of zirconium salt to concentrate resources on this area [2]. Group 2: Innovation and Technology - The company has innovated its production processes by introducing large-scale bubbling chlorination technology for titanium dioxide, achieving full control over core intellectual property [2][3]. - Longbai Group invests over 1 billion yuan annually in research and development, emphasizing the importance of innovation for future growth [3]. Group 3: Mergers and Acquisitions - The company has successfully expanded its operations through strategic acquisitions, including the purchase of Yunnan Metallurgical New Li and Panzhihua Fengyuan Mining, significantly increasing its sponge titanium production capacity [3][4]. - Future acquisitions will focus on core technologies and key resource elements, with an emphasis on overseas opportunities [4]. Group 4: Global Expansion - Longbai Group is accelerating its globalization efforts, with products currently available in over 110 countries and regions [5]. - The company is exploring resource acquisition in Australia and potential production facilities in Southeast Asia and Central Asia to extend its production capacity internationally [5].