2016 This year, China’s monthly production of titanium concentrate has generally maintained an upward trend, with annual output nearing last year’s level. Imports have surged significantly, and the country’s reliance on foreign sources has risen year-on-year. 7 percentage points; meanwhile, imports of titanium concentrates from Mozambique, Vietnam, and Senegal surged significantly, leading to a decline in the concentration of titanium concentrate imports compared to the previous year. 5 percentage points; the price of titanium concentrate has generally shown a steady upward trend, with volatility significantly increasing year-on-year. 2016 The annual comprehensive safety early warning value for titanium ore resources is: 4.76 This represents a slight increase compared to the previous year, and it is expected that the comprehensive early-warning index for titanium ore in the coming months may remain in a low-range while accumulating upward potential.

　　Investment Outlook: Monthly changes in fixed-asset investment have become relatively stable, and there is support for a rebound at the end of the year. 2017 Annual investment possible

　　2016 The fixed-asset investment in the black metal mining and beneficiation industry for the year was... 978.32 100 million yuan, down year-on-year 28.37% The decline was significant. Looking at the monthly trend of investment changes, the overall pattern shows an inverted... “U” The trajectory of shape changes has become relatively stable compared to the previous year. Among them, in... 6 The monthly investment amount reached 135.68 100 million yuan—the highest monthly figure so far this year—was followed by a gradual downward trend. However, in... 12 The month is showing an upward trend, which is favorable for support. 2017 Annual investment potential. Judging from the current situation, 2017 The potential for fixed-asset investment in the black metal mining and beneficiation industry may... 2016 Steady progress on an annual basis, primarily based on 2016 Investment trends at year-end are stabilizing, and there is potential for a strong finish to the year.

　　Production and Supply: Monthly titanium concentrate production continues to maintain an overall growth trend, and it is expected... 2017 Annual production will be stabilized on the basis of the existing level.

　　2016 China's annual production of titanium concentrate was 399 10,000 tons, down year-on-year 1.86% From a monthly perspective, 2016 The annual production of titanium concentrate has generally shown an upward trend, among which, the first... 11 The growth trend over the past month has been most pronounced, with an average monthly increase. 5.69% . To 12 Month, monthly production is 35.6 Ten thousand tons—a relatively significant month-on-month decline (a decrease). 13.38% ), but still higher than the monthly average for the year ( 33.25 Ten thousand tons / month), year-on-year as well 19.46% The increase. Expected 2017 This year, China's production of titanium concentrate may be... 2016 Building on last year’s foundation, there is potential for stability or a slight increase.

　　Import situation: Imports of titanium concentrates from Mozambique, Vietnam, and Senegal have increased significantly, and import concentration has declined compared to the previous year. 5 percentage point

　　2016 Net import of titanium concentrate in China this year 253.49 Ten thousand tons, a significant year-on-year increase. 37.24% From a monthly perspective, 2016 Throughout the year, China's imports of titanium concentrate generally maintained a growth trend, among which... 11 The monthly import volume reached the highest level for any single month of the year. 32.5 (10,000 tons). Based on the current situation, excluding the impact of the Spring Festival holiday, monthly import volumes in the near term will basically remain at... 20 Ten thousand tons ~30 Between ten thousand tons.

　　Looking at the distribution of import sources, 2016 This year, China's imports of titanium concentrate have been primarily concentrated in India, Mozambique, Kenya, Vietnam, Australia, and Senegal. 6 a country (the quantity imported accounts for the total) 88.39% ). Based on data from the top three importing countries, 2016 The concentration of annual titanium concentrate imports is 59.8% , down from the previous year. 5 percentage points. The primary reason for the decline in import concentration is the substantial increase in imports of titanium concentrates from Mozambique, Vietnam, and Senegal. In the long term, further stabilizing the current import structure will help reduce the market risks associated with China’s supply of titanium resources. 2017 In the coming year, as supply-side structural reforms deepen, the domestic market will further stabilize, and it is expected that the current pattern of titanium concentrate imports will remain unchanged.

　　From the perspective of external dependence, due to a substantial increase in imports and relatively stable domestic supply, the degree of external dependence rose year-on-year. 7 percentage point

　　2016 In that year, China's dependence on foreign sources for titanium concentrate was 38.85% , an increase of approximately ... compared to the previous year 7 percentage points. Looking at it on a monthly basis, the month with the highest degree of external dependence is... 1 Moon, 3 Moon, 6 Moon, 8 Moon, 11 Moon and 12 Month, all reach 40% The above. The lowest is 10 Month, close to 24% Based on the current market conditions, the monthly external dependence in the short term is likely to be... 30%~45% The interval operation, as the main characteristic, has a relatively low probability of showing a clear downward trend.

　　Price Trends: The price of titanium concentrate has generally shown a steady upward trend, with the volatility rate increasing significantly year-on-year.

　　2016 This year, the price of titanium concentrate in China has generally shown a steady upward trend. It has already... 1 of the month 503 Yuan / Ton (average price, same below) rose to the end of the year. 1156 Yuan / tons, more than doubling in price. Judging from the price fluctuations, 2016 The monthly average volatility of the annual titanium concentrate price is... 15.6% , and 2015 The same period of the year 1.69% Compared to the monthly average volatility, price fluctuations are significant. Overall, 2016 The first half of the year belongs to a period of rising price fluctuations, during which... 7 The monthly fluctuation rate reaches 39.91% , which marked the highest level of the year, then began to decline rapidly—though... 11 The month saw a small peak in fluctuations.

　　Security Alert: 2016 The annual comprehensive safety early warning value for titanium ore resources is: 4.76 slightly higher than the previous year

　　First, the safety alert level of the growth rate of mining investment. 2016 The overall safety level of the growth rate of mining investment in our country this year is... 4.6 (Higher than the previous year) 0.6 ), indicating signs of a recovery in mining investment conditions, though the situation currently remains in a mildly risky range. From a quarterly perspective, the safety index was relatively high in the second and third quarters, reaching respectively 6.3 and 5.0 Looking at it on a monthly basis, the safety index reached 9 The months are 3 Moon, 5 Moon, 6 Moon, 8 Moon and 12 Month.

　　Second, the degree of safety alert for the increase in ilmenite concentrate production. 2016 The overall safety level of China's titanium ore products (titanium concentrate production) this year is... 3.8 (Increased compared to the previous year) 1.4 ), further developing in a positive direction, yet still remaining within the moderate-risk range. From a quarterly perspective, the safety index for the first and third quarters was relatively high, at... 4.6 and 4.3 is in the mildly dangerous range. From a monthly perspective, it is significantly influenced by holiday-related factors, among which, 1 Moon and 12 The monthly warning threshold is only 1 , the two lowest months of the year.

　　Third, the level of safety alert for the concentration of titanium concentrate imports. 2016 The warning threshold for the concentration of annual titanium concentrate imports is: 2.8 (Previous year was 1.9 ), the situation has shifted from a high-risk zone to a moderate-risk zone, showing a positive development trend. Data reveals that currently, China’s concentration of titanium concentrate imports remains excessively high. Looking at monthly trends, 3 Moon, 7 Moon and 11 The monthly safety alert values are relatively ideal, specifically: 6、4 and 4。

　　Fourth, the degree of safety alert for price volatility. 2016 The safety alert threshold for the volatility of annual titanium concentrate prices is: 8 (Previous year was 9 ), an area that has generally achieved a high level of security. The main reason is that the mining market is still in a trough and is slowly recovering; as a result, market prices typically do not experience sharp surges, making it difficult for significant fluctuations to emerge.

　　Fifth, the level of safety alert for the dependence on external sources for titanium concentrate. 2016 The early warning value for China's dependence on foreign sources for titanium concentrate this year is: 5.6 (Previous year was 6.4 ), falling into the attention zone. The main reason is that this year, the import volume of titanium concentrate has increased significantly, and coupled with the lack of any substantial growth in domestic resource supply, this has led to a rise in external dependence.

　　Sixth, a comprehensive analysis of the early-warning and safety level for titanium ore resources. By calculating and analyzing the early-warning values for various types of indicators, we arrive at the following: 2016 The annual comprehensive safety early warning value for titanium ore resources is: 4.76 , slightly higher than the previous year. Among them, 3 The month represents the period with the best annual security situation, and the early warning threshold has been reached. 7.92 Since then, the trend has remained oscillatory. Judging from the trend over the past two years, the composite early-warning index for titanium ore is likely to hover in a low range over the coming months while accumulating upward potential.

　　Future Outlook: Increased demand for downstream processing in the industry will boost the supply of titanium resources. , Titanium concentrate production and supply have stable or growth potential.

　　First, the increasing demand for downstream processing in the industry will further boost the supply of titanium resources. Because, 2016 This year, China's production of sponge titanium reached 6.55 Tens of thousands of tons, showing a growth trend and already possessing a certain support base. Industry insiders believe that it is expected... 2017 Titanium sponge production is set to continue its growth momentum this year, which will help boost market demand for titanium concentrates.

　　Second, the production and supply of titanium concentrates have stable or growing potential. 2017 Year 1 As a major supplier of titanium concentrate, Panzhihua Iron and Steel Mining Company’s titanium concentrator has exceeded its production schedule for titanium concentrate. 2600 Ton, with a strong start, further boosts confidence in the later market.

　　Third is 2016 The substantial increase in imports of titanium concentrate may affect... 2017 The continued growth in imports this year is putting pressure on the market. The future trend of imports will depend on the demand from the downstream sectors of the industry as well as the stability of the domestic supply market for resource-based products.

　　Fourth, reducing the concentration of market imports will help enhance the security of China's titanium resource supply.