Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2]. Core Insights - In Q4 2025, the overall allocation of public funds in the chemical sector has significantly increased, indicating a bottoming out and potential investment opportunities [2]. - The top ten chemical stocks held by public funds saw a recovery in their market value share, with a notable increase in the proportion of leading blue-chip stocks, suggesting a preference for stable investments in cyclical products with price elasticity [2][12]. - The total market value of the top 30 chemical stocks held by public funds reached approximately 79.89 billion, reflecting a significant increase of about 45.23% compared to the previous quarter [24]. Summary by Sections 1. Q4 2025 Public Fund Chemical Holdings Changes - The proportion of heavy chemical stocks in overall public fund holdings increased by 0.70 percentage points to 2.37%, marking a new high for 2025 [7]. - Regional allocations also saw increases, with East China rising by 0.63 percentage points to 2.33%, South China by 0.96 percentage points to 3.02%, and North China by 0.44 percentage points to 1.44% [7]. 2. Changes in the Number of Funds Holding Chemical Stocks - The number of funds holding chemical stocks increased significantly, driven mainly by blue-chip stocks. The top three stocks with the highest increase in the number of funds were Wanhua Chemical, China National Offshore Oil Corporation (CNOOC), and Hualu Hengsheng, with increases of 119, 85, and 75 funds respectively [15][19]. 3. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 chemical stocks held by public funds increased significantly, with these stocks accounting for 84.68% of the total market value of all heavy chemical stocks, an increase of 3.34 percentage points [24]. - The leading stocks by market value included Wanhua Chemical at approximately 89.41 billion, CNOOC at 67.53 billion, and Juhua Co., Ltd. at 59.78 billion [24].

Group 1 - The A-share market shows strong performance in the chemical sector, particularly with Wanhua Chemical (600309.SH) being highlighted as one of the top ten core assets in the "Betting on China" list for 2026 by Gelonghui [1] - Wanhua Chemical's stock price surged over 6% during trading, reaching 89.98 yuan, marking a new high since October 2024 [1]

Group 1 - The core viewpoint of the article highlights the strong performance of chemical stocks in the A-share market, particularly Wanhu Chemical, which saw its stock price rise over 6% to reach 89.98 yuan, marking a new high since October 2024 [1] - As of January 26, 2026, the China Chemical Price Index increased to 4084, reflecting a month-on-month rise of 4.2%, indicating a positive trend in the chemical industry [1] - The year-on-year decline in the Producer Price Index (PPI) for the chemical raw materials and chemical products manufacturing industry, as well as the chemical fiber manufacturing industry, has narrowed, suggesting that price pressures in the industry are continuing to ease [1]

今日化工板块继续强势上涨，化工ETF天弘(159133)标的指数上涨2.47%，自去年12月17日以来累 计上涨27.93%，资金更是持续涌入化工ETF天弘(159133)，已连续20日净申购，合计净流入10.7亿元， 今日盘中继续获资金净申购1.21亿份，冲击"21连吸金"。 （责任编辑：王治强 HF013） 资金持续涌入化工ETF的背后是供给收缩、需求端回暖、以及反内卷政策的多重因素推动： 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ①供给端收缩：全球范围内化工产能出清加速，如欧洲石化行业关闭多套裂解装置，韩国巨头宣布 减产。 ④目前，A股共有1201家上市公司披露2025年业绩预告，有色金属、化工、半导体等行业业绩回暖 较为明显。 宝城期货指出，本轮化工板块并非短期资金炒作的结果，而是成本端企稳、供给端优化、需求端复 苏、政策端赋能四大核心因素共振，更是化工行业告别"内卷"，迈入高质量发展的拐点 ...

Group 1 - Wanhua Chemical's stock increased by 5.06% to 88.99 CNY per share, with a trading volume of 3.239 billion CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 278.581 billion CNY [1] - Wanhua Chemical, established on December 16, 1998, and listed on January 5, 2001, is located in Yantai, Shandong Province, and specializes in the development, production, and application of various isocyanate products and their derivatives, as well as polyurethane systems and additives [1] - The company's revenue composition includes: polyurethane series 40.58%, petrochemical series 38.43%, fine chemicals and new materials series 17.19%, and others 12.46% [1] Group 2 - Huafu Fund holds Wanhua Chemical as its top position in the Huafu Growth Enterprise Selected Stock A (009398), with 161,200 shares, accounting for 8.02% of the fund's net value, resulting in a floating profit of approximately 691,500 CNY [2] - The Huafu Growth Enterprise Selected Stock A (009398) was established on June 18, 2020, with a current scale of 154 million CNY, and has achieved a year-to-date return of 10.86% [2] - The fund manager Chen Qiming has a tenure of 11 years and 128 days, with a total asset scale of 1.467 billion CNY, achieving a best return of 370.25% during his tenure [2]

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a rise of 1.96% after a brief fluctuation at the opening [1][2] - Key stocks in the sector include Zhejiang Longsheng, which hit the daily limit, and other notable gainers such as Hebang Biotechnology, Satellite Chemical, Baofeng Energy, and Hengyi Petrochemical, all showing significant increases [1][2] - The chemical ETF (516020) has attracted substantial investment, with net subscriptions of 1.422 billion yuan over the past five days and 2.14 billion yuan over the past ten days [1][2] Group 2 - Recent advancements in the basic chemical industry include breakthroughs in green refrigeration technology and key technologies for the industrialization of high-performance liquid crystal polyarylate fibers [3] - Looking ahead, the chemical industry is expected to experience low prosperity in 2025, with potential recovery in profitability driven by measures against "involution" and rapid growth in new materials due to downstream demand [3] - Investment opportunities in the large chemical sector are viewed positively, particularly in leading companies and sub-industries facing supply changes or significant pressure [3]

证券研究报告 基础材料/能源 1 月下旬以来，美国遭遇冬季风暴极端天气已造成部分受灾地区天然气/电力 供应中断、能源价格上涨等影响，其中作为美国化工重要供给区的得克萨斯 州墨西哥湾沿岸炼油、化工等部分工厂开工已受影响。考虑到美国较多大宗 化工品占全球产能比重仍较高，因而本轮寒潮导致的潜在供给下滑或对相关 产品的供应稳定性造成一定冲击。同时，由于我国大宗化工品已步入产能周 期和库存周期双重拐点，海外供给的潜在下滑或助力国内相关化工品开工率 提升及景气率先修复。关注炼油、乙烯、醋酸、MDI、TDI 等，推荐万华化 学、华谊集团、中国石化（A/H）。 美国遭遇寒潮极端天气，部分大宗化工品供给或受到冲击 据财联社、中新网等，美东时间 1 月 23 日以来，美国遭遇大规模冬季风暴， 已致逾 20 个州进入紧急状态，极端天气已造成部分受灾地区人员伤亡、天 然气/电力供应中断、能源价格上涨等影响，且得克萨斯州墨西哥湾沿岸多 家炼油厂、化工厂和制造商已被迫停产。同时，据美国国家气象局，极寒天 气或将持续到 2 月初。由于美国本土炼油、乙烯、醋酸、MDI、TDI 等较多 化工品产能占全球比重较高（2025 年多种产品产能占比在 ...

Core Viewpoint - The petrochemical sector is experiencing a positive trend, with the China Petrochemical Industry Index showing an increase, and significant inflows into the Petrochemical ETF, indicating strong investor interest and potential for growth [1][2]. Group 1: Market Performance - As of January 28, 2026, the China Petrochemical Industry Index rose by 0.54%, with key stocks like Zhejiang Longsheng hitting the daily limit up, and others such as China National Offshore Oil Corporation and Hubei Biopharma also seeing gains [1]. - The Petrochemical ETF (159731) increased by 0.39%, with a turnover rate of 4.34% during the trading session [1]. - Over the past 15 days, the Petrochemical ETF has attracted a total net inflow of 745 million yuan, reaching a record high of 1.018 billion shares and a total size of 1.045 billion yuan [1]. Group 2: Performance Metrics - The Petrochemical ETF has seen a net value increase of 62.39% over the past two years [1]. - The highest monthly return since inception was 15.86%, with the longest streak of consecutive monthly gains being 8 months and a maximum cumulative increase of 41.60% [1]. - The average monthly return during the rising months was 5.25%, and the ETF outperformed its benchmark with an annualized excess return of 2.35% over the past year [1]. Group 3: Industry Outlook - Tianfeng Securities indicates that a turning point in policy and capital expenditure is evident, with the concept of "anti-involution" suggesting improved profitability and healthier long-term development for the industry [1]. - The chemical industry is entering a strategic window, characterized by the exit of high-cost marginal capacity overseas and a restructuring of the global chemical order [1]. Group 4: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index accounted for 56.73% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical among others [2].

Group 1 - The global chemical industry is transitioning from "overcapacity" to "high-quality supply" by 2026, driven by national growth policies, marginal recovery in overseas demand, and the initiation of a restocking cycle, leading to a stabilization and rebound in the prices of basic chemicals and a significant improvement in industry profit expectations [1][3]. - The E Fund Chemical Industry ETF (516570) has become a core tool for investors to capitalize on the petrochemical industry's recovery, with the index it tracks rising by 15.10% in the past month and 51.39% over the past year as of January 26, 2026 [1][5]. - The ETF has attracted significant capital inflow, with over 180 million yuan in net inflows in the past five days and over 270 million yuan in the past twenty days [1][5]. Group 2 - The "High-Quality Development" policy framework has been established, emphasizing the control of new refining capacities and the scientific regulation of ethylene and paraxylene production, marking a shift from quantity-driven growth to quality and efficiency improvements [3][4]. - A global restocking cycle has commenced, with widespread price increases for chemical products, including a 550 yuan/ton increase for butadiene and a 100 yuan/ton increase for bisphenol A, alongside sulfur prices reaching near ten-year highs [3][4]. - Major international companies like BASF and Dow have also raised prices for MDI/TDI, indicating a strong performance in the polyurethane market, supported by increased global oil demand projected at 950,000 barrels per day for 2026 [4][5]. Group 3 - Chemical companies are expected to report positive earnings, with Salt Lake Co. forecasting a net profit of 8.29 to 8.89 billion yuan for 2025, representing a year-on-year growth of 77.78% to 90.65%, and other companies like Juhua Co. and Cangge Mining also projecting significant profit increases [5][6]. - The E Fund Chemical Industry ETF (516570) tracks the CSI Petrochemical Industry Index, with top holdings including major companies like Wanhua Chemical and China Petroleum, covering over 56% of the index, thus providing a balanced exposure to both energy security and growth in new materials [5][6]. - The ETF has a low comprehensive fee rate of 0.20% per year, making it an ideal tool for participating in the current economic upturn in the chemical sector [5][6].

中化新网讯 近日，聚仁新材与万华化学战略合作协议签约仪式在烟台举行。本次签订的战略合作协 议，明确了双方在聚己内酯等方面的供需合作宗旨、品质标准、交付时效及履约保障机制，为双方合作 规划了更清晰的路径。 本次合作内容聚焦聚己内酯核心原料供应主线，涵盖优质原料研发适配、规模化稳定供应、品质全程管 控、供应链协同优化等关键领域。万华化学视聚仁新材为战略供应商，现有工厂与新规划工厂（全球） 对聚己内酯的需求优先选择从聚仁新材采购；聚仁新材视万华化学为战略用户，对于万华化学的需求予 以最优先保障。双方将充分发挥各自核心优势，实现产业链上下游原料供应与生产需求的高效衔接，共 同应对原料市场波动、品质管控等挑战，筑牢双方在各自领域的核心竞争力。 聚仁新材董事长王函宇表示，聚仁深耕己内酯行业多年，在原料品质把控、规模化供应、定制化适配等 方面具备核心优势。此次与万华化学持续携手，旨在通过精准对接需求、优化供应体系，为万华化学提 供稳定、优质的原料支撑，同时依托万华化学的市场布局实现自身业务的稳步拓展，实现供需双赢、协 同发展。 签约仪式上，万华化学采购事业部总经理刘明忠表示，目前聚仁新材已成为万华化学原料聚己内酯的核 心供 ...