Core Viewpoint - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) showing a price increase of 1.24% as of January 22, 2026, driven by significant gains in stocks such as Hebang Biotechnology and Zhongjian Technology [1][8]. Group 1: Market Performance - The chemical ETF (516020) has seen a net inflow of over 870 million yuan in the last five days and nearly 1.2 billion yuan in the last ten days [3][10]. - Key stocks in the sector include Hebang Biotechnology, which surged over 9%, and Zhongjian Technology, which rose over 6% [1][8]. Group 2: Industry Outlook - Dongfang Securities is optimistic about the chemical industry, citing a collective shift in corporate strategies that could lead to improved market conditions [3][10]. - The report highlights five areas of focus: MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle chips [3][10]. Group 3: Investment Opportunities - Huaxin Securities notes that while the overall chemical industry remains weak, certain sub-sectors like lubricants have outperformed expectations [3][11]. - Investment opportunities are suggested in glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [3][11]. Group 4: ETF Structure - The chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Industry [4][11]. - The remaining 50% is diversified across leading stocks in phosphate fertilizers, fluorine chemicals, and nitrogen fertilizers [4][11].

Group 1 - The chemical products sector increased by 0.44% on January 21, with 聚胶股份 leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Notable gainers in the chemical products sector included 聚肢股份, which rose by 10.91% to a closing price of 62.53, and 闻主股份, which increased by 10.01% to 9.01 [1] Group 2 - The chemical products sector experienced a net inflow of 427 million yuan from main funds, while retail investors saw a net outflow of 104 million yuan [2] - Major stocks with significant net inflows included 浙江龙盛 with 234 million yuan and 国土股份 with 149 million yuan [3] - Conversely, stocks like 合盛硅业 and 联盛化学 faced declines of 6.54% and 4.11%, respectively, indicating a mixed performance within the sector [2]

来源：沪深交易所等，截至2026.1.21。 注：投资者在申购或赎回基金份额时，申购赎回代理券商可按照不超过0.5%的标准收取佣金，其中包含证券交易所、登记机构等收取的相关费用。化工ETF 不收取销售服务费。 机构观点来源：①天风证券2026年1月14日证券研究报告《基础化工2026年年度策略：供需逆转、产业重构、价值重估》；②华鑫证券2026年1月20日《基础 化工行业研究：国内汽油、天然气等涨幅居前，建议关注进口替代、纯内需、高股息等方向》。 化工板块攻势不停！反映化工板块整体走势的化工ETF（516020）早盘走弱后迅速拉升翻红，而后持续高位震荡，截至发稿，场内价格涨1.15%，冲击日线 三连阳。 成份股方面，锂电、钾肥、磷化工等板块部分个股涨幅居前。截至发稿，浙江龙盛飙涨超9%，三棵树大涨超6%，亚钾国际、和邦生物、新宙邦等涨超4%。 | | | 多日 1分 5分 15分 30分 60分 日 | | 周 月 更多 | | | | F9 盘前盘后 叠加 九转 画线 工具 | | @ 0 | KTETE O | | | 51 | | --- | --- | --- | --- | --- | --- | ...

Group 1 - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) showing a price increase of 1.15%, aiming for a third consecutive daily gain [1][8] - Key stocks in the sector include Zhejiang Longsheng, which surged over 9%, and Sankeshu, which rose over 6%, along with other companies like Yaqi International and Hebang Bio, which increased by over 4% [1][8] - The basic chemical sector has seen significant inflows, with over 11.3 billion CNY in net inflows on a single day, ranking fourth among 30 sectors, and a total of 31.3 billion CNY over the past five days, ranking second [9][10] Group 2 - Dongfang Securities expresses optimism about the chemical industry, highlighting a collective shift in corporate strategies that could lead to improved market conditions [10] - The report identifies two key dimensions for investment opportunities: leading companies with significant market share and those with competitive advantages that can enhance profitability [10] - The report specifically favors five areas: MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle flakes [10] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Shares, while the other half focuses on various sub-sectors [11] - Investors can also access the chemical ETF through linked funds (Class A 012537/Class C 012538) for more efficient exposure to the sector [11]

据染化严选，关键中间体 2-氯-4-硝基苯胺价在分散染料的生产中具 有不可替代的作用，尤其对于分散蓝、紫及红色系染料至关重要。我 们认为，关键中间体价格若大幅上涨或将带来三大核心影响：①成本 压力下，染料生产企业后续或逐步调整产品价格，向下游传导部分成 本压力；②对中小型染料企业而言，因其原料储备往往有限、成本上 涨可能带来更大资金压力，或不得不减产观望，订单将有望进一步向 具备原料配套及规模优势的头部企业集中，远期甚至将加速中小型染 料企业的出清；③下游面料与印染企业可能加强采购备货，短期染料 市场供需紧张态势难解。 双碳与环保政策持续加码，染料格局有望持续优化 中国是全球最大染料生产国，但由于染料亦为高污染行业，长期被列 为环保与安全生产监管的重点领域。据中国化信咨询，中国染料行业 每年产出废盐 40 万吨，占化工行业废盐总量的 20%。近年来随着环 保监管趋严，部分环保不达标的企业陆续受到处罚，部分中小企业因 此退出市场。目前分散染料行业已呈现较高集中度，据百川盈孚，以 产能为口径的行业集中度 CR4 达 70.69%；活性染料和酸性染料的生 产也正在由分散走向集中。此外近期工信部等五部门联合印发《关于 ...

Group 1 - The concept of disperse dyes is experiencing a significant upward trend, with Luneng Co., Ltd. hitting the daily limit increase [1] - Zhejiang Longsheng, Jinchicken Co., Ltd., Jihua Group, and Shanshui Technology are among the companies with notable gains [1]

上银价值增长3个月持有期混合A（013284）成立日期2021年12月20日，最新规模192.04万。今年以来收 益6.74%，同类排名2530/8844；近一年收益35.23%，同类排名3439/8091；成立以来收益39.12%。 上银价值增长3个月持有期混合A（013284）基金经理为赵治烨、陈博。 截至发稿，赵治烨累计任职时间10年257天，现任基金资产总规模17.68亿元，任职期间最佳基金回报 153.36%， 任职期间最差基金回报-42.27%。 陈博累计任职时间5年355天，现任基金资产总规模7.91亿元，任职期间最佳基金回报99.89%， 任职期 间最差基金回报-8.38%。 1月21日，浙江龙盛涨5.15%，截至发稿，报12.46元/股，成交5.46亿元，换手率1.38%，总市值405.37亿 元。 资料显示，浙江龙盛集团股份有限公司位于浙江省绍兴市上虞区道墟街道龙盛大道1号，成立日期1998 年3月23日，上市日期2003年8月1日，公司主营业务涉及染料、中间体、减水剂以及纯碱、合成氨等无 机化工产品。主营业务收入构成为：染料55.83%，中间体23.14%，助剂7.33%，无机产品5.0 ...

Group 1 - The Shenzhen Composite Index fell by 1.22% and the ChiNext Index dropped by 1.83% as of 11:30 AM on January 20, indicating a bearish trend in the market [1] - Notable stock performances included Nanshan Aluminum rising over 7%, Satellite Chemical and Conch Cement increasing by over 5%, and several other companies like Gujia Home, China Chemical, and Oppein Home gaining over 4% [1] Group 2 - The cash flow ETF managed by Harvest (159221) decreased by 0.08%, with a trading volume of 10.194 million yuan and a turnover rate of 1.29% [2] - There is an increasing market demand for high-dividend and stable cash flow assets, as funds are rotating from momentum-driven bubbles to high-value opportunities under the current "slow bull" market in A-shares [2] - The cash flow index, which includes non-ferrous metals and basic chemicals, benefits from the pricing of physical assets and high operating rates, showing significant cyclical alpha characteristics [2] - During the 14th Five-Year Plan, the State Grid is expected to invest 4 trillion yuan in fixed assets, a 40% increase compared to the previous plan, which directly benefits index components related to grid equipment and energy [2]

Core Viewpoint - Zhejiang Longsheng has completed the acquisition of minority shareholder rights in its subsidiary, Desida Global Holdings (Singapore) Pte Ltd, for a total transaction amount of $702 million, making Desida a wholly-owned subsidiary and integrating its net profit into the consolidated financial statements starting from 2026 [2][3]. Group 1: Acquisition Details - The acquisition involved a combination of directed repurchase and direct acquisition, allowing Zhejiang Longsheng to acquire the remaining 37.57% of Desida's minority shares [3]. - The transaction amount of $702 million (approximately RMB 4.928 billion) was aimed at resolving a long-standing equity litigation that lasted for 10 years [2][3]. - Following the acquisition, Zhejiang Longsheng will hold 100% of Desida through three wholly-owned subsidiaries, and the two directors appointed by KIRI have resigned [3]. Group 2: Financial Performance - In 2024, Desida achieved a revenue of $753 million and a net profit of $116 million, with a net asset value of $1.013 billion [6]. - For the first three quarters of 2025, Desida reported a revenue of approximately $535 million and a net profit of about $62.96 million [6]. - Desida's revenue accounted for approximately 33.33% of Zhejiang Longsheng's total revenue in 2024, which was RMB 15.884 billion [6]. Group 3: Strategic Implications - The acquisition is expected to optimize the equity structure of Zhejiang Longsheng and eliminate litigation interference, enhancing decision-making efficiency [4]. - Desida has been a key player in the high-end dye and chemical solutions market, being one of the largest textile dye suppliers globally [5].

Group 1 - The core point of the article is that Zhejiang Longsheng (600352) has responded to investor inquiries, indicating that the total number of shareholders is expected to reach 99,096 by December 31, 2025 [1]