炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月28日，高股息板块爆发，港股通红利ETF广发（520900）放量上涨3.37%，成交额1.34亿元。十大重 仓股全部上涨，中国电信涨超6%，中国联通、中国海洋石油、中国石油股份等涨幅超5%。 四季度给持有人赚4831.26万元，2025年全年该基金利润为2.28亿元 近期，港股通红利ETF广发（520900）四季报出炉，数据显示，报告期初份额15.92亿份，期末份额 18.75亿份，即四季度份额增加2.83亿份，增长率17.78%。 利润方面，2025年四季度港股通红利ETF广发（520900）利润为4831.26万元，2025年全年该基金利润 为2.28亿元。 | 主要财务指标 | 报告期 | | --- | --- | | | (2025年10月1日-2025年12月 | | | 31日) | | 1.本期已实现收益 | 14,853,340.38 | | 2.本期利润 | 48,312,552.91 | | 3.加权平均基金份额本期利润 | 0.0280 | | 4.期末基金资产净值 | 1,944,244,411.55 | ...

1月28日，石油、煤炭等顺周期、高价值板块上冲，截至14:49，能源ETF(159930)爆量上涨3.36%，盘中资金抓紧跑步进场，能源ETF(159930)强势吸金超 9400万元，加上今日已经连续5日获资金净流入，合计"吸金"超2亿元。 能源ETF(159930)标的指数成分股涨跌不一，中国海油、杰瑞股份涨超7%，其中中国海油创新历史新高，山西焦煤等涨超6%，中国石油涨超3%，陕西煤 业、中煤能源等涨超2%，中国神华等涨幅居前。 【煤炭：煤价具备向上弹性，基本面或已到拐点右侧】 开源证券指出，当前动力煤和炼焦煤价格仍处于历史低位，为反弹提供了空间。随着供给端"查超产"政策推动产量收缩，以及需求端进入取暖旺季，煤炭供 需基本面有望持续改善，两类煤种价格均具备向上弹性。其中，动力煤有长协机制修复和"煤和火电企业盈利均分"的逻辑支撑;而炼焦煤因市场化程度更 高，对供需变化更敏感，可能展现出更大的价格弹性。多数煤企依然保持了高分红的意愿。煤炭板块具备周期与红利的双重属性，当前煤炭持仓低位，基本 面已到拐点右侧，已到布局时点。（来源于开源证券20251124《周期与红利双逻辑 四主线布局煤炭板块》） 高股息低估值增 ...

2023年，党中央把包括中国海油在内的中管企业列为首轮巡视对象。驻中国海油纪检监察组把约谈工作 和中央巡视整改监督相结合，围绕反馈问题"怎么看""怎么改""怎么治"等深入交换意见，督促以思想认 识到位，带动整改落实到位。 2024年，多起腐败案件被集中查处，揭开了政治生态存在的深层次问题。围绕监督推动以案促改促治， 驻中国海油纪检监察组把学习领会习近平总书记关于反腐败斗争形势"两个仍然"的重大判断作为约谈的 重要内容，与党组成员深入研讨分析。 2025年，约谈紧扣贯彻落实"十五五"规划建议、落实全面派驻改革等主题，聚焦保障国家能源安全、建 设海洋强国、纵深推进全面从严治党等重大政治任务，讲明责任、明确要求，着力推动企业高质量发 展。 为增强约谈针对性、实效性，驻中国海油纪检监察组每次约谈前，都结合党组班子分工，系统梳理各分 管领域管党治党存在的突出问题，形成交底清单，提出加强和改进工作的建议。 约谈中，针对相关问题，双方把各自掌握的情况进行"对账"，既谈对问题根源的认识，又谈解决问题的 办法，务求找准"病根"、开好"药方"。 "转分包比例居高不下，既影响企业发展质量，同时还潜藏利益输送风险。"针对查办案件发现 ...

1月28日，沪深港三市震荡上涨，贵金属、能源设备板块涨幅居前。截至14点25分，港股通央企红利 ETF南方(520660.SH)涨3.45%，中国海洋石油涨4.93%。 分板块来看，指数权重与周期资源板块迎来多重利好共振，板块景气度持续走高。其中指数权重股中的 三大运营商，受益于北美云服务行业涨价潮的持续蔓延，国内运营商云业务盈利提升空间进一步打开。 周期资源板块迎来多重利好集中释放，国际油价受哈萨克斯坦油田停产、全球经济增长预期上调、特朗 普取消欧洲八国关税及极寒天气等供需端多重因素提振小幅上行，对原油开采、油服相关标的形成直接 利好；煤炭板块已明确 2025 年二季度为周期底部，行业供需格局出现逆转拐点，下行风险充分释放， 在工业复苏进程推进与冬季用煤需求的双重支撑下，煤价具备回升基础，板块低估值特征下安全边际较 高。同时低利率市场环境下，高股息投资策略的吸引力持续提升，煤炭、油气等周期资源龙头企业现金 流稳定、分红比例较高，依托商业模式的强稳定性享有估值溢价，为长期收益筑牢底盘。 云计算行业的涨价趋势成为另一大核心看点，继亚马逊 AWS 上调 GPU 容量块价格后，谷歌云于 1 月 27 日官宣，自 2 ...

Group 1 - The core viewpoint of the news highlights the performance of the Tianhong Dividend Low Volatility ETF (560150), which rose by 0.72% with a trading volume of 8.2712 million yuan, while the underlying index, the CSI Dividend Low Volatility Index (H30269), increased by 0.47% [1][2] - Major stocks contributing to the index's performance include China National Offshore Oil Corporation (CNOOC) up by 7.40%, PetroChina up by 4.89%, Tunnel Holdings up by 2.28%, Meihua Biological Technology up by 1.48%, and Zhangjiagang Bank up by 1.35% [1] - Ping An Securities notes the scarcity of oil and gas resources in China, with leading extraction companies increasing production domestically and investing in overseas oil and gas projects, enhancing the value of quality resource endowments [1] - CITIC Construction Investment Securities emphasizes the stability of the railway and highway sectors as high dividend assets, which deserve a valuation premium due to their stable business models [1] - Factors driving dividend assets in 2026 include market return expectations potentially falling below 20%, the pace and scope of Federal Reserve interest rate cuts, and fundamental changes in dividend assets such as pricing adjustments in highways and high-speed rail [1] Group 2 - The banking sector continues to attract attention despite a relatively low preference from funds, with state-owned and joint-stock banks being particularly noted [2] - Passive fund outflows have caused disturbances in the banking sector's funding environment, but the high dividend and low valuation characteristics of banks remain appealing to long-term funds like insurance capital [2] - The Tianhong Dividend Low Volatility ETF (560150) closely tracks the CSI Dividend Low Volatility Index, which selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [2]

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 赵文琪 A0230523060003 zhaowq@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 联系人 赵文琪 A0230523060003 zhaowq@swsresearch.com 2026 年 01 月 28 日 25Q4 公募基金化工重仓股配置环比明显增 加，头部白马类比例增加，重视底部配置机会 看好 ——25Q4 公募基金化工重仓股分析 本期投资提示： ⚫ 风险提示：1）新项目进展不及预期；2）国内外需求不及预期 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 2025Q4 全国重仓化工整体配置环比明显增加，重视化工板块拐点的底部配置机会。全国来看， 2025Q4 单季度重仓化工/重仓总体比重环比提升 0.70pct 至 2.37%，为 2025 年以来新高，环比明 显增加，但仍低于 2 ...

今天上午，有色金属板块全面大涨，油气开采板块走强。美元指数大跌、地缘事件等是两者共同的催化因素。"三桶油"、有色双巨头紫金矿业、洛阳钼业 均上涨。 市场对资源股的热情，也蔓延至其他的周期板块，化工、钢铁、煤炭等板块上涨，此外，化工板块还受益于涨价主题催化。 同样受涨价主题催化的还有半导体板块，相关概念股上午表现活跃。龙头公司中微半导1月27日发布涨价通知函，截至上午收盘涨超14%，早盘触 及"20CM"涨停。 | | | 11.67 JL.L7 | P | | --- | --- | --- | --- | | | | 11:29 52.29 | 4 | | 36.57 | | -20.00% 11:29 52.30 | 2 | | 09:30 | 11:30 【下】【一】【下】【的】【以】【以】【的】【，】【了】【，】【了】【，】【了】【了】【了】【了】【了】【了】【了】【了】【 | 15:00 11:29 52.29 45 | | 截至上午收盘，上证指数上涨0.49%，深证成指上涨0.09%，创业板指下跌0.37%。全市场半日成交额超1.93万亿元。 有色金属、油气开采板块大涨 今天上午，有色金属板块全面 ...

每经记者｜刘明涛 每经编辑｜彭水萍 1月28日，A股窄幅整理，资源股呈现普涨格局。截至上午收盘，上证指数涨0.49%报4160.01点，深证成指涨0.09%，创业板指跌0.37%，北证50涨0.05%，科 创50跌0.73%，中证A500涨0.45%，A股半日成交1.93万亿元。 | 上证指数 | | 000001 | ਕੋ | | --- | --- | --- | --- | | 2.1 60.01 | | +20.10 +0.49% | | | SSE 11:30:03 交易中 | | 沪深市场核心指数 / ■ + | | | 全额 | | | 8685.73亿 | | 成交量 | | | 507.05亿 | | | | | 4150.22 ( 0.25%) | | 最高 | | | 4161.80 ( 0.53%) | | 醫促 | | | 4138.02 (-0.05%) | | 市空逐TIM | 17.3 | 三國東日 | 1.57 | | 5日 | 1.05% | 20日 | 4.91% | | 60日 | 4.61% | 今年 | 4.82% | | 52周高 | 4190.87 | 52周低 ...

Market Overview - The A-share market showed mixed performance on January 28, with the Shanghai Composite Index up by 0.49%, the Shenzhen Component Index up by 0.09%, and the ChiNext Index down by 0.37% [1][13] - The total trading volume in the Shanghai and Shenzhen markets reached 1.93 trillion CNY, an increase of 40.2 billion CNY compared to the previous day [1][13] Gold and Precious Metals - International gold prices surpassed 5200 USD, leading to a surge in the gold and non-ferrous metal sectors, with several stocks hitting the daily limit [1][13] - Zijin Mining saw a rise of over 3%, with a trading volume of 15.5 billion CNY, ranking first in the A-share market [1][13] Oil and Gas Sector - The oil and gas sector experienced significant activity, with the overall sector rising by over 4.37% [2][14] - China National Offshore Oil Corporation (CNOOC) saw its stock price increase by 7.52%, reaching a new historical high, with a total market capitalization exceeding 1.7 trillion CNY [2][14] - International oil prices rose, with light crude oil futures for March delivery closing at 62.39 USD per barrel, up by 2.9%, and Brent crude at 67.57 USD, up by 3.02% [4][16] Natural Gas Market - A winter storm in the U.S. has led to a spike in natural gas prices, with Henry Hub natural gas futures reaching 7.43 USD per million British thermal units, a 140% increase since January 16 [4][17] - The storm is expected to increase consumer spending on natural gas and electricity, with the largest U.S. power grid operator predicting record winter electricity demand [5][17] - U.S. natural gas production fell by 9% on January 25, primarily in Texas and the central regions, with a projected 30% decrease in liquefied natural gas exports due to domestic prices exceeding international prices [5][17] Semiconductor Sector - The semiconductor sector is experiencing a price increase, with companies like Zhongwei Semiconductor announcing price hikes of 15% to 50% for various products due to supply-demand pressures [7][19] - Other companies, such as Guokai Microelectronics, have also issued price increase notices, with some products seeing price hikes of up to 80% [11][23] - The demand for AI computing power is driving this price surge, with expectations of a 28% increase in global AI server shipments by 2026 [11][23]

Market Overview - On January 28, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.49% while the ChiNext Index fell by 0.37% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.91 trillion yuan, an increase of 39.3 billion yuan compared to the previous trading day [1] - Over 3,500 stocks in the market declined, with sectors such as photovoltaic, wind power, pharmaceuticals, and robotics experiencing significant losses [1] Gold and Precious Metals - The precious metals sector continued to rise, with notable performances from companies like China Gold (600916) achieving four consecutive trading limits, and Hunan Gold (002155) achieving three consecutive limits [1] - The spot price of gold reached $5,240 per ounce, with a daily increase of over 1%, while silver prices surpassed $115 per ounce [1] - Domestic gold jewelry prices have adjusted to over 1,600 yuan per gram due to the surge in international gold prices [1] Oil and Gas Sector - Oil and gas stocks became active again, with Sinopec Oilfield Services (600871) hitting the daily limit and China National Offshore Oil Corporation (600938) rising over 7% to reach a market value of 1,097.1 billion yuan [2] - The price of natural gas in the U.S. surged due to a large winter storm, with Henry Hub natural gas futures reaching $7.43 per million British thermal units, a 140% increase since January 16 [2] Semiconductor and Technology - The storage chip sector showed strength, with companies like Purun Co. rising over 15% to set new historical highs [4] - Samsung Electronics and SK Hynix have significantly raised prices for LPDDR memory used in iPhones, with increases exceeding 80% for Samsung and nearly 100% for SK Hynix [4] - The computing rental concept also gained traction, with Meili Cloud (000815) hitting the daily limit and other tech companies following suit [4] Aluminum and Real Estate - The electrolytic aluminum sector saw a continuous rise, with China Aluminum (601600) hitting the daily limit and reaching its highest level since December 2009 [5] - The real estate sector experienced a surge, with Yingxin Development (000620) hitting the daily limit, and signs of recovery in first-tier cities' markets [5] Hong Kong Market - On January 28, the snack company "Mingming Hen Mang" made its debut on the Hong Kong Stock Exchange, receiving nearly 1,900 times subscription during the public offering phase [5] - The stock surged by 88.08% at the opening, with a market value exceeding 90 billion Hong Kong dollars at one point [5]