1月22日，卫星化学涨5.17%，截至发稿，报21.77元/股，成交10.86亿元，换手率1.53%，总市值733.35 亿元。 资料显示，卫星化学股份有限公司位于浙江省嘉兴市南湖区富强路196号，成立日期2005年8月3日，上 市日期2011年12月28日，公司主营业务涉及(聚)丙烯、丙烯酸及酯、乙二醇、环氧乙烷和聚乙烯等产品 的生产和销售。主营业务收入构成为：功能化学品52.08%，其他业务24.27%，高分子新材料22.36%， 新能源材料1.29%。 从基金十大重仓股角度 数据显示，嘉实基金旗下1只基金重仓卫星化学。嘉实稳福混合A（009387）三季度持有股数10万股， 与上期相比持股数量不变，占基金净值比例为0.19%，位居第七大重仓股。根据测算，今日浮盈赚取约 10.7万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 嘉实稳福混合A（009387）基金经理为李宇昂、李卓锴、王喆。 截至发稿，李宇昂累计任职时间6年86天，现任基金资产总 ...

Market Overview - Major Asia-Pacific indices showed a collective decline, with the A-share market also experiencing consolidation, as the Shanghai Composite Index fluctuated while the Shenzhen Component and ChiNext indices performed weakly. The total trading volume in Shanghai, Shenzhen, and Beijing reached 2.8 trillion yuan, an increase of 72 billion yuan compared to the previous day [1] Real Estate Sector - The real estate sector rebounded strongly, with a notable increase in the price of a real estate ETF (159707) by 3.22%, marking multiple consecutive gains. According to the National Bureau of Statistics, the sales price of newly built commercial residential properties in first-tier cities decreased by 0.3% month-on-month in December 2025, with Shanghai seeing a slight increase of 0.2% [1] Chemical Sector - The chemical sector experienced a significant rally, with the chemical ETF (516020) reaching a new high since August 2022, closing up 1.27%. Major companies in the sector, such as BASF and Dow, have been raising prices across Europe, Asia, and the Middle East. The ETF attracted 1.148 billion yuan in the last ten days [1][4] - The chemical ETF has seen substantial net inflows, with over 5.8 billion yuan in net subscriptions in the last five trading days and 11 billion yuan in the last ten days. The Ministry of Industry and Information Technology has set guidelines for zero-carbon factory construction, which may limit new capacity in the chemical sector [6][7] Banking Sector - The banking sector showed resilience amid market volatility, with a significant number of bank stocks rising. The top bank ETF (512800) closed up 0.77%, ending a four-day losing streak. Historical data indicates that the banking sector has a high probability of generating absolute and excess returns before the Spring Festival, with an average return of 4.4% from 2017 to 2025 [8][11][14] - The banking sector is expected to benefit from continued growth in credit, supported by stable growth policies and a favorable low-interest-rate environment. The latest dividend yield for the banking index stands at 4.78%, significantly higher than the 10-year government bond yield of 1.84% [14][15] AI and Technology Sector - The AI and technology sectors faced a downturn, with the entrepreneurial AI ETF (159363) experiencing a four-day decline. Despite this, the sector remains attractive for future investments, particularly in light of ongoing developments in AI applications and infrastructure [16][18] - The communication and semiconductor industries are expected to see increased attention due to their potential for earnings upgrades, with significant growth anticipated in the coming years [18][20]

Group 1 - Meibang Technology focuses on the research and production of epoxy propane and downstream polyether polyols, benefiting from a clean production process and stable capacity, which enhances business profitability when epoxy propane prices rise [1][29] - Hongqiang Co., Ltd. produces concrete additives that utilize epoxy propane-derived polyether polyols, allowing for cost transfer to customers when prices rise, while also benefiting from the green building certification and infrastructure investment cycles [2][30] - Weiyuan Co., Ltd. has a large capacity for epoxy propane and integrates its production with other chemicals, which helps mitigate raw material price fluctuations and enhances profitability [3][31] Group 2 - Hongbaoli is a leading supplier of polyurethane insulation materials, with its core product being rigid polyether polyols, directly linked to epoxy propane prices, allowing for price adjustments through long-term agreements [4][32] - Yinuowei relies heavily on epoxy propane for its polyurethane products, maintaining stable relationships with downstream customers and benefiting from the rapid expansion of the new energy sector [5][33] - Yida Co., Ltd. has developed its own epoxy propane production technology and offers a range of solvents, benefiting from the green development policies and enhancing cost control through efficient procurement [6][34] Group 3 - Bohai Chemical leverages its location in the Beijing-Tianjin-Hebei petrochemical cluster to enhance its epoxy propane production, benefiting from regional supply advantages and low-carbon transformation initiatives [7][35] - China Chemical, as a state-owned enterprise, benefits from the rising demand for engineering services related to epoxy propane production, supported by its global project experience and technological capabilities [8][36] - Weixing Chemical has a complete C3 industrial chain layout, with significant cost advantages in epoxy propane production, and is actively expanding into new energy materials [9][36] Group 4 - Huaitai Co. integrates its chemical production with green paper-making concepts, enhancing profitability through the rising prices of epoxy propane while maintaining a focus on sustainable practices [10][38] - Kent Catalysts specializes in catalysts for epoxy propane production, benefiting from the industry's growth and focusing on high-end catalyst development for new energy applications [11][39] - Dongfang Shenghong has a vertically integrated "refining-polyester" chain, leveraging the high demand for epoxy propane to enhance profitability while expanding into photovoltaic materials [12][40]

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) reaching a closing price that marks a new high since August 2022, closing up 1.27% on January 20, 2026 [1][9] - Notable individual stocks within the sector include Sanhe Tree, which hit the daily limit, and Luxi Chemical, which surged by 8.89%, while Satellite Chemical, Hengli Petrochemical, and Tongcheng New Materials all rose over 6% [1][10] - Since the beginning of 2025, the chemical ETF has seen a cumulative increase of 54.34%, significantly outperforming major indices such as the Shanghai Composite Index (22.73%) and the CSI 300 Index (19.92%) [1][13] Group 2 - The chemical ETF has attracted significant capital inflow, with over 5.8 billion yuan in net subscriptions over the last five trading days and more than 11 billion yuan over the last ten trading days [4][12] - A recent policy from the Ministry of Industry and Information Technology aims to promote zero-carbon factory construction by 2030, which may lead to stricter regulations on new chemical projects and limit new capacity in the petrochemical sector [4][12] - Analysts suggest that the chemical industry is currently in a weak performance phase, but certain sub-sectors, such as lubricants, have exceeded expectations, indicating potential investment opportunities in glyphosate, fertilizers, and high-dividend assets [5][14] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings concentrated in large-cap leading stocks like Wanhua Chemical and Salt Lake Industry, while the other half includes leading stocks in various sub-sectors [5][14] - The ETF provides a more efficient way to invest in the chemical sector, especially for those looking to capitalize on the sector's rebound [5][14]

Core Viewpoint - Global chemical giants such as BASF, Dow, and Huntsman are simultaneously raising prices across multiple regions including Europe, Asia, and the Middle East [4][6]. Group 1: Price Increases - Major chemical companies are implementing price hikes in response to market conditions [4][6]. - The price increases are observed in various regions, indicating a coordinated strategy among these global players [4][6]. Group 2: Policy Changes - The Ministry of Finance and the State Taxation Administration announced that starting from April 1, 2026, the export tax rebate for certain products, including PVC and its variants, will be canceled [4][6]. - The affected products include primary forms of pure PVC powder, unplasticized PVC, and plasticized PVC [4][6]. Group 3: Market Performance - The chemical sector has seen a continuous rise, with several stocks hitting the daily limit up, including Meibang Technology, Xinxiang Chemical Fiber, and Jiangtian Chemical [6]. - Other companies such as Yida Co., and Deer Chemical have experienced gains exceeding 10% [6].

Group 1 - The acrylic acid concept increased by 2.64%, ranking third among concept sectors, with 13 stocks rising, including Hongqiang Co., which hit the daily limit, and Bohai Chemical, Taihe Technology, and Satellite Chemical, which rose by 7.56%, 6.71%, and 6.67% respectively [1] - The acrylic acid sector saw a net inflow of 329 million yuan from main funds, with 10 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Wanhua Chemical with a net inflow of 174 million yuan [2] - The top stocks by net inflow ratio included Hongqiang Co., ST Shenhua, and Daoshengtian, with net inflow ratios of 42.22%, 11.79%, and 5.01% respectively [3] Group 2 - The top performers in the acrylic acid sector included Wanhua Chemical with a 4.39% increase, Tianlong Group with a 6.04% increase, and Hongqiang Co. with a 10.00% increase [3] - The stocks with the largest declines included Guoen Co. with a decrease of 2.04%, Brother Technology with a decrease of 0.87%, and Akoli with a decrease of 0.61% [4] - The trading volume and turnover rates varied, with Hongqiang Co. having a turnover rate of 10.78% and Tianlong Group at 26.90% [3][4]

Group 1: Market Performance - The chemical raw materials sector increased by 2.68% compared to the previous trading day, with Jiangtian Chemical leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Individual Stock Performance - Jiangtian Chemical (300927) closed at 30.31, up 19.99% with a trading volume of 195,300 shares and a transaction value of 564 million [1] - Dier Chemical (920304) closed at 15.32, up 10.45% with a trading volume of 200,600 shares [1] - Weiyuan Co. (600955) closed at 20.59, up 9.99% with a trading volume of 227,900 shares [1] - Zhongyida (600610) closed at 11.37, up 9.96% with a trading volume of 182,160 shares [1] - Lushi Chemical (000830) closed at 19.96, up 8.89% with a trading volume of 666,900 shares [1] - Xinjiang Tianye (600075) closed at 6.26, up 8.12% with a trading volume of 1,176,800 shares [1] - Satellite Chemical (002648) closed at 20.79, up 6.67% with a trading volume of 1,382,800 shares [1] - Hydrogen Alkali Chemical (600618) closed at 14.04, up 5.17% with a trading volume of 494,000 shares [1] - Boyuan Chemical (000683) closed at 8.59, up 5.14% with a trading volume of 1,221,600 shares [1] - Zhongtai Chemical (002092) closed at 6.13, up 4.97% with a trading volume of 1,834,300 shares [1] Group 3: Capital Flow - The chemical raw materials sector saw a net inflow of 139 million from main funds, while retail funds experienced a net outflow of 60.52 million [2] - The main funds' net inflow for Zhongyida (600610) was 267 million, accounting for 29.40% of its trading volume [3] - Jiangtian Chemical (300927) had a main fund net inflow of 150 million, representing 26.57% of its trading volume [3] - Hydrogen Alkali Chemical (600618) had a main fund net inflow of 82.68 million, accounting for 12.24% of its trading volume [3] - Weiyuan Co. (600955) had a main fund net inflow of 73.73 million, representing 16.07% of its trading volume [3]

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]

Group 1 - The chemical sector experienced a significant afternoon rally on January 20, with the Chemical ETF (516020) reaching an intraday high of 1.7% before closing up 0.85% [1] - Key stocks in the sector included Sanhe Tree, which surged over 9%, and Luxi Chemical, which rose over 8%, along with several others like Satellite Chemical and Hengli Petrochemical, which increased by more than 4% [1] - The Ministry of Industry and Information Technology, along with four other departments, issued guidelines on January 19 to promote the construction of zero-carbon factories, aiming to extend this initiative to the petrochemical and chemical industries [1] Group 2 - Tianfeng Securities noted that by 2025, a turning point in policy and capital expenditure is expected, with the "anti-involution" concept providing a positive outlook for industry profitability and healthier long-term development [3] - The restructuring of supply and demand dynamics, along with the upgrading of industry attributes, is prompting a reevaluation of traditional chemical companies' values [3] - Huaxin Securities indicated that the overall performance of the chemical industry remains weak, with mixed results across sub-sectors, influenced by past capacity expansions and weak demand, although some sectors like lubricants have outperformed expectations [3] Group 3 - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings concentrated in large-cap leading stocks such as Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong investment opportunities [4] - The remaining 50% of the ETF's holdings are diversified across leading stocks in sub-sectors like phosphate fertilizers, fluorine chemicals, and nitrogen fertilizers, providing comprehensive exposure to the chemical sector [4]

Core Viewpoint - The chemical ETF Tianhong (159133) is experiencing significant capital inflow and positive market performance, driven by macroeconomic factors and industry dynamics [1][2][3]. Group 1: Market Performance - As of January 20, 2026, the chemical ETF Tianhong (159133) recorded a transaction volume of 6.5777 million yuan, with the underlying index rising by 0.46% [1]. - The ETF has seen a net subscription of 20 million shares within the first half hour of trading, indicating strong investor interest [1]. - The ETF's latest scale and share count have reached new highs since its inception, with a total net inflow of 312 million yuan over the past 14 days [2]. Group 2: Industry Dynamics - The Tianhong ETF tracks the CSI Sub-Industry Chemical Theme Index, focusing on various sub-sectors within the Chinese chemical industry, including chemical raw materials and manufacturing [2]. - The chemical sector is experiencing a rebound, supported by macroeconomic factors such as an unexpected rise in PMI and a stronger yuan, which reduces import costs [2]. - The industry is witnessing a reduction in capital expenditure, with a shift towards "de-involution" strategies that help mitigate risks of oversupply [2][3]. Group 3: Price Trends and Future Outlook - Recent data shows that 44.1% of 170 tracked chemical products have seen price increases, with notable rises in lithium carbonate, ABS, and epoxy propane [3]. - The dual forces of supply-side contraction and demand-side growth, driven by national policies and external economic conditions, are expected to support a cyclical recovery in the chemical industry [3].