行业观点 公募基金配置化工行业水平回落的同时龙头企业的持仓集中度也有下滑。2025 年 2 季度公募基金配置化工行业 比例降低至 4%，同比下滑 1.8pct，环比下滑 0.1pct，整体处于历史中低位的水平。从公募基金配置化工板块的风格 来看，前十大重仓股总市值占公募基金重仓化工行业的比例明显下滑，由 2025 年 1 季度的 41.9%降低至 2025 年 2 季 度的 39.9%，其中聚氨酯龙头万华化学和轮胎龙头赛轮轮胎的持仓市值在化工板块的占比明显下滑，今年 2 季度相比 1 季度的降低幅度分别为 4.8pct、0.4pct。 今年 2 季度关注度主要集中在民爆、钾肥和氟化工板块。从个股重仓市值来看：4 季度获得加仓前五大标的是中 材科技、广东宏大、蓝晓科技、新宙邦、藏格矿业；减仓前五大标的是万华化学、卫星化学、国瓷材料、广汇能源、 玲珑轮胎。从基金持有数量看：持仓数量环比增加前五为中材科技、广东宏大、厦钨新能、新宙邦、亚钾国际。新晋 重仓与退出重仓来看：新晋重仓标的方面，按 2025 年 2 季度重仓市值排序前五分别为广信材料、上海家化、宏和科 技、东方铁塔、国际实业。退出重仓标的方面，按 2025 ...

AI基金嘉实新能源新材料股票A（003984）披露2025年二季报，第二季度基金利润470.57万元，加权平均基金份额本期利润0.004元。报告期内，基金净值增 长率为0.46%，截至二季度末，基金规模为20.59亿元。 该基金属于标准股票型基金，长期投资于先进制造股票。截至7月18日，单位净值为1.802元。基金经理是姚志鹏和熊昱洲，目前共同管理2只基金近一年均 为正收益。其中，截至7月18日，嘉实产业先锋混合A近一年复权单位净值增长率最高，达48.83%；嘉实新能源新材料股票A最低，为33.18%。 基金管理人在二季报中表示，目前企业盈利修复非常类似于历史上相似的周期时刻，由于企业资本开支的压抑，未来很多行业的盈利修复有可能超越预期。 当下市场仍然对于企业盈利能否持续修复存在分歧，这也是过去三年市场下跌带来的悲观惯性，一旦修复后续持续，市场的估值修复空间也大概率超越市场 的预期。 二季度市场先跌后涨，随着二季度市场企稳，我们围绕企业利润改善和估值氛围重点配置在以新能源锂电池和智能驾驶相关资产，并随着市场的 波动动态平衡组合的基本面和估值的分位。 截至7月18日，基金近三年最大回撤为63.37%，同类可比基 ...

相关研究报告 《制冷剂报价坚挺上行，趋势延续— 氟化工行业周报》-2025.7.6 《制冷剂商业模型逐渐定型，行情演 绎不断验证，向上趋势延续—氟化工 行业周报》-2025.6.22 《制冷剂行情向上趋势延续，产业逻 辑不断验证，积极把握投资机会—氟 化工行业周报》-2025.6.7 《制冷剂行业深度报告三：蓄势双 击，或迎主升》（2024.12.17） 《制冷剂政策点评：制冷剂 2025 年 配额方案征求意见稿下发，看好制冷 剂景气向上趋势延续》（2024.9.16） 《东阳光首次覆盖报告：原有主业或 迎业绩反转，制冷剂开启长景气周 期》（2024.8.27） 《制冷剂行业深度报告二：拐点已 现，行则将至》（2024.2.6） 《制冷剂行业深度报告：十年轮回， 未来已来》（2021.10.20） 《金石资源深度报告（三）：新兴产 业创造新的需求增长极，萤石供给将 现缺口》（2021.8.22） 化学原料 2025 年 07 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-07 2024-11 2025-03 化学原料 沪深300 ...

证券之星消息，截止2025年二季度末，基金经理蔡丹旗下共管理26只基金，本季度表现最佳的为宝盈纳斯达克100指数发起(QDII)A美元现汇 (019738)，季度净值涨16.66%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年二季度涨幅 | 第一重合股 | 白净值比 | | --- | --- | --- | --- | --- | --- | | 宝盈纳斯达克100指数发起(QDII)A美元现汇 | 3.47 | 12.66% | 16.66% | 英伟达 | 8.56% | | 019738 | | | | NVDA | | | 宝盈纳斯达克100指数发起(QDII)A人民币 019736 | 3.47 | 17.89% | 16.43% | 英伟达 NVDA | 8.56% | | 宝盈纳斯达克100指数发起(QDII)C美元现汇 | 2.79 | 12.66% | 16.66% | 英伟达 | 8.56% | | 019739 | | | | NVDA | | | 宝盈纳斯达克100指数发起(QDII)C人民币 | 2.79 | 17.52% | 16.32% | 英伟达 | 8.5 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 2025 年上半年，全球新能源汽车产业链持续高景气，驱动上游电解液市场维持强劲增长势 头，且中国在全球市场的主导地位进一步增强。 产销两旺，增长动能充沛 ， 中国产量再创新高 ， 根据 ICC 鑫椤锂电数据库统计显示： 2025 年 H1 电 解液国内产量 94.1 万吨，同比增速 54.57% ；全球电解液产量 100.5 万吨，同比增速 46.71% 。 预 计 2025 年全球电解液产量将超过 210 万吨。 数据来源： ICC 鑫椤锂电数据库 从增长趋势延续来看： 尽管相较于 2022-2023 年 80% 以上的超高增速有所放缓，但 2025H1 近 5 5 % 的同比增幅（中国）和超 4 6 % （ 全球）的增长，显著高于 2024 年全年约 20% 的增速水平， 表 明市场在高基数下依然保持强劲动力。 国内市场竞争激烈，尤其是第二梯队企业之间市场份额相差极小， 其中珠海赛纬与香河昆仑市场份额占比 均为 4.5% 左右，并列第四，当前居第二梯队首位。 数据来源： ICC 鑫椤锂电数据库 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源：鑫椤锂电 2025 年上半年，全球新能源汽车产业链持续高景气，驱动上游电解液市场维持强劲增长势头， 且中国在全球市场的主导地位进一步增强。 产销两旺，增长动能充沛 ， 中国产量再创新高 ， 根据ICC鑫椤锂电数据库统计显示： 2025 年 H1 国内 电解液产量达 91.2 万吨，同比激增 49.74% ； 全球电解液产量达到 98 万吨，同比增长 43.12% 。 预 计 2025 年全球电解液产量将超过 200 万吨。 数据来源： ICC 鑫椤锂电数据库 从增长趋势延续来看： 尽管相较于 2022-2023 年 80% 以上的超高增速有所放缓，但 2025H1 近 50% 的同比增幅（中国）和超 40% （全球）的增长，显著高于 2024 年全年约 20% 的增速水平， 表 明市场在高基数下依然保持强劲动力。 | 2025H1 国内电解液产量 TOP12 | | | --- | --- | | 第一梯队 (产量≥10万吨) | 天赐材料 | | | 比亚迪 | | | 新宙邦 | | 第二梯队 ...

2025年6月27日，清华大学五道口金融学院受邀在第14届中国（广州）国际金融交易·博览会上 举办主旨会议。会议由清华大学五道口金融学院主办，北京清控金媒文化科技有限公司、广州 金交会投资管理有限公司、《清华金融评论》编辑部承办。会议以"新产业、新技术、新模式、 新动能——数智金融助力高质量发展"为主题，为期1天，设置主旨演讲、高端对话、主题发言 和圆桌交流环节。多位来自金融、保险、法律与健康产业领域的顶尖学者和资深从业者，围绕 普惠金融发展、数智化金融创新、产业并购机遇及健康险生态合作等话题进行了深入交流。 米度并购创始合伙人、董事长李敏 作主题分享 ，她提到，当前资本市场呈现一些新特点，资本市 场的主要功能由融资转变为重组，并购是解决内卷、实现融资、实现减持的重要手段，中国千亿上 市公司无一不是伴随并购而产生的。并购一定是基于长期主义，基于上市公司的能力圈范围，基于 并购标的的竞争优势。战略导向、长期主义是监管部门支持并购业务的前提条件。这意味着，"套 利"逻辑不再，"产业"逻辑长红，盈利能力差、炒概念、产能过剩的资产不会被支持。值得强调的 是，活跃并购不等于放松监管。 图为李敏发言 以下为嘉宾演讲全文： ...