两市缩量调整 沪指半日微跌0.18%

Market Overview - The Shanghai Composite Index closed at 3846.33 points, down 0.18%, with a trading volume of 1.38 trillion yuan [1] - The Shenzhen Component Index fell by 0.79%, and the ChiNext Index decreased by 1.17% [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 165.8 billion yuan at an interest rate of 1.40% [3] - A 14-day reverse repurchase operation of 600 billion yuan was also conducted [3] Pension Fund Investment - The basic pension insurance fund's investment operation scale reached 2.6 trillion yuan, doubling since the end of the 13th Five-Year Plan, with an average annual return of 5.15% over the past eight years [3] Sector Performance - The petrochemical sector led the market with significant gains, with stocks like Tongkun Co. and Hengyi Petrochemical rising by 6% [3] - Real estate stocks showed recovery, with Hefei Urban Construction hitting the daily limit, and other companies like Shanghai Urban Development and China Merchants Shekou also seeing substantial increases [3] - Military industry stocks rebounded from low levels, with Xiangdian Co. and Chengfei Integration both hitting the daily limit [3] Sector Analysis - The chemical fiber sector saw a rise of 2.78%, while telecommunications and internet sectors experienced declines of 2.50% and 1.49%, respectively [4] Industry Outlook - The chemical industry is expected to benefit from the exit of outdated facilities and supply-side reforms, particularly in the polyester filament sector [5] - Companies like Shimao Co., New Fengming, Tongkun Co., and Hengyi Petrochemical are positioned to benefit from these trends [5][8] Company Profiles 1. Shimao Co.: Actively expanding overseas with a project in Thailand for nylon 66 differentiated fibers and entering the high-end civilian silk market [8] 2. New Fengming: Established an integrated and scaled operation in the PTA-polyester spinning sector, with ongoing upstream project developments [8] 3. Tongkun Co.: Expected improvement in chemical fiber business due to favorable policies and demand recovery [8] 4. Hengyi Petrochemical: A leading private multinational in the petrochemical sector, focusing on product diversification and structural optimization [8]