数据显示，截至2026年1月30日，上证科创板新能源指数(000692)前十大权重股分别为天合光能、晶科 能源、阿特斯、奥特维、厦钨新能、大全能源、容百科技、嘉元科技、固德威、天奈科技，前十大权重 股合计占比46.03%。 截至2026年2月3日 15:00，上证科创板新能源指数(000692)强势上涨6.57%，成分股奥特维上涨20.00%， 海优新材上涨19.99%，晶科能源上涨13.27%，微导纳米，高测股份等个股跟涨。科创新能源 ETF(588830)上涨6.77%，最新价报1.69元。 科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场中选取50只市值 较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，以反映科创板市场代表性新能源 产业上市公司证券的整体表现。 消息面上，马斯克称，特斯拉已实现干电极工艺的规模化生产，并称这是锂电池生产技术上"实现起来 极其困难"的重大突破。特斯拉官方表示，干法电极可大幅降本、降能耗、简化工厂，同时实现指数级 扩产。 太平洋证券指出，电动化+储能等多重加持，锂电池产业链仍处向上周期较好位置。近期锂电四大主材 产业链中5家材料企业 ...

Group 1 - The chemical sector experienced a strong rally with significant capital inflow, as evidenced by the net subscription of 737 million units in the chemical ETF (159870) [1] - The primary driver for the recent price increase in disperse dyes is the surge in the price of upstream key intermediates, which rose from 25,000 yuan/ton to 38,000 yuan/ton, an increase of over 50% [1] - The price of intermediates accounts for 20%-30% of the production cost of dyes, and the rigid price increase is directly transmitted to downstream dye products [1] Group 2 - The China Securities Sub-Industry Chemical Theme Index (000813) rose by 3.68%, with significant gains in constituent stocks such as Hongda Co., which increased by 9.02%, and Zhejiang Longsheng, which rose by 5.91% [1] - The top ten weighted stocks in the China Securities Sub-Industry Chemical Theme Index account for 44.82% of the index, including companies like Wanhua Chemical and Salt Lake Co. [2] - The chemical ETF (159870) increased by 3.98%, with the latest price reported at 0.89 yuan [1][2]

2026年2月3日午后，化学制品、化纤行业等震荡走强，截至13:14，中证细分化工产业主题指数强势上 涨2.18%，成分股浙江龙盛上涨5.99%，宏达股份上涨5.74%，光威复材上涨5.50%，博源化工，和邦生 物等个股跟涨。 数据显示，截至2026年1月30日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学、 盐湖股份、藏格矿业、天赐材料、华鲁恒升、恒力石化、巨化股份、宝丰能源、云天化、荣盛石化，前 十大权重股合计占比44.82%。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业主题指数，聚焦行业"反内卷"背景下新一轮景气周 期。 场外投资者还可以通过化工ETF联接基金(013527)关注化工板块投资机遇。 消息面方面，天赐材料2025年Q4业绩超预期，单季净利润达9.3亿元，同比增长536%，环比增长 507%，主要受益于六氟磷酸锂价格从年初6.3万元/吨大幅上涨至年末16.7万元/吨（涨幅164%），叠加 电解液年度销量突破70万吨、满产运行及与瑞浦兰钧、中创新航等头部电池企业签订多项大额订单。 近期，化工行业迎来政策与产业双重催化。广发证券指出，新型储能作为电力系统关键调节 ...

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 | | 市净率(倍) | 6.3 | 5.7 | 3.7 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 2 日收盘价 公司研究 锂电化学品 2026 年 02 月 03 日 天赐材料（00270 ...

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 证券分析师：张一弛 邮箱：zhangyichi@hcyjs.com 执业编号：S0360525080005 证券分析师：何家金 邮箱：hejiajin@hcyjs.com 执业编号：S0360523010001 证券分析师：程嘉琳 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 ...

Investment Strategy Overview - The report anticipates a volatile market in February due to previous regulatory signals and significant ETF outflows, with market activity expected to decline before the Spring Festival and improve post-holiday as policy catalysts emerge [3][4] - The focus remains on cyclical price increases, particularly in sectors like semiconductors and AI, which are expected to maintain a positive trend [3][4] - The liquidity situation is mixed, with increased inflows from retail investors countered by significant ETF sell-offs, leading to a challenging funding environment before the Spring Festival [3][4] Key Stock Recommendations - **Jianghuai Automobile (江淮汽车)**: Positioned as the only domestic ultra-luxury brand, with the S800 model outperforming competitors like Mercedes-Benz. The company plans to launch 6-7 high-end models, indicating substantial growth potential [5][8] - **Luxshare Precision (立讯精密)**: A key player in the Apple supply chain, with strong growth prospects in consumer electronics and automotive sectors. The company is expected to achieve rapid earnings growth over the next few years [5][11] - **Sinyi Technology (生益科技)**: As a leading manufacturer of CCL, the company is well-positioned for long-term growth with a focus on high-end product upgrades and strong market demand [5][15] - **Tianqi Lithium (天赐材料)**: The largest manufacturer of electrolytes with a market share of approximately 40%. The company is expected to see significant profit recovery due to improved supply-demand dynamics in the lithium industry [5][20] - **Li Ning (李宁)**: The company is accelerating its product and channel expansion, with new product launches expected to drive a turnaround in performance [5][20] - **Zhongji Xuchuang (中际旭创)**: A leader in optical modules, benefiting from strong overseas demand. The company is expanding its production capacity to meet increasing market needs [5][27] - **Xinyi Technology (新易盛)**: The company is experiencing continuous growth in high-speed products, with a strong outlook for 2026 [5][27] - **Foshan Plastics (佛塑科技)**: The acquisition of a key supplier is expected to enhance performance significantly, with a focus on the tightening supply-demand situation in the industry [5][27] - **Century Huatong (世纪华通)**: The company is leveraging its partnership with Tencent to enhance its game development and distribution capabilities, indicating strong future growth potential [5][27] - **Tencent Holdings (腾讯控股)**: The company has a solid foundation with a rich game product pipeline and is accelerating its AI application ecosystem [6][27] Market Trends and Expectations - The report highlights a trend of price increases spreading from cyclical sectors like oil and food to technology sectors, particularly AI and semiconductors, which are expected to continue benefiting from policy support [3][4] - The upcoming Two Sessions in March are anticipated to catalyze policy developments that could positively impact market performance [3][4] - The report emphasizes the importance of sector rotation as a key characteristic of the market in February, with a focus on cyclical price increases and technology sectors [3][4]

Core Viewpoint - Kunlun New Materials has submitted an application for a mainboard listing on the Hong Kong Stock Exchange after failing to secure an A-share IPO, facing challenges such as low profit margins, high dependency on major clients, and low R&D investment [1][10]. Group 1: Company Overview - Kunlun New Materials specializes in the research, production, and sales of lithium battery electrolytes, and has expanded into solid-state electrolytes and sodium-ion electrolytes [14]. - The company ranked fifth, fourth, and third among global electrolyte suppliers by shipment volume in 2023, 2024, and the first three quarters of 2025, respectively [15]. Group 2: Financial Performance - Revenue figures for Kunlun New Materials were 1.577 billion yuan, 1.021 billion yuan, and 1.032 billion yuan for the years 2023, 2024, and the first three quarters of 2025, with net profits of 86.168 million yuan, -27.609 million yuan, and -136,000 yuan [15]. - The company's gross margin is approximately one-third of that of its competitor, New Zhongbang, and one-fourth of Tianqi Materials [15]. Group 3: Client Dependency and Market Position - The company heavily relies on major clients, with sales to the top five clients accounting for 82.1%, 73%, and 73% of total revenue in 2023, 2024, and 2025, respectively. Notably, CATL accounted for 60.1%, 59.3%, and 49.6% of total revenue [17]. - The strong position of lithium battery manufacturers and automotive companies in the supply chain limits the bargaining power of electrolyte suppliers like Kunlun New Materials [17]. Group 4: Production Capacity and Expansion Plans - Kunlun New Materials plans to expand its production capacity from 180,000 tons to over 500,000 tons, a nearly threefold increase, despite currently having around 50% of its capacity idle [20][21]. - The company has faced regulatory scrutiny due to aggressive capacity expansion plans and issues related to safety, financial discrepancies, and related party transactions [22]. Group 5: Pricing and Market Sustainability - The price of Kunlun New Materials' electrolyte products has decreased from approximately 30,000 yuan per ton in 2023 to around 17,000 yuan in 2024, and further down to between 14,000 and 17,000 yuan in the first three quarters of 2025, raising concerns about the sustainability of its pricing strategy [19].

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

公开资料显示，陈保国于2016年1月加入西部利得基金，现任公司权益投资部联席总经理、投资总监。 1月30日，西部利得基金发布公告称，基金经理陈保国因个人原因分别离任西部利得碳中和混合发起基金、西部利得汇鑫6个月持有期混合基金、西部利得景 瑞混合基金、西部利得绿色能源混合基金4只基金。至此，陈保国名下再无其他在管基金。 | 离任基金经理姓名 | 陈保国 | | --- | --- | | 离任原因 | 个人原因 | | 离任日期 | 2026年1月30日 | | 转任本公司其他工作岗位 | | | 的说明 | | | 是否已按规定在中国基金 | 是 | | 小协会办理变更手续 | | | 是否已按规定在中国基金 | 是 | | 业协会办理注销手续 | | 截至2025年末，西部利得碳中和混合发起基金持有股票占比为89.56%，持有债券占比为0.35%，前十大持仓个股分别为多氟多、盛新锂能、天赐材料、中矿 资源、骄成超声、金盘科技、宁德时代、亿纬锂能、华盛锂电、大金重工。 陈保国在西部利得碳中和混合发起基金2025年四季报中表示，四季度碳中和板块内部有所分化，锂电材料、碳酸锂、AI数据中心、商业航天相关产业链标 ...

（文章来源：21世纪经济报道） 化工ETF天弘（159133）跟踪的是中证细分化工产业主题指数，该指数全面覆盖化工各个细分领域，包 含磷化工、氟化工、磷肥、钾肥等行业龙头。化工ETF天弘（159133）以及联接基金（C类015897）可 一键分享化工板块整体机遇。 国盛证券表示，供给格局改善，化工行业迎来估值修复。自2025年7月"反内卷"热潮以来，化工板块迎 来持续上涨。2025年Q4以来伴随化工ETF的发行、双碳政策发布，化工投资资金侧、供给侧逻辑迎来加 强。 2月2日，三大指数集体下跌，中证细分化工产业主题指数下跌5.15%，该指数成分股中，恩捷股份、天 赐材料飘红。 相关ETF方面，化工ETF天弘（159133）截至发稿成交额超6800万元，换手率近3%，溢折率0.05%，盘 中频现溢价交易；Wind金融终端数据显示，该ETF盘中获净申购达8500万份。 资金流向方面，该ETF上个交易日（1月30日）净流入额为2.77亿元，截至上个交易日，已连续23个交 易日获资金净流入，累计净流入额超17亿元。该ETF最新流通份额为19.7亿份，最新流通规模为24.27亿 元。 ...