截至1月26日，化工行业ETF易方达(516570)最新规模、最新份额均创成立以来新高。 从资金净流入方面来看，化工行业ETF易方达(516570)近7天获得连续资金净流入，最高单日获得 6218.06万元净流入，合计"吸金"2.05亿元。 华泰证券认为，油价或已进入筑底反弹阶段，叠加美联储降息对需求拉动，亚非拉地区成品油需求或景 气上行，上调2026年布伦特均价为65美元/桶（前值62美元/桶）。长期而言，考虑主要产油国边际成本 及"利重于量"诉求，油价中枢存60美元/桶底部支撑。具备增产降本能力及天然气业务增量的能源龙头 企业或将显现配置机遇；油价筑底后库存损失减少，炼化有望迎来盈利低迷下的景气反转。 截至2026年1月27日 09:35，中证石化产业指数(H11057)强势上涨1.12%。化工行业ETF易方达(516570)上 涨0.98%，成交额迅速走阔。 化工行业ETF易方达（516570，场外联接A/C: 020104/020105）一键打包三桶油、万华化学等石油石 化、基础化工产业龙头，跟踪的中证石化产业指数指数构成接近于石化化工板块中哑铃策略标的，同时 涵盖高股息+高成长成份券，2023年以来 ...

今天有色板块集体大涨，金铜矿龙头站上万亿市值，股价大涨5.17%，银矿龙头 涨停，有色掀起涨停潮，矿业 etf(561330)大涨6.23%。 今天还有一波资金，突然疯抢石油类资产。 今天原油龙头大涨6.66%，市值同样破万亿人民币，石油产业链小公司也跟着大涨。 买石油类公司的资金，我认为有两部分： 1. 一部分是前期踏空了有色金属理论上，美元不断贬值，有色能源都 今天有色板块集体大涨，金铜矿龙头站上万亿市值，股价大涨5.17%，银矿龙头 涨停，有色掀起涨停潮，矿业 etf(561330)大涨6.23%。 今天还有一波资金，突然疯抢石油类资产。 今天原油龙头大涨6.66%，市值同样破万亿人民币，石油产业链小公司也跟着大涨。 买石油类公司的资金，我认为有两部分： 1. 一部分是前期踏空了有色金属理论上，美元不断贬值，有色能源都会受益。 其他的商品有色股普遍大涨，但因为通胀问题，特朗普一直压制油价。 美联储主席换届在今年5月份，美国今年中期选举时间在11月份，在5月到11月份这段时间，特朗普对油价的态度 可能会有一些变化。 2.对有色仓位的保护有色公司最怕的就是美元加息或者通胀预期抬升，油价如果大涨，会有可能减缓 ...

Group 1 - The A-share market showed a mixed performance on January 26, with the chemical sub-index declining. The Tianhong Chemical ETF (159133) closed down 0.46%, with a trading volume of 82.02 million yuan [1] - The Tianhong Chemical ETF has seen continuous capital inflow over the past 18 trading days, with a net inflow of 744 million yuan in the last 30 trading days, reaching a new high of 1.408 billion yuan as of January 23, 2026 [1] - The Tianhong Chemical ETF tracks the chemical sub-index, with over 93% of its holdings in three major industries: basic chemicals, petroleum and petrochemicals, and power equipment, including leading companies and quality SMEs across various segments [1] Group 2 - A cold wave began affecting the U.S. on January 23, causing snowfall in parts of Texas, Oklahoma, and Kansas, with extreme weather expected to impact two-thirds of the country, potentially leading to widespread power outages [2] - The U.S. has a high capacity share of MDI/TDI, and the extreme weather may significantly affect supply, as U.S. MDI/TDI prices are notably higher, with relatively high operating rates [2] - The chemical industry is entering a turning point of supply-demand improvement and high-end transformation, with structural differentiation expected to continue in 2026, particularly in oil chemicals and polyester sectors [2]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4133 | -0.09 | 4.26 | 0.45 | | 深证综指 | 2721 | -0.92 | 7.04 | 0.77 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 0 | 0.36 | 13.54 | | 中盘指数 | -0.39 | 11.93 | 34.07 | | 小盘指数 | -1.66 | 10.48 | 26.75 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 贵金属 | 10.24 | 46.38 | 97.93 | | 动物保健Ⅱ | 5.27 | 16.4 | 31.45 | | 工业金属 | 5.24 | 23.79 | 96.1 | | 小金属Ⅱ | 4.86 | 31.59 | 73.96 | | 饰品 | 4 ...

Investment Rating - The report suggests a positive outlook for the basic chemical industry, particularly due to rising oil prices and improving product demand [3][5]. Core Insights - The report highlights that the continuous rise in crude oil prices, driven by geopolitical tensions and OPEC+ decisions, is expected to support the recovery of the refining sector [3][5]. - PTA and polyester filament prices are on the rise, with PTA industry measures contributing to improved market conditions [4][5]. - The report emphasizes the potential growth of bio-jet fuel (SAF) as a renewable energy source, recommending attention to companies like Zhuoyue New Energy [5]. Summary by Sections 1. Industry and Product Tracking - Crude oil prices have increased, with WTI at $61.29 per barrel and Brent at $66.23 per barrel, reflecting a week-on-week rise of 3.11% and 3.16% respectively [3]. - PTA prices have risen to 5140 CNY per ton, with polyester filament prices also increasing, indicating a recovery in the market [4][10]. 2. Key Chemical Product Price Tracking - Key products such as nicotinamide (up 8.96%), acetonitrile (up 8.72%), and styrene (up 7.96%) have shown significant price increases, while industrial-grade dimethyl carbonate and epoxy propane have seen declines [10]. - The report notes that the price of glyphosate has risen to 23296 CNY per ton, with a weekly increase of 200 CNY per ton [15]. 3. Refining Sector - The refining sector is expected to benefit from stable oil prices and increased demand, with companies like Hengli Petrochemical and Satellite Chemical recommended for investment [5]. 4. Agricultural Chemicals - The prices of ammonium phosphate and potassium chloride have increased, with ammonium phosphate priced at 3821 CNY per ton [17][20]. 5. Fluorochemicals - Prices for refrigerants R22 and R125 have risen, supported by supply constraints and environmental regulations [22][24].

来源：光大证券微资讯 热点聚焦 1、隔夜，金、银在刷新历史高点后大幅回调。1月27日7:01，现货白银盘初涨1%，报104.7美元/盎司 （此前日内涨幅一度高达14%，最高触及117美元/盎司）。现货黄金涨0.3%，报5025美元/盎司（此前曾 上涨2.5%，最高报约5110美元/盎司）。 2、白宫宣布，因韩国国会迟迟未批准美韩贸易协议，他已决定将对韩国汽车、木材、制药产品以及其 他"对等关税"项目的税率从15%上调至25%。 3、隔夜，美股三大指数小幅收涨。纳斯达克中国金龙指数收跌0.62%。此前，美国稀土公司宣布，获 得美国政府16亿美元的资金支持，用于加速建设国内重稀土价值链。美股盘前，美国稀土公司股价一度 暴涨62%，随后涨幅收窄。英伟达与CoreWeave公司宣布扩大长期的互补合作关系，使CoreWeave能加 速到2030年建设超过5吉瓦的AI工厂，CoreWeave盘前股价一度拉涨9%。 4、哈萨克斯坦供应恢复抵消了美国暴风雪的影响，国际油价小幅下跌。而持续的严寒天气导致美国天 然气价格周一大幅上涨，主力期货合约一度突破7美元/百万英热，创下自2022年以来新高，最高涨幅达 39%，随后回落至约 ...

Core Insights - The real estate market in Hainan, particularly in Haikou and Sanya, is experiencing significant growth due to the benefits of the Hainan Free Trade Port, with Haikou's housing sales soaring by 91.6% and prices increasing by 7.1% [2] Group 1: Market Performance - Haikou's residential property sales reached 410 units with a total area of approximately 54,700 square meters and a transaction value of about 1.06 billion yuan [2] - Excluding affordable housing, the market-oriented residential sales in Haikou amounted to 354 units, reflecting a month-on-month increase of 28.3% [2] - The average price of residential properties in Haikou has surpassed 20,000 yuan per square meter, now standing at 20,640 yuan [2] Group 2: Top Performing Projects - The top-selling residential project was Zhonghai Nanhai·Sanhao Yuan, with 52 units sold and an area of approximately 11,910 square meters [3][8] - Nanhai Xingfu Jiang and Dahuajinxiu Four Seasons followed, with 26 and 22 units sold respectively, covering areas of 2,830 and 2,630 square meters [4][8] - Other notable projects included Haikong Jiangxiufu and Wanhua Jiangdong Ludao, with 15 and 14 units sold respectively [4] Group 3: Commercial Property Sales - Haikou's commercial property sales recorded 88 units, with Longhu Guangnian leading with 34 units sold [2]

Group 1 - Zijin Mining announced a plan to acquire Allied Gold Corporation at a price of CAD 44 per share, totaling approximately CAD 5.5 billion (around RMB 28 billion) [1] - Allied Gold Corporation, headquartered in Canada, has core assets including the Sadiola gold mine in Mali and the Côte d'Ivoire gold complex, with a projected gold production increase to 25 tons by 2029 [3] - The acquisition price represents a premium of approximately 5.39% over the closing price on January 23, 2026, and an 18.95% premium over the weighted average price of the previous 20 trading days [3] Group 2 - On the announcement day, Zijin Mining's stock price reached a historical high, with the total market capitalization exceeding RMB 1 trillion [4] - The market is experiencing a cooling effect, with significant sell orders observed in multiple heavyweight stocks, including Zijin Mining, indicating a shift from a bullish to a more volatile market environment [6]

记者丨 叶映橙 见习记者林健民 编辑丨 张嘉钰 1月26日盘后，紫金矿业最新公告称，公司控股的紫金黄金国际有限公司拟以44加元/股的价 格，收购在多伦多证券交易所和纽约证券交易所两地上市的Allied Gold Corporation全部已发 行的普通股，收购对价共计约55亿加元（约合人民币280亿元）。 据悉，联合黄金是一家总部位于加拿大的黄金矿业公司，于2023年9月在多伦多证券交易所上 市，2025年6月在纽约证券交易所上市，证券代码为AAUC。联合黄金的核心资产包括在产的 马里Sadiola金矿、科特迪瓦金矿综合体（含Bonikro和Agbaou金矿），以及将于2026年下半 年建成投产的埃塞俄比亚Kurmuk金矿。 截至2024年底，联合黄金拥有金资源量533吨，平均品位1.48克/吨；联合黄金2023、2024年分 别产金10.7吨、11.1吨；预计2025年产金11.7~12.4吨；依托Sadiola项目改扩建及Kurmuk项目 建成投产，预计2029年产金将提升至25吨。 紫金矿业表示，以联合黄金在多伦多证券交易所的股价为测算基础，本次收购价格较协议签署 前1个交易日（2026年1月23日）收 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the chemical sector in the recent A-share spring market, with leading stocks like Wanhua Chemical, Hengli Petrochemical, and Hualu Hengsheng reaching new highs, driven by rising prices of chemical products such as propylene oxide [2][3] - The chemical industry is gradually emerging from a four-year downturn since its peak in 2021, with many leading companies announcing profit recovery and growth forecasts for 2025, indicating a significant improvement in the industry's fundamentals [3][5] - The increase in chemical product prices, particularly in sectors like fluorine chemicals and lithium carbonate, is a key driver of earnings growth, supported by strong demand from downstream industries such as energy storage and electric vehicles [5][6] Group 2 - The chemical sector has seen a notable recovery in profitability, with over half of the companies that disclosed earnings forecasts for 2025 reporting profit increases or recoveries, despite some still facing losses [5][6] - Specific companies like Zangge Mining and Salt Lake Co. are expected to report substantial profit increases, driven by higher sales volumes and prices of potassium chloride and lithium carbonate [5][6] - The overall market sentiment is shifting towards a systematic revaluation of the chemical sector, as evidenced by a 13.18% increase in the basic chemical index since 2026, outperforming other sectors like electronics and communications [9][10] Group 3 - The dual engines of cost and demand are driving the price increases in the chemical sector, with geopolitical events raising concerns about oil supply and consequently pushing up international oil prices, which support chemical product prices [10][11] - The current phase of the chemical industry is characterized by a gradual entry into a new upward cycle, with signals such as price increases and initial profit recovery indicating a potential long-term improvement in market conditions [10][11] - The chemical sector is viewed as a rare opportunity with a favorable risk-reward profile, as it is currently at the bottom of the cycle while showing upward trends in fundamentals and valuations [11]