Group 1 - Chemical ETF rose by 3.53%, outperforming the Shanghai Composite Index by 2.66 percentage points [1] - Elemental phosphorus and glyphosate were designated as critical defense materials by the U.S. government, which may benefit China's phosphate fertilizer and phosphate trade [1] - The U.S. EPA approved three glyphosate products for use on cotton and soybeans for two planting seasons [1] - The chemical fiber sector is entering a traditional peak season, with inventory depletion during the Spring Festival and rising prices for polyester and viscose fibers [1] - Tensions in the Middle East have led to an increase in oil prices, with ICE Brent crude at $71.54 per barrel, up 0.60% [1] Group 2 - The "14th Five-Year Plan" aims to promote carbon peaking, with restrictions on high-energy-consuming products expected to be implemented, indicating a turning point for the chemical industry [2] - Real estate policies are showing signs of stabilization in first-tier cities, suggesting a gradual recovery in the industry, with a focus on investment opportunities in the chemical-real estate chain [2] - The chemical industry index (000813) rose by 3.39%, with significant gains in stocks such as Andong Biological and Xingfa Group, both up over 10% [2] - The chemical ETF closely tracks the chemical industry index, which consists of large, liquid listed companies to reflect the overall performance of the sector [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the chemical industry index (000813) accounted for 44.82% of the index, including companies like Wanhua Chemical and Salt Lake Industry [3]

格隆汇2月24日｜化工板块表现亮眼，云天化涨8%，盐湖股份、万华化学分别涨4%和2%，带动化工 ETF天弘（159133）标的指数涨3.28%，盘中获资金净申购1250万份，已连续33日获资金净申购，净流 入额达20亿元。 资金持续流入得益于化工ETF天弘（159133）跟踪标的指数囊括基础化工、石油石化等主流领域及磷氟 化工、新能源材料等热门赛道，大中小市值均衡搭配，既包含万华化学、盐湖股份、天赐材料等龙头公 司，又涵盖细分领域优质中小企业，周期属性与成长动能兼备，场外联接C类：015897。 ③"金三银四"是化纤行业的传统需求旺季，每年的3月至4月期间，下游纺织企业集中采购化纤原料，以 满足春夏季节服装、家纺等产品的生产需求。 中信证券指出，化工反内卷持续加码，多行业发起行业自律，化工品价格有望底部回暖；叠加化工品行 业自身高景气，主营业务有望保持高增长。 ①2月18日，美国宣布将磷和草甘膦列入战略资源。 ②随着美国和伊朗冲突加剧，国际原油价格持续上涨，WTI原油主力合约累计涨幅达5.8%左右。 消息面上： ...

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

Group 1 - The chemical sector is experiencing a positive start, with the U.S. announcing on February 18, 2026, that phosphorus and glyphosate will be classified as strategic resources [1] - The price of urea in India has reached a new high, with East Coast CFR at $512 per ton and West Coast CFR at $508 per ton, reflecting an increase of approximately $85 per ton compared to January [1] - Guojin Securities indicates that rising oil prices may lead to expectations of chemical price increases, while a potential decrease in geopolitical risk premiums could lower industry cost pressures, suggesting a favorable long-term outlook for leading midstream and downstream chemical companies [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Chemical Industry Theme Index (000813) include Wanhua Chemical, Salt Lake Co., and others, accounting for a total of 44.82% of the index [2] - The Chemical ETF (159870) closely tracks the CSI Chemical Industry Theme Index, which consists of seven sub-indices reflecting the overall performance of listed companies in related sub-industries [1][2]

中信证券指出，化工反内卷持续加码，多行业发起行业自律，化工品价格有望底部回暖；叠加化工品行 业自身高景气，主营业务有望保持高增长。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> ①2月18日，美国宣布将磷和草甘膦列入战略资源。 ②随着美国和伊朗冲突加剧，国际原油价格持续上涨，WTI原油主力合约累计涨幅达5.8%左右。 ③"金三银四"是化纤行业的传统需求旺季，每年的3月至4月期间，下游纺织企业集中采购化纤原料，以 满足春夏季节服装、家纺等产品的生产需求。 格隆汇2月24日｜化工板块表现亮眼，云天化涨8%，盐湖股份、万华化学分别涨4%和2%，带动化工 ETF天弘（159133）标的指数涨3.28%，盘中获资金净申购1250万份，已连续33日获资金净申购，净流 入额达20亿元。 资金持续流入得益于化工ETF天弘（159133）跟踪标的指数囊括基础化工、石油石化等主流领域及磷氟 化工、新能源材料等热门赛道，大中小市值均衡搭配，既包含万华化学、盐湖股份、天赐材料等龙头公 司，又涵盖细分领域优质中小企业，周期属性与成长动能兼备，场外联接C类：015897。 消息面上： ...

2026年2月24日早盘，截至11:04，中证细分化工产业主题指数强势上涨2.81%，成分股和邦生物上涨 10.08%，川发龙蟒上涨10.00%，云天化上涨7.35%，兴发集团，钛能化学等个股跟涨。 国海证券指出，反内卷有望重估中国化工行业，后续措施有望使全球化工行业产能扩张大幅放缓。中国 化工行业具有充沛的经营活动现金流净额，一旦扩张放缓，潜在股息率将大幅提升，有望实现从吞金兽 到摇钱树的转变；同时，供给端的改变将带来景气度的止跌回升，化工标的有望兼具高弹性和高股息的 优势。 华福证券认为，随着海内外经济回暖，主要化工品价格与需求均步入修复通道。化工行业龙头企业历经 多年竞争和扩张，具有显著规模优势，且通过研发投入持续夯实成本护城河，核心竞争力显著。 数据显示，截至2026年1月30日，中证细分化工产业主题指数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 ...

Group 1 - The chemical sector is experiencing significant positive developments, particularly in four key areas: phosphorus chemicals, disperse dyes, titanium dioxide, and non-ferrous metals [1] - An executive order signed by Trump on February 18, 2026, aims to secure domestic production of phosphorus and glyphosate herbicides, addressing supply chain vulnerabilities, as the U.S. relies heavily on a single domestic producer [1] - Zhejiang Longsheng announced a price increase for disperse dyes effective February 24, with a notable rise of 2000 yuan per ton for disperse black [1] - Longbai Group has issued a price adjustment notice for titanium dioxide, with cumulative price increases of 1200 yuan per ton over November and December [1] - The non-ferrous metals market is shifting, with expectations of interest rate cuts potentially influencing the spring market dynamics [1] Group 2 - As of January 30, 2026, the CSI Chemical Industry Theme Index (000813) has its top ten weighted stocks, including Wanhua Chemical and Yanhua Co., accounting for 44.82% of the index [2] - The CSI Chemical Industry Theme Index closely tracks the performance of major listed companies in the chemical sector, reflecting the overall performance of the industry [2]

Group 1 - The core viewpoint is that solid-state batteries are expected to enter a critical phase in 2026, with vehicle-grade packs beginning road tests in H1 and mass production lines expected to be established in H2, driven by GWh-level production line tenders and new vehicle models appearing in the Ministry of Industry and Information Technology directory [1] - In 2025, the industrialization of solid-state batteries is accelerating, with vehicle-grade cells expected to be produced in H1 and pilot lines established in H2, leading to two major market surges [1] - The key catalysts for 2026 are the tenders for GWh-level production lines and the road testing of solid-state related vehicle models, which may lead to significant market movements similar to those in 2025 [1] Group 2 - Solid-state batteries are naturally suited for space applications due to their wide temperature range, high safety, and energy density, making them ideal for extreme conditions such as vacuum and high radiation [2] - The annual demand for solid-state batteries in satellite applications is expected to reach tens to hundreds of GWh, with additional potential in deep space exploration and lunar bases [2] - Investment recommendations include focusing on four main lines: battery segment led by CATL, equipment segment with companies like Xianhui Technology, materials segment with lithium sulfide and electrolytes, and new technologies with firms like Zhongyi Technology [2]

深度！【东吴电新】固态电池：技术突破装车在即，太空领域打开想象空间 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。 26年看，固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。 我们认为26年核心催化点在于GWh级量产线的 深度！【东吴电新】固态电池：技术突破装车在即，太空领域打开想象空间 26年看，固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。 我们认为26年核心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情， 建议重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 #具备宽温域+高能量+安全性、固态电池天然适配太空领域。 #固态26年进入路试阶段、边际变化从电芯转为Pack、重点关注车型路试进展。 #固态26年进入路试阶段、边际变化从电芯转为Pack、重点关注车型路试进展。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。 固态电池在卫星领域每年需求有望达几十甚至上百GWh，此外还有深空探测器、月球基地等 ...

化工ETF（159870），联接基金（A类 014942，C类 014943，I类 022792） 万华化学（600309）、盐湖股份（000792）、藏格矿业（000408）、天赐材料（002709）、华鲁恒升 （600426）、巨化股份（600160）、恒力石化（600346）、宝丰能源（600989）、云天化（600096）、 荣盛石化（002493） 截至02月24日09:45，化工ETF(159870.SZ)上涨1.98%，其关联指数细分化工(000813.CSI)上涨1.97%；主 要成分股中，盐湖股份上涨4.52%，云天化上涨8.24%，万华化学上涨1.52%，兴发集团上涨5.98%，龙 佰集团上涨4.58%。 关联产品： 消息面上，1) 美国最高法院裁定特朗普关税政策违法，但新关税框架生效引发市场波动，短期利好非 美资产，化工行业或受益于关税影响减弱及全球经济复苏预期；2) TMP行业因供应端收缩（万华等厂 商退出产能）及需求旺盛（百川股份排产至3月底/4月）推动价格上涨，相关化工企业成本传导顺畅； 3) 电子布与玻纤行业分化，玻纤需求受风电、基建回暖支撑，头部企业通过产能调整应对市场波动， ...