Report Industry Investment Rating - Not provided Core View of the Report - It is expected that PVC will run in a volatile manner. The supply - side PVC开工率 continues to decline, downstream demand is weak, social inventory is high, and although the commodity market sentiment is boosted, the production decline is limited, and the current is the traditional off - season [1] Summary by Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC开工率 decreased by 1.13 percentage points to 77.23% and is at a neutral level in the same period in recent years. The downstream开工率 decreased by 0.87 percentage points, and the orders for downstream products are poor. Last week, export orders decreased slightly, with lower prices in the Indian market and limited demand. CFR India and CFR Southeast Asia decreased by $20/ton and $30/ton respectively. Social inventory increased slightly and is still high. From January to November 2025, the real estate is still in the adjustment stage, with large year - on - year declines in investment, new construction, construction, and completion areas. The weekly transaction area of commercial housing in 30 large - and medium - sized cities increased, but is still at the lowest level in the same period in recent years. The 300,000 - ton/year Jiaxing Jiahua has recently started trial production. The anti - involution sentiment has further increased, and the commodity market sentiment has been boosted, but the decline in production is limited [1] Futures and Spot Market Conditions - The PVC2605 contract decreased in positions and ran in a volatile manner, with a minimum price of 4,772 yuan/ton, a maximum price of 4,822 yuan/ton, and a final closing price of 4,805 yuan/ton, up 0.33% and above the 20 - day moving average. The position decreased by 23,231 lots to 923,530 lots [2] Basis - On December 31, the mainstream price of calcium carbide - based PVC in the East China region remained at 4,500 yuan/ton, and the futures closing price of the V2605 contract was 4,805 yuan/ton. The current basis is - 305 yuan/ton, strengthening by 5 yuan/ton, and the basis is at a low level [3] Fundamental Tracking - Supply side: Affected by devices such as Salt Lake Magnesium Industry and Ningbo Hanwha, the PVC开工率 decreased by 1.13 percentage points to 77.23%. New production capacities of Wanhua Chemical (500,000 tons/year), Tianjin Bohua (400,000 tons/year), Qingdao Gulf (200,000 tons/year), and Gansu Yaowang (300,000 tons/year) were put into production in the second half of the year, and Jiaxing Jiahua (300,000 tons/year) started trial production in December [4] - Demand side: The real estate is still in the adjustment stage, with large year - on - year declines in investment, new construction, and completion areas. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The commercial housing sales area was 787.02 million square meters, a decrease of 7.8%. The commercial housing sales volume was 751.3 billion yuan, a decrease of 11.1%. The new construction area of houses was 534.57 million square meters, a decrease of 20.5%. The construction area of real estate development enterprises was 6.56066 billion square meters, a decrease of 9.6%. The completion area of houses was 394.54 million square meters, a decrease of 18.0%. As of the week of December 21, the transaction area of commercial housing in 30 large - and medium - sized cities increased by 20.86% week - on - week but is still at the lowest level in the same period in recent years [5] - Inventory: As of the week of December 25, the PVC social inventory increased by 0.43% week - on - week to 1.0611 million tons, 31.92% higher than the same period last year, and the social inventory is still high [6]

Group 1: AI-Driven Chemical Industry - The integration of AI in the chemical industry is expected to create investment opportunities across four key areas: research, production, operations, and supply chain management, leading to a data-driven and optimized system [5][6] - The demand for new chemical materials is driven by the energy consumption of AI data centers, with a projected compound annual growth rate of 44.8% in IT energy consumption from 2022 to 2027 [6] - The renewable energy generation in China is currently about 35%, with a future target of nearly 90%, emphasizing the need for green energy materials [7] - The new energy storage plan aims for a scale of 180 million kilowatts by 2027, with significant investments expected in lithium battery storage [8] - The manufacturing sector is poised for growth, particularly in high-end electronic resins and specialty engineering plastics, as domestic companies catch up with international standards [9] - The cooling materials market is projected to exceed $7 billion by 2034, with a compound annual growth rate of over 10% from 2024 to 2034, driven by the demand for AI-related cooling solutions [11] Group 2: Refrigeration Equipment Industry - The refrigeration and air conditioning industry in China is at a critical turning point, transitioning from a growth phase to a stable development phase dominated by replacement demand [12] - Strategic acquisitions in the HVAC sector are becoming common as companies seek to establish local distribution networks and adapt to market differences [13] - The commercial refrigeration sector, particularly in data center cooling, is highlighted as a growth area due to increasing demand for energy-efficient solutions [14] - Investment recommendations include focusing on leading companies in household refrigeration, specialized cooling solutions, and upstream components benefiting from data center demands [14]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2026, lithium carbonate will shift from oversupply to a tight - balance pattern. The significant decline in the industry's inventory coverage days will push up the price center. In the long - term, the peak of the current cycle's production cycle has passed, and the support for energy storage from countries around the world strengthens optimistic expectations, leading to strong speculative demand in the market. However, due to the high supply elasticity, the price increase will be tortuous. The annual price is expected to fluctuate between 90,000 - 200,000 yuan/ton [2][99]. 3. Summary According to the Directory 3.1 Market Review - The main contract of lithium carbonate showed a trend of hitting the bottom and then rebounding. As of December 25, LC2605 closed at 123,520 yuan/ton, a 59% increase from the beginning of the year. The quotes of battery - grade and industrial - grade lithium carbonate were 115,000 yuan/ton and 113,000 yuan/ton respectively, with increases of 52% and 55% from the beginning of the year [6]. - In the first quarter, pre - Spring Festival restocking by downstream and the advancement of demand due to tariff implementation led to a tight spot market. After the Spring Festival, the early resumption of work by leading manufacturers and slow downstream resumption put pressure on the market. In the second quarter, the price dropped rapidly due to the off - season of terminal demand and cost collapse. In the third quarter, the price fluctuated sharply. In the fourth quarter, the price trended upwards due to supply growth being slower than demand growth and the continuous destocking of total inventory [6][7]. 3.2 Demand Side of Lithium Carbonate 3.2.1 New Energy Vehicle Market - In 2025, from January to October, global new energy vehicle sales reached 17.78 million, a 28.1% year - on - year increase, with a penetration rate of 22.7%. The Chinese market maintained growth, with a penetration rate of 46.7%. The European market showed an increasing penetration rate, while the North American market was affected by subsidy withdrawal, with a slowdown in growth [11]. - In 2026, the European new energy vehicle market is expected to maintain high growth, with a year - on - year growth rate of over 30%. The US market will experience a painful period of policy withdrawal and demand adjustment, with an expected sales decline of 10% - 20% and a penetration rate within 10%. The Chinese market is expected to slow down in growth but optimize in structure, with the penetration rate expected to exceed 60% [15][20][29]. 3.2.2 Energy Storage Market - In 2025, the global energy storage market experienced explosive growth, with an expected annual installed capacity demand of 329GWh, an 87% year - on - year increase. The expected compound growth rate from 2025 - 2027 is 86% [30]. - In 2026, the domestic installed capacity is expected to reach 300GWh. The US and European markets also have strong growth potential, and emerging markets such as the Middle East are also growing rapidly [35][38][39]. 3.2.3 Battery Market - In the first three quarters of 2025, the global lithium - battery shipments exceeded 1.2TWh, a 60% year - on - year increase. It is estimated that the shipments in 2025 will exceed 1.7TWh [43]. - In 2026, the total demand for global power and energy - storage batteries is expected to reach 2600 - 2700GWh, a year - on - year increase of over 30%. The demand for energy - storage batteries will grow faster than that of power batteries [46]. 3.2.4 Cathode Materials - In the first three quarters of 2025, the shipments of Chinese cathode materials were expected to be 3.5 million tons, a 53% year - on - year increase. Lithium iron phosphate led the growth, with shipments of 2.575 million tons, a 60.8% year - on - year increase. Ternary materials also increased by 20% [52]. - In 2026, lithium iron phosphate is expected to continue high - growth, with an expected output of 5.8 million tons, a 50% increase from 2025. The demand for high - nickel ternary materials and precursors will also increase [53][60]. 3.3 Supply Side of Lithium Carbonate 3.3.1 Lithium Ore Supply - In 2026, Australian mines are expected to have a 15% year - on - year output increase to 503,000 tons LCE. African mines will benefit from the recovery of lithium prices, and South American salt lakes also have certain production increases. Domestic lithium ore supply is expected to be about 100,000 tons LCE, and the output of domestic salt - lake lithium extraction is expected to be about 228,000 tons LCE [76][78][79]. 3.3.2 Lithium Carbonate Supply - In 2026, new lithium carbonate production capacity will be significantly slowed down, with only 45,000 tons of new capacity to be put into production, mainly in the second half of the year. From January to November 2025, the cumulative domestic lithium carbonate output reached 871,200 tons, a 44% year - on - year increase [81][82]. 3.3.3 Cost and Profit - As of December 19, the average production cost of lithium carbonate was 84,551 yuan/ton. The industry profit was 15,830 yuan/ton. The cost mainly comes from raw material procurement, accounting for over 85% of the production cost [85]. 3.4 Import, Export, and Inventory 3.4.1 Import and Export - In November 2025, China's lithium carbonate import volume was about 22,055 tons, a 8% month - on - month decrease and a 15% year - on - year increase. From January to November, the cumulative import volume was 219,000 tons, a 5.8% year - on - year increase [92]. 3.4.2 Inventory - As of December 24, the sample inventory of lithium carbonate was 109,773 tons. The inventory structure has improved, with upstream inventory gradually transferred to downstream and intermediate links. In 2026, attention should be paid to the sustainability of destocking [96].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The polyolefin industry will face continuous capacity pressure in 2026, with a pattern of "low in the first half and high in the second half" for capacity commissioning. The overall price is expected to be weak, with a "high in the first half and low in the second half" rhythm [4][5]. - The key factors affecting the market include capacity commissioning progress, plant operating rates, and imports and exports [7]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Price, Basis, and Calendar Spread**: In 2025, polyolefin prices showed different trends in each quarter. The first - quarter was relatively stable, the second - quarter was affected by macro - events and showed wide - range fluctuations, the third - quarter was in a state of oscillation, and the fourth - quarter experienced a significant decline. The basis and calendar spreads of PP and L also had corresponding changes, mainly affected by factors such as capacity commissioning, demand, and trade conflicts [3][9][10]. - **Disk Spread Review**: The L - PP spread showed a trend of first declining and then recovering. The core reason was the different supply pressures of PP and the demand performance of L [34]. - **Disk Profit**: The methanol price showed a downward trend, and the MTO disk profit first improved and then deteriorated. The production profit of polyolefins was generally better than that of the previous year, but the PE profit weakened significantly at the end of the year [42][95]. 3.2 Capacity Commissioning is the Main Theme - **Domestic Capacity Commissioning**: Both PP and PE are in the capacity commissioning cycle. From 2026 - 2030, the planned new capacity of PP will exceed 20 million tons, and that of PE will exceed 20 million tons. The commissioning rhythm in 2026 is "low in the first half and high in the second half" [64][86]. - **Foreign Capacity Commissioning**: In 2025, the overseas capacity commissioning of PE was about 2.5 million tons, and there are many commissioning plans in 2026, but the actual implementation may fall short of expectations. The overseas capacity commissioning pressure of PP is relatively small [84][87]. - **Production - end Profit**: The cost side was differentiated, and the production profit was generally better than that of the previous year, especially for the coal - based production. However, the PE profit weakened significantly at the end of the year [95]. - **Output Surge**: In 2025, the output of both PP and PE increased significantly. The expected annual output of PP is 40.3053 million tons, a year - on - year increase of 16.96%. The expected annual output of PE is 33.1308 million tons, a year - on - year increase of 18.69% [138][141]. - **Imports and Exports**: For PP, the import and export pattern reversed in 2025, with a significant decrease in net imports. For PE, the import pressure remained high, and the import volume was still large [145][164]. 3.3 Demand Side - **PP Demand**: The demand for PP was high in the first half and low in the second half. After the Spring Festival, the downstream demand recovered rapidly, but from the second quarter, the demand gradually weakened, mainly affected by export shocks and the slowdown of domestic economic demand [185]. - **PE Demand**: The demand for PE was relatively rigid, with obvious seasonality. The demand was strong during the peak seasons of mulch film and greenhouse film, but faced pressure during the off - seasons [193]. 3.4 Inventory - **PP Inventory**: The PP inventory remained at a high level throughout the year. After the Spring Festival, the inventory increased seasonally, and then decreased during the peak demand season in March. From the second quarter, the inventory basically remained at a high level in previous years [213]. - **PE Inventory**: At the end of 2024, the LLDPE inventory was low. After the Spring Festival, the inventory was tight due to the peak demand season of agricultural films, and then gradually eased [225]. 3.5 Supply - Demand Balance Sheet - **PP Annual Supply - Demand Balance Sheet**: In 2026, the supply growth rate of PP will slow down, but the demand still needs to reach a high level to achieve supply - demand balance. The supply - demand pressure is still large, and the pressure in the first half of the year is less than that in the second half [237][240]. - **PE Annual Supply - Demand Balance Sheet**: In 2026, both the supply and demand of PE will slow down, and the inventory accumulation pattern will continue. Attention should be paid to the commissioning rhythm and the realization of peak demand seasons. The demand for PE is more resilient than that for PP [249][250].

Macro Foundation: Strong Policy Guidance - Major countries view AI as a strategic core technology, with China promoting deep integration of AI with the real economy through its "New Generation Artificial Intelligence Development Plan" and the U.S. ensuring its leadership in AI through the "National Artificial Intelligence Initiative" [3][4] - Various countries have introduced policies to actively layout artificial intelligence, including the U.S. proposing a unified federal standard for AI regulations, China setting clear goals for AI integration by 2030, and the EU establishing a comprehensive AI regulatory framework [5][6] Chemical Industry Policy - The Ministry of Industry and Information Technology in China has issued a "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)", focusing on innovation, efficiency, demand expansion, and collaboration, with AI becoming a key driver for industry transformation [6][7] New Materials Policy - Governments worldwide are implementing targeted policies for new materials, aiming to break through critical bottlenecks and secure future technological advantages [9][10] - China has established a "New Materials Big Data Center" plan, aiming to create a comprehensive data-driven innovation paradigm in the materials sector by 2035 [12][13] AI and Chemical Industry Integration - AI is expected to deeply integrate into the entire lifecycle of the chemical industry, creating a data-driven, intelligent decision-making, and continuously optimizing system [15][16] - Major chemical companies are increasingly adopting AI technologies to enhance production efficiency and product quality, with examples including collaborations with tech firms for smart factory initiatives [17][18] Demand and Application of AI - The demand for AI is driving significant growth in the AI server market, with projections indicating a rise from $125.1 billion in 2024 to $222.7 billion by 2028 [37][38] - The energy consumption of AI data centers is expected to double by 2025, highlighting the increasing energy demands associated with AI advancements [45][46] Renewable Energy and AI - The share of renewable energy in China's total power generation is projected to reach 88% by 2050, with significant growth in wind and solar energy contributing to the energy needs of AI [51][52] - The development of a new power system centered on renewable energy is crucial for reducing the carbon footprint of AI computing [51][52] Market Trends in Chemical Materials - The chemical materials sector is evolving towards "smart material systems" that integrate multiple functionalities, driven by the demands of embodied intelligence products [35][36] - The market for embodied intelligence products is expected to reach 400 billion yuan by 2030, with significant growth anticipated in the robotics and drone sectors [30][31]

Core Viewpoint - Yantai City is implementing a comprehensive municipal infrastructure plan that focuses on resilience, green low-carbon development, and efficient collaboration to enhance urban services and address existing shortcomings in municipal management [1] Group 1: Water Cycle System Optimization - The plan aims to establish a "multi-source, one network, multi-source complement" water supply system, including the expansion of six water plants and the construction of five new ones [2] - Projects will connect seven major water supply zones to ensure stable and balanced urban water supply [2] - The plan includes the expansion of seven sewage treatment plants and the construction of five new ones to improve sewage treatment capacity and resource utilization [2] Group 2: Energy Security System Enhancement - The initiative focuses on increasing the share of clean energy in power supply and addressing power supply imbalances through the relocation of Yantai Power Plant [3] - A "multi-gas source, one network" gas distribution system will be established, including the construction of four LNG terminals to improve gas supply pressure [3] - The plan aims for over 40% of heating to come from renewable energy sources, with the construction of 17 large and medium-sized centralized heating sources [3] Group 3: Disaster Prevention and Mitigation System Improvement - The plan includes optimizing the layout of 107 fire stations to ensure a five-minute response time for emergency rescue [4] - It will establish 175 dual-use emergency shelters and integrate 32 multi-dimensional rescue channels to enhance overall emergency response capabilities [4] Group 4: Comprehensive Coordination System Enhancement - The plan promotes the construction of five municipal complexes and two waste recycling industrial parks to optimize resource sharing and land use [4] - It includes the integration of over 4,700 kilometers of municipal corridors and the optimization of 26 corridor cross-section designs to avoid resource waste and improve operational efficiency [4]

Report Industry Investment Rating - Not provided Core View - The report predicts that PVC will fluctuate. Although the anti - "involution" sentiment in the commodity market is rising, the current decline in PVC production is limited, and it is the traditional demand off - season in December. After the spot price rises, the market transaction is weak. With high inventory and limited demand, PVC is expected to move in a volatile manner [1] Summary by Related Catalogs Market Analysis - The calcium carbide price in the northwest region is stable. The PVC operating rate decreased by 1.13 percentage points to 77.23% and is at a neutral level in recent years. The downstream operating rate decreased by 0.87 percentage points, and the downstream product orders are poor. In terms of exports, PVC is sold at a lower price, and last week's export orders decreased slightly. The prices in the Indian market are low, and the demand is limited. The CFR in January from Formosa Plastics in Taiwan remained flat in China, but decreased by $20/ton and $30/ton in India and Southeast Asia respectively. The social inventory increased slightly and is still high, with great inventory pressure. From January to November 2025, the real estate is still in the adjustment stage, with large year - on - year declines in investment, new construction, construction, and completion areas. The weekly sales area of commercial housing in 30 large and medium - sized cities increased, but is still at the lowest level in recent years. The 300,000 - ton/year Jiaxing Jiahua has recently started trial production. The anti - "involution" sentiment in the commodity market is rising, and the comprehensive profit margin of chlor - alkali has decreased, but the current decline in production is limited [1] Futures and Spot Market - The PVC2605 contract decreased in positions and fluctuated. The lowest price was 4,748 yuan/ton, the highest was 4,834 yuan/ton, and it finally closed at 4,810 yuan/ton, above the 20 - day moving average, with a decline of 0.15%. The position volume decreased by 22,446 lots to 946,761 lots [2] Basis - On December 30, the mainstream price of calcium carbide - based PVC in East China dropped to 4,500 yuan/ton, and the futures closing price of the V2605 contract was 4,810 yuan/ton. The current basis is - 310 yuan/ton, weakening by 25 yuan/ton, and the basis is at a relatively low level [3] Fundamental Tracking Supply - Affected by plants such as Salt Lake Magnesium Industry and Ningbo Hanwha, the PVC operating rate decreased by 1.13 percentage points to 77.23%, and the operating rate continued to decline, being at a neutral level in recent years. New production capacities of 500,000 tons/year for Wanhua Chemical, 400,000 tons/year for Tianjin Bohua, 200,000 tons/year for Qingdao Gulf, and 300,000 tons/year for Gansu Yaowang were put into production in the second half of the year. The 300,000 - ton/year Jiaxing Jiahua started trial production in December [4] Demand - The real estate is still in the adjustment stage. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; the sales area of residential housing decreased by 8.1%. The sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1%, and the sales volume of residential housing decreased by 11.2%. The new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5%; the new construction area of residential housing decreased by 19.9%. The construction area of real estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0%; the completion area of residential housing decreased by 20.1%. As of the week of December 21, the sales area of commercial housing in 30 large and medium - sized cities increased by 20.86% week - on - week but is still at the lowest level in recent years. Attention should be paid to whether real - estate favorable policies can boost the sales of commercial housing [5] Inventory - As of the week of December 25, the PVC social inventory increased by 0.43% week - on - week to 1.0611 million tons, an increase of 31.92% compared with the same period last year. The social inventory increased slightly and is still high [6]

Core Viewpoint - The chemical sector has shown a significant rebound, with the Chemical ETF (516020) reaching a new high since September 2022, reflecting strong performance across various sub-sectors such as petrochemicals, polyester, phosphate chemicals, and lithium batteries [1][9]. Group 1: Market Performance - The Chemical ETF (516020) opened lower but experienced a rise, achieving a maximum intraday increase of 2.56% and closing up by 1.98% [1][9]. - The Chemical ETF's index has recorded a year-to-date increase of 41.4%, outperforming major A-share indices like the Shanghai Composite Index (18.3%) and the CSI 300 Index (18.21%) [1][9]. Group 2: Key Stocks Performance - Notable stocks within the sector include Hengyi Petrochemical, which hit the daily limit, and others like Xin Fengming and Rongsheng Petrochemical, which rose over 7% [1][9]. - Hengli Petrochemical increased by over 6%, while Jinfa Technology, Yuntianhua, and Tianci Materials also showed significant gains [1][9]. Group 3: Industry Trends - The chemical sector's strong performance is attributed to policy support and cyclical recovery, leading to a notable outperformance compared to the broader market [1][9]. - The sector's fixed asset investment growth is slowing, and the "anti-involution" policy is promoting industry self-discipline, which is expected to improve profitability levels [6][13]. Group 4: Future Outlook - The demand for lithium iron phosphate materials is expected to grow significantly, with projections indicating a global output of 5.25 million tons by 2026, a 36% increase year-on-year [4][12]. - The Chemical ETF (516020) is positioned to capture investment opportunities across various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [6][13].

投资咨询业务资格:证监许可 (2012) 31号 合成橡胶数据日报 | | 市市 | | --- | --- | | 客 服 热 线 | 官方网站 ■ | | 400-8888-598 | 谨 风 www.itf.com.cn | ITGE शिवर 入 期 | 国贸期货研究院 | 从业资格证号:F3071622 | 2025/12/30 | 能源化工研究中心:叶海文 | 投资咨询证号: Z0014205 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行情综述 | 涨跌幅 | 指标 | 单位 | 涨跌 | 前目 | 现值 | 11635 | 11600 | 收盘价 | -35.00 | -0.30% | 元/吨 | | | | | | | | | | | 11490 | 130.00 | 结算价 | 元/吨 | 11 ...

Group 1 - The chemical sector has shown significant growth, with the chemical ETF (516020) rising over 2.2%, reaching a new high since the September 24 rebound [1] - A substantial net inflow of over 250 million yuan into the chemical ETF (516020) indicates positive market sentiment and expectations for future performance in the chemical sector [1] - As of December 29, the price-to-book ratio of the chemical ETF (516020) is 2.57, which is considered relatively reasonable, positioned at the 49.51 percentile over the past decade, suggesting long-term investment potential [1] Group 2 - According to Everbright Securities, the basic chemical industry is expected to see strong growth by 2025, driven by robust demand in new materials and emerging applications such as AI, OLED, and robotics [1] - The industry is anticipated to experience a pattern of "weak fluctuations in the first half, mid-term rebounds, and structural activity in the later stages," with lithium battery materials benefiting significantly from supply-demand improvements [1] - The macroeconomic recovery is expected to support a rebound in the chemical industry, with resilience noted in sectors such as agricultural chemicals and MDI, while profitability expectations for titanium dioxide and lithium battery materials are clearly improving [1] Group 3 - The chemical ETF (516020) and its linked fund (012537) track the CSI segmented chemical industry theme index, covering various sub-sectors within the chemical industry [2] - Nearly 50% of the ETF's holdings are concentrated in large-cap leading stocks, including Wanhua Chemical and Salt Lake Industry, allowing investors to capitalize on the strong performance of leading companies [2] - The remaining 50% of the holdings are diversified across leading stocks in sub-sectors such as phosphate fertilizers, fluorine chemicals, and nitrogen fertilizers, providing comprehensive exposure to investment opportunities in the chemical sector [2]