中银证券近日发布化工行业周报：本周（02.17-02.24）国际油价大幅上涨，WTI原油期货价格收于66.31 美元/桶，收盘价周涨幅6.39%；布伦特原油期货价格收于71.49美元/桶，收盘价周涨幅6.04%。宏观方 面，根据新浪财经的消息，美国与伊朗关系持续紧张，地缘政治紧张局势以及市场对美国可能对伊朗采 取行动的担忧成为本轮油价上涨的主要推手。 以下为研究报告摘要： 二月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺 盛，自主可控日益关键背景下的电子材料公司。 行业动态 本周（02.17-02.24）均价跟踪的100个化工品种中，共有33个品种价格上涨，8个品种价格下跌59个品种 价格稳定。跟踪的产品中60%的产品月均价环比上涨，29%的产品月均价环比下跌，11%的产品月均价 环比持平。周均价涨幅居前的品种分别是WTI原油、纯苯（FOB韩国）、石脑油（新加坡）、对二甲苯 （PX东南亚）、硝酸铵（陕西兴化）；周均价跌幅居前的品种分别是甲苯（华东）、电石（华东）、 硝酸（华东地区）、二氯甲烷（华东）、多氟多冰晶石。 本周（02.17-02.24）国际油价大幅上涨，W ...

新华社香港2月25日电 香港恒生指数25日涨175.4点，涨幅0.66%，收报26765.72点。全日主板成交 2367.65亿港元。 国企指数涨26.89点，收报9034.75点，涨幅0.3%。恒生科技指数跌10.2点，收报5260.5点，跌幅 0.19%。 蓝筹股方面，腾讯控股涨0.48%，收报522.5港元；香港交易所跌0.34%，收报412.2港元；中国移动 涨0.32%，收报79.3港元；汇丰控股涨5.47%，收报142.7港元。 香港本地股方面，长实集团跌1.85%，收报46.64港元；新鸿基地产跌2.08%，收报136.4港元；恒基 地产跌2.1%，收报34.58港元。 中资金融股方面，中国银行跌0.21%，收报4.68港元；建设银行涨0.87%，收报8.13港元；工商银行 涨0.16%，收报6.46港元；中国平安涨1.93%，收报71.15港元；中国人寿涨0.74%，收报32.72港元。 石油石化股方面，中国石油化工股份无升跌，收报5.52港元；中国石油股份涨0.42%，收报9.6港 元；中国海洋石油跌0.39%，收报25.48港元。 【纠错】 【责任编辑:邱丽芳】 ...

恒生指数今日涨0.66%，报26765.72点，大市成交2367.65亿港元。 本文源自：市场资讯 作者：智投君 港股通成交数据披露（沪深合计） 证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070063.68亿港元8.18亿港元522.50港元0.48%美团－Ｗ 036909.38亿港元6.78亿港元82.70港元1.60%阿里巴巴－Ｗ 0998837.67亿港元6.06亿港元148.30港元0.20%小米集团－Ｗ 0181022.13亿港元5.38亿港元35.60港元-0.39%长飞光纤光缆 0686927.59亿港元1.82亿港元131.30港元1.63%中芯国际 0098126.75亿港元1.68亿港元69.85港元0.65%中国海洋石油 0088315.28亿港元-0.88亿港元25.48港元-0.39%南方恒生科技 0303326.75亿港元-3.01亿港元5.14港元-0.10%中远海能 0113815.19亿港元-3.58亿港元19.02港元0.96%恒生中国企业 0282811.38亿港元-11.37亿港元92.84港元0.61%盈富基金 0280044.36亿港元-44.10亿港元26. ...

Core Viewpoint - Southbound capital flow decreased significantly today, with a total transaction of approximately HKD 925.13 billion, accounting for 39.07% of the total turnover of the Hang Seng Index [1] Group 1: Southbound Capital Flow - Southbound capital outflow amounted to approximately HKD 40.57 billion today, with net outflow from the Shanghai-Hong Kong Stock Connect at about HKD 54.95 billion and net inflow from the Shenzhen-Hong Kong Stock Connect at approximately HKD 14.38 billion [1] - Major ETFs such as the Tracker Fund of Hong Kong, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced significant sell-offs, with net sales of HKD 44.1 billion, HKD 11.36 billion, and HKD 3 billion respectively [1] Group 2: Individual Stock Performance - Tencent Holdings saw a net buy of HKD 8.18 billion, with a price increase of 0.48% [2][3] - Meituan-W recorded a net buy of HKD 6.78 billion, with a price increase of 1.60% [2][3] - Alibaba-W had a net buy of HKD 6.06 billion, with a price increase of 0.20% [2][3] - Xiaomi Group-W experienced a net buy of HKD 5.38 billion, but saw a price decrease of 0.39% [2][3] - Changfei Optical Fiber Cable had a net buy of HKD 1.82 billion, with a price increase of 1.63% [2][3] - China Merchants Energy had a net outflow of HKD 3.58 billion, with a price increase of 0.96% [2][3]

2月25日，天弘中证港股通央企红利ETF（159281）收盘跌0.29%，成交额6903.33万元。 港股通央企红利ETF天弘（159281）现任基金经理为贺雨轩。贺雨轩自2025年8月20日管理（或拟管 理）该基金，任职期内收益2.96%。 最新定期报告显示，港股通央企红利ETF天弘（159281）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中国石油股份、中煤能源、中信国际电讯、建设银 行，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控4.11%116.05万1441.26万 01088中国神华2.68%26.80万939.20万00883中国海洋石油2.56%46.70万898.44万02386中石化炼化工程 2.56%129.50万895.97万00598中国外运2.52%201.40万882.26万03877中国船舶租赁2.45%452.20万857.72 万00857中国石油股份2.37%109.60万829.56万01898中煤能源2.37%92.30万829.50万01883中信国际电讯 2.34%367.50万8 ...

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 40.57 billion, with a net sell of HKD 54.95 billion from the Shanghai-Hong Kong Stock Connect and a net buy of HKD 14.38 billion from the Shenzhen-Hong Kong Stock Connect [1] Group 1: Northbound Capital Activity - Tencent (00700) saw the highest net buy of HKD 8.18 billion, driven by its strong performance in the AI sector during the Spring Festival, with MAU reaching 114 million and DAU peaking over 50 million [4][5] - Alibaba (09988) recorded a net buy of HKD 6.06 billion, following the release of new AI models, which are expected to enhance its cloud services [5] - Meituan (03690) and Xiaomi Group (01810) received net buys of HKD 6.77 billion and HKD 5.38 billion, respectively, indicating positive investor sentiment towards these companies [8] Group 2: Net Selling Activity - The largest net sell was observed in the Yingfu Fund (02800) and the Hang Seng China Enterprises Index (02828), with net sells of HKD 44.1 billion and HKD 11.36 billion, respectively [6] - China Merchants Energy (01138) faced a net sell of HKD 3.57 billion, despite a temporary increase in VLCC freight rates during the Spring Festival [7] - The Southbound capital's activity reflects a cautious but optimistic outlook for the Hong Kong stock market, with structural opportunities remaining despite external constraints [7]

港股通红利低波ETF（159117）现任基金经理为闫冬、余展昌。闫冬自2025年9月30日管理（或拟管 理）该基金，任职期内收益8.07%；余展昌自2025年9月30日管理（或拟管理）该基金，任职期内收益 8.07%。 来源：新浪基金∞工作室 2月25日，鹏华港股通低波红利ETF（159117）收盘跌0.55%，成交额452.01万元。 港股通红利低波ETF（159117）成立于2025年9月30日，基金全称为鹏华标普港股通低波红利交易型开 放式指数证券投资基金，基金简称为鹏华港股通低波红利ETF。该基金管理费率每年0.30%，托管费率 每年0.10%。港股通红利低波ETF（159117）业绩比较基准为标普港股通低波红利指数收益率(经汇率调 整后)。 规模方面，截止2月24日，港股通红利低波ETF（159117）最新份额为8340.12万份，最新规模为9213.33 万元。回顾2025年12月31日，港股通红利低波ETF（159117）份额为1.45亿份，规模为1.48亿元。即该 基金今年以来份额减少42.64%，规模减少37.77%。 流动性方面，截止2月25日，港股通红利低波ETF（159117）近20个 ...

近期国际市场油价波动上升，根据2月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机 制，自2月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别上涨175元和170元。调整后，各省（区、市）和中心城市汽、柴油最高零 售价格见附表。 7825 注:1、表中价格包含消费税、增值税以及城建税和教育费附加。 2、表中汽油和柴油价格为符合第六阶段强制性国家标准 VIB 车用汽油和VI车用柴油价 格。 3、汽、柴油第六阶段标准品分别为89号汽油和0号车用柴油。 西宁市 8745 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相 关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 4、供国家储备、新疆生产建设兵团用符合第六阶段质量标准的汽、柴油价格分别为每 吨 8050元和 7050元;其它相关成品油价格政策按《石油价格管理办法》规定执行。 ...

Group 1 - The geopolitical situation is escalating, with U.S. President Trump expressing a preference for diplomatic solutions to the Iranian nuclear issue while firmly stating that Iran will not be allowed to possess nuclear weapons. This has heightened market tensions, leading to a rebound in Brent crude oil prices above $71 per barrel and WTI crude oil prices exceeding $66 per barrel [1] - Guosheng Securities indicates that the VLCC non-compliant market is constrained, while the compliant market's supply-demand relationship is improving. The ongoing geopolitical conflicts present uncertainties, such as potential tightening of sanctions leading to a shift of Far East importers to compliant market crude oil, which could negatively impact the operational efficiency and profitability of sanctioned vessels, benefiting the compliant market [1] - As of February 25, 2026, the Guozheng Oil and Gas Index (399439) rose by 0.93%, with significant gains in component stocks such as China Merchants Energy (up 9.99%), Intercontinental Oil and Gas (up 9.94%), and COSCO Shipping Energy (up 8.04%) [1] Group 2 - The Guozheng Oil and Gas Index closely tracks the performance of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges. As of January 30, 2026, the top ten weighted stocks in the index include China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [2] - The Oil ETF Penghua (159697) is designed to closely follow the Guozheng Oil and Gas Index, reflecting the price changes of securities related to the oil and gas industry [3]

Core Viewpoint - The A-share market experienced a strong start to the new year, particularly in the cyclical sectors, with the oil and petrochemical sector leading the gains at 5.53% [1] Group 1: Market Performance - The oil and petrochemical sector topped the Shenwan first-level industry rankings with a 5.53% increase, while the basic chemical sector ranked third with a 3.45% increase [1] - Institutional consensus indicates a positive outlook for cyclical assets post-holiday, with expectations of a market rebound supported by policy expectations and liquidity [1] Group 2: Investment Opportunities - Key investment themes include the "anti-involution" concept driven by improved supply-demand dynamics and industry profit recovery, with a focus on sectors benefiting from price increases such as precious metals, oil and petrochemicals, and basic chemicals [1] - The global landscape shows increased macro risks due to geopolitical tensions and tariff policies, prompting a focus on "weak dollar assets" like precious metals, non-ferrous metals, and oil and gas [1] Group 3: ETF Performance - Penghua Fund's oil ETF (159697) is the first in the market to track the National Oil and Gas Index, covering key companies in the oil and gas industry, with a one-year increase of 31.43% compared to the 19.34% rise of the CSI 300 index [2] - The chemical ETF (159870) tracks a refined chemical industry index, achieving a one-year growth of 51.79%, effectively capturing structural opportunities in the transition from traditional capacity to high-end and new energy materials [2] Group 4: Liquidity and Market Acceptance - As of February 13, 2026, the oil ETF (159697) and chemical ETF (159870) ranked first in their respective categories with sizes of 1.828 billion and 35.533 billion, indicating strong liquidity and market recognition [3] - These ETFs provide investors with low-cost, high-transparency, and risk-diversified investment tools, addressing the complexities and risks associated with direct investments in cyclical stocks [3]