证券研究报告：基础化工|行业周报 发布时间：2026-03-05 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 5006.07 | | --- | --- | --- | | 52 | 周最高 | 5235.06 | | 52 | 周最低 | 3081.91 | 行业相对指数表现 2025-03 2025-05 2025-07 2025-10 2025-12 2026-03 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 50% 基础化工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘海荣 SAC 登记编号:S1340525120006 Email:liuhairong@cnpsec.com 分析师:费晨洪 SAC 登记编号:S1340525120003 Email:feichenhong@cnpsec.com 分析师:李家豪 SAC 登记编号:S1340525120005 Email:lijiahao@cnpsec.com 分析师:刘隆基 SAC 登记编号:S1340525120002 Email:liulongji@cnpsec.com ...

Group 1 - The largest chemical ETF (159870) has seen a net subscription exceeding 500 million units, with continuous net inflows over the past four days, peaking at 1.328 billion yuan in a single day, totaling 3.047 billion yuan, with an average daily net inflow of 762 million yuan, and the latest price at 0.7 yuan [1] - The chemical sector experienced a slight pullback today, but the Yangtze Chemical team noted that recent market expectations have led to some upward movement, indicating potential volatility due to changing market sentiments. However, in the medium to long term, the absence of anti-involution policies, overseas interest rate cuts boosting export growth, and a slowdown in domestic capacity expansion are expected to improve supply and demand dynamics, leading to an upward trend in the industry fundamentals [1] - As of September 10, 2025, the CSI sub-industry chemical theme index (000813) showed mixed performance among its constituent stocks, with Enjie Co., Ltd. (002812) leading with a 10.00% increase, followed by Hongda Co., Ltd. (600331) with a 2.37% rise, and航锦科技 (000818) up by 1.07%, while Junzheng Group (601216) experienced a decline [1] - The largest chemical ETF (159870) closely tracks the CSI sub-industry chemical theme index, which consists of seven sub-indices, including non-ferrous and machinery, selecting larger and more liquid listed company securities from relevant sub-industries to reflect the overall performance of these securities [1]

Group 1 - The chemical sector has recently experienced a pullback, but there was an initial rise due to expectations of anti-involution policies, indicating potential volatility in market performance [1] - In the medium to long term, the absence of anti-involution policies, overseas interest rate cuts leading to export growth, and a slowdown in domestic capacity expansion are expected to improve supply and demand dynamics, resulting in an upward trend in the industry fundamentals [1] - The largest chemical ETF (159870) saw a net subscription of 446 million units during the pullback, indicating a counter-cyclical accumulation in the chemical sector [1] Group 2 - As of September 10, 2025, the components of the CSI Sub-Industry Chemical Theme Index (000813) showed mixed performance, with Enjie Co., Ltd. (002812) hitting the daily limit up by 10.00%, while Hongda Co., Ltd. (600331) and Hangjin Technology (000818) rose by 2.82% and 0.98% respectively [1] - The largest chemical ETF (159870) closely tracks the CSI Sub-Industry Chemical Theme Index, which is composed of seven sub-indices reflecting the overall performance of listed companies in related sub-industries [1]