Core Insights - Fund managers have shown a lack of interest in consumer stocks this year, leading to poor performance of consumer-themed funds, but there has been a sudden increase in fundraising for these funds in Q4 as institutional investors anticipate a decline in risk appetite and recognize the importance of domestic demand for stable growth [1][2] Group 1: Consumer Fund Performance - The recent surge in interest for consumer-themed funds marks a significant shift from earlier this year when these funds struggled to attract investment [2] - The Huazhang Guozheng Hong Kong Stock Connect Consumer ETF is set to launch on October 22, with a fundraising target of 6.39 billion yuan, indicating a turning point for consumer-themed funds [2][3] - Some consumer ETFs have recently experienced unusual premium pricing in the secondary market, suggesting renewed investor interest [3] Group 2: Technology Fund Adjustments - Many technology funds have seen significant declines in net value, prompting a shift towards defensive strategies, with some funds reallocating to consumer sectors [4][5] - A notable example includes a fund that transitioned from high-growth technology stocks to consumer sectors, reflecting a broader trend among fund managers to seek stability amid market volatility [5] Group 3: Market Outlook and Domestic Demand - Fund managers are increasingly considering domestic demand as a potential area for investment, especially in light of uncertainties in the global economy and potential pressures on exports [6][7] - The expectation of a rebound in earnings growth for many industries in Q3 is anticipated to bolster market confidence, with sectors like basic chemicals benefiting from emerging consumer demand [7]

东海证券近日发布基础化工行业周报：上周（2025/10/09~2025/10/10），沪深300指数下 跌0.51%，申万石油石化指数上涨2.99%，跑赢大盘3.50pct，申万基础化工指数上涨1.99%， 跑赢大盘2.50pct涨幅在全部申万一级行业中分别位列第5位、第8位。子板块涨跌幅，涨幅前 五的为：磷肥及磷化工：6.26%；钛白粉：4.23%；油品石化贸易：4.23%；复合肥： 3.42%；涤纶：3.07%。 以下为研究报告摘要： 投资要点： 反内卷释放政策信号：9月28日，国家发展和改革委员会、市场监管总局发布《关于治 理价格无序竞争维护良好市场价格秩序的公告》，提出在保护经营者自主定价权的前提下， 采取调研评估行业平均成本、提供定价参考、加强价格监管、规范招投标行为等措施，引导 经营者共同维护行业公平竞争秩序。 行业基础数据跟踪：上周（2025/10/09~2025/10/10），沪深300指数下跌0.51%，申万石 油石化指数上涨2.99%，跑赢大盘3.50pct，申万基础化工指数上涨1.99%，跑赢大盘2.50pct 涨幅在全部申万一级行业中分别位列第5位、第8位。子板块涨跌幅，涨幅前五的为： ...

[Table_Reportdate] 2025年10月14日 [table_invest] 超配 行 业 周 报 [证券分析师 Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn [table_stockTrend] -19% -9% 0% 10% 20% 30% 39% 24-10 25-01 25-04 25-07 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.制冷剂价格上行，萤石及氢氟酸行 情回暖——氟化工行业月报 2.石化化工稳增长方案出台，关注细 分行业"反内卷"进展——基础化工 行业周报（2025/9/22-2025/9/28） 3.行业高景气持续，企业盈利能力提 升——氟化工行业月报 [Table_NewTitle 反内卷政策释放信号 ] ，维护市场价格秩 序 ——基础化工行业周报（2025/10/06-2025/10/12） [table_main] 投资要点： ➢ 投资建议： 供给侧有望结构性优化，挑 ...

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - Supply-side policies are expected to accelerate, focusing on sectors with supply elasticity in the basic chemical industry. The domestic policy emphasizes supply-side reforms, while international raw material costs are rising, leading to capacity exits in European and American chemical companies. In the long term, China's chemical industry has a competitive advantage due to cost and technological advancements, which may reshape the global chemical industry landscape [6][17]. Summary by Sections 1. Industry News and Event Commentary - The "Three-Year Action Plan for Rectifying the Pesticide Industry" was launched, aiming to improve market order and product quality by addressing issues like illegal production and unfair competition. The goal is to enhance compliance awareness among enterprises and optimize the supply structure in the pesticide industry by the end of 2027 [14]. 2. Chemical Sector Weekly Performance - The CSI 300 index rose by 1.69%, while the Shenwan Basic Chemical Index increased by 4.03%, outperforming the market by 2.34 percentage points. The Shenwan Oil and Petrochemical Index rose by 2.58%, also outperforming the market [19][22]. 3. Key Sub-industry Investment Recommendations - Focus on sectors with structural supply optimization, such as organic silicon, membrane materials, chlorine-alkali, and dyes. Key companies to watch include Hesheng Silicon Industry, Xingfa Group, Dongcai Technology, Zhejiang Longsheng, and Runtu Co. Additionally, for sectors with relatively weak supply-demand dynamics, attention should be on leading companies like Baofeng Energy, Juhua Co., Yangnong Chemical, Guangxin Co., and Runfeng Co. [6][18]. 4. Price Data Tracking - Notable price increases for the week included TDI (East China) at 15.58%, organic silicon DMC at 8.45%, and vitamin E at 6.06%. Conversely, hydrochloric acid saw a significant drop of 56.52% [29][30]. 5. Market Trends and Consumer Demand - New consumer trends are driving demand for health additives and sugar substitutes, with regulatory policies promoting the expansion of the food additive industry. Companies focusing on technology and product differentiation, such as Bailong Chuangyuan and Jinhai Technology, are expected to benefit [7][18]. 6. Industry Data Tracking - The report highlights that the overall self-sufficiency rate of new chemical materials in China is approximately 56%, indicating a significant opportunity for domestic substitution and development in various sectors, including semiconductor materials and high-end engineering plastics [7][18].