10月29日，A股主要指数上行，中证石化产业指数盘中涨约0.5%，成分股云天化、盐湖股份、藏格矿 业、昊华科技等领涨。相关ETF方面，石化ETF（159731）跟随指数上行，连续3天获得资金净流入， 合计"吸金"9324万元，资金布局特征显著。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为61.93%，石油石化行业占比为30.84%。前十大权重股分别为万华化学、 中国石油、盐湖股份、中国石化、中国海油、巨化股份、藏格矿业、金发科技、华鲁恒升和宝丰能源， 前十大权重股合计占比55.12%。 每日经济新闻 光大证券分析称，2025年1~9月化学原料及化学制品制造业固定资产投资完成额同比减少5.6%，于2020 年以后再度出现下降。而从上市公司的财务数据来看，基础化工行业上市公司2025H1资本开支约为 1241亿元，同比减少12.5%；2025H1期末在建工程总额约为3979亿元，同比减少12.2%。伴随着资本开 支的减少，叠加需求端的逐步修复，化工行业供需格局将迎来好转，行业景气程度有望上行。 ...

养老金持股明细 养老金二级市场上持续落子布局，三季度末共现身115只个股前十大流通股东榜，其中，新进47只，增 持20只。 证券时报·数据宝统计显示，养老金账户最新出现在115只个股前十大流通股东名单中，合计持股量10.37 亿股，期末持股市值合计246.63亿元。 三季度末养老金账户对铜陵有色的持股量最多，基本养老保险基金一二零五组合为公司第九大流通股 东，持股量为6915.89万股；其次是海油发展，基本养老保险基金一五零三二组合、基本养老保险基金 八零八组合为公司第九、第四大流通股东，合计持股量为6538.43万股。从期末持股市值看，养老金账 户期末持股市值在亿元以上的有61只股，分别是春风动力、传音控股、蓝晓科技等。 持股比例方面，养老金账户持股比例最多的是蓝晓科技，三季度末基本养老保险基金一六零二二组合为 公司第三大流通股东，持股量为2078.10万股，占流通股比例6.78%。养老金持股比例居前的还有托普云 农、春风动力等，持股比例分别为5.47%、5.21%。 养老金和社保基金均由全国社保基金理事会负责运作。数据宝对养老金账户持有股票统计发现，养老金 重仓股中56只个股的前十大流通股东榜也有社保基金 ...

Group 1: Industry Research - The core view is that the basic chemical industry is expected to experience a recovery in profitability due to macroeconomic improvements and supply-side policy advancements, with a focus on sectors like phosphate chemicals, potash fertilizers, and pesticides [1] - New materials driven by AI and robotics are anticipated to maintain strong growth momentum, suggesting investment in leading companies with strong cost control and complete industrial chains [1] - Recommendations include focusing on leading enterprises in semiconductor materials, OLED materials, PEEK, and AI materials that possess technological barriers and customer validation advantages [1] Group 2: Company Research - Nanjing Bank reported a revenue of 41.9 billion with an 8.8% year-on-year growth and a net profit of 18 billion, reflecting strong performance and resilience [2] - Ningbo Bank's revenue and net profit growth rates were 8.3% and 8.4% respectively, indicating a stable expansion despite external economic challenges [3] - Wuxi Bank achieved a revenue of 3.77 billion with a 3.9% year-on-year increase, and a net profit of 1.83 billion, showcasing steady growth in non-interest income [4] - China Ping An's net profit increased by 11.5% year-on-year, with new business value growing by 46.2%, indicating a positive outlook for future growth [5] - New Yangfeng's new fertilizer products showed strong growth, with net profit forecasts for 2025-2027 at 1.686, 1.890, and 2.148 billion respectively [7] - Wanhua Chemical's net profit forecasts for 2025-2027 are 12.8, 16.0, and 18.9 billion, supported by steady production and sales growth in polyurethane and new materials [8] - Jianghua Micro's revenue reached 910 million with a 10.92% year-on-year increase, although net profit decreased by 8.66% due to price declines [9] - Runfeng's net profit forecasts for 2025-2027 are 1.141, 1.338, and 1.626 billion, reflecting a positive outlook in the agricultural chemical sector [10] - Shanghai Petrochemical's net profit forecasts for 2025-2027 were adjusted downwards due to declining refining product sales, but future growth is expected from new material projects [11] - Jiuli Special Materials, a leader in industrial stainless steel pipes, maintains net profit forecasts of 1.624, 1.876, and 2.160 billion for 2025-2027 [12] - Hualing Steel's net profit forecasts for 2025-2027 are 4.012, 4.373, and 4.760 billion, indicating a focus on high-end product structure [13] - Shengxin Lithium's net profit forecasts for 2025-2027 are -0.5, 0.17, and 0.37 billion, with improvements expected from lithium price increases [14] - Puyang Refractories reported a revenue of 4.18 billion with a 4.3% year-on-year increase, but net profit decreased by 22.8% [15] - Kingsoft Office's revenue grew by 25% year-on-year, with net profit increasing by 35%, indicating strong performance driven by AI [16] - Nobon Co. achieved a revenue of 2.02 billion with a 29.7% year-on-year increase, and net profit growth of 38.3% [17] - Betain's revenue decreased by 13.8% year-on-year, with a net profit decline of 34.5%, leading to a downward revision of profit forecasts [18] - Furuida's revenue decreased by 7.3% year-on-year, with a net profit decline of 17.2%, but future growth is expected from brand performance [19] - Baoxin Bird's revenue decreased by 1.6% year-on-year, with a significant drop in net profit, leading to a downward revision of profit forecasts [20] - Weikang Medical's revenue increased by 30.1% year-on-year, with net profit growth of 32.4%, indicating strong performance across sectors [21] - Nanwei Medical's net profit forecasts for 2025-2027 are 0.652, 0.765, and 0.927 billion, reflecting a clear growth path [22] - Songcheng Performing Arts reported a revenue decline of 8.98% year-on-year, with a net profit decrease of 25.22%, leading to a downward revision of profit forecasts [23] - Xueda Education's revenue increased by 11.2% year-on-year, but net profit dropped significantly due to cost pressures [24] - Qianwei Central Kitchen's revenue reached 1.378 billion with a 1% year-on-year growth, but net profit declined by 34.06% [25] - Qingdao Beer reported a revenue of 8.88 billion with a slight decline, but net profit increased by 1.6%, indicating stable profitability [26] - Bairun Co. achieved a revenue increase of 3% year-on-year, but net profit declined due to increased investment costs [27] - Gujia Home's revenue forecasts for 2025-2027 are 2.04, 2.27, and 2.54 billion, reflecting strong growth momentum [28] - Sun Paper's net profit forecasts for 2025-2027 are 3.28, 3.84, and 4.58 billion, indicating long-term growth potential [29]

Core Viewpoint - The article highlights the increasing trend of high dividend yields among listed companies in China, driven by supportive government policies encouraging companies to enhance investor returns through dividends and share buybacks [2][3]. Group 1: Policy Environment - The China Securities Regulatory Commission has introduced measures to strengthen investor protection, advocating for companies to enhance returns through multiple dividends per year and share buybacks [2]. - The shift from a financing-focused market to one emphasizing returns is seen as crucial for the capital market's evolution, with increased dividends attracting long-term capital [2]. Group 2: High Dividend Stocks - As of October 27, 2023, there are 120 stocks with a dividend yield exceeding 5%, with six stocks yielding over 10%, including Oriental Yuhong at 13.94%, which ranks first [3]. - Oriental Yuhong has distributed a total of 58.81 billion yuan in cash dividends over the past year and has significant holdings from social security funds [3]. Group 3: Performance of High Dividend Stocks - Among the high dividend stocks, 24 companies reported year-on-year profit growth in the first three quarters, with Xiantan Co. leading at a 72.48% increase in net profit [3]. - Other notable performers include Woer Home, with a 70.92% increase in net profit, attributed to rising revenue and reduced expenses [3][4]. Group 4: Institutional Interest - A total of 69 stocks have received positive ratings from five or more institutions, indicating strong institutional interest in high dividend, low PE, and low PB stocks [8]. - Stocks like Hongcheng Environment and Xinghu Technology are highlighted for their potential upside, with Hongcheng Environment showing a projected increase of 43.92% based on institutional target prices [8][9].

进入上市公司三季报密集披露期，公募调研提速。上周(10月20日-10月26日)共有140家公募机构参与了 99家A股上市公司的调研，合计调研频次达1188次，环比大增121.64%。行业方面，医药生物行业成为 上周调研中最受公募青睐行业，合计接受调研次数达197次。此外，机械设备、基础化工、电力设备、 汽车等行业亦获得较高关注。 富国基金认为，短期来看，美联储议息会议、国内上市公司三季报业绩或对市场情绪仍有扰动，但中长 期看中国资产重估逻辑未改，指数有望延续震荡向上。 ...

基础化工 | 证券研究报告 — 行业点评 2025 年 10 月 28 日 强于大市 化工行业"十五五"规划建 议学习体会 2025 年 10 月 28 日，《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》（以下简称《建议》）发布。《建议》在建设现代化经济体系、 加快高水平科技自立自强、建设强大国内市场、经济社会发展全面绿色转型 等方面相关部署或对"十五五"期间化工行业发展具有指导意义。 "十五五"规划建议中与化工行业相关要点及学习体会 投资建议 评级面临的主要风险 全球经济形势出现变化；地缘政治因素发生变化；国际能源价格大幅波动； 下游需求低迷等。 相关研究报告 《化工行业周报 20251026》20251028 《化工行业周报 20251019》20251020 《化工行业周报 20251012》20251013 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall credit expansion of the entire industry is moderate, showing no significant momentum compared to the past. The non - current liabilities, financing inflows, and investment expenditures all indicate that the economy is in a slow - repair process, and the probability of a rapid turnaround in the economic fundamentals in the short term is low [1]. - There is still significant structural differentiation among industries in credit expansion. Different industries show different trends in non - current liabilities, financing inflows, and investment expenditures, presenting a "structural bias + uneven rhythm" mild recovery situation [2]. - Industries currently in the credit expansion stage, such as light manufacturing, electronics, basic chemicals, and public utilities, are recommended for credit bond allocation. Industries in credit contraction, like real estate, food and beverage, beauty care, and household appliances, suggest focusing on credit bonds of enterprises with controllable refinancing pressure and asset impairment risks [2]. Summary by Directory 1. The overall credit expansion of the entire industry is moderate, showing no significant momentum compared to the past 1.1 Non - current liabilities: Scale expansion continues, but growth rate remains low - As of the end of the first half of 2025, the total non - current liabilities of listed companies in the entire industry reached 20.28 trillion yuan, with a year - on - year increase of 3.62% and a quarter - on - quarter increase of 3.52%. The growth rate is at a low or medium - low level compared to historical data, indicating that the willingness of Chinese enterprises to expand credit through long - term bank loans and bond issuance is not significantly increasing [9][10]. 1.2 Financing inflows: The rhythm is stable, and the support from funding sources remains - In the first half of 2025, the financing inflows of listed companies in the entire industry reached 9.95 trillion yuan, with a year - on - year increase of 0.89% and a quarter - on - quarter increase of 12.51%. The growth rate is similar to recent years but slower than before 2023, suggesting that the ability and willingness of enterprises to obtain funds through medium - and long - term bank credit and bonds have not significantly increased, and the credit expansion is still moderate [12][15]. 1.3 Investment expenditures: Year - on - year growth is continuously negative, and credit implementation is somewhat weak - In the first half of 2025, the investment expenditures of listed companies in the entire industry were 2.13 trillion yuan, with a year - on - year decrease of 1.71% and a quarter - on - quarter decrease of 21.83%. The year - on - year data has been in a downward trend since 2024, indicating that enterprises' ability and willingness to carry out production investment activities by increasing leverage are still weak, and the signal of credit expansion is not obvious [18][19]. 2. Structural differentiation among industries remains the main theme of credit expansion 2.1 Non - current liabilities - In the first half of 2025, industries such as comprehensive, public utilities, building decoration, light manufacturing, and basic chemicals had high year - on - year growth rates of non - current liabilities, while industries like household appliances, food and beverage, agriculture, forestry, animal husbandry, and computer had significant contractions. The differentiation is affected by industry cycle attributes and factors such as consumer demand and policies [25][26]. 2.2 Financing inflows - In the first half of 2025, industries such as household appliances, coal, social services, electronics, light manufacturing, public utilities, non - ferrous metals, and environmental protection had high year - on - year growth rates of financing inflows, while industries like communication, real estate, food and beverage, and social services had negative growth rates. Credit expansion is shifting from traditional industries to industries related to high - end technology manufacturing, consumption upgrading, and export [30][31]. 2.3 Investment expenditures - In the first half of 2025, industries such as coal, automobiles, comprehensive, and electronics showed certain resilience in investment expenditures, while industries like real estate, building materials, petroleum and petrochemicals, and public utilities had weak performance. Many industries have room for improvement in investment implementation, and some industries' investment funds may come from internal sources [33][34]. 2.4 Summary - Credit expansion in recent years has not returned to the pre - pandemic level, showing a structural and moderate recovery. Industries in credit expansion, such as light manufacturing, electronics, basic chemicals, and public utilities, are recommended for credit bond allocation, while industries in credit contraction, like real estate, food and beverage, beauty care, and household appliances, suggest focusing on enterprises with controllable risks [38].

26个主力资金净流出行业中，电力设备行业主力资金净流出金额居首，达108.89亿元；有色金属、通信、机械设备行业主力资金净流出金额均超 30亿元；计算机、电力设备、非银金融行业主力资金净流出金额均超10亿元。 （原标题：主力资金丨人形机器人热门股尾盘获抢筹超3亿元） 5个行业主力资金净流入。 A股三大指数今日（10月28日）集体小幅下跌，沪指4000点得而复失。行业板块涨跌互现，船舶制造板块大涨，航运港口、汽车服务、航天航 空、铁路公路、航空机场板块涨幅居前，贵金属、能源金属、风电设备、钢铁行业、有色金属、美容护理板块跌幅居前。 从今日主力资金情况来看，沪深两市全天主力资金净流出340.79亿元。5个行业主力资金净流入，国防军工、建筑材料、家用电器行业主力资金净 流入分别为9.93亿元、3.01亿元、1.49亿元；钢铁、银行行业主力资金净流入分别为7383.26万元、6576.51万元。 据数据宝统计，尾盘沪深两市主力资金净流出22.06亿元。家用电器、医药生物、基础化工、传媒行业尾盘主力资金净流入金额均超1亿元。 个股方面，三花智控、润和软件、沪电股份尾盘主力资金净流入均超1亿元；其中三花智控尾盘获抢筹3. ...

新京报贝壳财经记者 胡萌 编辑 陈莉 校对 刘军 时隔10年，10月28日，上证指数再次站上4000点，创2015年8月以来新高。 开盘一个小时，市场涨跌互现，两岸融合概念大涨6%，林木、公路、机场等行业指数涨幅领先，软 件、海运、航天军工、互联网等板块跟涨，相比之下，日用化工、摩托车、贵金属、燃气、制药、教育 等板块领跌。 消息面上，市场积极因素持续增多。比如，中美新一轮磋商传递出积极信息；2025金融街论坛年会拉开 帷幕，来自"一行一局一会"等国家金融管理部门负责人在会上释放多个重磅信号；此前"十五五"规划明 确科技自立自强战略，政策预期强力提振市场信心。 值得注意的是，在市场风格转换，上证指数破4000点之际，多家机构指出，短期科技或仍为市场主线， 与此同时，顺周期消费或存在一定补涨机会。 大涨前一天，"一行一局一会"为金融系统下一步工作划重点 A股行情持续走高！此前一天（10月27日），上证指数最高触及3999.07点，距离4000点高位只差临门一 脚。彼时，两岸融合概念涨逾4%，存储器、稀土、光模块、核电等概念强势领涨，半导体设备、光芯 片等概念跟涨，相比之下，谷子经济、油气开采、网络游戏等概念逆势 ...

Core Insights - The Social Security Fund has invested in 264 stocks by the end of Q3, with 91 stocks held for over 8 consecutive quarters, indicating a focus on long-term investments [1][2] Group 1: Investment Trends - The Social Security Fund has increased its holdings in 30 out of the 91 continuously held stocks, with significant increases in stocks like Dongfang Tantalum (167.89%), Weifu High Technology (102.60%), and Anhui Wuwei High-tech (86.33%) [2] - Conversely, 42 stocks saw a reduction in holdings, with notable decreases in Xinji Energy (88.17%), Mingtai Aluminum (77.19%), and Sophia (70.50%) [2] Group 2: Sector Analysis - The 91 stocks held by the Social Security Fund are concentrated in the pharmaceutical, basic chemicals, and power equipment sectors, with 15, 9, and 8 stocks respectively [2] - Key stocks in the pharmaceutical sector include Woofu Biology, Aide Biology, and Chengyi Pharmaceutical, while the basic chemicals sector features Yangnong Chemical, Blue Sky Technology, and Zhongqi Co., Ltd. [2] Group 3: Performance Metrics - Among the 91 stocks, 65 reported year-on-year profit growth, with significant increases from companies like Dajin Heavy Industry (214.63%), Shennong Development (202.82%), and Sanmei Co., Ltd. (183.66%) [3] - Conversely, 25 stocks experienced profit declines, with Zhongqi Co., Ltd. (-622.16%), Vanadium Titanium Co., Ltd. (-181.13%), and Three Squirrels (-52.91%) showing the largest decreases [3] Group 4: Long-term Holdings - The longest-held stocks by the Social Security Fund include Woofu Biology and Yangnong Chemical, held for 44 quarters since Q4 2014 [1] - Other notable long-term holdings include China Jushi (35 quarters), Sun Paper (31 quarters), and New Xing Foundry (30 quarters) [1]