截至1月26日，化工行业ETF易方达(516570)最新规模、最新份额均创成立以来新高。 从资金净流入方面来看，化工行业ETF易方达(516570)近7天获得连续资金净流入，最高单日获得 6218.06万元净流入，合计"吸金"2.05亿元。 华泰证券认为，油价或已进入筑底反弹阶段，叠加美联储降息对需求拉动，亚非拉地区成品油需求或景 气上行，上调2026年布伦特均价为65美元/桶（前值62美元/桶）。长期而言，考虑主要产油国边际成本 及"利重于量"诉求，油价中枢存60美元/桶底部支撑。具备增产降本能力及天然气业务增量的能源龙头 企业或将显现配置机遇；油价筑底后库存损失减少，炼化有望迎来盈利低迷下的景气反转。 截至2026年1月27日 09:35，中证石化产业指数(H11057)强势上涨1.12%。化工行业ETF易方达(516570)上 涨0.98%，成交额迅速走阔。 化工行业ETF易方达（516570，场外联接A/C: 020104/020105）一键打包三桶油、万华化学等石油石 化、基础化工产业龙头，跟踪的中证石化产业指数指数构成接近于石化化工板块中哑铃策略标的，同时 涵盖高股息+高成长成份券，2023年以来 ...

Group 1 - The total margin balance of A-shares reached 27,254.40 billion yuan on January 26, increasing by 19.65 billion yuan from the previous trading day, accounting for 2.62% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 3,114.07 billion yuan, an increase of 79.37 billion yuan from the previous trading day, representing 9.48% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 17 industries experienced net financing inflows, with the non-ferrous metals industry leading with a net inflow of 3.235 billion yuan [3] - Other industries with significant net financing inflows included electric power equipment, pharmaceutical biology, basic chemicals, and non-bank financials [3] Group 3 - A total of 53 stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 444 million yuan [3] - Other notable stocks with high net financing inflows included Northern Rare Earth, China Aluminum, Western Mining, Maiwei Co., Oriental Fortune, Luoyang Molybdenum, Heng Rui Medicine, TBEA, and Industrial Bank [3][4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：明察宏观 文 财信研究院宏观团队 李沫 胡文艳 伍超明 核心观点 一、价比量更重要：经济、政策以及资产配置新瞄点 其一，价格直接牵动企业盈利与居民收入，是激活"价格-盈利-收入-消费"内循环的关键枢纽，比GDP等 总量指标更能反映经济内生活力。其二，当前"量增价缩"格局不可持续，推动价格回升至合理区间已是 宏观政策必然选择，否则将侵蚀供需两端并阻碍新质生产力发展。其三，A股市场未来的走势，核心在 于建立"价格-盈利-信心"正向循环，价格回升既是启动盈利修复的关键，也是稳定市场预期的压舱石。 二、2026年价格走势分析 （一）趋势研判：2026年物价回升趋势明确。从宏观视角看，供需缺口趋于收敛、M1增速触底回升、 居民就业筑底改善以及产能周期有望上行等四大领先指标，共同为物价回升奠定基础。从价格构成看， 2026年CPI与PPI的"翘尾因素"将显著高于上年；同时"十五五"开局之年，扩大内需政策与供给侧"反内 卷"政策有望形成合力，共同支撑"新涨价因素"，推动价格实现温和回升。 （二）核心判断：上游主导PPI回升，预计2026年二季度 ...

Group 1 - The A-share market showed a mixed performance on January 26, with the chemical sub-index declining. The Tianhong Chemical ETF (159133) closed down 0.46%, with a trading volume of 82.02 million yuan [1] - The Tianhong Chemical ETF has seen continuous capital inflow over the past 18 trading days, with a net inflow of 744 million yuan in the last 30 trading days, reaching a new high of 1.408 billion yuan as of January 23, 2026 [1] - The Tianhong Chemical ETF tracks the chemical sub-index, with over 93% of its holdings in three major industries: basic chemicals, petroleum and petrochemicals, and power equipment, including leading companies and quality SMEs across various segments [1] Group 2 - A cold wave began affecting the U.S. on January 23, causing snowfall in parts of Texas, Oklahoma, and Kansas, with extreme weather expected to impact two-thirds of the country, potentially leading to widespread power outages [2] - The U.S. has a high capacity share of MDI/TDI, and the extreme weather may significantly affect supply, as U.S. MDI/TDI prices are notably higher, with relatively high operating rates [2] - The chemical industry is entering a turning point of supply-demand improvement and high-end transformation, with structural differentiation expected to continue in 2026, particularly in oil chemicals and polyester sectors [2]

Group 1 - Huatai Securities indicates that since mid-January, despite high outflows from broad-based ETFs, there remains incremental investment from insurance funds and an arbitrage demand from investors, suggesting continued market momentum [1] - The rotation of investment focus is expected to shift from thematic stocks to those with performance verification, particularly in industries with sustainable recovery capabilities, such as the price increase chain, high-end manufacturing, and AI chain [1] - Specific sectors to consider for allocation include electric equipment, basic chemicals, and semiconductor equipment, with a moderate increase in allocation towards cyclical dividends [1] Group 2 - CITIC Securities reports that the Indonesian government is expected to reduce nickel ore production quotas for 2026 to 250 million to 260 million tons, a significant decrease from 2025 [2] - If the 2026 production quota is implemented, Indonesia's nickel output may decline to 2.6 million to 2.7 million tons, leading to a global nickel supply shortage of 200,000 tons, which could push LME nickel prices up to $22,000 per ton [2] - The tightening regulatory stance of Indonesia towards the mining industry is likely to slow the growth rate of nickel production, indicating a gradual recovery in nickel prices from the bottom [2] Group 3 - Huatai Securities anticipates that the Federal Reserve is likely to pause interest rate cuts in January, maintaining its forward guidance for December 2025, with limited new information expected [3] - Attention is drawn to Powell's statements regarding the interest rate path, the independence of the Federal Reserve, and whether he will remain as a board member [3]

Group 1 - Huatai Securities indicates that since mid-January, despite high outflows from broad-based ETFs, there remains incremental investment from insurance funds and arbitrage demand, suggesting continued market momentum [1] - The rotation of investment focus is expected to shift from thematic sectors to those with performance verification, particularly in industries with sustainable recovery capabilities, such as the price increase chain, high-end manufacturing, and AI chain [1] - Specific sectors to consider for allocation include electric power equipment, basic chemicals, and semiconductor equipment, with a recommendation for moderate allocation to cyclical dividends [1] Group 2 - CITIC Securities reports that the Indonesian government is expected to reduce nickel ore production quotas for 2026 to 250 million to 260 million tons, significantly lower than the 2025 quota [2] - If the 2026 production quota is implemented, Indonesia's nickel output is projected to decline to 2.6 million to 2.7 million tons, leading to a global nickel supply shortage of 200,000 tons, which may drive LME nickel prices up to $22,000 per ton [2] - The long-term regulatory stance of Indonesia towards the mining industry is becoming stricter, which is likely to slow the growth rate of nickel production and support a gradual recovery in nickel prices from the bottom [2] Group 3 - Huatai Securities anticipates that the Federal Reserve is likely to pause interest rate cuts in January, maintaining its forward guidance for December 2025, with minimal new information expected [3] - Attention is drawn to Powell's statements regarding the interest rate path, the independence of the Federal Reserve, and whether he will remain as a board member [3]

Group 1 - The core viewpoint of the article highlights the strong performance of the chemical sector in the recent A-share spring market, with leading stocks like Wanhua Chemical, Hengli Petrochemical, and Hualu Hengsheng reaching new highs, driven by rising prices of chemical products such as propylene oxide [2][3] - The chemical industry is gradually emerging from a four-year downturn since its peak in 2021, with many leading companies announcing profit recovery and growth forecasts for 2025, indicating a significant improvement in the industry's fundamentals [3][5] - The increase in chemical product prices, particularly in sectors like fluorine chemicals and lithium carbonate, is a key driver of earnings growth, supported by strong demand from downstream industries such as energy storage and electric vehicles [5][6] Group 2 - The chemical sector has seen a notable recovery in profitability, with over half of the companies that disclosed earnings forecasts for 2025 reporting profit increases or recoveries, despite some still facing losses [5][6] - Specific companies like Zangge Mining and Salt Lake Co. are expected to report substantial profit increases, driven by higher sales volumes and prices of potassium chloride and lithium carbonate [5][6] - The overall market sentiment is shifting towards a systematic revaluation of the chemical sector, as evidenced by a 13.18% increase in the basic chemical index since 2026, outperforming other sectors like electronics and communications [9][10] Group 3 - The dual engines of cost and demand are driving the price increases in the chemical sector, with geopolitical events raising concerns about oil supply and consequently pushing up international oil prices, which support chemical product prices [10][11] - The current phase of the chemical industry is characterized by a gradual entry into a new upward cycle, with signals such as price increases and initial profit recovery indicating a potential long-term improvement in market conditions [10][11] - The chemical sector is viewed as a rare opportunity with a favorable risk-reward profile, as it is currently at the bottom of the cycle while showing upward trends in fundamentals and valuations [11]

Group 1 - The chemical sector in A-shares has shown strong performance recently, with leading stocks like Wanhua Chemical and Hengli Petrochemical reaching new highs, driven by rising prices of chemical products such as propylene oxide [1] - The basic chemical sector has risen by 7.29% from January 19 to 23, ranking fourth among 31 industries, and has accumulated over 13% growth since January, outperforming electronics and communications [1] - The chemical industry is gradually emerging from a four-year downturn since its peak in 2021, indicating a potential recovery in profitability and a revaluation of the sector [1][2] Group 2 - Recent earnings forecasts from over a hundred chemical companies indicate a significant change in the industry, with a notable increase in the number of companies reporting profit growth or turning losses into profits [2] - Despite half of the companies still reporting losses, the proportion of those with profit increases or recoveries has reached 50%, suggesting an overall improvement in the industry's profitability [2] - Price increases in various chemical products, particularly in fluorine chemicals, lithium carbonate, and potassium chloride, are driving the performance of leading companies in the sector [2][3] Group 3 - The demand from downstream sectors such as new energy vehicles and energy storage is significantly boosting the prices of lithium battery materials, leading to a recovery in profitability for companies in the lithium battery supply chain [3] - Companies like Salt Lake Co. and Tianji Co. are forecasting substantial profit increases due to rising prices of potassium chloride and lithium carbonate [3] - The refrigerant industry is also experiencing high profitability, with companies like Juhua Co. and Yonghe Co. reporting significant profit growth driven by price increases [3][4] Group 4 - A number of companies in the pesticide sector are expected to see profit increases exceeding 100%, while others have successfully turned losses into profits, indicating a significant improvement in their operational conditions [4] - The chemical sector's recent strength is attributed to a combination of cost-push factors, demand pull, and expectations of a long-term cyclical turnaround [6] - The market is systematically re-evaluating the chemical sector based on these dynamics, with a notable increase in stock prices across the board [6][7] Group 5 - The dual engines of cost and demand are driving the price increases in the chemical sector, with geopolitical events raising concerns about oil supply and consequently pushing up international oil prices [7] - The chemical industry is showing signs of entering a new upward cycle, with multiple products experiencing price increases and initial recovery in profitability [7][8] - The current state of the chemical industry presents a mismatch between its position and operational conditions, suggesting potential for significant growth in the future [8]

| 代码 | 简称 | 最新股东户 | 较上期增减 | 连续下降期 | 筹码集中以来涨跌 | 相对沪指 | | --- | --- | --- | --- | --- | --- | --- | | | | 数 | （%） | 数 | （%） | （%） | | 000952 | 广济药业 | 32697 | -14.36 | 3 | 5.70 | -0.53 | | 301535 | 浙江华远 | 10423 | -12.21 | 3 | 30.11 | 23.89 | | 000831 | 中国稀土 | 195665 | -11.12 | 4 | 23.67 | 17.72 | | 000628 | 高新发展 | 49376 | -11.00 | 3 | 16.16 | 9.94 | | 002590 | 万安科技 | 36761 | -8.85 | 3 | 5.45 | -0.78 | | 301221 | 光庭信息 | 13402 | -7.24 | 3 | 14.77 | 8.55 | | 601086 | 国芳集团 | 47595 | -6.86 | 4 | -6.06 | -12.01 | | ...

Group 1 - In the past month (from December 27, 2025, to January 26, 2026), a total of 18 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Xingchen Technology being the most notable, attracting 31 participating institutions [1] - Among the 18 companies, 16 were researched by brokerages, 11 by funds, 5 by private equity, and 4 by insurance companies [1] - The companies that received the most attention from institutions include Tietuo Machinery, Wuxin Tunnel Equipment, and Jikang Technology, with 27, 23, and 16 participating institutions respectively [1] Group 2 - The average market capitalization of all companies on the BSE as of January 26 was 3.327 billion yuan, while the average market capitalization of the companies that received research was 4.205 billion yuan [2] - The companies with the highest market capitalization among those researched include Kaifa Technology, Fujida, and Jinhua New Materials [2] - The average stock price increase for the researched companies over the past month was 5.46%, with notable gainers including Tianrun Technology, Tairis, and Fujida, which saw increases of 24.61%, 18.46%, and 13.52% respectively [1][2]