去年四季度，基金加仓大周期板块，权重仅次于科技类板块。 证券时报记者 吴琦 2025年基金四季报1月22日披露完毕。 天相投顾数据显示，截至2025年年底，全市场公募基金资产净值（含估算基金）合计超过37.64万亿元，规模续创 历史新高。主动权益基金前十大重仓股分别为中际旭创、新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴- W、寒武纪-U、立讯精密、贵州茅台、东山精密。 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不断的增量资 金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。 从仓位分布看，据兴业证券统计，主动权益基金2025年四季度末的仓位虽然比三季度末下降，但仍处于历史第二 高水平。 分行业看，据国信证券统计，在2025年四季报披露的持仓中，主动权益基金加仓居前的三个行业为有色金属、基 础化工、非银金融，分别加仓1.22、1.13、0.81个百分点；计算机、传媒、国防军工行业减仓居前，分别减仓 1.34、0.98、0.75个百分点。 多位基金经理表示，展望2026年，对资本市场整体环境保持相对乐观判断。基金经理对科技产业与大周期板块的 配置仍有分 ...

Market Overview - A-shares saw all three major indices rise collectively, with the ChiNext Index leading with over 1% increase [1] - The trading volume in Shanghai, Shenzhen, and Beijing reached 2.72 trillion yuan, an increase of 926 billion yuan from the previous day, marking the 14th consecutive day above 2.5 trillion yuan [1] Key Sectors Aerospace and Defense - The aerospace and defense sector experienced a strong rebound, with over 15.1 billion yuan in net inflows, leading all 31 Shenwan primary industries [1][6] - The military ETF, Huabao (512810), surged by 3.27%, driven by multiple favorable events in the large aircraft and commercial aerospace sectors [1][6] - Key stocks in the military sector, such as Triangle Defense and Steel Research, saw significant gains, with Triangle Defense hitting the daily limit up of 20% [6][7] Artificial Intelligence - The AI sector, particularly in computing power and applications, also saw a strong performance, with the ChiNext AI ETF (159363) rising by 3% and attracting a net subscription of 22 million units [1][10] - Major stocks in the AI space, including Zhongji Xuchuang and Tianfu Communication, reported substantial gains, reflecting the sector's growth potential [10][12] Chemical Industry - The chemical sector is experiencing a price surge, with the Chemical ETF (516020) rising by 1.14%, marking four consecutive days of gains [13] - Key products like soda ash and titanium dioxide have seen price increases, indicating a potential turning point in profitability for the sector [15] Future Outlook - Financial analysts suggest that maintaining trading volumes above 2.5 trillion yuan could present numerous structural opportunities in the market [4] - The focus is expected to shift towards performance fundamentals, particularly as earnings disclosures approach [4] - Investment strategies should consider cyclical and technology sectors, with particular attention to industries such as power equipment, non-bank financials, electronics, and basic chemicals [4]

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) experiencing fluctuations before a significant increase, closing up 1.14% after reaching a peak intraday gain of 1.56% [1][6] - Key stocks in the sector include Zhongjian Technology, which surged by 7.54%, and Hebang Biology, which rose by 7%, along with other notable gains from Longbai Group, Luxi Chemical, and Rongsheng Petrochemical [1][7] - Recent price increases in basic chemical products have been reported, with sulfur prices reaching a near ten-year high, prompting the phosphate fertilizer industry to take measures to stabilize supply and prices [9] Group 2 - According to Huafu Securities, the chemical industry has undergone a bottoming process in profitability and valuation, with expectations for a recovery in 2026 as the industry enters a new phase of supply-demand rebalancing [3][9] - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering stocks related to AI computing power, anti-involution policies, robotics, and new energy, providing a potentially efficient way to invest in the sector [3][9] - The ETF's performance is supported by the recent upward trends in the prices of key chemical products, indicating a favorable market environment for investors [9]

格隆汇1月22日｜昨日，石化ETF(159731)尾盘集合竞价阶段，突然拉升涨停，收报1.1元，今日开盘回 撤昨日溢价，盘中仍获得资金净申购，截至发稿，该ETF获资金净申购5200万份。 业内从挂单价猜测，涨停可能是由于"乌龙指"，即投资者输错了买卖价格，把1.01元错输成1.10元，导 致了尾盘的异动涨停。 事实上，近期资金持续流入石化ETF(159731)，从1月7日起已经连续11个交易日获资金净申购，合计净 流入4.14亿元，居同标的产品第一。 催化剂上： ②近期化工类企业2025年业绩预告亮眼，钾肥、氟化工、农药、锂盐等细分赛道龙头业绩企业盈利修 复，传递出景气度回升信号。 业内认为，当前化工行业正处于长达4年的下行周期底部，资本开支自2023年四季度以来已连续7个季度 负增长，2026年作为"十五五"开局之年，供给侧坚持去产能和"反内卷"，同时坚持扩大内需，行业周期 有望加速反转。 相关产品： "基础化工+石油石化"双轮驱动：石化ETF(159731)，紧密跟踪中证石化产业指数，规模居同标的第一， 权重股包括万华化学（全球 MDI龙头）、中国石油（国内油气龙头）、中国石化（国内炼化龙头）、 盐湖股份 ...

Group 1 - The China Securities Petrochemical Industry Index (H11057) has risen by 1.86% as of January 22, 2026, with the E Fund Chemical Industry ETF (516570) increasing by 1.74%, marking a four-day consecutive rise [1] - The E Fund Chemical Industry ETF (516570) has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 31.07 million, totaling 64.80 million [1] - Guojin Securities indicates that the domestic expansion cycle of the PVC industry is nearing its end, with an expected improvement in the supply-demand structure [1] Group 2 - The E Fund Chemical Industry ETF (516570) has a management and custody fee rate of 0.15% + 0.05% per year, significantly lower than similar ETF products in the petrochemical sector, which helps reduce costs for investors [2] - The ETF is designed to package leading companies in the petrochemical and basic chemical industries, tracking an index that reflects a "dumbbell strategy" within the petrochemical sector [1]

平安证券指出，石油石化行业—2023年以来，基本面宽松预期下，油价高位回落，而石油石化指数持续 走高，一方面我国油气资源具有一定稀缺性，头部开采企业在国内持续推进增产上储，同时积极在海外 投资油气项目，优质资源禀赋的价值凸显。另一方面石化企业加深炼化一体化布局，降本增效成果较 好，中国石油、恒力石化等企业业绩表现出强韧性，随着石化品供给格局优化、价格从底部渐进上行， 企业估值有望进一步提升。 基础化工行业—2025年以来，国补促内需、制造业高端化，反内卷刺激产业优化供给格局，化工业从被 动去库渐往主动补库过渡，行业估值持续回升，其中，受益于反内卷和供给端格局优化的化工细分领域 均表现出不错的行情走势，2026年，平安证券认为，反内卷和供给格局好转的主线仍有机会。 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年以来收益表现在可比化工行业指数中保持领先。 截至2026年1月22日 14:21，中证石化产业指数(H110 ...

Group 1 - The basic chemical industry is undergoing profound changes characterized by "supply-demand reversal, value reassessment, and industrial restructuring" [1] - By 2025, a turning point in policy and capital expenditure is anticipated, with the concept of "anti-involution" providing expectations for future industry profit improvement and long-term healthy development [1] - The restructuring of supply-demand patterns and the upgrading of industrial attributes are driving the value reassessment of traditional chemical enterprises [1] Group 2 - The chemical industry is entering a strategic window period, with high-cost marginal production capacity exiting overseas, leading to a restructuring of the global chemical order [1] - Recent market performance indicates a rise in the organic silicon market, with increased enthusiasm for downstream stocking, and some companies extending order production schedules to February [1] - The epoxy propane market is also performing strongly due to supply tightness, cost support, and demand during the policy window period [1] Group 3 - The chemical leader ETF (516220) tracks a specific chemical index (000813), which selects listed company securities from the fine chemicals and new materials sectors to reflect the overall performance of related listed companies [1]

Company Performance - The stock price of Xinhecheng reached a historical high, increasing by 2.11% to 28.07 yuan, with a trading volume of 17.99 million shares and a transaction value of 498 million yuan, resulting in a turnover rate of 0.59% [2] - For the latest A-share total market capitalization, it stands at 86.271 billion yuan, while the circulating market capitalization is 85.245 billion yuan [2] - The company reported a revenue of 16.642 billion yuan for the first three quarters, representing a year-on-year growth of 5.45%, and a net profit of 5.321 billion yuan, which is a 33.37% increase year-on-year [2] - The basic earnings per share is 1.7300 yuan, with a weighted average return on equity of 17.32% [2] Industry Overview - The overall increase in the basic chemical industry is 1.22%, with 291 stocks rising, including Qiaoyuan Co., Fule New Materials, and Hebang Bio, which saw increases of 17.51%, 10.01%, and 8.64% respectively [2] - Conversely, 136 stocks in the industry experienced declines, with Cangzhou Dahua, Jujiao Co., and Sidike showing decreases of 6.94%, 5.82%, and 4.63% respectively [2] Margin Trading Data - As of January 21, the latest margin trading balance for Xinhecheng is 1.231 billion yuan, with a financing balance of 1.229 billion yuan, reflecting an increase of 43.2472 million yuan over the past 10 days, which is a 3.65% growth [2]

化工板块攻势不止！1月22日，反映化工板块整体走势的化工ETF（516020）开盘后持续于水面附近震荡，而后突然拉升，截至发稿，场内价格涨1.24%。 成份股方面，纯碱、钛白粉、氮肥等板块部分个股涨幅居前。截至发稿，和邦生物飙涨超9%，中简科技大涨超6%，龙佰集团、浙江龙盛、鲁西化工等多股 涨超4%。 机构观点来源：①天风证券2026年1月14日证券研究报告《基础化工2026年年度策略：供需逆转、产业重构、价值重估》；②华鑫证券2026年1月20日《基础 化工行业研究：国内汽油、天然气等涨幅居前，建议关注进口替代、纯内需、高股息等方向》。 化工ETF联接A申购费率为：100万元以下，0.8%；100万元（含）-200万元，0.5%；200万元（含）以上，每笔1000元。赎回费率为：7天以内，1.5%；7天 （含）-180天，0.5%；180天（含）-以上，0%。 | | | 多日 1分 5分 15分 30分 60分 | | 日 周 月 | 电客 | | Ed 盘前盘后 叠加 九转 | | 圆线 下具 ◇ ( ) > | 4. FETE C | | | | --- | --- | --- | --- | --- ...

Group 1 - The International Energy Agency (IEA) has improved the global crude oil demand outlook for this year, raising the growth forecast from 860,000 barrels per day to 930,000 barrels per day, slightly above last year's increase of 850,000 barrels per day, reflecting a moderate global economic recovery and the positive impact of low oil prices on consumption [1] - As of January 20, WTI crude oil prices have rebounded to over $60 per barrel [1] - The petrochemical industry is expected to enhance its technological innovation capabilities and expand new market and application demands due to the support from the "Petrochemical Industry Steady Growth Work Plan (2025-2026)" [1] Group 2 - The capital expenditure in the petrochemical sector is nearing its end, with ongoing construction projects declining for three consecutive quarters year-on-year, alongside the elimination of outdated facilities and the deepening of energy-saving and carbon-reduction policies, leading to a significant improvement in the supply side [1] - By the third quarter of 2025, the overall ROE of the petrochemical industry index is expected to slightly rebound to 10.1%, indicating a clearer bottoming trend, while the price-to-earnings ratio remains around the central level of the past decade, making the valuation of the sector worth attention [1] - The E Fund Chemical Industry ETF (516570) has been outperforming comparable chemical industry indices since 2023, benefiting from the high content of PX-PTA and filament industries in its index composition, which are directly influenced by the expected price increases due to the effectiveness of the anti-involution policies [2]