Choice统计显示，9月5日，沪深两市可交易A股中，上涨个股有4605只，下跌个股有453只，平盘个股 89只。不含当日上市新股，共有103只个股涨停，7只个股跌停。从所属行业来看，涨停个股主要集中在 电力设备、电子、机械设备、化工、有色金属、汽车等行业。 （文章来源：证券时报网） ...

长沙晚报掌上长沙9月5日讯 截至9月5日收盘：沪指涨1.24%，报3812.5143点；深证成指涨3.89%，报 12590.562点。 凯美特气开盘价15.890，收盘报16.980元，当日涨5.47%，当日最高价为17.290元，最低价为15.450元，成 交量127.0596万手。 湘股9月5日跌幅TOP5 湘股9月5日涨幅TOP5 湘潭电化开盘价14.720，收盘报15.830元，当日涨7.10%，当日最高价为15.960元，最低价为14.680元，成 交量87.6297万手。 宇环数控开盘价21.960，收盘报23.460元，当日涨7.03%，当日最高价为23.670元，最低价为21.810元，成 交量11.8363万手。 长缆科技开盘价17.320，收盘报18.380元，当日涨6.24%，当日最高价为18.650元，最低价为17.320元，成 交量12.8001万手。 湖南白银开盘价5.800，收盘报6.110元，当日涨5.71%，当日最高价为6.220元，最低价为5.800元，成交量 246.9706万手。 克明食品开盘价9.810，收盘报9.780元，当日跌-0.31%，当日最高价为9.980 ...

智通财经APP获悉，德国工厂订单出现自1月以来的最大幅度意外下滑，削弱了该行业有望很快摆脱长 达三年衰退的乐观预期。德国联邦统计局于周五公布的数据显示，受大额订单减少的影响，7月工厂需 求较前一个月下降2.9%。而彭博此前对经济学家进行的调查显示，他们原本预测需求将增长0.5%。若 剔除大额订单的影响，需求本应实现0.7%的增长。 然而，其他行业企业仍面临严峻挑战。以化工行业为例，今年第二季度德国化工厂的产能利用率仅为 72%，创下30多年来的最低水平。此前，在欧盟与美国总统唐纳德·特朗普达成相关协议之前，化工行 业的产量就已出现大幅波动。 多家研究机构本周下调了对德国2025年经济增长的预测，认为其经济增幅仅为0.1%至0.2%。在这些机 构看来，德国经济复苏仍需时日。不过，得益于政府支出增加以及欧洲央行降息，它们均预计德国经济 将在明年出现回升。 德国商业银行首席经济学家约尔格·克雷默在一份报告中表示："总体而言，近几个月的硬性经济数据表 现令人失望。我们预计明年德国经济将实现1.4%的显著增长，这主要得益于德国政府大幅增加开支， 以及欧洲央行将利率下调一半。" 德国经济部在一份声明中表示："贸易环境不确 ...

基金中报发布后，我们再次邀请田经理来到直播间，就大家比较感兴趣的中报相关问题进行集中解答。 提问 你管理时间最长的基金中报显示，基金前十大持仓占比超过70%，主要集中在四个行业：芯片、航 空、化工、白酒。其中有9只股票集中在三个行业，这是否过于集中？ 田瑀 有这个问题说明提问者对我们的关注时间很长。前十大持仓在七成多，这个（数据）和过去比较看 并不算高，大概维持在类似水平。我们强调的是组合中标的业务层面的不相关性，因此不需要太多的标的 来实现不相关。 另外，关于"只有四个行业"的说法是一个误解。如果大家简单看，可能会有这种感觉，主要行业是白酒行 业、模拟半导体，航空、化工。但这和行情软件不那么准确的归类有关。行情软件将某个前十大标的归 为"化工"，但将玻纤归为化工其实并不准确，称之为新材料更合适。它的业务与化工没有关系，它的下游 可能包括电子、汽车、新能源和建筑等。玻纤行业大部分的收入和产能，也和持仓中其他领域不那么相 关。 其次，化工是非常宽泛的领域。半年报前十大中能看到的化工标的，各自的相关性并不高，影响它们收入 或利润比较主要的产品，如氨纶、尿素、MDI（二苯基甲烷二异氰酸酯）等都不太相关，应用领域和行 ...

Economic Indicators - The official manufacturing PMI for August is 49.4%, a slight increase of 0.1 percentage points from July[4] - Industrial value-added growth for August is projected at approximately 5.2% year-on-year[9] - Retail sales growth is expected to be around 4% year-on-year for August[9] Production and Investment - The production index rose to 50.8%, while new orders improved slightly to 49.5%[4] - Fixed asset investment growth is estimated at 2% year-on-year for August, with manufacturing investment at 6.4%[5] - The top 100 real estate companies' sales in August amounted to approximately 207.04 billion yuan, down 1.9% month-on-month and 17.6% year-on-year[8] Price Trends - CPI for August is expected to remain at 0.0% year-on-year, while PPI is projected to decline by 2.9% year-on-year[9][20] - The purchasing price index increased significantly to 53.3%, indicating rising costs in the manufacturing sector[4] Consumption and Services - August saw a strong performance in service consumption, with cinema box office revenues around 5.987 billion yuan and over 150 million attendees[7] - Passenger transport volumes in civil aviation and railways reached record highs for the same period, driven by summer travel[7] Risks and Outlook - The overall economic outlook remains stable compared to July, but the manufacturing sector has been in contraction for five consecutive months, indicating weak market demand[8] - Continued adjustments in the real estate market are expected to impact overall domestic demand significantly[8]

华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益13.29%， 同类排名2781/4222；近一年收益37.26%，同类排名2245/3795；成立以来收益102.71%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 9月5日，合盛硅业涨5.02%，截至发稿，报53.77元/股，成交5.25亿元，换手率0.84%，总市值635.67亿 元。 资料显示，合盛硅业股份有限公司位于浙江省宁波市慈溪市北三环东路1988号恒元广场A座23-24F，成 立日期2005年8月23日，上市日期2017年10月30日，公司主营业务涉及工业硅及有机硅等硅基新材料产 品的研发、生产及销售。主营业务收入构成为：工业硅52.66%，有机硅46.68%，其他(补充)0.66%。 从合盛硅业十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居合盛硅业十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增持73.5万股，持有股数630.55万股，占流通股的比例为0.53%。根据测算，今日浮盈赚取约 1620.52万元。 截至发稿，柳军累计任职时间16年98 ...

服务行业：关注体育消费。 1）国务院办公厅日前印发《关于释放体育消费潜力进一步推进体育产业高质量发展 的意见》（以下简称《意见》）。《意见》提出到2030年，培育一批具有世界影响力的体育企业和体育赛事，体育产 业发展水平大幅跃升，总规模超过7万亿元。《意见》强调，要丰富体育赛事活动，优化赛事服务管理，发展户外 运动产业，培育壮大冰雪经济，推动体育用品升级。 数据来源：iFind，华泰期货研究院 行业总览 宏观日报 | 2025-09-05 化工中游开工增长 中观事件总览 生产行业：关注电子信息制造业增长。 1）9月4日，工业和信息化部、市场监督管理总局印发《电子信息制造业 2025－2026年稳增长行动方案》，提出2025－2026年，规模以上计算机、通信和其他电子设备制造业增加值平均增 速在7%左右，加上锂电池、光伏及元器件制造等相关领域后电子信息制造业年均营收增速达到5%以上。方案还提 出综合整治"内卷式"竞争，深度嵌入全球电子信息制造业分工体系，促进国内外市场畅通经济循环。 下游：1）地产：二、三线城市商品房销售回升。2）服务：国际航班班次回落。 风险 经济政策超预期，全球地缘政治冲突 上游：1）化工： ...

山西证券指出，《关于深入实施"人工智能+"行动的意见》印发，有望推动AI新材料实现高速发 展。随着人工智能及大模型技术快速普及，算力需求急剧上升，AI服务器市场呈现快速增长态势。 2024年全球人工智能服务器市场规模为1251亿美元，预计2025年将增至1587亿美元。中国人工智能算力 市场规模2024年达190亿美元，同比增长86.9%，预计2025年将达259亿美元。AI服务器对信号传输速 率、数据传输损耗等要求更高，推动覆铜板向高频高速方向升级迭代，PPO树脂、碳氢树脂、low-dk电 子布等核心原材料需求有望快速提升。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数聚焦于新材料产业，从市场中选 取涉及先进基础材料、关键战略材料及前沿新材料等领域的上市公司证券作为指数样本，以反映新材料 相关行业的整体 ...

1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, it gives individual outlooks for each product, including "oscillating weakly", "oscillating", "oscillating strongly", etc. [9][10][11] 2. Core Viewpoints of the Report - OPEC+ will comprehensively review the current situation before deciding on future production. The market is concerned about the potential increase in production, which has led to a decline in oil prices. Economic data also shows a cooling labor market in the US. [2] - Most chemical products are dragged down by the decline in crude oil prices. The polyester chain and oil products have significant drops. PTA and MEG are expected to de - stock in September but may re - stock from October to December. Methanol, despite high port inventories, has a strong recent trend due to external procurement by olefin enterprises. [3] - Investors should approach the oil - chemical industry with an oscillating mindset and wait for the implementation of specific policies to address over - competition in the Chinese petrochemical industry. [4] 3. Summary by Relevant Catalogs 3.1 Market News and Main Logic of Each Product 3.1.1 Crude Oil - **Viewpoint**: Concerns about production increases have resurfaced, and oil prices are seen as weakly oscillating. - **Market News**: OPEC+ may consider further increasing oil production in the Sunday meeting. US API and EIA inventory data show mixed trends. Trump may talk with Putin and hinted at imposing more sanctions on Russia. - **Main Logic**: The OPEC+ production policy on September 7 remains uncertain, and the expectation of supply surplus in the fourth quarter is hard to disprove. US commercial crude inventories increased, and refinery demand weakened. [9] 3.1.2 Asphalt - **Viewpoint**: With the decline of crude oil, asphalt has fallen below the important threshold of 3,500 yuan/ton. - **Main Logic**: The market refocused on negative factors such as tariff hikes and OPEC+ production increases. The premium of asphalt has decreased, and demand remains pessimistic. [10] 3.1.3 High - Sulfur Fuel Oil - **Viewpoint**: The price of high - sulfur fuel oil has followed the decline of crude oil. - **Main Logic**: Negative factors such as tariff hikes and OPEC+ production increases have affected the market. Although there is geopolitical premium in some regions, the feedstock demand for high - sulfur fuel oil has decreased, and the three driving forces supporting high - sulfur fuel oil are weakening. [11] 3.1.4 Low - Sulfur Fuel Oil - **Viewpoint**: Low - sulfur fuel oil has fallen sharply following crude oil. - **Main Logic**: It follows the oscillation of crude oil. Low - sulfur fuel oil faces multiple negative factors such as a decline in shipping demand, green energy substitution, and high - sulfur substitution, and its supply is expected to increase while demand decreases. [12] 3.1.5 PX - **Viewpoint**: There is insufficient cost support, and there is a game between differentiated expectations and tight supply - demand. - **Main Logic**: Crude oil prices have oscillated downward, weakening cost support. The market focus has shifted from short - term tight supply - demand to long - term inventory accumulation expectations. Fundamentally, supply is stable and demand is increasing, with limited inventory pressure. [13] 3.1.6 PTA - **Viewpoint**: Poor downstream procurement enthusiasm and pessimistic expectations have led to a price plunge. - **Main Logic**: Upstream cost support is insufficient, and market sentiment has been affected by new device commissioning news. Fundamentally, supply has decreased and demand is stable, but polyester factories' procurement enthusiasm is low due to pessimistic expectations. [13] 3.1.7 Pure Benzene - **Viewpoint**: The port will return to inventory accumulation, and the price of pure benzene will oscillate weakly. - **Main Logic**: More naphtha buyers are seeking October shipments, and the supply of naphtha is expected to tighten. Pure benzene imports are increasing, and it is expected to start accumulating inventory next week. The demand of downstream products has not improved significantly. [14] 3.1.8 Styrene - **Viewpoint**: The decline has slowed, and the market is oscillating. - **Main Logic**: The decline is mainly due to the weakening of anti - over - competition sentiment in the energy - chemical sector and the black commodity market. The inventory of styrene is at a high level in the past five years, and the demand of downstream products is weak. [15] 3.1.9 Ethylene Glycol (MEG) - **Viewpoint**: There is a game between low - inventory support and differentiated expectations. - **Main Logic**: The price is oscillating at a low level. Although there are expectations of future inventory accumulation, the current inventory is at a historical low, and the possibility of continuous inventory accumulation is small. [16] 3.1.10 Short - Fiber - **Viewpoint**: The sales performance is mediocre, and the sustainability of the peak season is questionable. - **Main Logic**: The upstream market has oscillated downward, and cost support is insufficient. Fundamentally, supply is stable and demand is weak, production and sales have declined again, and industry inventories are accumulating. [18] 3.1.11 Polyester Bottle Chips - **Viewpoint**: With upstream cost concessions, the processing fee has limited self - driving force for repair. - **Main Logic**: The upstream cost performance is poor, and the price is significantly dragged down by costs. The processing fee of bottle chips has been passively repaired, but the overall repair strength is limited due to weak self - driving force. [19] 3.1.12 Methanol - **Viewpoint**: There are still overseas disturbance expectations in the far - month, and the methanol price is oscillating. - **Main Logic**: On September 4, the methanol price oscillated. The inventory in the inland area is at a relatively low level year - on - year. Recently, the far - month shutdown expectation has disturbed the market. The downstream olefin fundamentals have limited support. [22] 3.1.13 Urea - **Viewpoint**: The market is weakly stable, and after the Indian tender is announced, it is expected to oscillate strongly. - **Main Logic**: After the Indian NFL urea import tender news was announced, although the price is lower than the previous round, it is still expected to be positive. [23] 3.1.14 LLDPE (Plastic) - **Viewpoint**: Oil prices continue to decline, and LLDPE is oscillating. - **Main Logic**: Oil prices have declined, and there are uncertainties in geopolitical situations. The measures to address over - capacity in the domestic petrochemical industry have limited actual support. The macro - economic support in the "Golden September and Silver October" is limited, and the self - fundamentals of LLDPE are still under pressure. [27] 3.1.15 PP - **Viewpoint**: Pay attention to the support strength at the previous low, and PP is oscillating. - **Main Logic**: The supply of PP is still increasing, and there is inventory pressure in the upstream and mid - stream. Oil prices are declining in the short - term, and there are geopolitical uncertainties. The measures to address over - capacity in the domestic petrochemical industry have a neutral impact. The PP price is approaching the previous low, and the support strength needs to be observed. [29] 3.1.16 PL - **Viewpoint**: PL follows the short - term fluctuations of PP. - **Main Logic**: The enterprise inventory is controllable, and the market is mainly stable. The downstream demand is based on low - price procurement, and the trading volume is limited. The PP - PL processing fee is the focus of the market, and the current range of 500 - 600 is relatively reasonable. [29] 3.1.17 PVC - **Viewpoint**: Weak reality suppresses PVC, and it is running weakly. - **Main Logic**: At the macro - level, domestic anti - over - competition policies have not been implemented, and the probability of overseas interest rate cuts has increased. At the micro - level, PVC fundamentals are under pressure, with cost reduction, production decline in September due to autumn inspections, stable downstream start - up, uncertain export expectations, and weakening raw material prices. [33] 3.1.18 Caustic Soda - **Viewpoint**: The spot price has temporarily peaked, and the market is cautiously weak. - **Main Logic**: At the macro - level, domestic anti - over - competition policies have not been implemented, and the probability of overseas interest rate cuts has increased. At the micro - level, the fundamentals have marginally improved, with increased alumina replenishment demand, improved non - aluminum start - up, increased export orders, and reduced production due to inspections. [34] 3.2 Variety Data Monitoring 3.2.1 Energy - Chemical Daily Indicator Monitoring - **Inter - period Spreads**: Different products have different inter - period spread values and changes, such as Brent (M1 - M2: 0.4, - 0.04), Dubai (M1 - M2: 0.81, - 0.06), etc. [36] - **Basis and Warehouse Receipts**: Each product has corresponding basis values, changes, and warehouse receipt quantities, such as asphalt (basis: 72, change: 72; warehouse receipts: 69400), etc. [37] - **Inter - Variety Spreads**: There are various inter - variety spread values and changes, such as 1 - month PP - 3MA (- 195, - 3), etc. [38] 3.2.2 Chemical Basis and Spread Monitoring - The report mentions the monitoring of multiple products such as methanol, urea, styrene, etc., but specific data details are not fully presented. [39][52][64] 3.3 Market Indexes - **Comprehensive Indexes**: The commodity index, commodity 20 index, and industrial product index all showed declines on September 4, 2025, with declines of 0.33%, 0.34%, and 0.36% respectively. [280] - **Energy Index**: On September 4, 2025, the energy index was 1192.96, with a daily decline of 2.27%, a 5 - day decline of 1.32%, a 1 - month decline of 3.82%, and a year - to - date decline of 2.85%. [282]

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 国内商品期货多数下跌，能源品领跌 ——中信期货晨报20250905 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 投资咨询业务资格：证监许可【2012】669号 | 板块 | 品种 | 现代 | | | 日度涨跌幅 周度涨跌幅 月度涨跌幅 季度涨跌幅 今年涨跌幅 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股指 | 沪深300期货 | 4349 4 | -1826 | -3 48% | -3.48% | II ass | 10.93% | | | 上证50期货 | 2899.8 | -1.67% | -2.69% | -2.69% | 7.84% | 8.28% | | | 中证500期货 | 6647 | -2 000 | -5.00% | 25,00% | 13.37 | 16.76% | | | 中证1000期货 | ...