盘后数据出炉。 12月12日，A股市场整体上涨。截至收盘，上证指数报3889.35点，上涨0.41%；深证成指报13258.33点，上涨0.84%；创业板指报 3194.36点，上涨0.97%；北证50指数上涨0.31%。A股市场合计成交21191.52亿元，较上一交易日增加2337.46亿元。 1.A股市场主力资金净流出89.34亿元 今日A股市场主力资金开盘净流出136.84亿元，尾盘净流出5.49亿元，A股市场全天主力资金净流出89.34亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-12-12 | -89.34 | -136. 84 | -5. 49 | -27. 62 | | 2025-12-11 | -563. 42 | -129.88 | -111.03 | -332. 77 | | 2025-12-10 | -199.82 | -158. 52 | 25. 51 | -58. 52 | | 2025-12-9 | ...

Market Overview - The A-share market experienced an overall increase on December 12, with the Shanghai Composite Index closing at 3889.35 points, up 0.41%, and the Shenzhen Component Index at 13258.33 points, up 0.84% [2] - Total trading volume in the A-share market reached 21191.52 billion yuan, an increase of 2337.46 billion yuan compared to the previous trading day [2] Capital Flow - The main capital outflow in the A-share market was 89.34 billion yuan, with an opening net outflow of 136.84 billion yuan and a closing net outflow of 5.49 billion yuan [3] - The CSI 300 index saw a net capital outflow of 65.19 billion yuan, while the ChiNext index had a net outflow of 42.56 billion yuan and the STAR Market saw a net outflow of 32.26 billion yuan [5] Sector Performance - The electronics sector led with a net inflow of 154.33 billion yuan, followed by the power equipment sector with 95.56 billion yuan and the communications sector with 76.08 billion yuan [7][8] - Conversely, the basic chemicals sector experienced a net outflow of 35.35 billion yuan, with retail and light industry sectors also seeing significant outflows [8] Notable Stocks - Dongshan Precision's main capital inflow was 11.14 billion yuan, making it the top stock in terms of capital inflow [9] - Institutions showed significant interest in stocks such as Guocera Materials, which had a net institutional buy of 153.14 million yuan, and Zhongneng Electric with 124.26 million yuan [11][12] Institutional Focus - Recent institutional ratings highlighted stocks like Changhong Technology with a target price of 16.00 yuan, indicating a potential upside of 21.77% from its latest closing price [13]

Market Overview - The Shanghai Composite Index rose by 0.41% on December 12, with 21 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 1.50% and 1.46% respectively. Conversely, the retail trade and comprehensive sectors saw declines of 1.28% and 1.18% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 4.872 billion yuan across the two markets. However, 14 sectors recorded net inflows, with the power equipment sector leading with a net inflow of 2.805 billion yuan and a daily increase of 1.42%. The machinery equipment sector followed with a net inflow of 1.771 billion yuan and a daily increase of 1.21% [1] Basic Chemical Industry Performance - The basic chemical industry experienced a slight decline of 0.10%, with a total net capital outflow of 2.116 billion yuan. Out of 405 stocks in this sector, 159 stocks rose, including 4 that hit the daily limit, while 230 stocks fell, with 3 hitting the lower limit. Notably, 150 stocks in this sector saw net capital inflows, with ST Jiaao leading at a net inflow of 121 million yuan [2] Top Gainers in Basic Chemical Industry - The following stocks in the basic chemical industry had significant net capital inflows: - ST Jiaao: +4.99%, 120.50 million yuan - Xinjin Road: +10.02%, 116.04 million yuan - Zhenhua Shares: +7.20%, 79.56 million yuan - Other notable gainers included Changjiang Materials and Hangyang Shares with increases of 10.00% and 6.25% respectively [2] Top Losers in Basic Chemical Industry - The following stocks in the basic chemical industry faced substantial net capital outflows: - Duofluor: -8.09%, -581.61 million yuan - Yuntianhua: -3.13%, -316.68 million yuan - Yongtai Technology: -7.21%, -235.59 million yuan - Other significant losers included Salt Lake Shares and Junzheng Group with outflows of -197.29 million yuan and -86.04 million yuan respectively [3]

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60.39%，石油石化行业占比为32.71%，有望充分受益于反内卷、调结构 和淘汰落后产能等政策。 每日经济新闻 12月12日早盘，A股市场涨跌分化，石化ETF（159731）小幅波动，现跌约0.35%，持仓股涨跌互现， 蓝晓科技、杭氧股份、东方盛虹等涨幅居前；云天化、中国石油、金发科技等调整幅度靠前。 华泰证券认为，伴随2025年以来行业资本开支增速显著下降，叠加"反内卷"有望助力供给端协同及落后 产能出清，而内需有望进一步复苏及出口亚非拉等支撑需求，大宗化工品有望逐步复苏。油价长期存在 成本底部支撑，具备增产降本能力及天然气增量的高分红企业具有配置机遇；出口方面，国内化工品具 备成本优势和性价比，国内轮胎依托性价比优势仍有望持续提升全球份额；高股息资产方面，伴随资本 开支下降等，主动分红意愿和能力或提升，磷资源有望维持至少3年高景气。 ...

刚刚驶入机器人赛道的福莱蒽特(605566)又现新动向，将联手钛深科技（深圳）有限公司（下称"钛深 科技"）等方面成立合资公司。 出资与投入资金无直接关联 "双曲线公司"，即"双曲线智能（杭州）有限公司"。12月9日，福莱蒽特公告称，公司拟与非关联方钛 深科技、关联方杭州元甲投资企业共同投资设立双曲线智能（杭州）有限公司（暂定名，具体以工商登 记为准）。 入股后又火速成立合资公司的背后，是钛深科技掌握核心硬科技。 柔性触觉传感器被誉为"下一代感知核心"。福莱蒽特相关负责人称，钛深科技首席科学家潘挺睿教授， 是第四代柔性传感机理—离电触觉传感技术发明者，实现了全柔性+100%透明的传感器，而且能做到低 成本的快速加工，相较传统方案，成本降幅高达90%。 （文章来源：证券时报网） 成立于2018年的钛深科技，是一家专注于柔性触觉传感芯片及触觉AI解决方案的国家高新技术企业， 致力于为新能源、消费电子等领域提供完整解决方案。 股东结构显示，钛深科技的机构股东包括同创伟业、小米长江产业基金和深圳联想天使基金等。其中， 福莱蒽特出资2500万元参股钛深科技，目前公司持股比例为6.11%，工商变更日期为2025年12月2 ...

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [3][4]. Core Insights - The basic chemical industry index rose by 1.63% in November 2025, outperforming the Shanghai Composite Index by 3.31 percentage points and the CSI 300 Index by 4.09 percentage points, ranking 7th among 30 first-level industries [3][7]. - The decline in chemical product prices has significantly slowed, with sulfur and phosphate fertilizers performing well [3][8]. - Investment strategies for December 2025 focus on polyester filament, organic silicon, spandex, and biofuels [3][8]. Market Review - In November 2025, 15 out of 33 sub-industries within the basic chemical sector saw price increases, with organic silicon, nitrogen fertilizer, and membrane materials leading the gains at 11.65%, 8.85%, and 7.92% respectively [8][11]. - A total of 213 stocks out of 527 in the basic chemical sector increased in value, with the top five gainers being Huasheng Lithium Battery, Haike New Source, Qing Shui Yuan, Fusheng Technology, and Tianhua New Energy, showing increases of 132.48%, 122.40%, 104.64%, 76.89%, and 70.74% respectively [8][11]. Product Price Tracking - In November 2025, international oil prices continued to decline, with WTI crude oil down 3.98% to $58.55 per barrel and Brent crude down 2.87% to $63.20 per barrel [3][8]. - Among 321 tracked products, 119 saw price increases, with the largest gains in sulfuric acid, argon, organic silicon intermediates, sulfur, and dimethyl carbonate, which rose by 28.24%, 21.57%, 21.10%, 20.69%, and 18.52% respectively [3][8]. Industry and Company News - The chemical raw materials and chemical products manufacturing industry achieved a total profit of 311.77 billion yuan from January to October 2025, reflecting a year-on-year decline of 5.4% [15][16]. - The expansion project of the Xiaogaozhai phosphate mine by Batian Co., Ltd. has been approved, increasing its design capacity from 2 million tons per year to 2.9 million tons per year [29][30].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 在海外机构的调研名单中，汇川技术受到最多关注，共有51家海外机构参与调研。安克创新紧随其后，吸引了48家海外机构。 与此同时，北交所市场也受到机构关注。数据显示，在11月11日至12月10日的一个月内，共有35家北交所公司获得机构调研。其中，纳科诺尔最受关注，参 与调研的机构达到91家。从行业分布来看，机械设备、电力设备、基础化工等行业是机构调研较为集中的领域。 机构调研的活跃与上市公司披露的订单景气度信息相呼应。11月以来，已有近200家A股上市公司在机构调研中明确表示"订单饱满"或"行业景气"。 进入四季度，机构调研活动呈现显著加快的态势。根据证券时报网旗下数据宝的统计，在11月27日至12月10日期间，共有419家公司获得机构调研，其中海 外机构参与调研的公司数量达到83家。 ...

截至12月10日，北交所融资融券余额合计75.74亿元，较前一交易日增加3785.05万元，其中，融资余额 75.74亿元，较前一交易日增加3805.45万元，融券余额为23.23万元，较前一交易日减少20.40万元。 证券时报·数据宝统计显示，截至12月10日，北交所股票中，融资余额居前的为锦波生物、曙光数创、 贝特瑞，最新融资余额分别为3.88亿元、3.52亿元、3.37亿元，从最新融资余额占流通市值比例看，算 术平均值为1.40%，最新融资余额占流通市值比例居前的有晨光电缆、奥迪威、海达尔等，占比分别为 5.16%、4.75%、4.26%。 北交所股票中，12月10日共有170只股获融资净买入，净买入金额在百万元以上的有25只，星图测控融 资净买入额居首，当日净买入1066.36万元，其次是曙光数创、贝特瑞，融资净买入金额分别为1043.46 万元、906.02万元，融资净买入金额居前的还有连城数控、凯德石英、吉林碳谷等。融资净卖出金额居 前的股票为纳科诺尔、锦波生物、开发科技等，融资净卖出金额分别为905.24万元、804.08万元、 594.36万元。 | 920665 | 科强股 | -3.73 ...

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60.39%，石油石化行业占比为32.71%，随着石化产业淘汰落后产能和加 强技术创新，产业链的价值将进一步提升。 每日经济新闻 12月11日早盘，石化ETF（159731）震荡走强，盘中一度涨超0.8%，持仓股坤彩科技、藏格矿业、云天 化、盐湖股份等涨幅居前。 近日，中国石油成功建立分子管理技术体系，分子管理是石油石化领域的基础性、颠覆性技术。中国石 油初步形成了石油分子表征与工艺模拟优化一体化解决方案，在分子管理技术领域取得了突破性进展。 国泰海通称，可将关注的石化行业上市公司分为四个子板块：油气资源、油服设备、石油化工以及下游 材料。其中，（1）上游油气资源板块盈利同比下滑，但依旧保持一定的盈利规模；（2）油服设备板块 归母净利润同比保持正增长；（3）石化板块整体盈利同比提升；（4）下游材料领域中光伏胶膜、碳纤 维、合成生物学、可降解塑料、喷墨材料盈利同比大幅改善。 ...