截至2026年1月5日10:05，中证石化产业指数下跌0.36%。成分股方面涨跌互现，盐湖股份、亚钾国际、藏格矿业等领涨；恒逸石化、广东宏大、恒力石化等 领跌。石化ETF(159731)下跌0.22%，最新报价0.92元。从资金净流入方面来看，石化ETF近4天获得连续资金净流入，合计"吸金"2620.60万元。石化ETF最 新份额达2.67亿份，最新规模达2.45亿元，创近1年新高。 截至12月31日，石化ETF近2年净值上涨41.49%。从收益能力看，截至2025年12月31日，石化ETF自成立以来，最高单月回报为15.86%，最长连涨月数为8个 月，最长连涨涨幅为41.60%，上涨月份平均收益率为5.25%。截至2025年12月31日，石化ETF近1年超越基准年化收益为2.05%。 （以上所列股票仅为指数成份股，无特定推荐之意） 石化ETF(159731)，场外联接(华夏中证石化产业ETF发起式联接A：017855；华夏中证石化产业ETF发起式联接C：017856)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- ...

党的二十届四中全会对"加快经济社会发展全面绿色转型，建设美丽中国"作出系统部署，为"十五五"时 期推动绿色发展，促进人与自然和谐共生指明了方向。必须深刻领悟党中央作出这一重大安排的战略考 量，深入研判当前的工作基础和形势挑战，谋划推进经济社会发展全面绿色转型的战略举措，推动美丽 中国建设取得新的重大进展。 深刻理解加快经济社会发展全面绿色转型的战略考量 推动经济社会发展绿色化、低碳化是实现高质量发展的关键环节。加快经济社会发展全面绿色转型，不 是摆在发展面前的"选择题"，而是我们自己要走的路和必须做好的事，是推进中国式现代化的"必答 题"。 推动高质量发展高水平安全的重要抓手。党的二十届四中全会强调，绿色发展是中国式现代化的鲜明底 色。据测算，要实现2035年基本实现社会主义现代化、人均国内生产总值（GDP）达到中等发达国家水 平的目标，未来十年我国GDP年均增速需达到4.5%以上。加快经济社会发展全面绿色转型，以约束性 机制倒逼存量升级、以新兴产业未来产业引领增量崛起，将有力推动产业深度转型升级，实现新质生产 力跃升发展，以绿色低碳的新动能、新优势为保持未来经济增速、增强我国发展潜力和后劲注入稳定性 与确定 ...

Core Viewpoint - The Yangtze River Economic Belt has made significant progress in high-quality development over the past decade, focusing on ecological restoration and sustainable growth, as emphasized by President Xi Jinping's call for "big protection" and "no large-scale development" [1]. Group 1: Ecological Restoration and Protection - The Jiangjin District has transformed its approach to protecting the Yangtze River, implementing ecological restoration measures along the riverbanks and creating artificial fish habitats, resulting in a significant increase in fish populations [2][3]. - The district has established a comprehensive ecological protection network using smart monitoring systems, including 67 AI warning points and regular drone patrols, ensuring effective oversight of key water areas [2]. Group 2: Economic Development and Trade - Jiangjin has successfully opened a new trade route via the "sea-rail-river" transport system, facilitating the import of goods and enhancing the efficiency of logistics operations [4]. - The district is actively promoting high-quality port development while balancing ecological preservation, showcasing a model of sustainable industrial growth along the Yangtze River [5]. Group 3: Industrial Transformation - The chemical industry in Jiujiang has undergone a green transformation, with significant reductions in pollutant emissions and a focus on sustainable practices, leading to the establishment of numerous national-level green factories [6][8]. - Jiujiang Petrochemical has achieved a 50.5% increase in crude oil processing while reducing pollutants by 90.7% compared to ten years ago, demonstrating the effectiveness of its environmental initiatives [7]. Group 4: Renewable Energy and New Industries - Anhui Province is accelerating its transition to renewable energy and energy-saving industries, with a target of selling 900,000 new energy vehicles by 2025, positioning itself as a leader in the sector [10]. - The province's strategic emerging industries contribute over 60% to its industrial economic growth, highlighting the shift towards greener manufacturing practices [12]. Group 5: Tourism and Local Development - In Lishui, the transformation of abandoned quarries into cultural and recreational spaces has boosted local tourism, creating economic opportunities for residents [13][14]. - The region's focus on ecological preservation and cultural heritage has led to a significant increase in tourist visits, enhancing the livelihoods of local communities [15]. Group 6: Community Engagement and Quality of Life - In Shanghai's Chongming District, improvements in the ecological environment have attracted younger generations back to their hometowns, fostering community engagement and local tourism [16][18]. - The development of community facilities and eco-friendly practices has resulted in increased visitor numbers and economic benefits for local residents, demonstrating the link between a healthy environment and economic prosperity [17][18].

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 2025 年 12 月制造业 PMI 环比上行 0.9 个点至 50.1 ；过去 10年 （ 2015-2024 年） 12 月环比均值为下降 0.3 个点， 12 月 PMI 环比上行显著 超季节性趋势。在前期报告《 PMI 年末超季节性反弹的可能原因》中，我们基于宏观角度做过初步分析。从中观视角进一步来看，景气面并未扩大；但高技术制 造业景气中枢进一步上移，是制造业 PMI 上行的主要带动力量。 第二， 绝对景气度看，医药、汽车、纺服、计算机通信电子景气值和分位值水平领先。我们理解一则随着 2026 年"两新"政策[2] 公布，数码和智能产品购新补 贴、汽车以旧换新和报废更新政策明朗，叠加元旦假期临近，对相关行业生产和提前备货需求构成支撑；二则" AI+ "产业趋势带动之下，计算机通信电子行业 PMI 已连续 5 个月位于 52 以上；三则部分行业出口景气，纺服行业出口订单指数回升至 60 以上，医药行业出口订单回升至 55 以上。 第三， 边际变化看，景气环比改善的行业主要包括医药、纺服、电气机械、 ...

近日，生态环境部、国家疾控局联合印发《优先控制化学品名录(第三批)》，收录1,1,2,2-四氯乙烷、双 酚A等了23种类化学物质。 生态环境部固体废物与化学品司有关负责人表示，相关企业应充分认识《名录》中化学物质存在的潜在 环境与健康风险，主动采取工艺升级改造、强化"三废"处理等措施，加强环境排放控制，积极研发和推 广应用环境友好替代品，最大限度降低相关化学物质的环境风险。 优先控制化学品名录(第三批) | 编号 | 化学品名称 | CAS号 | | --- | --- | --- | | PC041 | 1,1,2,2-四氯乙烷 | 79-34-5 | | PC042 | 1,2-二氯乙烷 | 107-06-2 | | PC043 | 1,4-二氯苯 | 106-46-7 | | PC044 | 2.6-二(1.1-二甲基乙基)-4-(1-甲基丙基)苯酚 | 17540-75-9 | | PC045 | 3.4.5.6-四溴-1.2-苯二羧酸双(2-乙基己基)酯 | 26040-51-7 | | PC046 | 4-(2-苯并噻唑硫基)吗啉(别名:N-氧联二(1,2-亚乙基)-2-苯并噻唑 次磺酰胺;橡胶硫 ...

Group 1 - The competition for the title of the second city in Northern China is intensifying, with Qingdao poised to surpass Tianjin, breaking a nearly 50-year dominance by Beijing and Tianjin [1] - As of the third quarter, Tianjin's GDP stands at 13,416 billion, while Qingdao's GDP is at 13,373 billion, indicating a narrow lead of only 43 billion for Tianjin, but Qingdao's growth rate is higher by 0.7 percentage points [1] - The economic transition is a key factor in the competition, with Tianjin's traditional industrial strengths in petrochemicals, steel, and automotive industries becoming less advantageous, while Qingdao is focusing on emerging sectors like new energy vehicles and electronics [3] Group 2 - Qingdao's advantages include a significant port throughput and a vast coastline, which supports its "ocean+" industries, contrasting with Tianjin's declining industrial base [3] - A decade ago, Tianjin's economic scale was nearly double that of Qingdao, highlighting the rapid changes in their economic standings over the past ten years [5]

中化新网讯 湖南石化树脂部面对市场需求变化、行业竞争加剧等情形，坚持以科技创新助推环氧树脂 产品链挖潜增效。2025年，该部锚定122条攻关措施，7套装置综合能耗、4项单体消耗创历史最优水 平，新特产品销量同比增长77%，产品链实现扭亏为盈。 针对纤维增强树脂在苛刻使用环境中对阻燃性及力学性能要求高的实际情况，科研团队进行协同阻燃环 氧树脂开发及应用研究，开发的环氧树脂体系性能优异，满足阻燃、工艺、力学性能及加工硬度要求， 并得到成功应用，带动环氧树脂销量增长。 该部还对离子膜烧碱装置进行提高导电性能降电耗稳运行研究，开发出氯气吸收塔进口管防堵塞技术和 封闭式取样装置等，每吨产品电耗下降110千瓦时，电解槽母排温度下降20摄氏度左右，提升了装置稳 定运行产能。2025年以来，该装置实现增产节支"双效"。 该部有机氯装置氯丙烯单元受反应结碳、冷蒸塔运行周期短等因素影响，平均运行周期在3个月以内。 对此，科研团队进行氯丙烯单元长周期运行技术开发与应用研究，提高压缩机一级缓冲罐压力稳定性， 改进冷蒸塔进料流程，冷蒸塔运行周期由153天提高至211天以上。 ...

Group 1 - The European Commission has announced multiple revisions to the EU Emissions Trading System (ETS) guidelines to assist high-energy industries facing carbon leakage risks, including the petrochemical sector [1][2] - The revisions are part of the European Chemical Industry Action Plan released earlier in 2025, aimed at addressing the rising ETS costs that have increased carbon leakage risks for high-energy industries [1] - The updated guidelines expand the list of eligible industries for compensation, adding 20 new industries and 2 sub-industries, including petrochemicals, and increasing the aid intensity from 75% to 80% to mitigate the carbon leakage risks [2] Group 2 - The current ETS guidelines allow member states to partially compensate industries at risk of carbon leakage due to high electricity prices caused by rising carbon costs [2] - The revisions are crucial for the struggling European petrochemical industry, providing significant support against high electricity prices, which have been a major concern for the sector [2] - The revised ETS is expected to alleviate electricity cost pressures on the petrochemical industry while enhancing its international competitiveness and supporting decarbonization efforts [2]

中化新网讯 2025年12月29日，波兰石油天然气集团(波国油)与森索斯集团签署协议，全资收购负责建设 新丁二烯萃取装置的S54公司。该装置建成后将并入波国油普洛克生产基地，完善集团石化产业链条， 交易估值约6.92亿兹罗提。 波国油首席执行官伊雷纽什·法法拉表示，此次交易解决了烯烃Ⅲ项目及丁二烯装置投资遗留问题，标 志着双方合作迈入新阶段。波国油通过该方案重获装置完全控制权，为"新化工计划"推进扫清障碍，也 为双方透明共赢的长期合作奠定基础。 据悉，S54公司承建的丁二烯萃取装置将加工全部C4馏分，产出抽余油供下游石化环节使用。双方同步 签署多项协议及合同修订案，全面规范法律与商业合作关系。合作范围拓展至捷克市场，将克拉卢比丁 二烯合资企业及相关原料合同期限从2049年提前至2038年，并延长两年乙烯、苯产品的捷克市场承购 期。 此次收购源于数年前普洛克石化扩张计划，原项目曾独立于波国油管控体系。本次交易进一步强化了项 目安全性与运营灵活性，助力集团优化单体生产设施建设及环氧乙烷、乙二醇等产品的产能布局。 ...

Group 1 - The European Commission has announced multiple revisions to the EU Emissions Trading System (ETS) guidelines to assist high-energy industries facing carbon leakage risks, including the petrochemical sector [1][2] - The revisions are part of the European Chemical Industry Action Plan released earlier in 2025, aimed at addressing the rising ETS costs that have increased carbon leakage risks for high-energy industries [1] - The revised guidelines expand the list of eligible industries for compensation, adding 20 new industries and 2 sub-industries, including petrochemicals, and increase the aid intensity from 75% to 80% to mitigate the carbon leakage risks [2] Group 2 - The current ETS guidelines allow member states to partially compensate industries at risk of carbon leakage due to high electricity prices caused by rising carbon costs [2] - The revisions are crucial for the struggling European petrochemical industry, providing significant support against high electricity prices, which have been a major concern for the sector [2] - The expanded ETS is expected to alleviate electricity cost pressures on the petrochemical industry while enhancing its international competitiveness and supporting decarbonization efforts [2]