中银证券指出，化工板块估值处于历史低位，十二月份建议关注：1、低估值行业龙头公司；2、"反内 卷"对相关子行业供给端影响；3、自主可控日益关键背景下的电子材料公司与涨价背景下的部分新能源 材料公司。 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%，"反内卷"政策是石化产业核心主 线，行业供需与盈利能力有望持续改善。 每日经济新闻 截至12月3日11:10，石化ETF（159731）涨0.48%，持仓股杭氧股份、亚钾国际、万华化学、藏格矿业 等涨幅居前。从资金净流入方面来看，石化ETF近8天获得连续资金净流入，合计"吸金"2215万元；份 额方面，石化ETF最新份额达2.38亿份，创近1年新高。 12月1日，中国石油宣布，我国首套百千瓦级油气伴生废水电解制氢系统——100千瓦级油气伴生废水电 解制氢系统，在长庆苏里格气田成功投运，这标志着我国在油气废水"降污—制氢"全链条资源化利用领 域取得实质性突破。油气废水制氢系统的成功投运，是石化行业与新能源技术融合的典型案例。 ...

截至12月3日9点55分，石化ETF（159731）涨0.24%，持仓股杭氧股份、恒逸石化、亚钾国际等涨 幅居前。从资金净流入方面来看，石化ETF近8天获得连续资金净流入，合计"吸金"2215万元；份额方 面，石化ETF最新份额达2.38亿份，创近1年新高。 【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 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%，《稳增长工作方案》的发布 为今明两年的行业规模托底，"反内卷"政策加持下行业长期价值凸显。 每日经济新闻 （责任编辑：董萍萍 ） 近期化工产品在商品市场上表现活跃，受地缘局势及基本面传闻影响，合成橡胶（丁二烯橡胶）等 部分能化品期货价格大幅上涨。同时，原油受产油国一季度暂停增产、地缘局势紧张影响，价格趋强整 理，成品油出口 ...

中金公司认为，进入12月下旬，红利资产也可能凸显防御价值。沪深300指数动态市盈率12倍，接近历 史均值，估值与此前牛市高点比还有充分扩张空间，中国股票牛市尚未结束。 中国银河证券指出，A股行情整理格局仍在延续，板块之间快速轮动。临近年末，机构配置或趋于均 衡，也在为明年景气方向布局做出准备。预计年末行情仍以震荡结构为主。在板块轮动中关注"反内 卷"、红利等主题机会。 红利低波50ETF(515450)紧密跟踪标普中国A股大盘红利低波50指数，标普中国A股大盘红利低波50指数 衡量在中国A股市场中50檔最不具波动性高股息率大盘的表现。 红利低波50ETF(515450)，场外联接(A类：008163；C类：008164)。 MACD金叉信号形成，这些股涨势不错！ 截至2025年12月3日 10:01，红利低波50ETF(515450)上涨0.14%，冲击3连涨，成交3429.29万元。跟踪指 数成分股南山铝业、中信特钢、宝钢股份、陕西能源、申能股份等个股涨幅居前。 拉长时间看，截至12月2日，红利低波50ETF(515450)最新规模达139.37亿元，最新份额达95.49亿份，均 创近3月新高。 从资金净流 ...

华泰证券研报称，11月市场风险偏好中枢继续回落，当前全A ERP位于过去滚动5年均值附近，高股息 板块整体表现仍相对走强，其中银行、石油石化本月表现相对较优。展望12月，我们认为伴随着市场风 险偏好或有修复，海外美债长端利率及美元指数回落，对立资产前期调整或较为充分，高股息板块配置 价值较11月边际回落，配置上继续建议关注"反内卷"相关周期型高股息及部分潜力型高股息品种。 ...

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48]

Group 1 - The overall performance of upstream resource products remains low, but internal structure continues to differentiate, with coal industry stability and slight price increases in thermal coal [4] - The manufacturing sector shows an overall recovery, with notable performance in machinery and equipment, while the automotive industry is experiencing marginal improvements [4] - Downstream consumption sectors exhibit varied recovery dynamics, with significant improvements in social services and entertainment, while the real estate sector shows signs of marginal recovery [4] Group 2 - The banking system maintains ample liquidity, with stable growth in M2 and social financing, indicating marginal improvements in the funding environment [4] - The transportation sector shows continued differentiation, with significant growth in port container throughput, while comprehensive freight rates face slight pressure due to geopolitical and supply-demand factors [4] - The environmental sector is experiencing a recovery in performance, with improved air quality rates and sustained high levels of related infrastructure investment [4] Group 3 - The chemical industry is under pressure, with prices of PVC and methanol continuing to decline, while the performance of the basic chemical sector is closely linked to fuel oil and methanol futures prices [5][10] - The steel industry shows a correlation between excess returns and various operational metrics, including iron ore operating rates and steel production inventories [21][25] - The non-ferrous metals sector maintains relative stability, with slight increases in copper and aluminum prices, and its performance is linked to the LME base metals index [27][32] Group 4 - The construction materials sector is facing weak demand, with cement and glass prices remaining in negative territory, and its performance is correlated with cement price indices [38][39] - The coal industry shows a correlation between excess returns and thermal coal closing prices, indicating a relationship with market dynamics [39][43] - The oil and petrochemical sector continues to experience weak performance, with expanding year-on-year declines in gasoline and natural gas prices [44] Group 5 - The electric equipment sector's performance is linked to the prices of photovoltaic components and polysilicon, indicating a recovery phase [46][52] - The automotive sector shows a correlation between excess returns and tire operating rates, with daily average sales of passenger vehicles also being a significant indicator [54][60] - The machinery sector's performance is associated with the BPI and machinery price indices, reflecting its recovery trajectory [61][62] Group 6 - The retail sector's performance is linked to the Yiwu order price index, indicating a recovery in trade activities [89] - The agricultural sector shows a correlation between excess returns and the food price index, with specific attention to the dynamics of vegetable prices and pig feed ratios [92][93] - The food and beverage sector's performance is associated with various agricultural product price indices, reflecting market trends [94][98]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.42% to close at 3897.71 points, the Shenzhen Component Index down by 0.68% to 13056.70 points, the ChiNext Index decreasing by 0.69% to 3071.15 points, and the Sci-Tech 50 Index dropping by 1.24% to 1320.16 points [1][14] - Overall, there were 1541 stocks that rose while 3739 stocks fell, with 171 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets was 15934 billion yuan, a decrease of 2805 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the sectors that saw gains included Oil & Petrochemicals (up 0.71%), Light Industry Manufacturing (up 0.55%), Home Appliances (up 0.43%), Building Materials (up 0.32%), and Communications (up 0.27%). Conversely, the sectors that experienced declines included Media (down 1.75%), Nonferrous Metals (down 1.36%), Computers (down 1.34%), Pharmaceuticals & Biology (down 1.23%), and Electric Equipment (down 1.18%) [1][14] Sector Highlights - The concept sectors that performed well today included Cross-Strait Integration, SPD, and Pre-made Dishes, while sectors such as CRO, Cultivated Diamonds, and Lithium Mining saw a pullback [2][11]

Market Overview - The Shanghai Composite Index fell by 0.42% on December 2, with seven industries experiencing gains, led by the oil and petrochemical sector, which rose by 0.71% [1] - The light industry manufacturing sector also saw an increase of 0.55% [1] - Conversely, the media and non-ferrous metals sectors faced declines of 1.75% and 1.36%, respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 46.499 billion yuan, with seven industries recording net inflows [1] - The light industry manufacturing sector had the highest net inflow of 679 million yuan, despite a slight decline of 0.34% [1] - The agriculture, forestry, animal husbandry, and fishery sector also saw a net inflow of 585 million yuan, with a daily drop of 0.34% [1] Industry-Specific Insights: Oil and Petrochemical - The oil and petrochemical sector experienced a 0.71% increase, with a net outflow of 14.7 million yuan [2] - Out of 47 stocks in this sector, 20 stocks rose, including one that hit the daily limit, while 24 stocks declined [2] - The top three stocks with significant net inflows were China Petroleum & Chemical Corporation (472.135 million yuan), Hengyi Petrochemical (332.405 million yuan), and Intercontinental Oil & Gas (241.617 million yuan) [2][3] - The stocks with the highest net outflows included Guanghui Energy (414.025 million yuan), Tongyuan Petroleum (345.877 million yuan), and Heshun Petroleum (286.865 million yuan) [2][3]

Wind数据显示，截至2025年12月2日A股收盘，石油石化、家用电器、煤炭领涨市场，涨幅分别为0.71%、0.43%、0.21%。 石油石化、家用电器、煤炭 近期多项国家级政策密集出台，为石油石化、煤炭、家用电器板块注入强劲动力。能源保供方面，国家发改委11月召开2025—2026年供暖季保供会议，明确 稳定煤炭生产运输、保障电煤中长期合同高履约率，当前统调电厂存煤达2.2亿吨可用35天，叠加11月动力煤年度长协价上调8元/吨，煤炭板块盈利稳定性持 续增强。 石油石化行业受益于绿电直连政策落地，塔里木油田等绿电直供炼化项目加速推进，既降低用能成本又满足降碳需求，叠加重点行业稳增长方案反对"内卷 式"竞争，行业格局持续优化。 家电领域，上海11月30日印发以旧换新实施细则，补贴范围扩至12类产品，最高补贴2000元，政策红利直接拉动消费需求。 供需格局优化与转型政策共振，三大板块利好持续释放。煤炭行业迎来冬季供暖季补库需求高峰，10月以来日均产量稳定在1200万吨以上，叠加"北煤南 运"核心节点建设提速，供需平衡支撑价格稳健运行。 石油石化领域，国家11月发布新能源消纳指导意见，支持"沙戈荒"基地与产业融合发 ...

今日各行业表现（截至下午13:58） （文章来源：证券时报网） 证券时报·数据宝统计，截至下午13:58，今日沪指跌0.51%，A股成交量900.44亿股，成交金额13087.67 亿元，比上一个交易日减少14.35%。个股方面，1478只个股上涨，其中涨停49只，3812只个股下跌， 其中跌停6只。从申万行业来看，石油石化、轻工制造、家用电器等涨幅最大，涨幅分别为0.63%、 0.41%、0.19%；传媒、有色金属、电力设备等跌幅最大，跌幅分别为1.62%、1.58%、1.41%。（数据 宝） | 计算机 | -1.33 | 870.90 | -12.38 | *ST立方 | -19.94 | | --- | --- | --- | --- | --- | --- | | 电力设备 | -1.41 | 1146.66 | -24.07 | ST合纵 | -8.73 | | 有色金属 | -1.58 | 610.96 | -43.52 | 华锡有色 | -6.82 | | 传媒 | -1.62 | 487.16 | -6.13 | 幸福蓝海 | -7.16 | | 申万行业 | 行业涨跌（%） | 成交额（亿 ...