截至发稿，梁国柱累计任职时间3年59天，现任基金资产总规模18.26亿元，任职期间最佳基金回报 54.46%， 任职期间最差基金回报-18.51%。 高付累计任职时间293天，现任基金资产总规模15.57亿元，任职期间最佳基金回报16.57%， 任职期间 最差基金回报16.39%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 数据显示，申万菱信基金旗下1只基金重仓恒逸石化。多策略灵活配置A（001148）三季度持有股数 1262.21万股，占基金净值比例为5.33%，位居第四大重仓股。根据测算，今日浮盈赚取约694.22万元。 多策略灵活配置A（001148）成立日期2015年3月31日，最新规模2.86亿。今年以来收益0.31%，同类排 名7820/8816；近一年收益38.38%，同类排名3023/8081；成立以来收益177.84%。 多策略灵活配置A（001148）基金经理为梁国柱、高付。 1月6日，恒逸石化涨5.29%，截至发稿，报10 ...

Market Overview - The A-share market is expected to experience a "spring rally," driven by central bank policy adjustments and significant economic data releases, with a potential upward trend in 2026[2] - The market showed a strong upward movement last week, indicating the possible start of the 2026 cross-year market rally[2] Investment Strategies - Analysts recommend focusing on growth and consumer sectors based on historical patterns and current market conditions[2] - The market's large-cap style outperformed, suggesting a transition from a liquidity-driven market to one driven by fundamentals[2] Fund Flows - A total of 28 new funds were established last week, with a combined issuance of 18.218 billion units[2] - Stock-type ETFs experienced slight outflows, primarily from TMT, financial real estate, and ChiNext theme ETFs, while broad-based ETFs saw significant inflows[2] Bond Market Insights - The total issuance of industrial bonds reached 163.31 billion yuan, a decrease of 12.44% week-on-week, accounting for 44.07% of the total credit bond issuance[2] - The REITs market saw a decline, with the weighted REITs index returning -2.74% last week, ranking lower than other major asset classes[2] Economic Data - November's economic indicators showed a further decline, with industrial production growth slowing down year-on-year, while fixed asset investment's cumulative year-on-year decline expanded[2] - The unemployment rate in the U.S. rose to 4.6% in November, attributed to government shutdown impacts, but is expected to decrease as the government reopens[2] Sector Recommendations - In the petrochemical sector, companies like CNOOC and China Oilfield Services are recommended due to their high growth potential in offshore oil and gas exploration[5] - The semiconductor materials industry is expected to expand due to increased demand for high-purity materials driven by AI computing and data center construction[5]

周期开启跨年行情 20251221 摘要 股市短期或加速上涨，科技和非银板块仍被看好，周期和消费品中的转 型机会值得关注。机构保收益和降仓位对市场冲击已基本消化，创业板 表现强劲，科技行情远未结束。 中央经济工作会议强调推动投资止跌回稳及房地产去库存，旨在应对投 资增速和外商直接投资转负的局面，预计明年 3 月将公布大型基建项目， 财政和货币政策或将做出相应调整。 2026 年市场风格预计将倾向于质量成长或基本面策略回归，科技与非 科技、权重与小市值均有机会，但防守型策略资产可能面临挑战，重点 关注科技成长和周期成长方向。 航空业未来两年投资逻辑基于油价、汇率利好及国家提振消费政策，客 座率创新高后转向票价提升，供需关系改善将推动票价和盈利上升，建 议积极布局相关标的。 油运行业基本面稳健，原油轮运价维持高位，预计四季度及全年盈利将 创十年新高。合规市场供需关系持续向好，一年期期租价格上涨反映乐 观预期，春节前后运价回落时可逆向布局。 Q&A 对未来一段时间的市场行情有何看法？ 我们对未来市场行情持乐观态度。首先，政策预期有望上修，市场交投也将更 为活跃。在长时间的横盘震荡后，我们预计指数将逐步上升，并在春节 ...

Group 1 - The core point of the article is that Rongsheng Petrochemical plans to divest its 100% stake in Rongsheng Energy (Zhoushan) to Zhejiang Rongsheng Holding Group, focusing on strategic concentration [1] - After the transaction, Rongsheng New Materials (Zhoushan) will no longer hold any equity in Rongsheng Energy (Zhoushan), and the latter will be excluded from the company's consolidated financial statements [1] - As of January to June 2025, the revenue composition of Rongsheng Petrochemical is as follows: petrochemical industry accounts for 86.73%, chemical fiber industry accounts for 7.49%, and others account for 5.79% [1] Group 2 - The market capitalization of Rongsheng Petrochemical is reported to be 96.6 billion yuan [2]

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王晓波） 2025年1至6月份，荣盛石化的营业收入构成为：石化行业占比86.73%，化纤行业占比7.49%，其他占比 5.79%。 截至发稿，荣盛石化市值为966亿元。 每经AI快讯，荣盛石化（SZ 002493，收盘价：9.67元）12月8日晚间发布公告称，公司第七届第四次董 事会会议于2025年12月8日以通讯方式召开。会议审议了《关于公司2026年年度互保额度的议案》等文 件。 ...

Core Insights - Unified Petrochemical was awarded the "ESG Pioneer Enterprise" at the "2024-2025 Annual Meeting of Respected Enterprises" hosted by Economic Observer, recognizing its solid practices in green transformation and sustainable development [1] - The event gathered over a hundred scholars, entrepreneurs, and executives to discuss how Chinese enterprises can align with national strategies and innovate to reshape business values amidst the digital economy and new productive forces [1] Group 1 - Unified Petrochemical's award highlights the importance of ESG principles in the high-quality development of modern manufacturing [1] - The company adheres to the value of "technology for good," focusing on creating products that are favored by both customers and the planet [1] - Unified Petrochemical has established a low-carbon system covering product development, supply chain, and corporate culture, including the creation of green factories and the reduction of plastic usage by 70% through alternatives like liquid bags and paper boxes [1] Group 2 - The company promotes products with carbon and water footprint certifications, achieving "zero green premium" for low-carbon products through the collaborative effects of its green low-carbon supply alliance [1] - Unified Petrochemical participates in formulating national greenhouse gas management standards and provides decarbonization solutions for several large enterprises, demonstrating a collaborative effect in the industry chain for carbon reduction [1] - The company's ESG layout contributes a "Unified Solution" for the industry's green transformation, successfully achieving a win-win development of economic benefits and social value [1]

Core Viewpoint - Hengyi Petrochemical's stock rose by 5.1% to 7.63 CNY per share, with a trading volume of 186 million CNY and a market capitalization of 27.488 billion CNY as of November 17 [1] Group 1: Company Overview - Hengyi Petrochemical Co., Ltd. is located in Xiaoshan District, Hangzhou, Zhejiang Province, and was established on August 13, 1996, with its listing date on March 28, 1997 [1] - The company's main business includes investments in the petrochemical industry, non-ferrous metals, building materials, and electromechanical products, as well as freight forwarding and related import-export activities [1] - The revenue composition of Hengyi Petrochemical is as follows: polyester yarn (45.28%), refined oil products (24.58%), chemical products (9.93%), supply chain services (7.17%), chips (6.27%), PTA (5.36%), and PIA (1.41%) [1] Group 2: Fund Holdings - According to data, one fund under Shenwan Hongyuan holds a significant position in Hengyi Petrochemical, with Multi-Strategy Flexible Allocation A (001148) holding 12.6221 million shares, accounting for 5.33% of the fund's net value, making it the fourth-largest holding [2] - The fund has realized a floating profit of approximately 4.6702 million CNY as of the report date [2] - Multi-Strategy Flexible Allocation A (001148) was established on March 31, 2015, with a current scale of 286 million CNY, and has achieved a year-to-date return of 37.02%, ranking 2055 out of 8213 in its category [2]

Core Viewpoint - The article emphasizes the importance of in-depth research in the metal and materials sector, highlighting the expertise and recognition of analysts in this field [2][3]. Group 1: Analyst Credentials - The lead analyst, Li Pengfei, has a strong academic background with a Master's in Finance from Peking University and dual Master's degrees in Economics from The Chinese University of Hong Kong, along with 9 years of experience in metal and materials research [3]. - Li Pengfei has received multiple accolades, including being ranked third in the 2024 New Fortune Best Analyst and fifth in 2023, showcasing a consistent track record of excellence in the industry [3]. Group 2: Research Focus - The company is dedicated to long-term, continuous, and effective deep research in metals, indicating a commitment to providing comprehensive insights into market trends and opportunities [3].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The report indicates that although recent cost increases and macro - economic warming have pushed PP to rebound, PP lacks its own upward momentum. Considering factors such as supply, demand, and macro - policies, it is expected that PP will experience a weak and volatile trend [1]. Details from Different Sections Market Analysis - PP downstream开工率 increased by 0.52 percentage points to 52.37%, remaining at a relatively low level compared to the same period in previous years. The plastic weaving开工率 rose by 0.14 percentage points to 44.4%, with slightly more orders but still slightly lower than last year [1]. - On October 27, some overhauled devices like the second line of Yulong Petrochemical restarted, causing the PP企业开工率 to rise to around 81%, a moderately low level, and the production ratio of standard drawstring products increased to about 30% [1][4]. - Petrochemical inventories are currently at a neutral level compared to the same period in recent years. The cost of raw materials, with factors such as US sanctions on Russian oil companies and military confrontations, led to a significant rebound in crude oil prices from a low level [1]. - A new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of overhauled devices has recently decreased. The peak season demand is lower than expected, and there is a lack of large - scale centralized procurement in the market [1]. - The mutual collection of special port fees for ships by China and the US has increased concerns about economic growth. There are no practical anti - involution policies in the PP industry yet, but such policies and the elimination of old devices to address over - capacity will affect future market trends [1]. Futures and Spot Market - In the futures market, the PP2601 contract decreased by 0.37% with increased positions, closing at 6657 yuan/ton, below the 20 - day moving average, and the position increased by 2998 lots to 611,345 lots [2]. - In the spot market, most PP spot prices in various regions declined, with drawstring products priced at 6390 - 6630 yuan/ton [3]. Fundamental Tracking - On the supply side, on October 27, the restart of overhauled devices like the second line of Yulong Petrochemical led to the PP企业开工率 rising to around 81%, a moderately low level [4]. - On the demand side, as of the week ending October 24, the PP downstream开工率 increased by 0.52 percentage points to 52.37%, remaining at a relatively low level compared to the same period in previous years [4]. - Petrochemical inventories decreased by 30,000 tons to 720,000 tons on Tuesday, 35,000 tons lower than the same period last year, currently at a neutral level compared to the same period in recent years [4]. Raw Material End The Brent crude oil 01 contract dropped to $64 per barrel, and the CFR propylene price in China remained unchanged at $760 per ton [6].

Core Insights - In September, China's total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [1] - From January to September, total electricity consumption accumulated to 7,767.5 billion kWh, with a year-on-year growth of 4.6% [1] - The third quarter saw significant growth in electricity consumption, with a total of 2.9 trillion kWh, marking a new phase in energy consumption scale for China's economic development [1] Group 1: Electricity Consumption by Sector - In September, the first industry consumed 12.9 billion kWh, up 7.3% year-on-year; the second industry consumed 5,705 billion kWh, up 5.7%; the third industry consumed 1,765 billion kWh, up 6.3%; while urban and rural residential electricity consumption fell by 2.6% to 128.7 billion kWh [1] - The second industry's electricity consumption for the first three quarters was 4.91 trillion kWh, a year-on-year increase of 3.4%, with a notable recovery in the third quarter, growing by 5.1% [2] - The manufacturing sector's electricity consumption in the third quarter increased by 5.2%, with 17 provinces reporting growth rates exceeding 5% [2] Group 2: Growth Drivers - The growth in the second industry's electricity consumption was driven by a series of government policies aimed at stabilizing growth, particularly in sectors like electronics, automotive, and steel [2] - High-tech and equipment manufacturing sectors saw a significant increase in electricity consumption, with a 9.5% year-on-year growth in the third quarter, surpassing the average growth rate of the manufacturing sector [3] - The third industry's electricity consumption grew by 8.3% in the third quarter, supported by rapid development in new energy vehicles and infrastructure [4] Group 3: Residential Electricity Consumption - The average temperature in the third quarter was historically high, leading to a record residential electricity consumption exceeding 500 billion kWh [5] - Residential electricity consumption for the first three quarters increased by 5.6%, with a 6.4% increase in the third quarter [5] - Several provinces, including Tibet and Ningxia, reported residential electricity consumption growth exceeding 10% due to higher average temperatures [5]