材料ETF(159944)

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“反内卷”政策导向下产业转型升级进程或将提速,材料ETF(159944)连续5日上涨,跟踪标的“反内卷”含量超90%
Xin Lang Cai Jing· 2025-09-30 05:13
Core Insights - The Ministry of Industry and Information Technology and six other departments have jointly released the "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)", emphasizing strict control over new refining capacity and supporting projects that reduce oil dependency and upgrade old facilities [1] - The industrial sector has seen a significant rebound in revenue and profits in August, primarily due to a low base effect, with upstream profit growth slowing and midstream and downstream sectors growing over 25% year-on-year [1] - The cobalt export quota system implemented by the Democratic Republic of the Congo raises concerns about potential raw material shortages, with export quotas set at 18,000 tons for late 2025 and 96,600 tons annually for 2026-2027, indicating a shift from surplus to potential shortage in cobalt resources [2] Industry Summary - The petrochemical industry is expected to undergo structural optimization, with the elimination of outdated capacity and accelerated industrial transformation, creating opportunities for companies with technological advantages and extended supply chains [1] - The equipment manufacturing and raw materials sectors have shown significant profit growth, while the beverage and alcohol sectors have also improved due to short-term demand fluctuations [2] - The market for cobalt is likely to maintain high prices in the medium to long term due to the new export quota system and increased demand from downstream sectors during the peak consumption season [2] ETF Market Insights - As of September 30, 2025, the CSI All Materials Index rose by 1.52%, with the Materials ETF (159944) increasing by 2.06%, marking five consecutive days of gains [3] - The top ten weighted stocks in the index account for 30%, with notable increases in companies like Huayou Cobalt and Luoyang Molybdenum [3] - The current price-to-book ratio of the index is 2.09, lower than other similar indices, aligning with the strategy of investing in undervalued cyclical industries [3]
有色金属行业稳增长方案出炉!材料ETF(159944)收涨近3%,价格创年内新高,实现4连阳
Xin Lang Cai Jing· 2025-09-29 08:06
该基金紧密跟踪中证全指原材料指数,旨在反映A股市场原材料行业代表性公司的整体表现。中证全指 原材料指数精准聚焦"反内卷"赛道,覆盖有色金属、基础化工、钢铁、建材等7个核心板块,"反内 卷"含量超90%。前十大权重股包括紫金矿业、万华化学等各细分行业龙头。指数样本每半年调整一 次,采用自由流通市值加权,为投资者提供了跟踪原材料板块的投资工具。 截至9月26日,该指数当前市净率仅为2.04倍,低于中证细分化工产业主题指数、中证申万有色金属指 数等其他同类指数,契合周期行业"买在低估值"的逻辑。 信达证券分析指出,第一,"反内卷"有望推动产能过剩下行拐点出现;第二,随着产能过剩化解进程加 快,PPI也有望迎来上行拐点。不过需要注意的是,"反内卷"过程中可能出现制造业增长动能阶段性衰 减的情况,要同时实现稳增长目标,还需同步配套需求侧政策工具。若能辅以有效的扩大需求举措,本 轮"反内卷"政策的持续落地有望为资本市场带来牛市支撑。 华泰证券研报称,PPI同比及工业企业利润有望延续修复态势。今年8月工业企业盈利同比较7月的-1.5% 大幅上行至20.4%,或主要受到去年同期低基数的提振,其中营收同比增速较7月的1.1%温 ...