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60.02%，石油石化行业占比为32.43%。行业新一轮景气周期开启，下游 化工品的利润修复改善在望。 每日经济新闻 西南证券认为，全球视角来看，化工行业已经处于新一轮景气周期的起点。我国化工企业在过去几年从 做大到做强，具备了更为坚实的利润基础和更为可观的利润弹性。 截至2月27日10点整，石化ETF（159731）涨0.84%，持仓股万华化学、恒力石化、光威复材涨幅居前。 从资金净流入方面来看，石化ETF（159731）近20个交易日资金净流入总计10.95亿元。石化ETF最新份 额达17.52亿份，最新规模18.74亿元。 春节假期期间，国际油价高涨，拉动聚酯链上的各产品开年首日普涨。业内人士分析，2026年，包括聚 酯在内的化工行业整体将运行在"反内卷"的逻辑当中，以价换量的模式已逐渐淡出历史舞台，涤纶长丝 在26年将很难出现低于成本价的情况。叠加现阶段并不太平的世界局势，预计26年的聚酯将呈现出一个 偏强的态势。 ...

【市场复盘】 截至2026年2月24日15：00，中证石化产业指数（H11057）涨4.10%，成分股和邦生物上涨10.08%，兴 发集团上涨10.01%，云天化上涨10.01%，川发龙蟒上涨10.00%，中国海油上涨8.23%。石化ETF （159731）涨4.14%，最新价报1.06元。流动性方面，石化ETF盘中换手9.16%；资金流入方面，石化 ETF近20个交易日内合计"吸金"12.39亿元。 【热点要闻】 1. 上一交易日，INE主力原油期货收涨28.70元/桶，涨幅6.18%，报493.30元/桶；相关成品油主力期货高 硫燃料油收涨79.00元/吨，涨幅2.76%，报 2942.00元/吨；低硫燃料油收涨192.00元/吨，涨幅5.84%，报 3478.00元/吨。 2. 上一交易日，合成橡胶主力收涨3.74%，山东主流价格上调至13300元/吨，基差持稳。节后合成橡胶 在原料高位托底以及需求边际修复的驱动下或表现震荡偏强，核心逻辑在于丁二烯成本传导和轮胎复工 分化。 3. 上一交易日，PTA2605主力合约上涨，涨幅2.88%。供应端方面，CCF数据显示，2月英力士125万 吨、新材料360万吨 ...

Group 1 - The Shanghai Composite Index experienced a seven-day rise, but trading volume continued to shrink, leading to a significant "seesaw" effect in capital allocation and accelerated sector rotation [1] - Ahead of the Spring Festival holiday, funds are divided into two camps: one showing cautious sentiment favoring dividend and free cash flow ETFs, while the other is positioning for a rebound after the holiday [1] - Major ETFs that received significant net subscriptions from external funds include the ChiNext ETF and the CSI 1000 ETF, with industry-specific ETFs like satellite, robotics, AI, semiconductor equipment, and chemical ETFs also seeing strong inflows [1] Group 2 - According to Wang Bo from Huaxia Fund, the reduction in trading volume before the holiday is normal, and there is a general optimistic expectation for the February market, although a short-term recovery in market sentiment will take time [2] - The investment strategy suggested includes maintaining a balanced allocation across technology, cyclical, and consumer sectors through broad-based ETFs like the Hu-Shen 300 ETF [2] - The recent increase in January PPI by 0.4% month-on-month has catalyzed price increases in the chemical sector, while positive developments in robotics and AI models are also emerging [1][2]

Group 1: Report Overview - The report is a weekly strategy report on industry rotation TF from February 2, 2026, to February 8, 2026, released on February 9, 2026 [1][2] - The strategy is based on two previous reports and constructs an ETF - based strategy portfolio [2] Group 2: Investment Recommendations Current Holdings and Changes - ETFs to be continued to hold include Building Materials ETF (159745, market value 21.67 billion yuan), Real Estate ETF (159707, market value 6.40 billion yuan), Petrochemical ETF (159731, market value 17.46 billion yuan), Chemical ETF (159870, market value 340.36 billion yuan), and Rare Metals ETF (562800, market value 62.40 billion yuan) [3] - ETFs to be newly added or adjusted to hold include Tourism ETF (159766, market value 91.07 billion yuan), Wine ETF (512690, market value 192.66 billion yuan), Traditional Chinese Medicine ETF (560080, market value 26.52 billion yuan), New Energy Vehicle ETF (515700, market value 19.75 billion yuan), and Agricultural ETF Harvest (516550, market value 2.03 billion yuan) [3] - ETFs to be removed from the portfolio include Non - Ferrous Metals ETF (512400, market value 352.52 billion yuan), Gold Stocks ETF (517520, market value 151.34 billion yuan), Grain ETF (159698, market value 4.66 billion yuan), Securities and Insurance ETF E Fund (512070, market value 201.73 billion yuan), and Agricultural ETF (159825, market value 26.26 billion yuan) [11] Sector Recommendations - The model recommends allocating to sectors such as cement, real estate development, and airport aviation in the week of February 9, 2026 [12] - In the next week, the strategy will newly hold Game ETF, Wine ETF, Traditional Chinese Medicine ETF, and New Energy Vehicle ETF, and continue to hold Building Materials ETF, Real Estate ETF, and Petrochemical ETF [12] Group 3: Performance Tracking - From February 2 to February 6, 2026, the cumulative net return of the strategy was approximately - 3.85%, and the excess return relative to the CSI 300 ETF was approximately - 2.53% [3] - From October 14, 2024, to February 6, 2026, the out - of - sample cumulative return of the strategy was approximately 38.45%, and the cumulative excess return relative to the CSI 300 ETF was approximately 15.41% [3]

华鑫证券认为，在国际油价下跌的背景下，继续看好具有最高资产质量和高股息率特征的三桶油。其中 中国石化的化工品产出最多，深度受益油价下行带来的原材料成本下降。此外，一系列民营大炼化公司 因其较高的化工品收率和生产效率，也会在本轮油价下行行情中获益，建议关注荣盛石化、恒力石化 石化ETF紧密跟踪中证石化产业指数，截至2026年1月30日，中证石化产业指数(H11057)前十大权重股 分别为万华化学、中国石油、盐湖股份、中国石化、中国海油、藏格矿业、华鲁恒升、恒力石化、巨化 股份、宝丰能源，前十大权重股合计占比55.71%。（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)。 截至2026年2月6日10:19，中证石化产业指数(H11057)强势上涨2.33%，成分股浙江龙盛上涨7.39%，华 峰化学上涨5.68%，荣盛石化上涨5.22%，万华化学，鲁西化工等个股跟涨。石化ETF(159731)上涨 2.32%，最新价报1.01元。流动性方面，石化ETF盘中换手4.52%。拉长 ...

Core Viewpoint - The petrochemical industry is experiencing mixed performance, with the China Petrochemical Industry Index showing a slight decline, while certain stocks within the sector are performing well, indicating potential investment opportunities and market volatility [1][2]. Group 1: Market Performance - As of February 5, 2026, the China Petrochemical Industry Index (H11057) decreased by 0.39%, with stocks like Sankeshu, Guangdong Hongda, and Huafeng Chemical leading the gains, while Lianhong Xinke, Cangge Mining, and Salt Lake Co. led the declines [1]. - The Petrochemical ETF (159731) fell by 0.50%, with the latest price at 1 yuan, and had an average daily trading volume of 314 million yuan over the past week [1]. Group 2: Fund Flows - The Petrochemical ETF attracted a total of 611 million yuan over the last five trading days, averaging a net inflow of 122 million yuan per day [2]. - Over the past month, the ETF's scale increased by 1.46 billion yuan, indicating significant growth [2]. Group 3: Price Trends - In January 2026, international oil prices saw substantial increases, with WTI crude oil rising by 13.57% to $65.21 per barrel and Brent crude oil increasing by 16.17% to $70.69 per barrel [2]. - Among 319 tracked products, 207 experienced price increases, with notable rises in liquid chlorine, lithium hydroxide, acetonitrile, lithium carbonate, and butadiene, which saw increases of 71.43%, 44.10%, 32.86%, 25.58%, and 25.31% respectively [2]. - Conversely, 69 products declined in price, with the largest decreases in hydrogen peroxide, nitric acid, caustic soda, kerosene, and argon, which fell by 18.40%, 16.71%, 13.94%, 8.73%, and 8.33% respectively [2]. - Overall, the prices of basic chemical products are beginning to show signs of recovery [2]. Group 4: ETF Performance Metrics - As of February 4, 2026, the Petrochemical ETF's net value has increased by 69.98% over the past two years [2]. - The ETF's Sharpe ratio for the past year, as of January 30, 2026, is 2.52, indicating strong risk-adjusted returns [2]. - The tracking error of the ETF over the past two months is 0.006%, the highest tracking precision among comparable funds [2]. Group 5: Index Composition - The Petrochemical ETF closely tracks the China Petrochemical Industry Index, with the top ten weighted stocks as of January 30, 2026, including Wanhua Chemical, China Petroleum, Salt Lake Co., Sinopec, CNOOC, Cangge Mining, Hualu Hengsheng, Hengli Petrochemical, Juhua Co., and Baofeng Energy, collectively accounting for 55.71% of the index [3].

Group 1 - The core viewpoint of the article indicates that the A-share market is experiencing a rebound after a decline, with various ETFs showing increases and net inflows, suggesting a positive outlook for the continuation of the upward trend in related indices [1] - The CSI 300 ETF (510330.SH) rose by 1.10% on February 3, with a net inflow of 594 million yuan, reversing a significant outflow trend since January 16, and currently has a total scale of 94 billion yuan [1] - The Food and Beverage ETF (515170.SH) increased by 0.73% on February 3, with a net inflow of 26 million yuan, bringing its total scale to 5.7 billion yuan [1] Group 2 - Other ETFs that experienced gains and net inflows on the same day include the Sci-Tech 50 ETF, ChiNext ETF, CSI 1000 ETF, AI ETF, Chip ETF, and Petrochemical ETF [1] - According to a strategy analyst from CICC, the A-share market is expected to undergo short-term fluctuations due to rapid previous gains and the upcoming Spring Festival, but the medium-term factors supporting market performance remain unchanged, indicating conditions for a slow bull market [1] - The current market favors large-cap growth styles, with an increasing number of low-position rebound opportunities emerging [1]

从资金净流入方面来看，石化ETF近19天获得连续资金净流入，最高单日获得3.48亿元净流入，合计"吸 金"14.13亿元。 截至2026年2月3日15:00，中证石化产业指数(H11057)强势上涨2.89%，成分股藏格矿业上涨6.76%，华 鲁恒升上涨6.17%，光威复材上涨5.94%，亚钾国际，浙江龙盛等个股跟涨。石化ETF(159731)上涨 2.87%，最新价报1元。拉长时间看，截至2026年2月2日，石化ETF近1月累计上涨6.21%。 流动性方面，石化ETF盘中换手12.19%，成交2亿元，市场交投活跃。拉长时间看，截至2月3日，石化 ETF近1周日均成交3.29亿元。 规模方面，石化ETF近3月规模增长14.65亿元，实现显著增长。 份额方面，石化ETF最新份额达16.56亿份，创近1年新高。 从收益能力看，截至2026年2月2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9 个月，最长连涨涨幅为60.75%，上涨月份平均收益率为5.59%。 石化ETF紧密跟踪中证石化产业指数，截至2026年1月30日，中证石化产业指数前十大权重股分别为万 华化学、中国石油、盐湖股份、中国 ...

石化ETF（159731）及其联接基金（017855/017856）跟踪中证石化产业指数，聚焦"大能源"安全逻辑。 不仅能分享下游化工品的利润修复，此外通过高配"三桶油"等炼化龙头，锁定能源上游资源价值，在油 价上行周期具备更强的业绩韧性。 【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 截至2月3日13：26，石化ETF（159731）涨2.05%，持仓股浙江龙盛、光威复材、亚钾国际涨幅居前。 从资金净流入方面来看，石化ETF前一交易日获得资金净流入0.62亿元，连续19个交易日获得资金净流 入，累计"吸金"14.13亿元。石化ETF最新份额达16.56亿份，创成立以来新高，最新规模16.16亿元。 消息面上，美国库欣原油库存已降至2478.5万桶，环比下降 1.11%，库存水平逼近警戒线；与此同时， 美国原油日均产量环比减少3.6万桶，降至1369.6万桶。受美国冬季风暴影响，产区短期减产幅度最高约 ...

石化ETF（159731）及其联接基金（017855/017856）跟踪中证石化产业指数，聚焦"大能源"安全逻 辑。不仅能分享下游化工品的利润修复，此外通过高配"三桶油"等炼化龙头，锁定能源上游资源价值， 在油价上行周期具备更强的业绩韧性。 2月3日午后，中证石化产业指数延续上行趋势，成分股涨多跌少，浙江龙盛、光威复材、和邦生物等领 涨。相关ETF方面，同标的指数规模最大的石化ETF（159731）获资金逢低布局，连续19个交易日合 计"吸金"14.13亿元，最新份额达16.56亿份，最新规模16.16亿元。 25年12月以来美国政府相继加大对俄罗斯、委内瑞拉和伊朗等产油国的限制力度，原油供应端也开始出 现实质性受损，OPEC+提供的增产缓冲也有所退坡。上周伊朗地缘局势继续发酵，布伦特油价上涨重 回70美元/桶附近。尽管油价出现近5%回调，但整体产能过剩或在下半年迎来更实质性地改善，将有望 为油价提供边际成本指引和中枢上移机会。 东方财富证券认为，2026年，石油化工行业面临宏观油价博弈与国内产业深刻变革的双重背景。一方 面，原油市场在供需基本面趋弱与地缘风险事件的拉锯下宽幅震荡；另一方面，国内产业在"十五五 ...