截至2026年1月30日 11:20，中证细分化工产业主题指数下跌2.55%。成分股方面涨跌互现，恩捷股份领 涨4.25%，瑞丰新材上涨0.34%，宝丰能源上涨0.25%；华峰化学领跌，和邦生物、藏格矿业跟跌。 长期以来，传统化工行业因无序扩产导致产能严重过剩，成为压制盈利的核心症结。2025–2026年，供 给端迎来根本性变革：国家出台《石化化工行业稳增长工作方案（2025—2026年）》，明确遏制盲目投 资、推动落后产能有序退出，各地配套政策同步落地。在此引导下，行业自发开启"反内卷"模式——企 业主动安排装置检修、收缩低效产能。 数据显示，截至2025年12月31日，中证细分化工产业主题指数前十大权重股分别为万华化学、盐湖股 份、藏格矿业、天赐材料、巨化股份、恒力石化、华鲁恒升、宝丰能源、云天化、金发科技，前十大权 重股合计占比45.31%。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业主题指数，聚焦行业"反内卷"背景下新一轮景气周 期。 场外投资者还可以通过化工ETF联接基金(013527)关注化工板块投资机遇。 国海证券指出，展望2026年，中国化工行业推行反内卷，化工有望迎来景气上行周期 ...

Investment Rating - The industry maintains a "positive" rating [2] Core Insights - In Q4 2025, the overall allocation of public funds in the chemical sector increased significantly, indicating a focus on bottom-fishing opportunities as the sector approaches a turning point [2][5] - The top ten heavy-holding stocks in the chemical sector saw a recovery in their market value share, with an emphasis on blue-chip stocks and cyclical products with price elasticity [2][10] - The total market value of the top 30 heavy-holding chemical stocks reached approximately 79.89 billion, reflecting a significant increase of about 45.23% quarter-on-quarter [21] Summary by Sections 1. Changes in Chemical Public Fund Holdings in Q4 2025 - The proportion of heavy-holding chemical stocks in public funds increased by 0.70 percentage points to 2.37%, marking a new high for 2025 [5] - Regional allocations showed increases, with East China rising by 0.63 percentage points to 2.33%, South China by 0.96 percentage points to 3.02%, and North China by 0.44 percentage points to 1.44% [5] 2. Total Market Value and Concentration of Chemical Holdings in Q4 2025 - The total market value of the top 30 heavy-holding chemical stocks increased significantly, with these stocks accounting for 84.68% of the total market value of all heavy-holding chemical stocks, up by 3.34 percentage points [21] - The top three heavy-holding stocks were Wanhua Chemical, China National Offshore Oil Corporation, and Juhua Co., with respective holdings of approximately 0.10%, 0.07%, and 0.07% [10][21]