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。 此外，中国将全面实施碳排放总量和强度双控制度，标志着绿色低碳发展进入制度化推进新阶段。中邮 证券指出，这一政策将加速高耗能、高排放化工子行业落后产能出清，推动行业集中度提升与技术升 级；叠加"十五五"期间新能源装机大规模扩张对上游化工材料（如电子特气、氟化工、高端膜材料）的 结构性拉动，基础化工板块正迎来景气度与估值逻辑的双重重塑。 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%。 2026年1月29日早盘，化工原料板块盘中震荡，截至11:11，中证细分化工产业主题指数下跌0.48%。成 分股方面涨跌互现，三棵树领涨5.07%，浙江龙盛上涨3.66%，瑞丰新材上涨2.44%；和邦生物领跌，兴 发集团、巨化股份跟跌。 上周基础化工行业指数上涨7.29%，大幅跑赢沪深300指数7.91个百分点，24个申万三级子行业中24个收 涨。中邮证券认为 ...

Core Insights - The construction of the Shanghai-Hangzhou high-speed railway is set to transform Jinshan and Fengxian from the outskirts of Shanghai into key nodes in the Yangtze River Delta region, enhancing their attractiveness and competitiveness [2][3] - The high-speed railway will significantly reduce travel time, making Jinshan a central node in a one-hour urban circle, facilitating easier access to both Shanghai and Hangzhou [7][12] Group 1: Infrastructure Development - The Shanghai-Hangzhou high-speed railway, with a planned speed of 350 km/h, will connect Shanghai East Station to Hangzhou West Station in approximately 40 minutes, with completion expected by the end of 2029 [4] - The railway's route has been optimized to include key areas such as Shanghai East Station, Fengxian, Jinshan, and Jiaxing, ultimately linking the northern shore of Hangzhou Bay [4][10] Group 2: Economic Opportunities - The high-speed railway is anticipated to stimulate the potential value of suburban areas in South Shanghai, particularly in Jinshan and Fengxian, by enhancing talent mobility, resource flow, and industrial collaboration [8] - Jinshan's chemical industry is transitioning towards becoming a hub for energy and new materials, with the high-speed railway expected to improve logistics efficiency and reduce costs for special chemical products [8][9] Group 3: Industry Collaboration - The biopharmaceutical sector in Jinshan aims to establish a collaborative development corridor, leveraging the high-speed railway for efficient transportation of samples and clinical communication with Shanghai and Hangzhou [9] - The arrival of major companies and projects in Jinshan, such as Lexus and Lego Land, indicates a growing interest from investors in the region's potential, driven by improved connectivity [9] Group 4: Urban Integration - The development of the high-speed railway is part of a broader strategy to integrate urban and rural areas, blurring the lines between them and fostering a more cohesive economic environment in South Shanghai [12] - The transformation of Jinshan and Fengxian into nodes within the "Greater Bay Area" will enhance their individual functions and values, contributing to a more dynamic economic landscape [12]

Core Viewpoint - The China Petroleum and Chemical Industry Index experienced a rise of approximately 1.2% on October 27, with most constituent stocks increasing, indicating a positive trend in the petrochemical sector [1]. Group 1: Market Performance - The index saw significant gains, with Tongcheng New Materials leading the rise by over 6%, followed by companies like Kaisa Bio, Salt Lake Co., and Zhongfu Shenying [1]. - The Petrochemical ETF (159731) followed the upward trend of the index, highlighting the value in this sector [1]. Group 2: Industry Developments - According to Everbright Securities, leading petrochemical companies in China, such as China National Petroleum, Sinopec, and Hengli Petrochemical, are making substantial advancements in new materials research and development, particularly in areas like metallocene polyethylene, carbon fiber, and high-end membrane materials [1]. - The ongoing policy support for the transformation of the petrochemical industry towards high-end materials is expected to deepen the new materials transition for leading companies, enhancing their competitive edge in the industry [1]. Group 3: ETF and Sector Composition - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Petroleum and Chemical Industry Index, with the basic chemical industry accounting for 61.93% and the oil and petrochemical industry for 30.84% of the sector distribution [1]. - The top ten weighted stocks in the index include Wanhua Chemical, China National Petroleum, Salt Lake Co., Sinopec, CNOOC, Juhua Co., Zangge Mining, Jinhai Technology, Hualu Hengsheng, and Baofeng Energy, collectively representing 55.12% of the index [1].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry [5] Core Viewpoints - The "Petrochemical Industry Steady Growth Work Plan" has been released, aiming to promote technological innovation and transformation upgrades in the industry [1] - The plan addresses challenges such as intensified competition in the basic organic raw material market, insufficient supply of high-end fine chemicals, slowing domestic demand growth, and increasing external uncertainties [1] - Key measures include strengthening industrial technological innovation, expanding effective investment, stimulating market demand, fostering high-quality growth engines, and enhancing international cooperation [1][2] - The report emphasizes that industry leaders are expected to benefit from the transformation and upgrading efforts, with a focus on controlling new refining capacity and supporting the renovation of outdated facilities [3] Summary by Sections Section 1: Industry Growth and Transformation - The plan supports the development of key industries such as integrated circuits, new energy, and medical equipment, focusing on high-end chemical products [2] - Major breakthroughs have been achieved by leading companies like China National Petroleum Corporation and Sinopec in areas such as metallocene polyethylene and carbon fiber [2] Section 2: Industry Stability and Leader Benefits - The report highlights that the petrochemical industry is expected to achieve stable growth through transformation, with industry leaders likely to benefit from controlled capacity additions and accelerated upgrades of outdated facilities [3] - The plan aims to prevent overcapacity risks in the coal-to-methanol sector while promoting the modernization of coal chemical projects [3] Section 3: Investment Recommendations - The report suggests a positive outlook for major oil companies and oil service sectors, recommending attention to companies like China National Petroleum Corporation, Sinopec, and CNOOC [4] - It also highlights the potential for improved profitability in refining, coal chemical, and ethylene sectors [4]

Core Insights - The Asian Refining and Chemical Technology Conference highlighted the transformation of the refining industry towards "reducing oil and increasing chemicals," "reducing oil and increasing specialties," and "reducing oil and increasing materials" to address structural challenges and promote green low-carbon development [1][3] Group 1: Industry Challenges and Transformations - China's petrochemical and chemical industry ranks first globally in total output value, with refining, ethylene, and polyethylene capacities also leading the world [1] - The refining industry faces a significant structural contradiction characterized by an oversupply of low-end products and a shortage of high-end products, with a projected refining operating rate below 80% in 2024 [1][2] - The industry aims to increase the production ratio of chemical products, high-value specialty oils, and advanced materials through innovative technologies such as catalytic cracking and transformative cracking [1][2] Group 2: Green Low-Carbon Development - The refining industry must accelerate its green low-carbon transition, which presents both challenges and opportunities, including upgrading facilities and phasing out outdated capacities [3][4] - Key strategies for achieving green low-carbon goals include transitioning to renewable energy, optimizing resource utilization, and enhancing process efficiency through new technologies [4][3] - The utilization of non-food biomass resources, with a potential annual total exceeding 3.5 billion tons, could significantly reduce reliance on food crops if the utilization rate of straw is increased to 50% [4] Group 3: Technological Innovations - The integration of advanced technologies such as computational fluid dynamics (CFD) and artificial intelligence (AI) is essential for achieving low-carbon smart refining [5][6] - The development of molecular refining strategies allows for the optimization of processing and product properties at the molecular level, enhancing the value of each molecule produced [5][6] - Flexible refining processes that adapt to market demands can significantly improve cost efficiency and product value, enabling the production of low-carbon olefins and aromatics [6]