Group 1: Company Performance and Production - In 2025, the company produced 4.9 million tons of potassium chloride and 46,500 tons of lithium carbonate, with sales of 3.8143 million tons of potassium chloride and 45,600 tons of lithium carbonate, showing significant year-on-year growth [3] - The newly established integrated lithium salt project successfully commenced trial operations in September 2025, enhancing the company's position in the lithium salt industry [4][5] - The company established 459 Amoeba units and optimized 1,064 indicators, achieving a 12.09% reduction in the complete cost of lithium carbonate [3] Group 2: Technological Innovation - The company implemented ten key measures to advance technological innovation, resulting in three achievements recognized as internationally leading and four as internationally advanced [4] - The integrated lithium salt project employs cutting-edge technology, achieving a lithium recovery rate of 82.4% and reducing comprehensive energy consumption by 50.67% [5] Group 3: Strategic Acquisitions - The company announced a cash acquisition of 51% of Wenkang Salt Lake for 4.605 billion yuan, enhancing its resource reserves and production capacity [6][7] - The acquisition will integrate Wenkang Salt Lake's production capabilities, which include an annual capacity of 15,000 tons of lithium carbonate and 300,000 tons of potassium fertilizer, into the company's operations [7] Group 4: Market Outlook - The potassium fertilizer market is experiencing price fluctuations due to global supply chain issues and seasonal agricultural demand, with the company committed to stabilizing prices and ensuring supply [8] - The lithium carbonate market is witnessing price increases driven by supply-demand dynamics, with the company maintaining a competitive cost advantage in production [9] Group 5: Future Development Strategy - The company aims to achieve an annual production capacity of 10 million tons of potassium fertilizer and 200,000 tons of lithium salt by 2030, with a long-term vision to establish a comprehensive salt lake industry cluster by 2035 [12][13] - The strategic focus includes enhancing resource integration, business collaboration, and advancing towards high-end, green, and intelligent transformation in the salt lake industry [13]

锂电新周期来了？ 具体来看，龙头股盐湖股份（000792.SZ）、雅化集团（002497.SZ）业绩预增，赣锋锂业 （002460.SZ）预计实现扭亏。盐湖股份预告归母净利润82.9亿元至88.9亿元，同比大增77.78%至 90.65%，其业绩增长的核心驱动力均指向两大主要产品氯化钾和碳酸锂的价格上升。 锂盐龙头赣锋锂业预计2025年实现扭亏，归母净利润达11亿元至16.5亿元，上年同期为亏损20.74亿元。 雅化集团业绩预喜，公司预计2025年归母净利润为6亿元至6.80亿元，同比增长133.36%~164.47%。华友 钴业（603799.SH）预计实现归母净利润58.5亿元至64.5亿元，同比增长40.8%至55.24%。 2025年锂电产业链迎来业绩拐点。据第一财经记者不完全统计，28家已披露业绩预告的锂电企业中，11 家预增，6家扭亏，其余为续亏和首亏。锂盐、碳酸锂、六氟磷酸锂等关键锂电材料环节的龙头企业， 普遍在去年第四季度实现业绩环比大增，主要系核心产品价格上涨叠加新能源汽车与储能需求保持增 长。 过去几年，锂电材料行业经历了跌价去库存的周期底部，企业盈利能力大幅回暖，表明锂电周期已步入 复苏 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2]. Core Insights - In Q4 2025, the overall allocation of public funds in the chemical sector has significantly increased, indicating a bottoming out and potential investment opportunities [2]. - The top ten chemical stocks held by public funds saw a recovery in their market value share, with a notable increase in the proportion of leading blue-chip stocks, suggesting a preference for stable investments in cyclical products with price elasticity [2][12]. - The total market value of the top 30 chemical stocks held by public funds reached approximately 79.89 billion, reflecting a significant increase of about 45.23% compared to the previous quarter [24]. Summary by Sections 1. Q4 2025 Public Fund Chemical Holdings Changes - The proportion of heavy chemical stocks in overall public fund holdings increased by 0.70 percentage points to 2.37%, marking a new high for 2025 [7]. - Regional allocations also saw 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% [7]. 2. Changes in the Number of Funds Holding Chemical Stocks - The number of funds holding chemical stocks increased significantly, driven mainly by blue-chip stocks. The top three stocks with the highest increase in the number of funds were Wanhua Chemical, China National Offshore Oil Corporation (CNOOC), and Hualu Hengsheng, with increases of 119, 85, and 75 funds respectively [15][19]. 3. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 chemical stocks held by public funds increased significantly, with these stocks accounting for 84.68% of the total market value of all heavy chemical stocks, an increase of 3.34 percentage points [24]. - The leading stocks by market value included Wanhua Chemical at approximately 89.41 billion, CNOOC at 67.53 billion, and Juhua Co., Ltd. at 59.78 billion [24].

今日化工板块继续强势上涨，化工ETF天弘(159133)标的指数上涨2.47%，自去年12月17日以来累 计上涨27.93%，资金更是持续涌入化工ETF天弘(159133)，已连续20日净申购，合计净流入10.7亿元， 今日盘中继续获资金净申购1.21亿份，冲击"21连吸金"。 （责任编辑：王治强 HF013） 资金持续涌入化工ETF的背后是供给收缩、需求端回暖、以及反内卷政策的多重因素推动： 【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 ①供给端收缩：全球范围内化工产能出清加速，如欧洲石化行业关闭多套裂解装置，韩国巨头宣布 减产。 ④目前，A股共有1201家上市公司披露2025年业绩预告，有色金属、化工、半导体等行业业绩回暖 较为明显。 宝城期货指出，本轮化工板块并非短期资金炒作的结果，而是成本端企稳、供给端优化、需求端复 苏、政策端赋能四大核心因素共振，更是化工行业告别"内卷"，迈入高质量发展的拐点 ...

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

Core Viewpoint - The petrochemical sector is experiencing a positive trend, with the China Petrochemical Industry Index showing an increase, and significant inflows into the Petrochemical ETF, indicating strong investor interest and potential for growth [1][2]. Group 1: Market Performance - As of January 28, 2026, the China Petrochemical Industry Index rose by 0.54%, with key stocks like Zhejiang Longsheng hitting the daily limit up, and others such as China National Offshore Oil Corporation and Hubei Biopharma also seeing gains [1]. - The Petrochemical ETF (159731) increased by 0.39%, with a turnover rate of 4.34% during the trading session [1]. - Over the past 15 days, the Petrochemical ETF has attracted a total net inflow of 745 million yuan, reaching a record high of 1.018 billion shares and a total size of 1.045 billion yuan [1]. Group 2: Performance Metrics - The Petrochemical ETF has seen a net value increase of 62.39% over the past two years [1]. - The highest monthly return since inception was 15.86%, with the longest streak of consecutive monthly gains being 8 months and a maximum cumulative increase of 41.60% [1]. - The average monthly return during the rising months was 5.25%, and the ETF outperformed its benchmark with an annualized excess return of 2.35% over the past year [1]. Group 3: Industry Outlook - Tianfeng Securities indicates that a turning point in policy and capital expenditure is evident, with the concept of "anti-involution" suggesting improved profitability and healthier long-term development for the industry [1]. - The chemical industry is entering a strategic window, characterized by the exit of high-cost marginal capacity overseas and a restructuring of the global chemical order [1]. Group 4: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index accounted for 56.73% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical among others [2].

Group 1 - The global chemical industry is transitioning from "overcapacity" to "high-quality supply" by 2026, driven by national growth policies, marginal recovery in overseas demand, and the initiation of a restocking cycle, leading to a stabilization and rebound in the prices of basic chemicals and a significant improvement in industry profit expectations [1][3]. - The E Fund Chemical Industry ETF (516570) has become a core tool for investors to capitalize on the petrochemical industry's recovery, with the index it tracks rising by 15.10% in the past month and 51.39% over the past year as of January 26, 2026 [1][5]. - The ETF has attracted significant capital inflow, with over 180 million yuan in net inflows in the past five days and over 270 million yuan in the past twenty days [1][5]. Group 2 - The "High-Quality Development" policy framework has been established, emphasizing the control of new refining capacities and the scientific regulation of ethylene and paraxylene production, marking a shift from quantity-driven growth to quality and efficiency improvements [3][4]. - A global restocking cycle has commenced, with widespread price increases for chemical products, including a 550 yuan/ton increase for butadiene and a 100 yuan/ton increase for bisphenol A, alongside sulfur prices reaching near ten-year highs [3][4]. - Major international companies like BASF and Dow have also raised prices for MDI/TDI, indicating a strong performance in the polyurethane market, supported by increased global oil demand projected at 950,000 barrels per day for 2026 [4][5]. Group 3 - Chemical companies are expected to report positive earnings, with Salt Lake Co. forecasting a net profit of 8.29 to 8.89 billion yuan for 2025, representing a year-on-year growth of 77.78% to 90.65%, and other companies like Juhua Co. and Cangge Mining also projecting significant profit increases [5][6]. - The E Fund Chemical Industry ETF (516570) tracks the CSI Petrochemical Industry Index, with top holdings including major companies like Wanhua Chemical and China Petroleum, covering over 56% of the index, thus providing a balanced exposure to both energy security and growth in new materials [5][6]. - The ETF has a low comprehensive fee rate of 0.20% per year, making it an ideal tool for participating in the current economic upturn in the chemical sector [5][6].

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different sectors, particularly in the electric equipment and battery industries [1][2][3]. Group 1: Major Stocks with Capital Outflows - TBEA Co., Ltd. experienced a capital outflow of 1.452 billion yuan, with a decline in stock price of 4.09% [2]. - Zhejiang Wenlian reported a capital outflow of 992 million yuan, with a stock price decrease of 1.28% [2]. - Hunan Silver saw a capital outflow of 900 million yuan, with a stock price increase of 2.82% [2]. - Tongling Nonferrous Metals had a capital outflow of 873 million yuan, with a stock price increase of 2.91% [2]. - Dongfang Fortune experienced a capital outflow of 817 million yuan, with a stock price decrease of 1.63% [2]. Group 2: Additional Stocks with Notable Outflows - Leading Intelligent reported a capital outflow of 733 million yuan, with a stock price decrease of 2.7% [2]. - Tianji Co., Ltd. faced a capital outflow of 666 million yuan, with a significant stock price drop of 9.09% [2]. - Xinyi Communication had a capital outflow of 613 million yuan, with a stock price increase of 0.73% [2]. - Tianci Materials saw a capital outflow of 570 million yuan, with a stock price decrease of 5.28% [2]. - Wangsu Science & Technology experienced a capital outflow of 558 million yuan, with a stock price decrease of 3.56% [2]. Group 3: Other Companies with Capital Outflows - Longi Green Energy reported a capital outflow of 547 million yuan, with a stock price decrease of 0.93% [3]. - Dufeng Co., Ltd. faced a capital outflow of 533 million yuan, with a stock price decrease of 7.35% [3]. - China Satellite had a capital outflow of 515 million yuan, with a stock price decrease of 1.62% [3]. - Contemporary Amperex Technology experienced a capital outflow of 458 million yuan, with a stock price decrease of 0.89% [3]. - Salt Lake Potash reported a capital outflow of 437 million yuan, with a stock price decrease of 2.67% [3].

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

盐湖股份所属申万行业为：基础化工-农化制品-钾肥。所属概念板块包括：有色(镁)、PVC、特色小 镇、化肥、锂矿等。 截至9月30日，盐湖股份股东户数19.00万，较上期减少5.45%；人均流通股27844股，较上期增加 5.76%。2025年1月-9月，盐湖股份实现营业收入111.11亿元，同比增长6.34%；归母净利润45.03亿元， 同比增长43.34%。 分红方面，盐湖股份A股上市后累计派现53.06亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，盐湖股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1.60亿股，相比上期增加3400.67万股。 1月27日，盐湖股份盘中下跌2.03%，截至09:55，报35.19元/股，成交12.75亿元，换手率0.68%，总市值 1862.10亿元。 资金流向方面，主力资金净流出1.26亿元，特大单买入1.84亿元，占比14.41%，卖出2.91亿元，占比 22.83%；大单买入3.40亿元，占比26.64%，卖出3.58亿元，占比28.10%。 盐湖股份今年以来股价涨24.96%，近5个交易日涨3.29%，近20日涨21 ...