NewTimeSpace News:On the news front, the coal-to-chemical sector has emerged as a top performer recently, driven by an unexpected supply contraction in Indonesia. In January 2026, the country's coal output fell nearly 30% year-on-year, hitting the lowest level since early 2022. Exports have declined in tandem, with shipments to China plunging 36.1% month-on-month. Against this backdrop, Boshi Central SOE Dividend ETF (03437.HK) advanced over 0.5%, bucking broader market weakness.

According to Hong Kong Exchanges and Clearing (HKEX) data, Boshi Central SOE Dividend ETF (03437.HK) tracks theCSI CNI-SINOSURE Stock Connect Central SOE Dividend Index. Customized by China Reform Holdings Corporation Ltd. and compiled by China Securities Index Co., Ltd., the index was launched on September 13, 2023. It represents the first Stock Connect-listed index featuring the dual themes of "Central SOE plus Dividend," and is also the first cross-border index supporting tri-currency pricing in HKD, RMB, and USD.

Since its inception, the index has delivered cumulative returns outperforming the Hang Seng Index by 20 percentage points, with smaller drawdowns during down-market years, serving as a classic "dividend shock absorber." The top three sectors by weight are Oil & Petrochemicals (33.9%), Telecommunications (21.7%), and Coal (14.3%), collectively accounting for over 70% of the index. Additionally, the index covers lifeline sectors of the national economy including utilities, construction and decoration, transportation, and pharmaceuticals.

Recently, as Middle East conflicts have intensified, Iran has moved to block the Strait of Hormuz, completely igniting energy market sentiment and strengthening substitution effects toward alternative energy sources. On March 12, Mojtaba Khamenei, Iran's new Supreme Leader, stated in his first address via national television that Iran will continue to employ strategic measures including the blockade of the Strait of Hormuz, and will open new fronts when necessary.

According to calculations by Changjiang Securities, a prolonged closure of the Strait of Hormuz could increase global coal demand for power generation by 84.86 million tons annually. If China's coal-to-chemical facilities operate at full capacity, this single factor alone would drive domestic coal consumption by nearly 50 million tons.

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