新材料50ETF（159761）涨超2.2%，下游需求分化与国产替代成关注焦点

Core Viewpoint - The new materials sector is experiencing a positive trend, with the New Materials 50 ETF (159761) rising over 2.2% on August 11, driven by improved export demand and supply constraints in certain products like oxalic acid and formic acid [1]. Industry Summary - The basic chemical industry is currently at a low profitability level, influenced by tight supply and demand on the cost side and a more relaxed supply on the commodity side [1]. - Recent price increases in products such as oxalic acid and formic acid are attributed to rising export demand and supply reductions [1]. - The overall valuation of the industry is at a historical low, with a price-to-book (PB) ratio of 1.94 times, indicating potential for recovery as both domestic and international demand are expected to improve due to factors like the rebound in U.S. manufacturing inventories and stimulus expectations in domestic real estate [1]. Investment Opportunities - The focus within the new materials sector is on domestic substitution themes, particularly in areas such as specialty gases and electronic chemicals [1]. - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which includes listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials, reflecting the overall performance of the new materials industry [1]. - For investors without stock accounts, alternative options include the Guotai Zhongzheng New Materials Theme ETF Initiated Link A (014908) and Link C (014909) [1].