化工ETF(159870)冲击4连涨，盘中净申购2.47亿份

Group 1 - The core viewpoint indicates that the chemical industry is expected to stabilize and rebound in the second half of 2025, following a prolonged downtrend and a recent narrowing of the Producer Price Index (PPI) decline [1][3] - The PPI for July showed a month-on-month decline of 0.2% and a year-on-year decrease of 3.6%, with signs of a narrowing decline in upstream industries [1][3] - The chemical sector has experienced a three-year down cycle, with PPI in continuous deflation for 33 months, nearing the end of a historical deflation cycle [3] Group 2 - The chemical ETF closely tracks the CSI Sub-Industry Chemical Theme Index, which consists of large-cap, liquid listed companies from various sub-industries [3] - As of July 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index accounted for 43.54% of the index, with major companies including Wanhua Chemical and Yilong Co [3] - The industry fixed asset investment turned negative in May 2025, signaling the end of the capacity expansion cycle, historically leading to price increases within 6-12 months [3]