“反内卷”优化化工行业供需结构，石化ETF（159731）涨超1%

Core Viewpoint - The chemical industry is expected to face challenges such as weakening product prices and declining capacity utilization, leading to a situation where companies may experience revenue growth without profit increase or even losses. A new round of supply-side reforms is deemed necessary to improve the competitive landscape and enhance profitability in the industry [1]. Group 1: Market Performance - On August 15, the three major stock indices opened lower but rebounded, with the China Petroleum and Chemical Industry Index rising over 1.5% during the session [1]. - Leading stocks in the index included Lianhong Xinke, Xin Fengming, and Jinfat Technology [1]. - The Petrochemical ETF (159731) followed the upward trend of the index [1]. Group 2: Industry Outlook - From 2025 onwards, domestic demand is expected to stabilize and recover due to the implementation of various expansion policies [1]. - Increased competition on the supply side is anticipated to exacerbate issues related to product pricing and capacity utilization in the chemical industry [1]. - The index primarily consists of basic chemicals and petroleum and petrochemical sectors, with a combined weight exceeding 93% [1]. Group 3: Fund Composition - The top ten holdings in the index include the "Big Three" oil companies: China National Petroleum, Sinopec, and China National Offshore Oil Corporation, which together account for over 23% of the index weight [1].