“反内卷”政策推动化工行业供给侧改革，石化ETF（159731）布局价值凸显

Group 1 - The three major indices opened higher and continued to rise during the trading session, with the China Securities Petrochemical Industry Index showing slight fluctuations after a strong opening. Key stocks such as Kaisa Bio rose over 5%, with others like Juhua Co., Lianhong New Science, and Zhongfu Shenying also experiencing gains [1] - According to Open Source Securities, the driving force behind the chemical market has shifted from demand stimulation to supply-side reform. The policy catalyst typically follows a period where the Producer Price Index (PPI) is at a bottom state. Currently, the chemical cycle has been hovering at the bottom for a long time based on historical PPI comparisons [1] - Indicators from the demand side, such as Consumer Price Index (CPI), Purchasing Managers' Index (PMI), and household leverage ratios, show limited short-term improvement. To optimize the supply-demand structure and promote high-quality development in the industry, breakthroughs may be sought from the supply side [1] Group 2 - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petrochemical Industry Index. According to the Shenwan secondary industry classification, the top three sectors in the index are refining and trading (28.79%), chemical products (22.8%), and agricultural chemicals (19.45%), which are expected to benefit significantly from policies aimed at reducing competition, restructuring, and eliminating outdated production capacity [1]