ETF持续吸金，化工板块靠何反弹？

Core Insights - The chemical ETF has seen significant inflows, with a share increase of over 11.5 billion units from August 1 to August 28, leading all stock ETFs in this regard [1][2] - Despite attracting substantial capital, the year-to-date performance of the chemical ETF is not outstanding, with the highest increase being over 20%, lagging behind technology-focused ETFs [1][2] - Factors contributing to the inflow include supportive policies, improved supply-demand dynamics, and relatively low valuations in the chemical sector [4] Fund Inflows and Performance - As of August 29, the basic chemical index rose by 0.68%, with some individual stocks showing strong gains, leading to a rise of over 1.5% in several chemical ETFs [2] - The basic chemical index has increased by 23.9% year-to-date, ranking 10th among 31 primary industry indices, but still significantly behind top sectors like telecommunications and electronics [2] - The chemical ETF has seen a net inflow of 7.7 billion yuan in August, ranking first among similar funds [2] Institutional Holdings - Recent half-year reports indicate that the Central Huijin Asset Management Company holds 248 million units of the chemical ETF, representing 9.87% of its portfolio with a market value of 143 million yuan [3] Market Outlook - The chemical sector is expected to experience a recovery due to policy support, improved supply-demand conditions, and attractive valuations for leading companies [4] - The sector's recovery is supported by three signals: policy adjustments aiding supply-side reforms, a gradual improvement in construction project growth, and low valuation levels, with a price-to-book ratio of 1.91 as of Q2 [4] - The chemical industry is also benefiting from strong R&D capabilities and the trend of domestic substitution in high-end materials [5]