化工行业“反内卷”加速，供需结构有望修复，石化ETF（159731）处于较好布局时点

Group 1 - The A-share market experienced an upward trend on September 5, with the China Securities Petrochemical Industry Index rising over 1.1%, led by stocks such as Bluestar Technology, Lianhong New Science, and Salt Lake Co. [1] - The Petrochemical ETF (159731) followed the index's upward movement, indicating a favorable investment timing. [1] - The Yulong Petrochemical Refining and Chemical Integration Project (Phase I), constructed by CIMC Group's CIMC Tianda, has completed its automated vertical warehouse, with a total investment of nearly 350 million yuan, marking a significant advancement in high-end logistics equipment manufacturing and intelligent system integration in China. [1] Group 2 - Guosen Securities anticipates that the chemical industry will see a recovery in profitability as state-owned enterprises actively control capacity and regulatory bodies manage the approval of new backward capacity, leading to an accelerated clearance of inefficient capacity and an improved supply-demand structure. [1] - By September 2025, a recovery in overseas demand for certain chemical products and further domestic demand growth is expected, indicating a potential improvement in the medium to long-term supply-demand landscape. [1] - The top three industries in the China Securities Petrochemical Industry Index, according to Shenwan's secondary industry classification, are refining and trading (27.12%), chemical products (23.87%), and agricultural chemical products (19.75%), which are likely to benefit from policies aimed at reducing competition, structural adjustments, and eliminating backward capacity. [1]