化工龙头ETF（516220）涨超2.2%，行业供需格局优化支撑估值修复

Group 1 - The basic chemical industry is showing a clear rebound trend, with fundamental risks largely cleared [1] - By the first half of 2025, the basic chemical industry has entered a phase of negative capital expenditure, with construction projects down 15% year-on-year, alleviating supply-side pressure [1] - Benefiting from fiscal and monetary policies, as well as the steady advancement of "two new" policies and "anti-involution" policies, demand is expected to increase, optimizing the supply-demand structure and continuously opening up profit margins in the chemical industry [1] Group 2 - The valuation of multiple varieties in the bulk commodity sector is at historical lows, providing a high safety margin and potential for high elasticity [1] - New materials and technologies are key development directions, with room for improvement in product penetration rates and domestic substitution, supported by industry demand and policies, leading to improved profitability and further valuation enhancement [1] - Green and environmentally friendly new technologies, such as chemical recycling of waste plastics, are supported by policies and are set to be a development direction for the coming years, with multiple catalysts including carbon taxes, legislation on recycled plastics, and the maturation of industrial technologies [1] Group 3 - The chemical leader ETF (516220) tracks a sub-sector chemical index (000813), which selects listed company securities from chemical raw materials, fertilizers, agricultural chemicals, and specialty chemicals to reflect the overall performance of high-growth and technologically advanced chemical enterprises [1]