化工ETF(159870)涨近1%，PTA五大巨头商讨盈利底部老旧产能退出及增量控制

Group 1 - The probability of the La Niña phenomenon has risen to over 75%, which may lead to "sudden temperature changes" during winter. In mid-October, temperatures in northern China dropped sharply, resulting in an increase in daily coal consumption by coal-fired power plants. Additionally, EU natural gas inventory levels are at a five-year median, and a cold winter could drive up natural gas prices [1] - The five major players in the PTA industry held a meeting to discuss the exit of outdated production capacity and control of incremental capacity. The companies involved include Hengli (16.6 million tons), Xin Fengming (8 million tons + 3 million tons), Tongkun (10.2 million tons), Yisheng (22 million tons), and Sanfangxiang [1] - The PTA industry has been at a profit bottom for 13 years. From 2017 to 2018, significant expansion occurred due to new technology applications, with China's production capacity increasing by 80% over the past six years, while the operating rate has remained around 75%. Both domestic and external demand continue to grow [1] Group 2 - If winter temperatures are lower than expected, it may push up natural gas prices, benefiting natural gas production-related stocks. With the global LNG market expected to remain in a long-term supply-demand balance, Asian and European gas prices are anticipated to decline in the medium to long term, aiding the recovery of price differentials in downstream natural gas sales and reducing energy costs for industrial users, thereby increasing the penetration rate of natural gas in industrial energy use. Attention is recommended on mid- to downstream natural gas sales-related stocks [1] - As of October 23, 2025, the CSI Sub-Industry Chemical Theme Index (000813) rose by 0.65%, with constituent stocks such as Hengli Petrochemical (600346) up 4.63%, Xin Fengming (603225) up 4.25%, Hualu Hengsheng (600426) up 3.61%, Tongkun Co. (601233) up 3.44%, and Hengyi Petrochemical (000703) up 3.16%. The Chemical ETF (159870) increased by 0.88%, with the latest price at 0.69 yuan [2]