化工行业供需格局将迎来好转，行业景气程度有望上行，聚焦石化ETF（159731）布局价值

Core Viewpoint - The A-share market shows upward movement, particularly in the petrochemical sector, with significant inflows into related ETFs, indicating a positive investment sentiment in the industry [1]. Industry Summary - The China Chemical Raw Materials and Chemical Products Manufacturing fixed asset investment decreased by 5.6% year-on-year from January to September 2025, marking a decline not seen since 2020 [1]. - Capital expenditure for listed companies in the basic chemical industry in the first half of 2025 was approximately 124.1 billion, a year-on-year decrease of 12.5% [1]. - The total amount of ongoing construction projects at the end of the first half of 2025 was about 397.9 billion, down 12.2% year-on-year [1]. - Despite the reduction in capital expenditure, the gradual recovery in demand is expected to improve the supply-demand dynamics in the chemical industry, leading to a potential increase in industry prosperity [1]. Company Summary - The Petrochemical ETF (159731) has seen a net inflow of 93.24 million over three consecutive days, reflecting strong investor interest [1]. - The Basic Chemical sector accounts for 61.93% of the Shenwan first-level industry distribution within the Petrochemical ETF, while the Oil and Petrochemical sector represents 30.84% [1]. - The top ten weighted stocks in the index include Wanhu Chemical, China Petroleum, Salt Lake Co., China Petrochemical, China National Offshore Oil, Juhua Co., Cangge Mining, Jinfat Technology, Hualu Hengsheng, and Baofeng Energy, collectively accounting for 55.12% of the index [1].