“反内卷”助力石油化工行业向好，石油ETF（561360）涨超1.2%

Core Viewpoint - The petrochemical industry in China faces a structural contradiction of "high-end insufficiency and low-end surplus," leading to industry pressure and intensified competition [1] Group 1: Industry Challenges - The surplus in the industry is causing a decline in overall industry prosperity, resulting in increased "involution" competition [1] - The industry is expected to achieve high-quality development through measures such as the exit of backward production capacity and high-end transformation driven by policy [1] Group 2: Refining Sector Outlook - In the context of clearing backward production capacity and peak demand, the marginal supply-demand pattern in the refining industry is expected to improve [1] - Leading refining companies are likely to continue benefiting from these changes in the market dynamics [1] Group 3: Investment Vehicle - The oil ETF (561360) tracks the oil and gas industry index (H30198), which selects listed company securities involved in oil and gas exploration, extraction, refining, and sales [1] - The index primarily consists of large enterprises in the energy sector, characterized by strong cyclicality and resource dependence, reflecting the overall performance of listed companies in the oil and gas industry chain [1]