行业整合及产能优化持续推进，石油ETF（561360）涨超1.5%

Core Viewpoint - The oil refining sector is expected to benefit from cost control and demand recovery in the first three quarters of 2025, leading to improved profitability for some companies [1] Industry Summary - The overall industry is influenced by fluctuations in international oil prices and downstream demand, maintaining a high operating rate for refining companies [1] - The trading sector is impacted by commodity price volatility, with some companies achieving performance growth through supply chain optimization and risk management [1] - Long-term trends indicate ongoing industry consolidation and capacity optimization, with leading companies possessing cost advantages showing strong profitability stability [1] ETF Overview - The oil ETF (561360) tracks the oil and gas industry index (H30198), which selects listed companies involved in oil and gas exploration, extraction, processing, and related services [1] - The index reflects the overall performance of listed companies in the oil and gas industry, characterized by high industry concentration and a focus on the energy sector, highlighting its cyclical nature [1]