储能需求高增长，板块估值有望重塑，石化ETF（159731）修复行情可期

Group 1 - The A-share market showed mixed performance on November 10, with notable gains in the petrochemical, fertilizer, and daily chemical sectors. The China Securities Petrochemical Index rose over 2.2%, with stocks like Luxi Chemical hitting the daily limit, and others such as Hengyi Petrochemical and Hualu Hengsheng also increasing [1] - According to GGII statistics, domestic energy storage lithium battery shipments are expected to reach 430 GWh in the first three quarters of 2025, exceeding 30% of the total for 2024. The total annual shipment is projected to reach 580 GWh, representing a 67% year-on-year growth. This surge in storage demand, combined with pre-subsidy rush in lithium battery materials, has led to a strong demand for upstream lithium materials, with some products experiencing supply shortages and price recovery [1] - Galaxy Securities analysis indicates that the phosphate chemical sector is currently undervalued. As phosphate rock resources become scarcer and fundamentals improve, the sector's valuation is expected to be restructured. Phosphate chemicals, being the first to gain momentum in the chemical sector, may signal the onset of a broader chemical bull market due to stronger demand compared to most chemical products and potential supply constraints [1] Group 2 - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petrochemical Index. From the industry distribution perspective, it covers basic chemicals (24.8%), polyurethane (9.8%), potassium fertilizer (9.6%), phosphate and phosphate chemicals (7.1%), and fluorine chemicals (6.1%), which are expected to benefit from the recovery in downstream demand [1]