技术创新驱动龙头突破，供需改善引景气度上行，石化ETF（159731）份额创近1年新高

Group 1 - The core viewpoint is that the petrochemical industry is experiencing a positive shift in supply-demand dynamics, driven by reduced capital expenditure and gradual demand recovery, which is expected to enhance industry prosperity [1][2]. - The Petrochemical ETF (159731) has seen a 1.44% increase as of November 19, with notable gains from stocks such as Tongcheng New Materials, Guangdong Hongda, and Salt Lake Co., totaling an inflow of 17.57 million yuan over the past 10 trading days, reaching a new high of 209 million shares [1]. - China National Offshore Oil Corporation (CNOOC) has successfully launched its polypropylene facility at the Dasha Petrochemical project, which is the largest heavy oil direct-to-olefins production base in China, with a total investment of 21 billion yuan [1]. Group 2 - The top three sectors in the CSI Petrochemical Industry Index are refining and trading (26.76%), chemical products (22.41%), and agricultural chemical products (21.14%), indicating a strong long-term value in the industry supported by "anti-involution" policies [2]. - The recent technological innovations in the catalytic cracking unit at CNOOC's Dasha project have addressed several industry challenges, significantly improving operational efficiency, economic benefits, and environmental performance [1].