Sou Hu Cai Jing·2025-11-20 05:50Core Viewpoint - The article highlights the performance of the Petrochemical ETF (159731) and significant advancements in China's petrochemical industry, particularly in heavy oil catalytic cracking technology, which marks a breakthrough in refining processes and positions China as a leader in this field [1]. Group 1: ETF Performance - On November 20, the Petrochemical ETF (159731) opened high but closed down with a decline of approximately 0.6%, while stocks like Cangge Mining, Salt Lake Co., and Sankeshu showed gains [1]. - Over the past 10 days, the Petrochemical ETF experienced net inflows on 8 trading days, totaling 16.91 million yuan, with the latest share count reaching 211 million and total assets at 180 million yuan, both hitting record highs since inception [1]. Group 2: Industry Developments - The China Petroleum and Chemical Corporation's research institute achieved a significant breakthrough in heavy oil efficient catalytic cracking (RTC) technology, completing assessments at the Zhenhai Refining & Chemical Company, which allows for a "zero diesel output" in refining processes [1]. - This advancement is expected to address the surplus crisis in refined oil products and facilitate the transformation of refining enterprises towards "reducing oil and increasing chemicals" with a short and efficient processing solution [1]. Group 3: Investment Recommendations - Open Source Securities suggests focusing on several directions amid the "anti-involution" trend: leading companies with diverse and large product offerings, sub-industries that are ahead in the anti-involution trend and have reached cyclical turning points, industries with potential capacity reduction, and new materials with controllable autonomy and future growth potential [1]. - The Petrochemical ETF closely tracks the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.85% and the oil and petrochemical industry for 32.16%, indicating a clear direction towards "greening, high-end, and intelligent" development in the industry [1].