顺周期调整三年后估值与持仓处于低位，聚焦石化ETF（159731）结构性机会

Group 1 - The A-share market experienced fluctuations with the China Securities Petrochemical Industry Index dropping approximately 0.8%, while stocks like Juhua Co., Sanmei Co., and Bluestar Technology led the gains [1] - The Petrochemical ETF (159731) attracted a total of 13.21 million yuan over the last 10 trading days, indicating investor interest [1] - According to Guotai Junan's research report, the Chinese stock market is expected to enter a rally phase from December to February, driven by policy, liquidity, and fundamental factors [1] Group 2 - The petrochemical industry is nearing the end of a new round of capacity expansion, with the supply-demand balance entering a rebalancing phase, leading to an expected gradual recovery in industry prosperity [1] - The basic chemical industry accounts for 60.39% and the oil and petrochemical industry accounts for 32.71% of the Shenwan first-level industry distribution related to the Petrochemical ETF [1] - Structural opportunities are anticipated as macro tail risks decrease and potential incremental policies are introduced, following three years of adjustment [1]