穿越周期追寻长期主义，石化ETF（159731）配置价值凸显

Group 1 - The core viewpoint of the article highlights that the chemical industry is facing a downturn due to high costs and weak supply-demand dynamics, following a peak in 2021 [1] - Despite the downturn, there are "long-termist" companies within the chemical sector that can navigate through cycles, providing substantial returns to investors through stock price appreciation or dividends [1] - The Petrochemical ETF (159731) and its linked funds closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.39% and the oil and petrochemical industry for 32.71% of the index [1] Group 2 - The article notes that the chemical industry has maintained high capital expenditure growth in recent years, while demand recovery has been relatively weak [1] - The industry is currently at the bottom of the cycle, and improvements in supply-demand and profitability are expected with ongoing supply-side structural reforms [1]