wanhua(SH:600309) Sou Hu Cai Jing·2026-01-22 03:28Group 1 - The International Energy Agency (IEA) has improved the global crude oil demand outlook for this year, raising the growth forecast from 860,000 barrels per day to 930,000 barrels per day, slightly above last year's increase of 850,000 barrels per day, reflecting a moderate global economic recovery and the positive impact of low oil prices on consumption [1] - As of January 20, WTI crude oil prices have rebounded to over $60 per barrel [1] - The petrochemical industry is expected to enhance its technological innovation capabilities and expand new market and application demands due to the support from the "Petrochemical Industry Steady Growth Work Plan (2025-2026)" [1] Group 2 - The capital expenditure in the petrochemical sector is nearing its end, with ongoing construction projects declining for three consecutive quarters year-on-year, alongside the elimination of outdated facilities and the deepening of energy-saving and carbon-reduction policies, leading to a significant improvement in the supply side [1] - By the third quarter of 2025, the overall ROE of the petrochemical industry index is expected to slightly rebound to 10.1%, indicating a clearer bottoming trend, while the price-to-earnings ratio remains around the central level of the past decade, making the valuation of the sector worth attention [1] - The E Fund Chemical Industry ETF (516570) has been outperforming comparable chemical industry indices since 2023, benefiting from the high content of PX-PTA and filament industries in its index composition, which are directly influenced by the expected price increases due to the effectiveness of the anti-involution policies [2]