石油ETF（561360）连续5日资金净流入超9亿元，资金积极布局，淡季不淡，库存周期酝酿切换

Group 1 - The core viewpoint of the article highlights a significant increase in China's crude oil imports despite the traditional demand off-season in the Northern Hemisphere, indicating resilient global oil demand [1] - The International Energy Agency (IEA) has revised upward its global oil demand growth forecast for 2025/2026, driven primarily by non-OECD countries, with China being a key contributor [1] - In December 2025, China's crude oil imports saw a substantial year-on-year increase of 17.4% and a month-on-month increase of 10.0%, reflecting the release of demand for replenishing inventories following the issuance of new import quotas [1] Group 2 - In the West, U.S. refinery utilization rates have risen to near four-year highs after a period of concentrated maintenance, with refined oil inventories beginning to accumulate, indicating steady downstream consumption [1] - Although European demand remains relatively weak, emerging markets are driving global demand, supported by the Federal Reserve entering a rate-cutting cycle, which is expected to boost demand expectations for crude oil and other commodities, particularly in interest-sensitive regions like Africa and Asia [1] - The oil ETF (561360) tracks the oil and gas industry index (H30198), which includes companies involved in oil and gas extraction and related services, reflecting the overall performance of the energy industry [1]