石化盘前速递 | 石油石化转型升级，石化ETF（159731）或受益行业长期成长

Market Overview - As of February 4, 2026, the China Petroleum Industry Index (H11057) rose by 0.41%, with key stocks such as Sinopec increasing by 3.17% and Shanghai Petrochemical by 2.94% [1] - The Petrochemical ETF (159731) increased by 0.60%, with a latest price of 1.01 yuan and a total net inflow of 1.43 billion yuan over the past 20 trading days [1] - The liquidity of the Petrochemical ETF showed a turnover rate of 9.66%, with a transaction volume of 165 million yuan [1] Key News - Fuel oil prices surged significantly, supported by increased supply from Kuwait, which has led to a weakening low-sulfur fuel oil market. Kuwait's fuel oil exports reached a historical high of over 1 million tons in January, primarily to Southeast Asia [1] - The Russian Ministry of Finance reported that oil and gas sales generated 393.3 billion rubles in January, down from 447.8 billion rubles in December, with a projected budget shortfall of 209.4 billion rubles for February [1] Institutional Insights - Everbright Securities predicts that the "Big Three" oil companies will maintain high capital expenditures in 2026, focusing on natural gas market expansion and accelerating downstream refining transformations, which may lead to long-term growth despite oil price fluctuations [3] - The domestic high capital expenditure in upstream sectors is expected to support the growth of oil service companies, with major oil service firms benefiting from improved operational quality and performance during periods of declining oil prices [3] Popular ETFs - The Petrochemical ETF (159731) and its linked funds (017855/017856) track the China Petroleum Industry Index, focusing on "big energy" security logic. This allows investors to benefit from the profit recovery in downstream chemical products while securing upstream resource value during oil price uptrends [3]