石化盘前速递 | 炼化有望景气反转，石化ETF（159731）资金连续流入引关注

Market Review - The China Petroleum Industry Index (H11057) rose by 1.10% as of February 9, 2026, with Zhejiang Longsheng increasing by 9.5%, Tongcheng New Materials by 4.86%, and Huafeng Chemical by 3.59% [1] - The Petrochemical ETF (159731) increased by 1.29%, with the latest price at 1.0 yuan, and a turnover rate of 9.92% during the trading session [1] - The Petrochemical ETF attracted a total of 1.463 billion yuan in inflows over the last 20 trading days [1] Key News - Russia's crude oil production declined for the second consecutive month in January due to U.S. sanctions affecting its oil sales [1] - The average daily crude oil production in Russia was 9.28 million barrels, down by 46,000 barrels per day from December, and nearly 300,000 barrels per day below the production level allowed under the OPEC+ agreement [1] Supply and Demand Analysis - The main contract for ethylene glycol fell by 0.03% in the previous trading day [2] - Ethylene glycol's overall operating load was at 76.22%, an increase of 1.85% from the previous period, while the load for oxalic acid catalytic hydrogenation method decreased by 5.02% to 76.77% [2] - Inventory levels in the main ports of East China for MEG were approximately 935,000 tons, an increase of 38,000 tons from the previous period [2] - Downstream polyester operating rates decreased to 79.3%, a decline of 5.4% [2] Institutional Viewpoints - Huatai Securities suggests that despite short-term pressure on oil prices, the demand for global crude oil replenishment may persist, leading to a potential recovery in refining profitability after a period of low profitability [2] Popular ETFs - The Petrochemical ETF (159731) and its linked funds (017855/017856) track the China Petroleum Industry Index, focusing on "big energy" security logic [3] - The ETF allows investors to benefit from the profit recovery of downstream chemical products and locks in the value of upstream energy resources through a high allocation to major refining leaders [3]