大宗商品表现亮眼，石油ETF鹏华（159697）成康波周期配置新选择

Group 1 - The core viewpoint of the article highlights the increasing allocation value of oil as a core energy commodity amid global economic fluctuations and the restructuring of commodity patterns [1][2] - The National Oil and Gas Index has significantly outperformed mainstream broad-based indices, with a one-year increase of 30.42% compared to the 23.06% increase of the CSI 300 Index, indicating strong growth momentum in the oil and gas sector [1][2] - The recent performance of the National Oil and Gas Index, which rose over 12% in the context of a 1% decline in the CSI 300 Index, demonstrates its resilience and leadership in the market [1][2] Group 2 - The performance of the oil sector is closely related to its current cyclical phase, with the Kondratiev wave theory suggesting that the sector is in a "depression phase," where commodity bull markets are often driven by monetary credit fractures [2] - The oil price is currently at a historically low ratio compared to gold and copper, indicating that oil is significantly undervalued, and 2026 may be a critical year for oil to complete its "catch-up" [2] - Domestic "anti-involution" benefits are also a key factor, as China's "three oil giants" are undergoing a profound value reassessment, attracting significant capital inflows [2] Group 3 - There are only two ETFs tracking the National Oil and Gas Index, with the Penghua Oil ETF (159697) experiencing continuous capital inflows, achieving a net inflow of 1.423 billion yuan over 19 out of the last 20 trading days [3] - The Penghua Oil ETF has a net inflow rate exceeding 520%, and its latest scale has reached 1.712 billion yuan, making it one of the largest ETF products in this sector [3] - For ordinary investors looking to participate in the "oil main stage" market without individual stock research capabilities, the Penghua Oil ETF (159697) is considered a convenient and efficient entry point [3]