化工反内卷逻辑明了，石化ETF（159731）规模创新高

Group 1 - The core viewpoint of the article highlights the positive performance of the petrochemical ETF (159731), which has seen a 0.84% increase, with leading stocks such as Wanhua Chemical, Hengli Petrochemical, and Guangwei Composites showing significant gains [1] - The petrochemical ETF has experienced a total net inflow of 1.095 billion yuan over the past 20 trading days, with the latest share count reaching 1.752 billion and a total scale of 1.874 billion yuan [1] - Analysts predict that the chemical industry, including polyester, will operate under a "de-involution" logic by 2026, moving away from the price-for-volume model, and expect a strong market for polyester in 2026 due to current global uncertainties [1] Group 2 - Southwest Securities believes that the chemical industry is at the beginning of a new prosperity cycle globally, with Chinese chemical companies having strengthened their profit foundations and elasticity over the past few years [1] - The petrochemical ETF and its linked funds closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.02% and the oil and petrochemical industry for 32.43% of the index [1] - The new prosperity cycle in the industry is expected to lead to improved profit recovery for downstream chemical products [1]