3、"控增量、减存量、管过程"，石化化工"反内卷" "稳增长"措施趋于立体化，提升产业复苏斜率， 4、海外需求向上伴随产能退出，出口有望从以价换量转到量价齐升，中国工业力迎来估值重塑， 5、需求端受益于新旧动能转换，化工新材料有望为产业需求改善注入弹性。 相关产品：化工行业ETF易方达（516570，联接基金A/C类：020104/020105）聚焦产业龙头，直接受益 于供给侧优化与产品涨价预期： 截至10:30，申万基础化工、石油石化行业上涨2.7%，1.8%，领涨市场。 价格表现：2025年12月开始中国化工品价格筑底回升，价格水平出现趋势性反转。截至1月底，中国化 工品价格指数涨至4115，月环比上涨4.7%，较本轮周期底部价格水平抬升7.6%。12月化学原料及化学 制品制造业PPI同比为-4.8%，较上月收窄0.4pct，化学纤维制造业PPI同比为-6.9%，较上月收窄0.9pcf。 产业趋势：石化化工行业是我国资源—制造业再通胀的核心环节，正逐步迎来产业基本面右侧起步阶段 的布局窗口期： 1、长周期固定资产投资转负，产能周期筑顶有望释放盈利空间， 2、政策力度超预期，"十五五"期间在全面实施碳排放双 ...

Core Viewpoint - The chemical sector is experiencing a strong performance, with a notable increase in stock prices and trading volumes, indicating potential growth opportunities in the industry [1]. Group 1: Market Performance - On January 6, the chemical sector saw a peak increase of 3.63%, closing with a gain of 3.52% [1]. - Nine out of ten stocks in the sector showed positive performance, with Salt Lake Co. leading in trading volume at 5.067 billion yuan [1]. - Companies such as Hengli Petrochemical and Luxi Chemical reported approximately 9% gains, while other firms like Tongkun Co. and Longbai Group also experienced significant increases [1]. Group 2: Future Outlook - Research institutions predict that the basic chemical sector may enter an upward phase by 2026, driven by resilient domestic and foreign demand [1]. - A significant decline in industry capital expenditure growth since June 2025, combined with a "de-involution" trend, is expected to facilitate supply-side coordination and the elimination of outdated production capacity [1]. - Domestic demand is anticipated to recover further, supported by exports to regions such as Asia, Africa, and Latin America, leading to a gradual recovery in bulk chemical products [1]. Group 3: Investment Opportunities - The Chemical 50 ETF (516120) closely tracks the CSI sub-sector chemical industry theme index (000813.CSI), focusing on core areas of the chemical industry [1]. - The ETF aims to help investors efficiently allocate resources within the core tracks of the chemical industry, primarily emphasizing basic chemicals and petrochemicals [1].

Group 1 - The chemical sector is leading the market, with continuous capital inflow, as the Chemical ETF (159870) officially surpasses the 10 billion yuan mark, entering the billion ETF club [1] - The Chemical ETF has seen a net subscription of 2.09 billion units today, marking 11 consecutive days of net capital inflow [1] - As of August 26, 2025, the CSI Sub-Industry Chemical Theme Index (000813) has surged by 1.77%, with notable increases in constituent stocks such as Nuclear Titanium Dioxide (002145) up 10.02%, Luxi Chemical (000830) up 6.93%, and Sinochem International (600500) up 6.51% [1] Group 2 - Huafu Securities indicates that with the recovery of domestic and international economies, the prices and demand for major chemical products are entering a recovery phase [1] - Leading companies in the chemical industry have significant scale advantages and have solidified their cost moats through continuous R&D investment, enhancing their core competitiveness [1] - The Chemical ETF closely tracks the CSI Sub-Industry Chemical Theme Index, which consists of seven sub-indices, reflecting the overall performance of listed companies in related sub-industries [1] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index (000813) include Wanhua Chemical (600309), Salt Lake Industry (000792), and Juhua Co., Ltd. (600160), with the top ten accounting for 43.54% of the total weight [2]