（文章来源：每日经济新闻） 中金公司认为，随着碳排放管控严格下化工行业新上产能难度增加，化工行业产能增速将迎来下降，中 长期看化工行业景气好转趋势确定。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为60.02%，石油石化行业占比为32.43%，能够分享下游化工品的利润修 复。伴随行业格局优化和供需结构调整，行业中长期叙事改善。 截至2月6日13:35，石化ETF（159731）涨2.32%，持仓股浙江龙盛、华峰化学、荣盛石化涨幅居前。从 资金净流入方面来看，石化ETF（159731）近20个交易日资金净流入总计14.37亿元，资金抢筹特征显 著。 消息面上，2022至2025年欧洲合计关停化工产能3700万吨，合计产能占欧洲化工总产能约9%；同时欧 洲化工行业投资呈现明显的减速趋势。2026年，欧盟密集出台的气候与循环经济新规令本就深陷困境的 欧洲化工行业更添压力，直接推升合规成本、削弱竞争力，使行业陷入减排目标与经济发展的两难中。 ...

Core Viewpoint - The company is pioneering carbon footprint accounting in the oil engineering sector, aiming to establish a comprehensive carbon accounting system to facilitate green and low-carbon development [2][3][4]. Group 1: Carbon Footprint Accounting - The company initiated carbon accounting in July 2024, focusing on drilling and testing oil as pilot industries [2]. - A carbon emission calculation model was developed, covering over 30 factors throughout the entire lifecycle of drilling and testing oil [2][3]. - The company received the first domestic carbon footprint certification for oil engineering from the Quality Certification Center [3]. Group 2: Green Low-Carbon Initiatives - The establishment of a green low-carbon office and related research centers has created a system for ongoing management of carbon emissions [4]. - The company has set annual carbon emission targets for its teams, linking performance to evaluations [4]. - A carbon management platform was created to collect and monitor carbon emission data from 3,000 construction wells [4]. Group 3: Logistics and Supply Chain Optimization - The company has implemented a "one-stop" supply system to reduce carbon emissions from logistics by eliminating intermediate steps [5]. - The transition to more efficient and environmentally friendly transportation methods has significantly decreased carbon emissions [5]. Group 4: Energy Efficiency and Technology Adoption - The company has introduced hybrid power systems to reduce reliance on diesel generators, significantly lowering carbon emissions [6][7]. - The use of flexible electricity consumption strategies is expected to reduce carbon emissions by approximately 1,050 tons annually [8]. Group 5: Renewable Energy Integration - The company has established photovoltaic power stations to reduce energy consumption and costs, achieving significant savings in standard coal [9]. - Plans are in place to convert selected facilities into "zero-carbon" zones by relying entirely on solar and storage energy [9]. Group 6: Performance Metrics and Future Goals - The company has achieved a 42.2% reduction in carbon emissions per unit of output and a 48.1% decrease in comprehensive energy consumption compared to the previous five-year plan [9]. - Future initiatives include the implementation of 34 additional green projects to ensure continuous progress in carbon reduction [5].

Group 1 - The core viewpoint is that the cement industry is expected to see a slight recovery in average prices and profit margins in 2025, despite ongoing demand decline due to the real estate sector not stabilizing and limited infrastructure support [1] - Cement production from January to September 2025 is projected to decrease by 5.20% year-on-year, with the average price in September dropping by 39.46 yuan per ton [1] - The industry is showing signs of profitability recovery due to normalized peak-shifting production and collaborative production limits, alongside policy-driven capacity replacement and carbon emission controls [1] Group 2 - The Building Materials ETF (159745) tracks the construction materials index (931009), which includes listed companies involved in cement, glass, ceramics, and other building materials, reflecting the overall performance of these securities [1] - The construction materials index exhibits strong cyclical characteristics and is closely related to the development of the real estate and infrastructure sectors, serving as an important indicator for observing market trends in China's building materials industry [1]