Group 1 - The basic chemical industry is showing a clear rebound trend, with fundamental risks largely cleared [1] - By the first half of 2025, the basic chemical industry has entered a phase of negative capital expenditure, with construction projects down 15% year-on-year, alleviating supply-side pressure [1] - Benefiting from fiscal and monetary policies, as well as the steady advancement of "two new" policies and "anti-involution" policies, demand is expected to increase, optimizing the supply-demand structure and continuously opening up profit margins in the chemical industry [1] Group 2 - The valuation of multiple varieties in the bulk commodity sector is at historical lows, providing a high safety margin and potential for high elasticity [1] - New materials and technologies are key development directions, with room for improvement in product penetration rates and domestic substitution, supported by industry demand and policies, leading to improved profitability and further valuation enhancement [1] - Green and environmentally friendly new technologies, such as chemical recycling of waste plastics, are supported by policies and are set to be a development direction for the coming years, with multiple catalysts including carbon taxes, legislation on recycled plastics, and the maturation of industrial technologies [1] Group 3 - The chemical leader ETF (516220) tracks a sub-sector chemical index (000813), which selects listed company securities from chemical raw materials, fertilizers, agricultural chemicals, and specialty chemicals to reflect the overall performance of high-growth and technologically advanced chemical enterprises [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 华西证券指出，基础化工行业反弹回升趋势明显，行业基本面风险基本出清。2025年上半年基础化工行 业已进入负资本开支阶段，在建工程同比下降15%，叠加国家"反内卷"政策的推出，供给端压力放缓， 行业供需格局有望逐步优化。大宗商品行业多品种前期估值处于历史低位，具有高安全边际的同时有望 释放高弹性。化工品价格指数自2021年下半年见顶回落，经过超三年下跌后处于历史低位，向下空间有 限。受益于财政货币政策、"两新"政策及"反内卷"政策的推进，需求端增幅有望扩大，行业盈利空间持 续打开。新材料、新技术等新质生产力方向为重点发展方向，废塑料化学循环利用等绿色环保新技术受 政策支持，伴随行业需求及政策支持，盈利能力有望好转，估值有进一步提升空间。 化工龙头ETF（516220）跟踪的是细分化工指数（ ...