Core Viewpoint - The A-share market indices opened lower on October 10, but the China Petroleum and Chemical Industry Index rebounded, indicating potential recovery in the petrochemical sector driven by capacity control and policy changes [1]. Industry Summary - The China Petroleum and Chemical Industry Index saw a rise of approximately 0.4%, with leading stocks including Yara International, Luxi Chemical, Rongsheng Petrochemical, and Guangdong Hongda [1]. - The Petrochemical ETF (159731) followed the index's upward trend, reflecting positive market sentiment [1]. - According to Founder Securities, strict capacity control is expected to end deflation in pricing, leading to an upward trend in the price system and improved industry capacity utilization [1]. - The renovation of outdated equipment is anticipated to stimulate demand for petrochemical equipment upgrades, while the "reduce oil and increase chemicals" policy direction is likely to enhance corporate profitability and boost gross margins [1]. ETF and Sector Analysis - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Petroleum and Chemical Industry Index [1]. - The top three sectors within the index, according to Shenwan's secondary industry classification, are refining and trading (25.60%), chemical products (23.72%), and agricultural chemical products (19.91%), which are expected to benefit from policies aimed at reducing competition, restructuring, and eliminating outdated capacity [1].

执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517030004 Email：daizf@zts.com.cn | | | 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 1、《1Q25 保险资金重仓流通股深度 通信》2025-05-08 | 上市公司数 | 84 | | --- | --- | | 行业总市值(亿元) | 69,371.23 | | 行业流通市值(亿元) | 66,910.47 | 2、《改革双刃剑：短期挑战长期价值》 2025-04-22 3、《预定利率研究值跌破 25bps 阈 值，4Q25 或迎产品切换》2025-04-22 非银金融 证券研究报告/行业点评报告 2025 年 05 月 13 日 【政策变化与影响】 请务必阅读正文之后的重要声明部分 锚定投资者利益，驱动行业升级——公募基金高质量行动方案解 读 报告摘要 【核心举措】 投资者利益保护。1、费率改革：新主动权益基金试点浮动管理费，头部机构 1 年 内 60%新发产品需采用；降 ...