Core Viewpoint - The chemical ETF Tianhong (159133) has seen significant inflows and performance, reflecting a positive outlook for the chemical industry as it undergoes structural changes and optimization [2][3]. Group 1: ETF Performance - As of January 14, the chemical ETF Tianhong (159133) reached a new high with a total size of 843 million yuan and 735 million shares outstanding [2]. - The ETF has experienced continuous net inflows over the past 11 days, accumulating a total of 233 million yuan [2]. Group 2: Industry Trends - The Ministry of Finance announced the cancellation of the 13% export tax rebate on PVC powder starting April 1, 2026, which is expected to increase export costs by approximately 75 USD per ton. This may lead to a short-term surge in exports and a long-term shift towards high-value products and overseas capacity [2]. - The chemical industry is currently at a historical low point, with a shift from capacity expansion to optimization driven by "anti-involution" policies. Key sectors such as coal chemical, organic silicon, and pesticides are expected to see a supply-demand reversal [3]. Group 3: Investment Opportunities - Leading companies in the chemical sector are anticipated to benefit from the ongoing exit of low-efficiency capacity and the transition to high-value products, with potential profit recovery expected [3]. - Sub-industries with resource attributes or technical barriers, such as phosphorus chemicals and refrigerants, may present opportunities for value reassessment [3].

Group 1 - The core viewpoint of the news highlights the significant growth and performance of the Tianhong Chemical ETF (159133), which has seen a notable increase in both scale and share volume recently [1] - As of December 18, the Tianhong Chemical ETF has experienced a scale growth of 36.79 million yuan and a share increase of 27 million units over the past week, indicating strong investor interest [1] - The ETF has recorded continuous net inflows over the last three days, with a peak single-day net inflow of 21.03 million yuan, totaling 28.14 million yuan [1] Group 2 - The Tianhong Chemical ETF tracks the CSI Sub-Industry Chemical Theme Index, which selects listed companies in sectors such as chemical products, chemical fibers, fertilizers, and pesticides, reflecting the overall performance of the chemical industry [1] - The index is characterized by high industry concentration and representativeness, providing an effective reference tool for investors interested in the dynamics of the chemical industry [1] Group 3 - The Tianjin Sinopec South Port Ethylene Project has received its first shipment of imported ethane, marking the operational commencement of its raw material supply system [2] - This development is significant as it aligns with the national energy and chemical strategy during a critical transition period [2] - Huazhang Securities notes that domestic organic silicon capacity is peaking, while leading companies are driving industry recovery, and there is a potential rebound in the polyester chain's prosperity [2]

Group 1 - The chemical sector is experiencing a counter-cyclical rise, with the chemical ETF (159870) increasing by 1.54% [1] - The peak of capital expenditure in the chemical industry has passed, and both domestic and international demand are bottoming out, indicating a transition to a right-side turning point [1] - The driving factors for the counter-cyclical trend include controlling new projects, reducing existing capacity, and managing processes [1] Group 2 - The current chemical market cycle differs from previous cycles in 2016 and 2020, with higher industry operating rates but lower profitability [2] - The shift from anti-monopoly to anti-involution reflects the industry's struggles, particularly among state-owned enterprises facing significant losses [2] - The rapid increase in industry concentration is primarily due to the expansion of leading companies, enhancing their influence and market power [2] Group 3 - As of October 31, 2025, the CSI Sub-Industry Chemical Theme Index (000813) has seen significant gains, with top stocks like Salt Lake Shares (000792) and Hengli Petrochemical (600346) rising by 6.90% and 5.50% respectively [3] - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.83% of the index [3]

Group 1 - The chemical industry is experiencing a significant upward trend, with the China Securities Subdivision Chemical Industry Theme Index (000813) rising by 1.45% as of August 21, 2025, and key stocks such as Zhongke Titanium White (002145) and Satellite Chemical (002648) seeing increases of 5.84% and 5.78% respectively [1] - The energy chemical sector has a substantial impact on the Producer Price Index (PPI), accounting for 25%-30% of its composition. The current negative PPI growth of -3.6% in July 2025 indicates that a rebound in energy chemical prices could be crucial for boosting overall industrial inflation [2] - The chemical industry is facing dual pressures of declining product prices and reduced capacity utilization, leading to a profit squeeze. By 2024, nearly 25% of chemical companies are projected to incur losses, with profits in the chemical raw materials and products manufacturing sector dropping by 9.0% year-on-year in the first half of 2025 [2] Group 2 - The supply-demand dynamics in the chemical sector are improving, with the current capital expenditure and fixed asset growth rates showing a downward trend since 2021. Demand is expected to gradually recover due to policy support for real estate stabilization and easing of tariffs between China and the U.S. [2] - The current price-to-book (PB) ratio for the chemical industry is 2.0, which is at the lower end of the range observed over the past decade. This suggests that stock prices may lead the fundamentals out of the cyclical bottom, indicating significant upside potential [2] - The China Securities Subdivision Chemical Industry Theme Index consists of seven sub-indices, including those for non-ferrous metals and machinery, and is designed to reflect the overall performance of listed companies in the chemical sector. As of July 31, 2025, the top ten weighted stocks in this index accounted for 43.54% of the total [3]

Group 1 - The core viewpoint indicates that leading chemical companies such as Wanhua, Satellite, Hualu, Hengli, and Rongsheng have collectively surged, driven by a historical correlation where the chemical index outperforms during PPI recovery cycles [1] - The elimination of backward production capacity aligns well with the characteristics of the chemical ETF, which tracks a leader-focused index, benefiting from the capital expenditures of leading companies in recent years [1] - As of July 30, 2025, the CSI Sub-Industry Chemical Theme Index (000813) rose by 1.80%, with significant gains from constituent stocks like Satellite Chemical (up 6.83%) and Wanhua Chemical (up 4.71%) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index (000813) include Wanhua Chemical, Yilake Co., and Juhua Co., collectively accounting for 43.37% of the index [2] - The Chemical ETF (159870) 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][2]