（文章来源：每日经济新闻） 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60.8%，石油石化行业占比为32.2%，有望充分受益于反内卷、调结构和 淘汰落后产能等政策。 11月24日，石化ETF（159731）震荡下行，现跌约1.1%，持仓股光威复材、蓝晓科技、三美股份等领 涨；川发龙蟒、盐湖股份等领跌。石化ETF（159731）近10个交易日有8个交易日获得资金净流入，合 计"吸金"2674万元。 华创证券认为，三季报到年报出炉，市场面临5个月的业绩空窗期，投资人面临布局明年和风格切换的 需要，因此化工是值得布局的选择之一。化工行业的整体加权开工率在历史高点，而价差还在底部，距 离反转还需要看到库存的去化，但已经有零星品种率先走出底部反转趋势。建议沿着四条路线进行配 置：（1）反转早期优先布局白马标的；（2）稀缺资源品有望迎来估值再定价，布局资源禀赋好的磷化 工、钾盐、氟化工龙头；（3）布局增量可观，成长确定性强的标的；（4）供需结构好，反转确定性较 强的农药、氨纶、长丝和有机硅等行业。 ...

11月24日，A股市场涨跌分化，中证石化产业指数震荡下行，现跌约%，成分股三美股份、蓝晓科技、 华峰化学等领涨。相关ETF方面，石化ETF（159731）近10个交易日有8个交易日获得资金净流入，合 计"吸金"2674万元。 兴业证券分析称，近期商品市场涨价的线索可以概括为两条，一是全球AI资本开支带动下的新能源产 业链、有色和化工涨价，包括新能源相关化工品（硫化工、磷化工）、制冷剂（氟化工）、金属&新材 料（锂、锡、铝、铜、钨）、存储；二是供给收缩+"反内卷"受益的化工品，包括叶酸、有机硅DMC、 盐酸、聚氨酯、化纤等。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，按照申万二级行业 来看，中证石化产业指数前三大行业分别为炼化及贸易（26.76%）、化学制品（22.41%）和农化制品 （21.14%）， "反内卷"政策加持下行业长期价值凸显，供需持续改善景气度有望持续上行。 （文章来源：每日经济新闻） ...

Core Viewpoint - The A-share market experienced a collective decline on November 18, with the Shanghai Composite Index down by 0.24%, the Shenzhen Component Index down by 0.31%, and the ChiNext Index down by 0.51% [1] Group 1: Market Performance - The China Securities Petrochemical Industry Index showed a downward trend, falling approximately 0.45%, with leading stocks including Sanmei Co. and Juhua Co. [1] - The Petrochemical ETF (159731) has seen net inflows in 8 out of the last 10 trading days, totaling 17.53 million yuan [1] Group 2: Sector Analysis - According to Huatai Securities, signs of improvement have emerged in the cyclical sectors such as coal, certain chemicals, and building materials [1] - In the manufacturing sector, focus is on capacity cycles that are expected to stabilize in batteries, agricultural chemicals, engineering machinery, textile manufacturing, and photovoltaic equipment [1] - The AI industry chain shows sustained demand in storage and software sectors [1] - In the consumer sector, attention is drawn to mass consumer goods like dairy products and beer [1] Group 3: Industry Composition - The top three industries in the China Securities Petrochemical Industry Index are refining and trading (26.8%), chemical products (22.4%), and agricultural chemicals (21.1%) [1] - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petrochemical Industry Index, aiding investors in capturing the chemical industry's recovery trend [1]

2024 年以来，中央政治局会议、中央经济工作会议连续强调需"综合整治内卷式竞争"，2025 年政府工 作报告首次将"综合整治内卷式竞争"写入工作目标，反内卷治理不断深入。中原证券分析称，随着化工 行业反内卷整治的进一步深入，行业总体供需有望改善，推动行业进一步提质升级。 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60.8%，石油石化行业占比为32.2%，有望充分受益于反内卷、调结构和 淘汰落后产能等政策。 （文章来源：每日经济新闻） 11月18日，中证石化产业指数盘中震荡下行，现跌约1.1%，成分股蓝晓科技、彤程新材、三棵树等领 涨。石化ETF（159731）近10个交易日有8个交易日获得资金净流入，合计"吸金"1753万元。 近日，工业和信息化部印发通知，组织开展2025年精细化工关键产品创新任务揭榜挂帅工作。精细化工 关键产品创新任务揭榜挂帅工作聚焦新能源汽车、医疗装备、移动通讯设备、轨道交通及船舶与海洋工 程的关键需求领域，围绕中间体原料、重点材料、关键装备等3大类50项技术先进、创新性强、应用价 值高的精 ...

石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，按照申万二级行业 来看，中证石化产业指数前三大行业分别为炼化及贸易（26.8%）、化学制品（22.4%）和农化制品 （21.1%），有望充分受益于反内卷、调结构和淘汰落后产能等政策。 每日经济新闻 11月17日，A股市场震荡调整，主要指数下行，中证石化产业指数逆势上涨，现涨约0.65%，成分股盐 湖股份、金发科技、中复神鹰等领涨。石化ETF（159731）近10个交易日有8个交易日获得资金净流 入，合计"吸金"1491万元。 中泰证券表示，展望后市，价格端的边际改善与宏观政策环境支持将共同推动A股进入"震荡向上，结 构主导"的阶段。总体而言，投资者对当前市场无须悲观，可保持偏积极的仓位结构，但也不宜盲目追 高指数。在4000点上方震荡格局未被突破前，最优策略仍是围绕"反内卷+AI应用"的双主线进行结构化 配置，通过景气趋势、政策方向及资金流的三重共识获取超额收益。 ...

Core Viewpoint - The A-share market experienced a rebound, with the China Petroleum and Chemical Industry Index rising approximately 1.2%, indicating a positive trend in the chemical industry [1] Group 1: Market Performance - The China Petroleum and Chemical Industry Index saw a rapid increase, with constituent stocks such as Lianhong Xinke hitting the daily limit, and other companies like Xingfa Group, Yanhai Co., Cangge Mining, and Luxi Chemical also showing gains [1] - The Petrochemical ETF (159731) attracted a total of 112 million yuan in capital over the past 20 trading days, reflecting strong investor interest [1] Group 2: Industry Analysis - According to Song Tao, the chief analyst for the chemical industry at Shenwan Hongyuan Securities, the chemical industry is currently at a supply and demand bottom, with a peak in capital expenditure ending and policies aimed at reducing competition being implemented [1] - The commencement of a rate cut cycle in the U.S. is expected to lead to a demand recovery, with 2026 identified as a critical year for establishing a turning point in the industry [1] - Key segments such as agricultural chemicals, textile and apparel, overseas real estate, and new materials are anticipated to stand out due to varying industrial logic [1] Group 3: Sector Composition - The top three industries within the China Petroleum and Chemical Industry Index are refining and trading (26.8%), chemical products (22.4%), and agricultural chemical products (21.1%), providing investors with a comprehensive view of the chemical industry's recovery [1]

11月11日午后，A股市场延续调整，中证石化产业指数跌幅收窄，现跌约0.1%，成分股三棵树、凯赛生 物、鲁西化工等领涨。相关ETF方面，石化ETF（159731）迎低位布局窗口，石化ETF近10个交易日合 计"吸金"4335.04万元，资金布局特征显著。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，按照申万二级行业 来看，中证石化产业指数前三大行业分别为炼化及贸易（26.8%）、化学制品（22.4%）和农化制品 （21.1%），助力投资者一键把握化工行业景气反转行情。 平安证券研报称，A股短期高位震荡是在为中期继续向上蓄力，在外部风险释放的背景下，我国向好的 经济预期和稳定的制度优势更加凸显。可重点关注"反内卷"推动下行业景气有望改善的板块，如新能 源、建材、传统周期等。 从多项指标来看，化工行业仍处于底部区域。华创证券研报显示，化工行业的整体加权开工率处于历史 高点，而价差还在绝对底部，距离反转还需看到库存的去化，但已有零星品种率先走出底部反转趋势。 ...

Group 1 - The chemical sector continues to strengthen, with the petrochemical ETF (159731) rising over 1.5% during intraday trading, and stocks like Luxi Chemical hitting the daily limit up [1] - The petrochemical ETF (159731) has seen net inflows for 9 out of the last 10 trading days, totaling 101 million yuan, indicating significant capital allocation [1] - As of November 7, domestic iron phosphate inventory is approximately 24,500 tons, down about 22.1% compared to the end of June 2025, reflecting tightening supply and demand in the iron phosphate market [1] Group 2 - CITIC Securities suggests that despite increased market volatility since October, successful timing is challenging, recommending a shift towards sectors like chemicals, non-ferrous metals, and electric new energy, which are currently at historical low profitability and industry prosperity [1] - The petrochemical ETF (159731) and its linked funds closely track the CSI Petrochemical Industry Index, which is composed of the refining and trading sector (26.8%), chemical products (22.4%), and agricultural chemical products (21.1%), providing investors with a straightforward way to capture the chemical industry's recovery [1]

Group 1 - The core viewpoint of the articles highlights the performance and growth of the Petrochemical ETF (159731), which has seen a recent decline of 0.88% but has experienced continuous net inflows totaling 102 million yuan over the past eight days, reaching a new high of 188 million shares [1][2] - The latest research from the Shanxi Coal Chemical Research Institute of the Chinese Academy of Sciences introduces a strategy for trace halogenated alkane co-feeding that achieves near-zero CO2 emissions and high olefin selectivity without changing catalyst formulations, marking a significant technological breakthrough for the petrochemical industry [1] - Dongwu Securities emphasizes that technological innovation is the starting point for the petrochemical industry, investment optimization is the process, and demand expansion is the result, creating a cycle that drives high-quality growth in the industry [1] Group 2 - The Petrochemical ETF (159731) and its linked funds closely track the CSI Petrochemical Industry Index, with the top three sectors being refining and trading (25.60%), chemical products (23.72%), and agricultural chemical products (19.91%), indicating a clear direction towards green low-carbon and intelligent development in the petrochemical industry [2]

Group 1 - The A-share market opened lower on November 4, with the China Securities Petroleum Industry Index experiencing fluctuations and currently down approximately 0.65%. Leading stocks include Hangzhou Oxygen Plant, Zhejiang Longsheng, and China Petroleum [1] - The oil output organization OPEC announced on November 2 that eight major oil-producing countries, including both OPEC and non-OPEC members, decided to maintain an increase in production by an average of 137,000 barrels per day in December, but will pause the increase plan for the first three months of 2026 [1] - Guotai Junan Securities believes that the market has a strong upward expectation for long-term oil prices. The mid and downstream sectors are stabilizing at the bottom and are awaiting improvement. Although there is still chemical production capacity being released, the expectation of reversing the trend of overcapacity will drive industry profit improvement, maintaining a positive outlook on the long-term value of leading companies in the mid and downstream sectors [1] Group 2 - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petroleum Industry Index. According to the Shenwan secondary industry classification, the top three industries in the index are refining and trading (26.8%), chemical products (22.4%), and agricultural chemicals (21.1%), which are expected to benefit significantly from policies aimed at reversing overcapacity, structural adjustments, and eliminating outdated production capacity [1]