Institution: The supply and demand pattern of the PVC industry is expected to improve, Penghua CSI Subdivision Chemical Industry Theme ETF(159870) rising by 1.66% and aiming for a fourth consecutive day of gains

NewTimeSpace News, as of January 22, 2026, 11:09, the Chemical ETF (159870) has risen by 1.66%, aiming for a fourth consecutive day of gains, with the latest price at 0.92 yuan. Over a longer period, as of January 21, 2026, the Chemical ETF has seen a cumulative increase of 5.84% over the past week.

In terms of liquidity, the Chemical ETF has a mid-session turnover rate of 3.52%, with a trading volume of 959 million yuan. Over a longer period, as of January 21, the ETF has an average daily trading volume of 1.589 billion yuan over the past week, ranking first among comparable funds. (Data source: Wind)

In terms of scale, the latest size of the Chemical ETF has reached 26.711 billion yuan, setting a new high over the past year and placing it first among six comparable funds. (Data source: Wind)

In terms of shares, the latest share volume of the Chemical ETF has reached 29.525 billion units, setting a new high over the past year and ranking first among six comparable funds. (Data source: Wind)

In terms of net capital inflow, the Chemical ETF has seen continuous net inflows over the past 15 days, with the highest single-day inflow reaching 1.26 billion yuan, totaling 8.065 billion yuan, averaging 538 million yuan per day. (Data source: Wind)

Data shows that leveraged funds are continuously being deployed. Since the beginning of this month, the Chemical ETF has seen a net purchase of 13.7936 million yuan in financing, with the latest financing balance reaching 485 million yuan. (Data source: Wind)

As of January 21, 2026, the net value of the Chemical ETF has increased by 66.95% over the past two years. In terms of profitability, since its inception, the Chemical ETF has achieved a maximum monthly return of 21.63%, the longest consecutive increase over eight months, with the longest cumulative increase of 49.05%. The average return in rising months is 6.19%. As of January 21, 2026, the ETF has exceeded its benchmark annualized return by 3.41% since its inception.

As of January 16, 2026, the one-year Sharpe ratio of the Chemical ETF was 2.31. In terms of drawdown, as of January 21, 2026, the maximum drawdown of the Chemical ETF since the beginning of the year was 2.08%, with a relative drawdown of 0.06% compared to the benchmark. The recovery period after drawdown was three days, the fastest among comparable funds. (Data source: Wind)

In terms of fees, the Chemical ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are at a relatively low level among comparable funds. (Data source: Wind)

In terms of tracking precision, as of January 21, 2026, the tracking error of the Chemical ETF over the past month was 0.009%, the highest tracking precision among comparable funds. (Data source: Wind)

The Chemical ETF closely tracks the CSI Sub-Industry Chemical Index, which is part of the CSI Sub-Industry Theme Index series composed of seven indices including Sub-Nonferrous Metals and Sub-Machinery. It selects securities of listed companies with larger scales and better liquidity from the related sub-industries to reflect the overall performance of these companies. (Data source: Wind)

GJ Securities noted that the domestic expansion cycle of the PVC industry has entered its final stage, and the supply and demand pattern is expected to improve. On the supply side, PVC prices are at the bottom of a historical cycle, and the integrated profit of chlor-alkali is under pressure. Since the fourth quarter of 2025, the comprehensive profit of caustic soda-PVC has been continuously in deficit, which may prompt high-cost capacity to exit more quickly. On the demand side, the demand for rigid products related to real estate is under pressure, but export demand is expected to provide support.

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