反内卷稳增长促进格局优化，石化ETF（159731）投资机会凸显

Core Viewpoint - The chemical commodity prices are performing strongly due to multiple factors including anti-involution policies, infrastructure demand from the Yarlung Tsangpo River hydropower station, and supply disruptions from overseas chemical companies [1][2] Group 1: Industry Policies and Developments - The Ministry of Industry and Information Technology (MIIT) is set to launch a work plan for stable growth in the petrochemical industry, aiming to eliminate outdated production capacity and promote healthy industry development [2][4] - The current phase of eliminating outdated capacity in the chemical industry is entering an evaluation stage, which is expected to optimize the supply side and enhance the overall competitiveness of chemical facilities [2][4] - The "anti-involution" policy is driving the orderly exit of outdated production capacity, which is a significant factor in improving market sentiment [5] Group 2: Supply Chain Disruptions - A fire at Covestro's plant in Dormagen, Germany, has caused a supply disruption of key raw materials for TDI production, leading to a short-term contraction in TDI supply and a strong price increase [3] - As of July 22, the average market price for TDI in China reached 16,250 yuan per ton, with a price increase of over 4,000 yuan per ton since the beginning of July, reflecting a 26% increase year-to-date [3] Group 3: Key Products and Indices - The Petrochemical ETF (159731) and its connected funds (017855/017856) track the CSI Petrochemical Industry Index, which consists of stocks from the petrochemical sector, primarily focusing on basic chemicals and petroleum and petrochemicals [6]