建材ETF大跌5.61%，基建ETF大跌4.51%点评

Core Viewpoint - The construction materials ETF (159745) and infrastructure ETF (159619) experienced significant declines of 5.61% and 4.51% respectively, attributed to profit-taking and the lack of concrete policy implementation [1][5]. Market Performance - The construction materials ETF closed at a drop of 5.61%, while the infrastructure ETF closed down 4.51% [1][3]. - The trading volume for the infrastructure ETF was 2.61 billion CNY, with a turnover rate of 60.85% [3]. Reasons for Decline - The decline is linked to the absence of policy rollout, with prior market enthusiasm leading to profit-taking by investors [5]. - The market had previously reacted positively to expectations surrounding anti-involution policies and major project investments, but the actual impact of the Yajiang Hydropower project on the construction and materials sectors remains to be seen [5]. Future Outlook - Short-term volatility is expected, but the long-term outlook remains positive due to anticipated growth in infrastructure investment and anti-involution policies [6]. - The total investment for the Yajiang downstream hydropower project is projected at 1.2 trillion CNY, which is expected to gradually stimulate demand across various sectors, including cement and construction materials [6]. - Fixed asset investment in China is projected to reach 24.87 trillion CNY in the first half of 2025, with a year-on-year growth of 2.8% [6]. Policy and Investment Trends - The implementation of more proactive macro policies is expected to support steady growth in infrastructure investment [7]. - The construction materials sector has seen a bottoming out of profits in various sub-industries, indicating potential recovery [7][8]. - Upcoming policies aimed at urban renewal and housing improvements are likely to boost demand for construction materials [7]. Investment Opportunities - The construction materials ETF (159745) is highlighted as a leading option, tracking the CSI All Share Construction Materials Index, which includes segments like cement and glass [8]. - Investors are encouraged to consider the potential for recovery in the construction materials sector, with 2025 anticipated as a pivotal year for profit restoration [8].