“反内卷”风起！资金持续加码，化工ETF（516020）份额突破10亿份！机构：化工有望进入新一轮长景气周期

Group 1 - The chemical sector is experiencing a surge in investment sentiment due to the government's emphasis on "anti-involution" policies, with the chemical ETF index rising by 7.73% from July 14 to July 28, significantly outperforming major A-share indices like the Shanghai Composite Index (2.5%) and the CSI 300 Index (3.01%) [1][3] - The recent rally in the chemical sector is attributed to government measures aimed at regulating low-price competition and promoting the orderly exit of outdated production capacity, which is expected to accelerate supply-side reforms in the industry [3][4] - The chemical ETF's price-to-book ratio is currently at 2.09, which is at a low point historically, indicating attractive long-term investment potential [4][5] Group 2 - The chemical industry is positioned at the bottom of its cycle, with the China Chemical Product Price Index (CCPI) declining from approximately 6500 points in 2021 to around 4070 points as of July 24, 2025, suggesting a potential for recovery [5][6] - The government is expected to introduce a work plan for stabilizing growth in the petrochemical sector, which may lead to the elimination of outdated production capacity and promote healthy industry development [5][6] - The chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering various sub-sectors, with nearly 50% of its holdings concentrated in leading companies, providing a diversified investment opportunity [6]