石化ETF、化工行业ETF、化工ETF、化工50ETF上涨，有认为反内卷或成为本轮化工反转的起点

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.17% to 3615 points, while the Shenzhen Component Index fell by 0.77% and the ChiNext Index dropped by 1.62% to below 2400 points [1] - Total trading volume reached 1.87 trillion yuan, an increase of 41.7 billion yuan compared to the previous trading day, with over 3500 stocks declining [1] ETF Performance - Cyclical stocks surged in the afternoon, with the chemical sector performing actively; the Huaxia Petrochemical ETF rose by 2.07% [1] - Other chemical ETFs, including E Fund Chemical Industry ETF and Guotai Chemical Leader ETF, also saw gains exceeding 1% [1] - The top ten weighted stocks in the petrochemical ETFs include Wanhua Chemical, China Petroleum, and China Petrochemical [1] Chemical Industry Insights - Huachuang Securities suggests that the "anti-involution" trend may mark the beginning of a reversal in the chemical sector, with recent changes indicating a shift in supply-side dynamics [2] - The current operating rate in the chemical industry is relatively high, with core products operating above 65%, which is better than the oversupply situation in the photovoltaic sector [2] - The cumulative fixed asset investment in the chemical industry turned negative in May 2025, indicating a potential exit from the bottom or that it is imminent [2] PPI and Market Sentiment - The expectation of PPI turning positive is significant for the chemical sector, as it may lead to increased allocation towards cyclical midstream segments, which are currently underrepresented [3] - Improved confidence in the real economy could shift inventory management to a more proactive stance, positively impacting chemical pricing [3] - Key investment targets include low-valuation leading chemical companies, phosphate chemicals benefiting from export quotas, and industries like organic silicon and glyphosate that are currently experiencing price increases [3]