钢铁ETF（515210）上一交易日资金净流入超8000万元，行业政策与供需格局引关注

Core Insights - The steel ETF (515210) saw a net inflow of over 80 million yuan in the last trading session, drawing attention to industry policies and supply-demand dynamics [1] Industry Analysis - The steel industry faces supply-side contradictions due to differences in environmental cost investments leading to unfair competition. The National Development and Reform Commission's "anti-involution" policy aims to rectify disorderly competition, and ultra-low emission modifications may reverse the "bad money driving out good" phenomenon, pushing the industry back to supply-demand balance [1] - On the cost side, the easing of iron ore prices and the commissioning of the West Mangdu project will enhance the certainty of cost reductions. On the demand side, growth potential in infrastructure and shipbuilding sectors supports a rise in both volume and price of steel, stabilizing profit margins for steel companies [1] - Current steel inventory is at historical lows, coupled with peak capital expenditures, indicating the industry may enter a high dividend era [1] ETF Overview - The steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in steel production, processing, and related businesses from the A-share market to reflect the overall performance of securities in the steel industry. The constituent stocks cover both upstream and downstream of the industry chain, exhibiting significant cyclical characteristics and industry concentration. This index serves as an important indicator of the market performance of China's steel industry [1]