“反内卷”政策提振信心，石化ETF（159731）低位布局价值凸显

Group 1 - The core viewpoint of the article indicates that the petrochemical industry in China is experiencing a downturn, with the industry index showing a decline of approximately 0.3% after an initial rise [1] - The article highlights that the refining industry in China has a significant amount of outdated capacity, primarily in the form of old refineries, which are expected to be heavily impacted by the ongoing capacity assessment work in the petrochemical sector [1] - The "anti-involution" policy signals a strong push for optimization in the supply side of the refining and petrochemical industry, which is anticipated to improve the overall supply situation in the sector [1] Group 2 - The petrochemical ETF (159731) is designed to track the performance of the China Securities Petrochemical Industry Index, which consists of stocks from the petrochemical sector, reflecting the overall performance of these companies [1] - The index is primarily composed of basic chemicals and petroleum and petrochemical industries, with a combined weight of 93.42% from the Shenwan first-level industry distribution [1]