“反内卷”政策推进，关注化工龙头ETF（516220）投资机遇

Group 1 - The chemical industry is currently at historical low levels in terms of fundamentals and valuations, and is expected to benefit significantly from the "anti-involution" policy [1] - China is the largest single country market for chemicals globally, but large-scale expansions in recent years have affected the supply-demand balance, leading to low margins and prices for many chemical products [1] - Recent price increases in certain chemical products indicate an improvement in the supply-demand dynamics within the industry, with specific products like polyester filament, formic acid, and oxalic acid seeing price rises [1] Group 2 - The high-end transformation of the chemical industry is expected to open up valuation space, as domestic high-end chemical products like photoresists are gradually breaking through in technology and gaining competitiveness in the mid-to-low-end sectors [1] - The chemical industry is highly correlated with the Producer Price Index (PPI), and the ongoing "anti-involution" policy is likely to enhance profit expectations for the sector [1] - Leading chemical companies are expected to benefit more during market clearing processes, and there is a recommendation to continue monitoring the chemical sector leader ETF (516220) for investment opportunities [1]