资金缘何持续流入化工板块？

Core Viewpoint - The continuous inflow of funds into the chemical sector is driven by multiple factors, indicating a shift towards high-quality development and innovation in the industry [2][3][4] Group 1: Policy and Market Dynamics - The "anti-involution" policy is being actively promoted, with initiatives aimed at updating and eliminating outdated facilities in the petrochemical sector, reflecting a transition towards quality and technological innovation [2] - The capital expenditure in the chemical industry is nearing its peak, with companies focusing on optimizing existing capacities rather than expanding investments, leading to a significant decline in capital expenditure growth [3] Group 2: Market Position and Valuation - The global chemical sales are projected to reach €5.2 trillion in 2023, with China accounting for €2.2 trillion, representing a 43% market share, which has increased by 9 percentage points since 2013 [3] - The valuation of the chemical sector remains at historically low levels, with the basic chemical index's price-to-book ratio (PB) at 2.10, placing it in the 43rd percentile over the past decade, compared to 2.87 for the non-ferrous metals index [3] Group 3: Growth Opportunities - The chemical industry is evolving beyond traditional cyclical characteristics, with significant growth potential in areas such as new energy materials, electronic chemicals, and specialty materials, which are closely linked to emerging industries like AI and new energy vehicles [4]