化工行业“反内卷”势在必行，关注化工龙头ETF（516220）

Core Viewpoint - The chemical industry is facing significant capacity issues, necessitating a "de-involution" approach, as highlighted by the recent policy announcement from the Ministry of Industry and Information Technology and six other departments regarding the "Petrochemical and Chemical Industry Stabilization Growth Work Plan (2025-2026)" [1] Group 1: Policy and Industry Response - The new policy emphasizes the inclusion of the petrochemical and chemical industry in key support areas for new manufacturing technology transformation pilot cities [1] - It aims to strengthen the planning and layout guidance for major petrochemical and modern coal chemical projects while strictly controlling new refining capacity [1] - The policy encourages the expansion of applications for new energy battery materials, carbon fibers and their composites, and special engineering plastics [1] Group 2: Global Industry Trends - The global chemical industry is currently facing challenges such as weak downstream demand and supply-demand imbalances, leading to a wave of capacity reduction initiatives [1] - Major overseas companies, including Shell and Dow, have proactively adjusted their production lines in response to these challenges [1] Group 3: Market Outlook - Chemical prices are highly correlated with the Producer Price Index (PPI) and are expected to benefit significantly from the implementation of "de-involution" policies [1] - Recent trends indicate a recovery in the prices of certain chemical products, enhancing expectations for fundamental improvements in the industry [1] - The high-end transformation of the chemical industry is anticipated to open up valuation space, with leading chemical companies likely to benefit more during market clearing processes [1] - Continued attention is recommended for leading chemical ETFs (516220) to seize investment opportunities [1]