“反内卷”再发力，哪些行业ETF将受益

Core Insights - The recent "anti-involution" policies in China aim to combat unhealthy competition and promote high-quality economic development through a series of measures targeting ten key industries [1][3][4] Group 1: Policy Initiatives - The Ministry of Industry and Information Technology has released new growth plans for ten major industries, which collectively account for approximately 70% of the industrial economy [1] - These plans set clear quantitative growth targets, such as an annual average growth of 5% in the petrochemical and non-ferrous metal industries from 2025 to 2026 [1] - The National Development and Reform Commission and the State Administration for Market Regulation have issued guidelines to address chaotic pricing competition while maintaining fair market conditions [1][3] Group 2: Economic Indicators - In August, profits of industrial enterprises showed a significant turnaround, increasing by 20.4% year-on-year, marking the highest growth rate since December 2023 [3] - The Producer Price Index (PPI) remained stable month-on-month in August, ending an eight-month decline, with a narrowing year-on-year decrease of 0.7 percentage points [3] - Profit growth was particularly noted in upstream industries such as coal, steel, and non-ferrous metallurgy, indicating a positive initial response to the "anti-involution" policies [3] Group 3: Investment Opportunities - Investors are encouraged to consider ETFs that align with the "anti-involution" policies, which span both traditional and emerging industries [4][5] - Specific sectors highlighted for investment include non-ferrous metals, petrochemicals, steel, cement, lithium batteries, and photovoltaic industries, each with supportive policy measures and improving fundamentals [5] - The ongoing "anti-involution" policies are expected to enhance gross margins and capacity utilization, thereby improving the long-term investment value of related sectors [5]