“反内卷”政策持续推动，化工龙头ETF（516220）领涨超2.6%，冲击三连阳

Group 1 - The core viewpoint is that the "anti-involution" policy is driving positive momentum in the chemical sector, leading to a significant increase in the chemical leading ETF (516220) which surged over 2% in early trading, marking a three-day rally [1][3] Group 2 - The chemical industry has faced significant capacity issues, necessitating the implementation of "anti-involution" measures. The Ministry of Industry and Information Technology, along with six other departments, released the "Petrochemical Industry Stabilization and Growth Work Plan (2025-2026)", which includes key support for new technology transformation in the petrochemical sector and strict control over new refining capacity [3] - The global chemical industry is currently grappling with weak downstream demand and supply-demand imbalances, prompting a wave of capacity reduction. Major overseas companies, including Shell and Dow, have begun proactive capacity adjustments in response to these challenges [3][4] Group 3 - The basic chemical industry supply side is expected to undergo structural optimization. Domestic policies frequently mention "anti-involution" requirements, while rising raw material costs and capacity shocks in Asia have led to shutdowns and capacity exits among European and American chemical companies [4] - The chemical industry is at the bottom of a downward cycle and is gradually moving towards an upward cycle. The "anti-involution" policy is expected to accelerate this process and raise awareness in the capital market regarding the reversal from a downward to an upward cycle [4] - Emerging demands in sectors such as new energy materials, high-performance plastics, and bio-based chemicals are anticipated to drive continuous valuation increases in the chemical sector. Leading companies are expected to enhance their global competitiveness through increased R&D investment and improved industrial chain layout [4]