“反内卷”趋势利好钢铁，全市场唯一钢铁ETF（515210）盘中飘红，近10日净流入近2.4亿元

Core Viewpoint - Under the "anti-involution" backdrop, leading enterprises in the steel industry are expected to benefit in the medium to long term, as they play a crucial role in supporting the healthy development of high-end manufacturing [1]. Industry Summary - The steel industry is essential for ensuring the robust growth of high-end manufacturing, necessitating that leading companies maintain reasonable profit levels to support research and development efforts [1]. - The logic of "profit growth → continuous R&D → product enhancement → profit margin improvement" is anticipated to be realized by these enterprises [1]. - Leading companies have a high direct supply ratio to downstream sectors, which has further enhanced profit stability in recent years, giving them characteristics similar to dividend assets [1]. Company Summary - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in ordinary steel and special steel businesses from the Shanghai and Shenzhen markets to reflect the overall performance of the steel industry [1]. - The index constituents are primarily steel manufacturing companies, exhibiting strong cyclical characteristics, with industry allocation mainly focused on raw materials, highlighting the close relationship between the steel industry and market dynamics as well as economic cycles [1].