“反内卷”持续加码，化工品价格回暖，石化ETF（159731）份额规模齐创新高

Core Viewpoint - The petrochemical ETF (159731) has shown a positive trend with a 0.7% increase, and it has attracted significant net inflows, indicating strong investor interest in the sector [1] Group 1: ETF Performance - The petrochemical ETF has recorded net inflows in 8 out of the last 10 trading days, totaling 16.91 million yuan [1] - The latest share count of the petrochemical ETF reached 211 million, with a total scale of 180 million yuan, both hitting new highs since its inception [1] Group 2: Market Trends - The concept of "anti-involution" is gaining traction in the market, focusing on eliminating outdated production capacity and enhancing industry self-discipline to optimize supply structure [1] - This trend is expected to improve the supply-demand relationship for certain chemical products, leading to a recovery in product prices and restoration of corporate profits [1] Group 3: Investment Recommendations - Citic Securities identifies three main trading themes in the chemical sector: 1. The rise in energy storage demand is expected to enhance the industry chain's prosperity, particularly in lithium battery materials [1] 2. The ongoing "anti-involution" efforts are likely to lead to price recoveries in chemical products [1] 3. The chemical industry is experiencing high prosperity, with main businesses expected to maintain high growth [1] Group 4: Sector Composition - The petrochemical ETF closely tracks the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.85% and the oil and petrochemical industry for 32.16% of its composition [1] - The ETF is positioned to benefit from policies aimed at anti-involution, structural adjustments, and the elimination of outdated production capacity [1]