建材ETF（159745）涨超1%，水泥行业在“反内卷”背景下易涨难跌

Group 1 - The cement industry is expected to experience price increases under the backdrop of "anti-involution," with a significant capacity reduction anticipated for the first time in history by 2025 [1] - By the end of 2025, over 280 clinker production lines will be replaced, resulting in an annual capacity reduction of 150 million tons [1] - From January 1, 2026, major enterprises will fully implement production based on approved capacity, which, along with normalized staggered production, will curb regional "involution" competition [1] Group 2 - The cement production volume is expected to decline due to a downturn in real estate and a decrease in infrastructure growth, leading to overall low price fluctuations [1] - The widening price gap between cement and coal is expected to improve profitability [1] - Significant infrastructure projects and urban renewal are anticipated to support demand in 2026, alongside continued optimization of supply under the "dual carbon" policy [1] Group 3 - The building materials ETF (159745) tracks the construction materials index (931009), reflecting the overall performance of listed companies in the building materials industry, including cement, glass, and new building materials [1] - The index focuses on companies with high market share and good growth prospects, showcasing the diversity and growth potential of the building materials industry [1]