反内卷背景下化工行业有望迎来景气上行周期，化工ETF嘉实(159129)聚焦化工板块投资机遇

Core Viewpoint - The traditional chemical industry in China is facing a significant transformation due to government policies aimed at curbing blind investments and promoting the orderly exit of outdated capacities, which is expected to lead to a recovery in the industry's profitability and a new growth cycle starting in 2026 [1][2]. Group 1: Industry Overview - The China Chemical Industry Index has seen a decline of 2.55% as of January 30, 2026, with mixed performance among constituent stocks [1]. - The government has introduced the "Stabilizing Growth Work Plan for the Petrochemical and Chemical Industry (2025-2026)" to address severe overcapacity issues caused by disorderly expansion [1]. - Companies are proactively engaging in maintenance and reducing inefficient capacities as part of a self-initiated "anti-involution" strategy [1]. Group 2: Investment Opportunities - Guohai Securities anticipates that the anti-involution measures will lead to a recovery in the chemical industry, potentially slowing down global capacity expansion [1]. - In Q4 2025, public funds have increased their holdings in chemical sector blue-chip stocks, indicating a shift towards bottom-fishing opportunities [1]. - The top ten weighted stocks in the China Chemical Industry Index account for 45.31% of the index, with companies like Wanhua Chemical and Yalake Holdings leading the list [2]. Group 3: Investment Products - Investors can explore opportunities in the chemical sector through the Chemical ETF (159129), which closely tracks the China Chemical Industry Index [2]. - There is also an option for investors to consider the Chemical ETF linked fund (013527) to gain exposure to the chemical sector [3].