反内卷有望引领化工景气，资金抢筹布局化工ETF国泰（516220），连续10日资金净流入近3亿元

Group 1 - The core viewpoint is that the Chinese chemical industry is expected to enter a favorable upcycle due to the acceleration of capacity exit in Europe and the implementation of anti-involution measures in China [1] - The anti-involution measures are anticipated to lead to a significant slowdown in global chemical industry capacity expansion, which will enhance the potential dividend yield for Chinese chemical companies [1] - Chinese chemical companies are characterized by strong operating cash flow, which positions them to transition from cash-consuming entities to cash-generating ones as expansion slows [1] Group 2 - The supply-side changes are expected to halt the decline in industry prosperity, with chemical stocks likely to exhibit both high elasticity and high dividend advantages [1] - Globally, leading Chinese chemical companies have established solid cost and efficiency advantages, entering a long-term upward performance phase [1] - Certain supply-constrained sectors are projected to see continued improvement in industry prosperity as demand rebounds, making them worthy of attention [1] Group 3 - The Guotai Chemical ETF (516220) tracks a sub-index of the chemical sector (000813), which includes representative listed companies in chemical products and fibers to reflect the overall performance of fine chemicals and new materials [1]