建材ETF（159745）大涨超4%，盘中净流入超1.1亿份，“反内卷”政策有望引导行业中长期盈利改善

Core Viewpoint - The construction materials ETF (159745) experienced a significant increase of over 4%, with a net inflow of more than 1.1 billion shares, indicating strong market interest driven by the "anti-involution" policy, which is expected to lead to long-term profitability improvements in the industry [1][2]. Group 1: Market Performance - The construction materials ETF (159745) saw a net inflow of 1.15 billion shares, reflecting aggressive capital allocation by investors [2]. - The ETF tracks the construction materials index (931009), which represents the market performance of the construction materials industry, including sectors such as cement, glass, and new building materials [2]. Group 2: Industry Outlook - Dongwu Securities suggests that the proactive adjustment of supply in the cement industry is expected to be sustained, with accelerated exit of outdated and inefficient capacities [2]. - The utilization rate of clinker capacity is anticipated to improve in the medium term, supported by a consensus on supply discipline led by industry leaders by 2026 [2]. - The industry is expected to experience a rebound in profitability, particularly in provinces with significant demand from key infrastructure projects, although the overall demand remains unstable [2]. - The "anti-involution" policy is expected to guide orderly competition and the exit of inefficient capacities, thereby solidifying the long-term profitability foundation of the industry [2].