反内卷政策催化建材行业，资金抢筹布局，建材ETF（159745）近20日净流入超16亿元

Group 1 - The cement industry is expected to maintain proactive supply-side adjustments, accelerating the exit of outdated and zombie capacities, which will likely improve the clinker capacity utilization rate in the medium term [1] - By 2026, under the leadership of industry leaders, the consensus on supply discipline is expected to strengthen, enhancing the staggered production efforts and providing support for profit bottoms, although frequent rebalancing of supply and demand will limit profit elasticity due to unstable demand [1] - If physical demand stabilizes and improves, there is considerable price elasticity during the peak season for cement, with industry profits expected to show a fluctuating improvement in 2026 compared to the second half of 2025 [1] Group 2 - Certain provinces with significant demand increases from key infrastructure projects are expected to outperform the national average in terms of industry prosperity [1] - Policies aimed at reducing internal competition will guide orderly competition in the industry and facilitate the exit of inefficient capacities, thereby solidifying the medium to long-term profit foundation for the industry [1] - The building materials ETF (159745) tracks the construction materials index (931009), which primarily includes companies engaged in the production and sale of building materials, including but not limited to cement, glass, and ceramics [1]