看好机会！公募密集布局这个板块！

Core Viewpoint - The chemical sector is experiencing a rebound driven by government policies aimed at reducing overcapacity and promoting high-quality development, particularly in the context of the "anti-involution" policy [3][7][8]. Group 1: Market Performance - The Shanghai Composite Index approached 3900 points, with cyclical stocks, including the chemical sector, showing a quiet rebound [5]. - As of September 12, the sub-indices for the chemical sector recorded a one-month increase of 11.84%, following a 19.63% rise in the non-ferrous metals index and an 11.93% rise in the machinery index [5]. - Over the past three months, the chemical index has increased by 23.66%, indicating a strong performance relative to other sectors [5]. Group 2: Policy Impact - The "anti-involution" policy has been implemented since July, aimed at curbing low-level repetitive construction in the chemical industry and shifting focus towards high-quality development [7][8]. - The supply-side reforms are expected to catalyze changes in the chemical sector, with a shift from demand-driven growth to supply-side adjustments [7][8]. - The government is promoting mergers and restructuring in industries such as coal chemical and alumina, which could further impact the chemical sector positively [7]. Group 3: Fund Activity - Fund companies have accelerated their investment in chemical-themed funds, with four new funds reported since September, indicating growing optimism about the sector's prospects [9][10]. - The total scale of four ETFs linked to the chemical sector index has exceeded 228 billion yuan, a significant increase from 24 billion yuan at the end of 2024, reflecting heightened investor interest [10]. - The increase in fund applications and the scale of existing funds suggest a bullish outlook on the chemical industry's recovery and growth potential [10]. Group 4: Investment Strategy - The chemical sector is viewed as having a solid foundation for growth, with current price-to-book (PB) ratios still at historical lows, suggesting potential for valuation recovery [10]. - The focus on sectors with high capacity utilization and potential for consolidation indicates a strategic shift towards industries that can benefit from improved economic conditions and government support [11]. - The emphasis on monitoring supply-side policy reforms and their implications for pricing mechanisms in the chemical sector is crucial for future investment decisions [8][11].