Group 1 - The core viewpoint is that the building materials ETF (159745) is expected to benefit from improved real estate policies and "anti-involution" policies, leading to a nearly 2% increase in its price and a net inflow of nearly 300 million yuan over the past two trading days [1] - The Shanghai Housing Provident Fund Management Committee has issued a notice to optimize the housing provident fund withdrawal and loan policies, effective from August 26, 2025, which includes increasing the loan limit for green buildings by 15% and allowing fund withdrawals for down payments on new pre-sale properties [1] - Dongxing Securities indicates that the combination of intense market competition and the implementation of various policies will accelerate the elimination of outdated production capacity in the building materials industry, enhancing the growth certainty of leading companies and leading to valuation recovery and performance elasticity [1] Group 2 - Investors without stock accounts can access investment opportunities in the building materials sector through the building materials ETF's connecting fund (013020) [2]

Group 1 - The current "anti-involution" movement differs from the previous supply-side reform, as it encompasses a broader range of industries beyond traditional manufacturing [1] - Recent policies and initiatives from the Central Financial Committee have elevated market awareness of "anti-involution," impacting sectors like steel, building materials, coal, and photovoltaics [1] - The cement sector has been in a downward cycle, with companies attempting production limits to self-rescue, but price increases have not been very effective [1] Group 2 - The cement industry has shown a narrowing decline in demand compared to last year, with some marginal improvements due to infrastructure investment [2] - Despite expectations for a traditional peak season, the cement industry did not meet demand in the second quarter, leading to calls for better implementation of production capacity policies [2] - The cement industry's high concentration allows major companies to coordinate production limits, making the implementation of "anti-involution" policies relatively easier [2] Group 3 - Investment opportunities in the cement sector can be explored through the Building Materials ETF (159749), which tracks the construction materials index [3] - The ETF includes stocks related to cement and glass, both of which are involved in the "anti-involution" movement [3]