On April 24, Guotai Chemical ETF (516220) surged more than 3%, reflecting the market’s optimistic expectations for the chemical industry. Tianfeng Securities pointed out that the chemical industry is facing a “supply-demand reversal”, with the inflection point of policies and capital expenditure appearing in 2025. The withdrawal of high-cost marginal production capacity overseas has promoted the restructuring of the global chemical order, and the industry has ushered in a strategic window period for industrial restructuring and value revaluation. Data show that the added value of the chemical raw materials and chemical products manufacturing industry increased by 9.0% year-on-year in March, and the prices of some segmented products rose significantly.