"Players in the differentiated value chains/technologies or processes have fared better than the rest of the peer set. We believe commoditisation of specialty is the new bug in the system and only players who continue to reinvent and move up the value chain will be the clear winners in future as well," Nirmal Bang said.The domestic brokerage said apart from the adversities caused by geopolitics, ‘China+1’ factor did not play out asper the ‘hope story’ painted over the years as aggressive dumping continues.While Nirmal bang acknowledged the potential tailwinds of the Anti-Involution Policy, it believe the development should not be…