“反内卷”已成投资主线 机构聚焦“硬核竞争力”

Group 1 - The "anti-involution" investment theme is gaining attention, with a focus on companies that have technological barriers and resource integration capabilities, suggesting a strategy of "winning before seeking battle" [1][3] - Emerging sectors such as photovoltaic, lithium batteries, and electric vehicles are favored over traditional industries like steel, which are experiencing profit-taking [2][3] - The performance of the steel sector has seen a net redemption of 729 million yuan since June 23, while photovoltaic ETFs have attracted a net subscription of 2.082 billion yuan during the same period [2] Group 2 - The investment outlook emphasizes the importance of downstream demand and the profitability elasticity of companies, with a focus on industries that can benefit from improved demand [3][4] - Companies with strong technological upgrades, innovation capabilities, and solid past performance are prioritized for investment, highlighting the significance of company quality [4] - The Chinese renewable energy sector is transitioning from scale expansion to quality competition, driven by global demand growth and technological innovation [3]