A股“反内卷”主题行情火了 机构布局路线图调研

Core Viewpoint - The "anti-involution" theme has gained significant attention in the A-share market, with sectors such as steel, photovoltaic, and building materials experiencing substantial growth in recent weeks [1][2][6]. Market Performance - Over the past 18 trading days (from June 20 to July 15), the steel, building materials, and power equipment sectors have all seen increases exceeding 8% [1]. - The photovoltaic equipment index has risen by 15.55% during the same period [4]. - Specific sector performances include: components up 20.35%, glass and fiberglass up 20.21%, photovoltaic equipment up 15.55%, and ordinary steel up 12.75% [5]. Policy Influence - The "anti-involution" theme is driven by recent policy discussions, particularly the emphasis on reducing low-price competition and promoting the orderly exit of outdated production capacity [2][6]. - The central government's focus on building a unified national market and addressing key challenges has catalyzed this market trend [2]. Industry Focus - Key industries benefiting from the "anti-involution" theme include traditional sectors like steel and cement, as well as emerging industries such as photovoltaics and electric vehicles [6][7]. - The current "anti-involution" policies are primarily concentrated on four major sectors: photovoltaics, e-commerce, automobiles, and steel [7]. Investment Opportunities - Investment institutions are increasingly allocating resources to sectors involved in the "anti-involution" theme, particularly those with historically low valuations and significant recovery potential [8][9]. - Analysts suggest focusing on industries with low valuations and potential for improved competitive dynamics, such as upstream photovoltaic, real estate, and livestock sectors [9][10]. Future Outlook - The "anti-involution" market is expected to unfold in three phases: the current expectation phase driven by policy, a subsequent phase of rising resource prices, and finally a phase where high prices stabilize [1][11]. - The market may not follow a straightforward three-phase pattern, as past experiences suggest that price reactions could occur earlier and more concentrated in leading stocks [11].