“反内卷”，风继续吹

Group 1 - The "anti-involution" policy direction has become clear, focusing on boosting consumption and optimizing policies related to the consumption of goods [1] - The recent State Council meeting emphasized the need to regulate irrational competition in the new energy vehicle industry and to promote high-quality development [1] - The "anti-involution" theme has shown strong performance in sectors such as photovoltaic, steel, building materials, and coal since July [1] Group 2 - The Central Economic Work Conference highlighted the importance of preventing "involution-style" competition and ensuring the exit of inefficient production capacity [2] - The current macroeconomic conditions differ from last year, leading to a more pronounced "anti-involution" effect this year [3] - The supply-demand mismatch in upstream resource products has led to price declines, prompting manufacturers to engage in price competition [3][4] Group 3 - The current price levels of products like rebar and coking coal have stabilized, indicating a better alignment with supply-demand conditions compared to last year [4] - The focus of the current policies is on supply-side control rather than demand stimulation, which may lead to structural market movements [4] - Investors are advised to pay attention to ETFs that benefit directly from capacity reduction, such as steel and coal ETFs [4][5]