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Core Viewpoint - The ongoing "anti-involution" trend shows a mixed market response, indicating a tug-of-war between bullish and bearish sentiments regarding the effectiveness of related policies [1] Group 1: Market Dynamics - The "anti-involution" policy is expected to have a significant impact, but its effects on overall inflation levels remain uncertain and require time to observe [1] - The recent groundbreaking ceremony for the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is anticipated to boost demand in construction-related sectors such as cement and steel [1] Group 2: Sector Opportunities - The steel industry is projected to experience marginal improvement by 2025 due to reduced demand drag and declining costs, coupled with favorable "anti-involution" policies [2] - The cement sector is facing urgent "anti-involution" demand, with a relatively high market concentration, making it easier to implement related policies [2] - The coal industry is at a profitability bottom, with potential turning points emerging, and it offers strong allocation value in a low-interest-rate environment due to high dividends [2] - The photovoltaic sector, characterized by intense competition, is expected to respond significantly to "anti-involution" policies, with considerable potential for supply-demand improvements [2] Group 3: Investment Opportunities - Investors are encouraged to consider gradual investments in sectors benefiting from the "anti-involution" policies, particularly in steel, construction materials, coal, and photovoltaic industries [1][2]