“反内卷”号角吹响牵动市场预期，价格改善能否推动物价合理回升

Group 1 - The "anti-involution" policy has been initiated since July, leading to a significant rise in certain commodity prices and influencing market expectations [1] - The policy aims to regulate low-price disorderly competition among enterprises, improve product quality, and promote the orderly exit of backward production capacity [1][3] - The "anti-involution" policy is seen as both a supply-side and demand-side measure, essential for stabilizing price levels in the short term [1] Group 2 - Analysts suggest that the impact of the "anti-involution" policy on prices is more about alleviating the decline in the Producer Price Index (PPI) rather than driving a rapid increase in overall price levels [2][9] - The industrial goods sector is the main battleground for the "anti-involution" policy, with significant price increases observed in coal, steel, and other commodities [7] - The policy is expected to improve PPI by approximately 1.6 percentage points in the second half of the year, with an overall annual increase of about 0.5 percentage points [9] Group 3 - The National Development and Reform Commission and the State Administration for Market Regulation are drafting a revision to the Price Law, addressing issues of low-price disorderly competition [5] - The "anti-involution" policy is anticipated to have a sustained impact on price increases in related industries, with a focus on promoting supply-demand balance and eliminating backward production capacity [5][7] - The effectiveness of the "anti-involution" policy in driving domestic prices back to a moderate growth trajectory will depend on the success of consumption-boosting measures [9][10]