长江证券：政策密集提及整治“内卷式”竞争 关注两条主线

Core Viewpoint - Recent policies have emphasized the need to address "involutionary" competition, specifically targeting the governance of low-price disorderly competition and promoting the exit of backward production capacity [1] Group 1: Policy Impact - The supply-side clearing driven by policies is expected to improve the industry landscape, with the first phase of the market rally initiated by policy expectations [1] - The previous round of excess capacity was mainly concentrated in upstream resource industries, while the current round is focused on midstream and downstream industries [1] Group 2: Investment Strategies - Two main investment lines are suggested: 1. Industries with a longer supply-side clearing time and potential for supply-demand balance improvement, such as agricultural chemicals, general machinery, and components [1] 2. Industries undergoing policy-driven clearing, such as cement and photovoltaic sectors [1]