TYN(SZ:000591) Zhi Tong Cai Jing·2025-08-04 14:56Core Viewpoint - UBS analysts express mixed feedback on the anti-involution measures, indicating that the market remains skeptical about their potential impact on stock prices [1][4]. Industry Analysis - Cement: Price decline mainly due to weak demand, with output prices remaining above cost levels. The sector is mostly priced in, with CNBM (3323 HK) as a top pick [2]. - Coal: Limited outdated capacity and energy security concerns lead to a slight price increase, with moderate demand impact. The sector is partly priced in [2]. - Lithium: Long-term demand remains strong, with potential price increases for lithium carbonate contracts. The sector is slightly priced in, with Qinghai Salt Lake (000792 CH) as a top pick [2]. - Chemicals: Certain subsectors face poor profitability, with potential for capacity reform. The sector is not priced in, with Hualu-Hengsheng (600426 CH) and Hengli (600346 CH) as top picks [2]. - Auto: Strong price cuts and global pressure on excess capacity lead to slightly higher consumption. The sector is not priced in, with BYD (1211 HK), Li Auto (LI US), and GWM (2333 HK) as top picks [2]. - Insurance: Financial stability is important, with limited demand impact. The sector is partly priced in, with Ping An Insurance-H (2318 HK) and CPIC-H (2601 HK) as top picks [2]. - Solar Supply Chain: Low profit margins and global pressure to cut excess capacity lead to higher prices. The sector is slightly priced in, with GCL Tech (3800 HK), Tongwei (600438 CH), and Longi (601012 CH) as top picks [2]. - Hog: Hog prices are a key component of CPI, with limited demand impact. The sector is partly priced in, with Muyuan (002714 CH) and Wens (300498 CH) as top picks [2]. - Healthcare: Healthcare costs need to be kept low, with limited demand impact. The sector is mostly priced in, with 3S Bio (1530 HK) and Weigao (1066 HK) as top picks [2]. - Food Delivery: Companies face loss-making conditions, with high demand sensitivity. The sector is slightly priced in, with Alibaba (BABA US) as a top pick [2]. - Steel: Steel gross margins remain decent, with limited demand impact. The sector is overly priced in [2]. Investment Opportunities - UBS identifies solar, chemicals, and lithium industries as the most attractive for selective investment based on their low profitability, growth potential, and valuation risks [4][12].