“反内卷”效果初显！该增配周期行业了？

Group 1 - The revised Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to regulate low-price disorderly competition among enterprises [1] - The Central Financial Committee emphasized the need to govern low-price competition and promote the orderly exit of backward production capacity [1] - The Ministry of Industry and Information Technology announced plans to implement growth stabilization work for ten key industries, including steel and non-ferrous metals, to eliminate backward production capacity [1] Group 2 - The "anti-involution" policy is gaining momentum, leading to a renewed outlook for cyclical industries, with July's PPI showing a month-on-month decline of 0.2%, the smallest drop since March [2] - The current supply-demand imbalance is more complex, with traditional industries facing "demand insufficiency" and emerging industries experiencing "supply expansion" issues [2] - The stock market has reacted strongly to the "anti-involution" policy, with industry valuations undergoing fundamental changes, indicating potential buying opportunities [3] Group 3 - Coal ETF (515220) is the only coal ETF in the market with a scale exceeding 8.1 billion, tracking the China Securities Coal Index [4] - Steel ETF (515210) is the only steel ETF in the market with a scale exceeding 3.2 billion, tracking the China Securities Steel Index [4] - The photovoltaic 50 ETF (159864) has seen over 80% growth in share this year, tracking the China Securities Photovoltaic Industry Index [4]