“反内卷”成效初显！7月汽车、光伏、钢铁价格回暖，工业增速短期放缓

Group 1 - The "anti-involution" policy is showing initial effects, with July's CPI and PPI data indicating improvements in price stability and a reduction in the rate of decline in industrial prices [2][4][6] - In July, the CPI increased by 0.4% month-on-month, reversing a previous decline, while the PPI decreased by 0.2%, marking the first narrowing of the decline since March [2][6] - The manufacturing PMI for July was 49.3%, indicating a slight decline, but the prices of major raw materials showed recovery, with the purchasing price index rising to 51.5% [4][5] Group 2 - The automotive manufacturing sector has been experiencing intense price competition, leading to a slowdown in investment, but government efforts to address "involution" may help improve profit margins and investment willingness [3][6] - The industrial production growth rate showed signs of slowing, with July's industrial value added growing by 5.7% year-on-year, down from 6.8% in June [7][8] - The "anti-involution" policy is expected to create short-term pain for industries, particularly in sectors like automotive and photovoltaic, as production and investment growth rates decline [7][8] Group 3 - The government is focusing on balancing supply and demand in upstream industries like steel and coal through administrative measures, which may lead to production pressures in these sectors [8] - The overall manufacturing investment growth rate has decreased significantly, reflecting the impact of reduced government subsidies and the ongoing adjustments in the supply chain [7][8] - In the long term, the "anti-involution" strategy aims to enhance competition efficiency and innovation, potentially boosting prices and corporate profitability [8]