告别价格厮杀！反内卷引爆A股新风口，三大赛道龙头率先受益

Core Viewpoint - The recent meeting of six departments emphasized the need to regulate market competition in the photovoltaic industry and prevent "involution" or unhealthy competition, indicating a shift towards a more structured governance system since the Central Political Bureau meeting in July 2024 [1][2] Policy and Market Dynamics - A multi-layered governance system is being constructed to address "involution," focusing on revitalizing existing resources and promoting quality growth in traditional industries [1][3] - The policies aim to optimize competition and dismantle local protectionism, with the China Securities Regulatory Commission supporting mergers and acquisitions in traditional industries [1][3] Industry Performance and Trends - Initial effects of the policies are visible, with sectors like steel, cement, photovoltaic equipment, and energy metals showing strong performance, often outpacing the broader market [1][2] - Despite some sectors like coal and construction experiencing a pullback, the overarching theme of "anti-involution" is seen as a long-term strategy for improving industry profitability and competitive ecology [1][2] Future Growth Potential - Goldman Sachs projects that certain industries could see a 53% increase in profitability by 2027 due to the ongoing policy implementation [2][6] - The focus on regulating competition and promoting high-quality development is expected to benefit leading companies in sectors such as cement, chemicals, and photovoltaics [2][6] Industry Consolidation Efforts - A systematic approach to governance is being established, covering various dimensions including legal, industrial, and fiscal aspects, to promote self-discipline and consolidation across multiple industries [3][4] - The photovoltaic sector is entering a phase of market consolidation, with leading polysilicon companies planning to establish an acquisition fund of 40 to 80 billion yuan to address overcapacity [3][4] Investment Opportunities - The recent anti-involution policies have created new investment themes, with significant market interest in sectors like photovoltaic equipment, glass fiber, and semiconductor industries, which have seen substantial price increases [5][6] - The transition from policy expectations to actual execution is anticipated to drive further investment opportunities, particularly in high-end manufacturing sectors [5][6]