中信证券：反内卷对利润率的影响初步显现

Core Insights - The report from CITIC Securities indicates that in July, industrial enterprises managed to maintain stable revenue growth and a narrowing decline in profits despite pressures from tariffs and extreme weather [1] - The improvement in profit margins is identified as a key driver for the continued recovery of industrial profits in July, potentially influenced by anti-involution policies boosting profit rates in certain sectors [1] Industry Performance - The raw materials manufacturing sector, which experienced a significant rebound in prices in July due to anti-involution effects, showed strong profit performance [1] - Emerging industries such as semiconductors, aerospace, and pharmaceuticals also demonstrated favorable profit trends [1] Economic Outlook - Looking ahead, although July's economic data indicates some pressure on domestic demand indicators like investment and consumption, industries benefiting from strong anti-involution measures and new trends in overseas expansion are expected to emerge as structural highlights [1]