“反内卷”行情持续，如何捕捉长线机会？

Core Viewpoint - The "anti-involution" policy is a comprehensive strategy aimed at eliminating inefficiencies and promoting technological upgrades across various industries, particularly in the renewable energy sector, to create a more competitive and high-quality market environment [4][10]. Group 1: Policy Overview - The current "anti-involution" initiative is characterized by a higher strategic positioning, broader coverage, stronger collaboration, and a long-term orientation, moving beyond simple capacity reduction to a nationwide unified market construction [5][10]. - The policy emphasizes breaking local protectionism and unifying institutional rules while expanding both domestic and international openness as prerequisites for industry reform [5][6]. Group 2: Industry Impact - The initiative extends its focus from traditional upstream sectors to emerging midstream and downstream industries, including solar energy, lithium batteries, and electric vehicles, indicating a significant expansion in the scope of governance [8][10]. - The governance philosophy has shifted from "total capacity reduction" to "high-quality development and technological upgrades," aiming to eliminate outdated capacities while empowering industries for future growth [9][10]. Group 3: Sector-Specific Insights - In the renewable energy manufacturing chain, companies with technological iteration capabilities, such as those in solar, silicon materials, glass, and lithium batteries, are expected to emerge as leaders [11]. - Traditional cyclical industries like steel and cement are anticipated to enhance market share and increase the proportion of high-end products through mergers and restructuring [11]. - The resource and materials sectors are encouraged to focus on high-precision development, with industries like chemicals optimizing capacity layouts and shifting towards R&D innovation and quality upgrades [11]. - Emerging service and consumer sectors, such as small appliances and smart home products, are transitioning from price competition to quality enhancement due to regulated competition and increased demand [11].