规上工业产能利用率回升，反内卷成效初显

Core Insights - The recent data from the National Bureau of Statistics indicates a positive improvement in industrial enterprise prices and profits, reflecting the initial effects of anti-involution policies [1] - The capacity utilization rate for large-scale industrial enterprises in Q3 2025 reached 74.6%, an increase of 0.6 percentage points from Q2, although it is still down 0.5 percentage points year-on-year [1][2] - The anti-involution measures aim to address chaotic competition in various industries, with a focus on enhancing quality and promoting technological innovation [1][6] Capacity Utilization - In Q3 2025, 21 out of 41 major industrial sectors saw a month-on-month increase in capacity utilization, with a recovery rate of 51.2% [2] - The mining sector's capacity utilization was 72.5%, manufacturing at 74.8%, and utilities at 74.3% [2] - Notable increases in capacity utilization were observed in the automotive and electrical machinery sectors, with rises of 2 and 1.4 percentage points, respectively [2][3] Profit and Price Trends - From January to August 2025, profits of large-scale industrial enterprises shifted from a year-on-year decline of 1.7% to a growth of 0.9%, reversing a downward trend since May [3] - The Producer Price Index (PPI) for September showed a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to the previous month [3] - The steel industry has returned to profitability, with raw material manufacturing profits increasing by 22.1% year-on-year [3] Policy Measures - The newly revised Anti-Unfair Competition Law has been implemented, marking a significant step in regulating chaotic competition and promoting fair market practices [1][6][7] - The National Development and Reform Commission has emphasized the need to strengthen capacity governance in key industries, particularly in new energy vehicles and photovoltaics [1][6] - Recent announcements from regulatory bodies focus on maintaining fair market pricing and preventing disorderly competition through various measures [7][8] Industry Outlook - The anti-involution policies are expected to gradually alleviate price deflation pressures, particularly in traditional industries facing dual pressures of demand contraction and supply optimization [5] - The emphasis on innovation and green transformation aims to enhance competitiveness across both emerging and traditional sectors [5][6] - The current phase of demand insufficiency is identified as a fundamental cause of the ongoing involution, necessitating a strategic focus on expanding domestic demand [9]