如何“反内卷”？：关键在于定价权

Group 1: Macro Policy Insights - "反内卷" (anti-involution) has become a key focus of domestic policy since 2024, aiming to prevent vicious competition and improve industry self-regulation[6] - The implementation of the new "Regulations on Payment for Small and Medium Enterprises" on June 1, 2025, mandates large enterprises to pay SMEs within 60 days of delivery[16] - Short-term measures to clear government debts may improve cash flow for construction, environmental, and IT sectors, but could limit local government bond capacity[17] Group 2: Pricing Power Analysis - Pricing power is defined as the inverse of the standard deviation of gross profit margins over the past five years, indicating a company's ability to pass on cost increases to consumers[18] - Companies with a gross profit margin standard deviation inverse below 25% saw 59.85% of them experience negative stock price changes from 2020 to 2024[20] - In contrast, companies with a standard deviation inverse above 100% had a significantly lower percentage of 41.69% experiencing negative stock price changes, indicating a clear correlation between pricing power and stock performance[21]