“反内卷”的风吹到A股，影响几何？

Core Viewpoint - The article emphasizes the importance of "anti-involution" policies to curb low-price competition and promote product quality improvement across various industries, including photovoltaic, steel, cement, and pig farming [1][2][6]. Summary by Sections Policy Emphasis - The Central Financial Committee highlighted the need for legal governance of low-price disorderly competition and guiding enterprises to enhance product quality while promoting the orderly exit of backward production capacity [1][5]. Industry Response - Major photovoltaic glass companies announced a collective production cut of 30% starting July to alleviate "involution-style" competition [3]. - The China Steel Association called for self-discipline to prevent "involution-style" vicious competition [4]. Market Trends - The A-share market has seen a "anti-involution" thematic rally, with sectors like steel, engineering machinery, photovoltaic, and glass experiencing significant growth [6]. - The expectation is that the "anti-involution" theme will continue to evolve across various industries, becoming a main focus in the near future [6]. Historical Context - The term "involution" has gained prominence in recent years, originally describing a situation where increased labor does not lead to significant productivity gains [9][10]. - Since last year, policy attention has increased regarding "anti-involution" and capacity reduction, with multiple meetings outlining strategies to combat this issue [11]. Key Industries Targeted - The "anti-involution" policies are particularly focused on four key industries: photovoltaic, e-commerce, automotive, and steel, employing various measures such as industry regulation and capacity adjustments [14]. Economic Indicators - Domestic prices have remained low, with the Producer Price Index (PPI) experiencing 32 months of negative growth as of May 2025, indicating a need to address the current deflationary pressures [13]. - The ongoing competition for investment among regions has also contributed to "involution-style" competition in certain sectors [13]. Future Outlook - The current round of "anti-involution" is reminiscent of the supply-side reform period (2015-2018), with expectations for key industries to enter a bullish market phase [16]. - However, the current market environment differs significantly from the previous supply-side reforms, as demand stabilization has not yet been observed, particularly in real estate, which may affect commodity prices [17].