“反内卷”，集体减产！

Core Viewpoint - The article discusses the recent "anti-involution" measures being implemented across various industries in China, particularly in steel, photovoltaic, and cement sectors, aimed at addressing excessive competition and promoting high-quality development [1][2][3]. Group 1: Industry Actions - Major photovoltaic glass companies have collectively decided to reduce production by 30% starting in July to alleviate "involution" competition [1]. - The China Cement Association has issued guidelines to further promote "anti-involution" and stabilize growth in the cement industry [1]. - Some steel mills have received notifications for production cuts, indicating a proactive approach to managing supply and demand [1]. Group 2: Market Response - The market has responded positively to the proactive production cuts across various industries, with analysts noting that the photovoltaic sector is facing weakening demand and price pressures [1]. - Open-source securities research indicates that prices for multiple products in the photovoltaic industry have fallen below cash cost levels, necessitating the production cuts to improve supply-demand dynamics [1]. Group 3: Policy and Regulatory Framework - The recent "anti-involution" measures are part of a broader governmental strategy to regulate excessive competition, with the Central Economic Committee emphasizing the need for orderly exit of outdated production capacity [2][3]. - The new revisions to the Anti-Unfair Competition Law aim to address "involution" competition, indicating a shift towards legal regulation of market practices [2]. - The focus of the current "anti-involution" initiative is on enhancing policy and market mechanisms, with an emphasis on industry self-discipline and the promotion of high-quality development through technological upgrades [2][3]. Group 4: Future Outlook - The current round of "anti-involution" is expected to lead to a shift from low-cost, homogeneous competition to high-end, differentiated competition in manufacturing [3]. - There is an anticipation of more targeted "anti-involution" policies being introduced, which could provide a turning point for supply-side adjustments in industries like photovoltaic, steel, and cement [3].