一瑜中的·2025-07-07 15:00Core Viewpoint - Recent market focus on supply-side reform highlights the need to address "involution" in key industries such as photovoltaics, lithium batteries, new energy vehicles, and e-commerce platforms, with various sectors facing fundamental pressures [2][10] Industry Analysis 1. Policy Direction - "Involution" competition includes low-price competition, homogenization, and excessive marketing from enterprises, as well as unfair local government policies and market barriers [4] - Key industries targeted for "anti-involution" measures include photovoltaics, lithium batteries, new energy vehicles, and e-commerce platforms [4][10] - Measures to combat "involution" involve coordinated efforts on both supply and demand sides, government behavior regulation, and industry self-discipline [4] 2. Current Industry Status - Photovoltaics: Prices are weak, with a June index showing a year-on-year decline of 11.8%. However, production remains strong, with a 18.3% increase in solar cell output from January to May [5][13] - Automobiles: Increased low-price competition is evident, with sales discount rates rising to 25.2% in June. This trend may lead to intensified price wars among manufacturers [5][18] - Steel: Production decreased by 1.7% year-on-year from January to May, while prices remain weak, with a 13.4% decline in steel prices from January to June [5][23] - Cement: Production fell by 4% year-on-year, and prices have weakened, with a June index showing a 2.4% decline [5][26] - Pork: Production is strong but prices are weak, with net profits per pig dropping significantly, indicating the industry is nearing losses [5][29] 3. Anti-Involution Measures - Photovoltaics: Industry self-discipline is emphasized, with major manufacturers collectively reducing production by 30% and signing self-regulatory agreements [8][14] - Automobiles: Self-regulation is key, with companies like BYD halting aggressive pricing strategies and standardizing supplier payment terms [8][18] - Steel: A combination of self-discipline and administrative guidance is being implemented, with industry associations urging companies to manage production and cash flow effectively [8][24] - Cement: Measures include industry self-discipline and media supervision to ensure compliance with production standards and to recognize compliant companies [8][27] - Pork: Administrative guidance is being utilized, with reports of government requests for major producers to control breeding and market supply [8][30]