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券商研报刷屏:“反内卷”!
中国基金报·2025-07-08 14:36

Group 1 - The article highlights the recent focus on "anti-involution" policies, which have become a trading hotspot in stock and commodity markets, with at least 23 brokerages publishing 36 research reports on the topic since July 1 [1][2] - The central government's emphasis on promoting a unified national market and addressing low-price disorderly competition is expected to improve supply-demand dynamics in various industries [2] - The current "anti-involution" initiative is seen as a key policy focus for 2024, with the concept of "pricing power" being crucial for manufacturing companies to combat "involution" [2] Group 2 - The "anti-involution" market trend is expected to be short-term, with limited space and duration, as it is catalyzed by the central government's focus on addressing low-price competition [4][5] - Analysts suggest that the "anti-involution" trend may develop in three phases: initial policy-driven expectations, followed by price increases in resource products, and finally, sustained high prices [4] - For the financial market, short-term self-discipline in production can help narrow supply-demand gaps, but long-term sustainability requires reversing oversupply and improving prices and profitability [5] Group 3 - Industries likely to benefit from the "anti-involution" policies include the photovoltaic industry chain, traditional industries facing overcapacity, and emerging non-manufacturing sectors like e-commerce [7] - Specific sectors identified as potential beneficiaries include coal mining, coke, common steel, energy metals, glass fiber, steelmaking raw materials, precious metals, and the hospitality industry [7]