券商首席热议！“反内卷”如何提振市场内生动力？

Core Viewpoint - The concept of "anti-involution" is essential for promoting sustainable and healthy industrial development, as it addresses the negative impacts of irrational competition on corporate profits and overall industry growth [2][3][10]. Group 1: Impact on Industries - Involution leads to a decline in corporate profits and creates issues in industry development, contradicting the goal of high-quality growth [2][3]. - The comprehensive governance of involution is crucial for the current Chinese economy, as it helps break the downward pressure on inflation and promotes a positive economic cycle [3][10]. - The focus of "anti-involution" policies will likely target key industries such as new energy vehicles, photovoltaic components, and e-commerce platforms, which are currently facing significant challenges [9][10]. Group 2: Policy Implementation - The current approach to "anti-involution" relies heavily on industry self-regulation, with expectations for more structured policies to emerge following government meetings [5][6]. - A balanced approach, termed "symptomatic and fundamental treatment," is recommended, which includes regulating irrational price wars and addressing local protectionism [7][8]. - The implementation of "anti-involution" policies is expected to be gradual and tailored to different industries, ensuring that the measures do not adversely affect macroeconomic stability or consumer experience [6][7]. Group 3: Potential Benefits - Emerging industries such as photovoltaic, new energy vehicles, and lithium battery storage are anticipated to benefit from improved competitive dynamics under "anti-involution" policies [9][10]. - The restructuring and consolidation of industries, particularly in sectors dominated by state-owned enterprises, will face fewer obstacles, while private sectors may see increased self-regulation and price stabilization efforts [9][10].