国泰海通｜“反内卷”· 合集（二）

Core Viewpoint - The article discusses the ongoing "anti-involution" policies in China aimed at addressing low-price disorderly competition and enhancing product quality across various industries, with a focus on sustainable high-quality growth rather than merely suppressing market competition [12][20]. Group 1: Macro and Strategy Insights - The marginal effects of "anti-involution" policies are beginning to show, with August CPI at -0.4% year-on-year and PPI at -2.9%, indicating a gradual recovery in inflation [7][9]. - The policies are designed to guide enterprises in eliminating excess capacity caused by blind expansion and to enhance competition through regulatory measures rather than administrative interventions [9][12]. - International experiences from the U.S., Japan, and Europe highlight different strategies to combat "involution," including mergers, industry restructuring, and setting competitive boundaries [13][14][15]. Group 2: Industry-Specific Analysis - In the coal sector, the "anti-involution" policies are expected to stabilize prices and improve the supply-demand balance, with coal prices showing signs of recovery [40][47]. - The coal industry is experiencing a significant reduction in production due to economic pressures, with over 50% of coal enterprises reporting losses [40][54]. - The government is actively monitoring coal production to prevent overproduction, which is seen as a critical step in implementing "anti-involution" measures [50][53]. Group 3: New Energy Sector - Multiple departments are emphasizing the importance of "anti-involution" in the photovoltaic sector, with ongoing reforms aimed at addressing low-price competition [58]. - The solar energy industry is witnessing a significant increase in capacity and installation, with expectations for continued growth in renewable energy contributions [20].