Core Viewpoint - The concept of "anti-involution" is part of a once-in-a-generation economic transformation, shifting towards a more balanced growth model rather than repeating previous patterns. The focus is on enhancing supply-side pricing power to meet capital return rates, especially in international markets, where Chinese commodities should aim for profit rather than cheap exports [3][6]. Group 1: Economic Transformation - The anti-involution policy is seen as a structural shift in the economy, moving from an external demand-driven model to a domestic circulation model, emphasizing higher quality standards and capital returns [7][8]. - The end of the real estate cycle has made the previous growth model unsustainable, leading to increased competition and declining capital returns [11][13]. - The "9.24 turning point" signifies the beginning of a new economic structure transformation, focusing on capital market-driven growth and improving return on equity (ROE) [13][14]. Group 2: Supply-Side Pricing Power - Anti-involution aims to restore supply-side pricing power, allowing manufacturers to gain greater profits from international markets rather than merely competing on price [18][19]. - The pricing target of anti-involution may exceed just covering costs, aiming to meet capital return requirements [19][21]. - The challenge of anti-involution lies in the distribution of investment losses, which could impact various stakeholders, including residents, banks, investors, and the government [22][24]. Group 3: Investment Opportunities - The focus should be on commodities with monopolistic pricing potential in the global market, as China can leverage its position to gain profits despite changing trade dynamics [27][29]. - Several commodities have been identified as having potential based on global market share, industry concentration, capacity utilization, and demand outlook, including polysilicon, caustic soda, PTA, polyester bottle flakes, and refined tin [29].