Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [4][12] Core Viewpoints - The draft amendment to the Price Law aims to clarify standards for identifying unfair pricing behaviors, regulate market pricing order, and alleviate "involution" competition [4][6][7] - The amendment is expected to ease competition in industries such as polysilicon, lithium battery anode and cathode materials, wind power equipment, and energy storage, promoting price stability and improving profitability for related companies [4][7] Summary by Sections Price Law Amendment - The draft amendment includes ten articles focusing on three main areas: 1. Improvement of government pricing content, including the clarification of government-guided pricing mechanisms and the importance of cost monitoring in price setting [6][7] 2. Clarification of standards for identifying unfair pricing behaviors, including low-price dumping, price collusion, and price discrimination [6][7] 3. Establishment of legal responsibilities for pricing violations, including increased penalties for non-compliance with pricing regulations [7] Investment Recommendations - Companies to watch include: - Xinte Energy - GCL-Poly Energy - Wind Power Technology - Sungrow Power Supply - Wanrun New Energy [4][7] Profit Forecasts for Related Companies - Profit forecasts for selected companies indicate varying performance: - Xinte Energy: Expected net profit of -3.9 billion RMB in 2024 - GCL-Poly Energy: Expected net profit of -4.75 billion RMB in 2024 - Wind Power Technology: Expected net profit of 1.86 billion RMB in 2024 - Sungrow Power Supply: Expected net profit of 11.04 billion RMB in 2024 - Wanrun New Energy: Expected net profit of -870 million RMB in 2024 [9]

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] PPI 降幅扩大，"反内卷"势在必行 ——6 月通胀数据点评 报告要点 [Table_Summary] 6 月 CPI 同比转涨，核心 CPI 同比涨幅扩大、为 2024 年 5 月以来新高，油价、金价等工业消 费品价格回升是主要拉动。6 月 PPI 同比降幅扩大、创 2023 年 8 月以来新低，其中，国内需 求疲弱、部分行业产能过剩，煤炭、钢材、水泥降幅扩大是主要拖累。往前看，猪价或维持窄 幅震荡、能源价格面临一定下行压力，CPI 同比回升的关键仍在于居民消费需求的回升；7 月 中央财经委员会直指"内卷式"竞争治理，多行业积极响应，或提振部分行业价格回升，除了 供给侧的优化，加大对国内基建、地产投资以及居民消费等领域支持的需求侧政策同样重要。 分析师及联系人 [Table_Author] 于博 蒋佳榛 SAC：S0490520090001 SAC：S0490524080005 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title PPI 降幅扩大，"反 ...