【深圳商报讯】（记者 陈燕青）近期，A股走出了"反内卷"主题行情，钢铁、多晶硅、玻璃等板块全面 爆发。市场预期，随着"反内卷"扩散至各行各业，"反内卷"主题有望成为接下来一段时间的投资主线之 一。 "反内卷"政策的具体影响可能会因行业而异。国金证券认为，本轮过剩产能很大一部分集中在光伏、锂 电、新能源车等中高端制造业领域。这些行业未来仍具备需求增长潜力，直接出清的概率较低，政策效 果可能会相对较弱；而对于传统产能占比相对更高、产能利用率较高且产品价格处于低位的行业，政策 通过限制产能利用率，就有望对企业盈利产生明显作用。 根据华创证券研报，从国企占比、行业集中度、价格弹性、税收、就业5个视角筛选"反内卷"潜在受益 行业，其中筛选出次数最多的为4次，包括：煤炭开采、焦炭、普钢、能源金属、玻璃玻纤、冶钢原 料、贵金属、白酒、酒店餐饮。筛选出3次的有：乘用车、风电设备、食品加工、非金属材料、水泥、 化学制品、房屋建设、基础建设。 华创证券认为，从"反内卷"措施来看，以行业自律、行政指导、舆论监督为主，按照约束力排序，或是 钢铁＞生猪＞汽车＞水泥＞光伏。 东方财富首席策略分析师陈果建议积极关注"反内卷"政策背景下的投 ...

Group 1 - The "anti-involution" policy has become a hot topic in the stock and commodity markets, with various industries responding and institutions releasing related research reports [1] - Tianfeng Securities suggests that the "anti-involution" trend may develop in three phases: initial expectations catalyzed by policy, followed by rising prices of resource products, and finally, a prolonged period of high prices for these resources [1] - CITIC Securities identifies three key differences between the current "anti-involution" and the supply-side reform of 2015-2016, including broader industry coverage, better operating conditions for upstream enterprises, and a higher proportion of private enterprises in emerging industries [1] Group 2 - Zhejiang Merchants Fund focuses on two major industrial issues: structural contradictions in capacity and disruptions to fair competition, particularly in the new energy vehicle and photovoltaic sectors, where prices have dropped significantly [2] - Dongwu Securities highlights that the "anti-involution" policy will have a more pronounced effect on correcting vicious competition and benefiting emerging industries, particularly in sectors with high state-owned enterprise representation [2] - Specific sectors to watch include the photovoltaic industry chain, traditional industries facing overcapacity like steel and cement, and emerging non-manufacturing sectors such as e-commerce [2] Group 3 - Huachuang Securities identifies potential beneficiary industries of the "anti-involution" policy based on factors like state-owned enterprise representation, industry concentration, price elasticity, taxation, and employment [3] - Industries likely to benefit include coal mining, coke, ordinary steel, energy metals, glass fiber, steel raw materials, precious metals, and the hospitality sector [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed [2]. Core Insights - The report emphasizes the focus on "supply-side optimization" and "anti-involution" competition, with potential policy implementations expected in the second half of the year [3][8]. - Key industries identified for "anti-involution" include those with high inventory, high CAPEX, low capacity utilization, and low price levels, particularly in sectors such as chemicals, non-ferrous metals, coal, steel, and various manufacturing and consumer goods [3][11][13]. - The report outlines five perspectives for identifying potential beneficiaries of the "anti-involution" policies, including state-owned enterprise (SOE) share, industry concentration, tax revenue impact, labor intensity, and price elasticity post-capacity reduction [5][6]. Summary by Relevant Sections Policy Focus - The report highlights that the Central Financial Committee meeting on July 1 emphasized supply-side optimization and "anti-involution" competition, referencing past supply-side reforms from 2015-2016 as a model for future policy actions [3][8]. Key Industry Characteristics - Industries with high inventory, high CAPEX, low capacity utilization, and low price levels are targeted for policy intervention. These include: - Cyclical industries: Chemicals (chemical products, rubber, non-metallic materials), non-ferrous metals (energy metals), coal, and steel (common steel, steel raw materials) [3][11]. - Manufacturing: Electric new (motors, grid equipment, batteries, photovoltaics), machinery (automation equipment), automotive (passenger vehicles), military electronics, and construction [3][11]. - Consumer goods: Home appliances (appliance components), food and beverage (food processing, liquor, snacks) [3][11]. Five Perspectives for Industry Selection - **State-Owned Enterprise (SOE) Share**: Industries with higher SOE shares are expected to have stronger policy execution efficiency, including coal, common steel, cement, glass, and consumer sectors like liquor [3][5]. - **Industry Concentration**: Higher concentration industries are more likely to achieve supply clearing through stronger pricing power and quicker policy response, particularly in energy metals, non-metallic materials, and consumer goods like liquor [3][5]. - **Tax Revenue Impact**: Industries with lower tax revenue contributions will have a smaller impact on local finances during capacity reduction, focusing on sectors like glass, energy metals, and common steel [3][5]. - **Labor Intensity**: Industries with lower labor intensity will have a reduced impact on employment during capacity reduction, including non-metallic materials, chemical products, and energy metals [3][5]. - **Price Elasticity Post-Capacity Reduction**: Industries with a strong correlation between asset turnover and gross margin are expected to see greater price and margin expansion post-capacity reduction, including glass, chemical products, and energy metals [3][5]. Potential Beneficiary Industries - The report identifies several industries as potential beneficiaries of the "anti-involution" policies based on the five perspectives, including: - Coal mining, common steel, precious metals, glass fiber, coke, energy metals, steel raw materials, cement, chemical products, non-metallic materials, and various manufacturing sectors [6][7].

Core Viewpoint - Hainan Mining has experienced a slight decline in stock price, with significant developments regarding loans and share pledges that may impact its financial position and operations [1][2][4]. Company Announcements - Hainan Mining's subsidiary, Roc Oil Company Pty Limited, has applied for a loan of 600 million RMB from China Merchants Bank and up to 200 million USD from a syndicate of banks, aimed at financing the acquisition of Tethys Oil AB shares and supporting new project capital expenditures and operational funds [1][4]. - The loans will be secured by various assets, including the entire equity of Tethys and Roc Oil's subsidiaries [1]. Shareholder Changes - As of the announcement date, the controlling shareholder, Shanghai Fosun High Technology (Group) Co., Ltd., holds 949,056,507 shares, representing 47.48% of the total shares, with 700 million shares pledged, accounting for 73.76% of its holdings and 35.02% of the total shares [2][4]. - On July 2, 2025, Fosun pledged 350 million shares to China Resources Deep National Investment Trust Co., Ltd., with a pledge period from July 1, 2025, to June 12, 2027, for debt repayment purposes [2]. Share Buyback Progress - As of June 30, 2025, Hainan Mining has not yet implemented its share buyback plan, which aims to repurchase shares at a maximum price of 10.12 RMB per share, with a total buyback fund between 75 million and 150 million RMB [3][4].

截至2025年6月27日收盘，宝地矿业（601121）报收于6.17元，较上周的6.28元下跌1.75%。本周，宝地 矿业6月24日盘中最高价报6.36元。6月23日盘中最低价报6.07元。宝地矿业当前最新总市值49.36亿元， 在冶钢原料板块市值排名7/9，在两市A股市值排名3009/5151。 公司公告汇总 新疆宝地矿业股份有限公司宣布，其发行股份及支付现金方式购买资产并募集配套资金有关事宜获得了 新疆国资委的批复。具体来说，宝地矿业计划通过发行股份及支付现金的方式向克州葱岭实业有限公司 购买新疆葱岭能源有限公司82%股权，以及通过支付现金的方式向JAAN INVESTMENTS CO.LTD.购买 葱岭能源5%股权。此外，宝地矿业还将向包括新疆地矿投资（集团）有限责任公司在内不超过35名特 定投资者发行股份募集配套资金。尽管已获得新疆国资委的批复，但该交易仍需经过公司股东大会审议 通过，上海证券交易所审核通过及中国证券监督管理委员会同意注册后才能正式实施。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 交易信息汇总：6月25 ...