人民财讯8月1日电，长江证券研报表示，近期政策密集提及整治"内卷式"竞争，并明确指向"治理企业 低价无序竞争，推动落后产能退出"。政策推动下的供给端出清，第一阶段行情起于政策预期，而行情 主升浪需行业格局改善配合。上一轮过剩主要集中在上游资源行业，而本轮主要集中在中下游行业。策 略应对上，可关注两条主线，一是本身供给端出清时间比较久，供需格局有望改善的行业如农业化工、 通用机械、零部件及元器件等。二是政策出清的如水泥、光伏等。 ...

Group 1 - The report emphasizes the need to regulate low-price disorderly competition among enterprises and promote the orderly exit of backward production capacity, aiming to address the issue of "involution" in market competition [2][8] - Historical cases show that supply-side clearance driven by policy typically begins with market expectations, while the main upward trend requires improvements in industry structure to support cash flow and balance sheet recovery [8][10] - The current round of overcapacity is primarily concentrated in mid- and downstream industries, unlike the previous cycle which was focused on upstream resource sectors [9][10] Group 2 - The report suggests focusing on two main strategies: industries that have experienced prolonged supply-side clearance and are likely to see improvements in supply-demand dynamics, and industries that may benefit from policy-driven accelerated clearance [10][11] - For natural clearance, the report recommends monitoring demand-side indicators for upstream industries and supply-side indicators for mid- and downstream sectors, highlighting sectors such as agricultural chemicals, general machinery, pharmaceuticals, and components [10] - For policy-driven clearance, attention should be given to industries mentioned in recent policies aimed at addressing "involution," including photovoltaic, lithium batteries, automobiles, and cement [10][17]