近年来，宜宾坚定走生态优先、绿色发展之路，统筹推进传统产业转型升级与数字经济拓展。新区自批 复设立以来，GDP连续5年跨越5个百亿台阶，2024年GDP突破600亿元，形成了以"数字经济、绿色新能 源产业"为核心的"一蓝一绿"两大赛道。通过会展集聚带动动力电池产业集聚，延链补链引进配套企业 上百家，构建动力电池全产业链生态圈。 活动邀请了包括浙江软控智能科技股份有限公司、时代长安动力电池有限公司、宁德时代新能源科技股 份有限公司在内的100家知名企业及18家基金机构参与。会上发布了基金矩阵机会清单，围绕存量与增 量基金群统筹布局，拟构建总规模超265.5亿元的投资发展基金矩阵；同时推出国有企业场景机会清 单，共释放47个优质合作项目，总投资额超120亿元，并提供96万平方米成熟产业承接空间，为各类市 场主体提供广阔发展平台。 三江新区航拍图景。三江新区党群工作部供图 作为宜宾发展的"动力之芯与核心引擎"，宜宾三江新区抢抓成渝地区双城经济圈、科技革命、产业变革 等重大机遇，核心区临港经开区在全国230家国家级经开区综评中排名26位，连续两年保持西部第一； 被党中央、国务院表彰为全国"人民满意的公务员集体"。 中 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Chinese market**, particularly the **new energy vehicles (NEV)**, **solar**, **coal**, and **cement** sectors, in the context of the **anti-involution initiative** aimed at reducing unhealthy competition and improving corporate profitability [2][3][7]. Core Insights and Arguments 1. **Anti-Involution Initiative**: - The initiative is gaining momentum, with calls for industries to self-regulate to avoid damaging competition. This is expected to improve supply-demand dynamics, drive price recovery, and enhance corporate profitability [2][3]. - China's Producer Price Index (PPI) fell by **2.8% YoY** in the first half of 2025, marking the **33rd consecutive month** of declines, alongside a **9.1% YoY drop** in industrial profit in May [2][12][14]. 2. **Market Reactions**: - Historical parallels are drawn to the **2015-16 supply-side reform**, which led to price increases in materials and a re-rating of relevant sectors. Sectors addressing unhealthy competition, such as solar and power batteries, have recently rebounded [3][4][21]. - Stock prices initially reacted positively to new policies during the supply-side reform, providing excess returns relative to the broader market for **1-2 months** [4]. 3. **Commodity Price Correlation**: - Stock prices initially moved in tandem with commodity prices and production changes, but later decoupled. Significant price increases for relevant commodities occurred during two periods in 2015-16 [5][26]. 4. **Corporate Profitability**: - The coal sector's profitability improved significantly in the second half of 2016, with nearly **90% of capacity** turning profitable by the end of Q3 2016, compared to **8%** in November 2015 [6][31]. 5. **Differences from Previous Reforms**: - The anti-involution push is expected to have a smoother and longer-lasting impact on stock prices compared to the supply-side reform, focusing more on downstream industries where non-state-owned enterprises (non-SOEs) are prevalent [7][9]. Indicators for Investors - Investors should monitor: - Specific capacity controls and recovery in product prices (e.g., polysilicon prices) - Capacity utilization rates in relevant businesses - Rebound in PPI - Indicators such as industrial profit growth and the proportion of profitable businesses, which may lag behind stock price movements [10][36]. Additional Important Insights - The report emphasizes the need for clearer guidelines and stronger support for domestic demand as the anti-involution initiative progresses [10]. - The potential risks facing China's equities include a hard landing in the property market and slow structural reform progress, which could shock the market if not adequately addressed [38]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the relevant industries in China.