【中信期货】“反内卷”政策对期货价格影响-250723（22页）.pdf

1、重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。相关人员为客户。This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do n

2、ot constitute investment advice to anyone.CITIC Futures will not consider relevant personnel as customers due to their attention,receipt,or reading of this report.Investment consulting business qualification：CSRC License 2012 No.669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究中信期货国际化研究|CITIC Futures Internati

3、onal Research 2025-07-23 Anti-Involution Policy Reading and Influence on Futures Prices“反内卷”“反内卷”政策政策对期货价格影响对期货价格影响 摘要摘要 Abstract On July 1,the Sixth Meeting of the Central Financial and Economic Affairs Commission was successfully held,emphasizing the deepening of the construction of a unified nati

4、onal market.Two key aspects are particularly noteworthy.One is to regulate low-price disorderly competition and promote the orderly phase-out of obsolete production capacity;the other is to push for the integration of Chinese domestic and foreign trade,facilitating the transition from export to dome

5、stic sales.This report explores how Chinas anti-involution push is reshaping macroeconomic priorities,with implications for industries and major assets.First,a policy review shows a continuous upgrade in policy intensity and an increased emphasis on multi-party collaboration.At the industry policy l

6、evel,policies for traditional upstream industries such as steel,glass,and cement focus on controlling production and resisting ultra-low price dumping.In contrast,downstream industries like photovoltaics,automotive,and lithium batteries emphasize basing sales on production and technological innovati