（来源：申万宏源融成）市场对“反内卷”重视度明显上升，但对“内卷”的理解却有很大分歧；多数观点以供给侧改革的思维理解，但差之毫厘、谬以千里；除产量调控与自律约谈外，“反内卷”也有很多“隐藏手段”。误解“内卷内涵”：“反内卷”=“反过剩”？需求成因不同：“过剩”是需求下滑、供给被动过剩，“内卷”是需求强劲领域供给主动增加。供给侧改革前，地产基建需求走弱，高耗能行业产能被动过剩；当下外需表现更强，但外...
Source Link（来源：申万宏源融成）市场对“反内卷”重视度明显上升，但对“内卷”的理解却有很大分歧；多数观点以供给侧改革的思维理解，但差之毫厘、谬以千里；除产量调控与自律约谈外，“反内卷”也有很多“隐藏手段”。误解“内卷内涵”：“反内卷”=“反过剩”？需求成因不同：“过剩”是需求下滑、供给被动过剩，“内卷”是需求强劲领域供给主动增加。供给侧改革前，地产基建需求走弱，高耗能行业产能被动过剩；当下外需表现更强，但外...
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