今天（8月23日），国家发展改革委、市场监管总局、国家网信办就《互联网平台价格行为规 则（征求意见稿）》公开征求意见，当中涉及大数据定价、促销活动等多种与互联网消费相 关的情形，将进一步为经营者提供明确的行为指引。 《行为规则》主要包括四方面内容： 引导经营者依法自主定价。 明确平台经营者、平台内经营者依法自主定价的基本要求。规范 平台经营者收费行为。提出保护平台内经营者自主定价权的细化规定，特别是要求平台经营 者不得采取限制流量、屏蔽店铺、下架商品或者服务等措施，对平台内经营者的价格行为进 行不合理限制。 明确经营者价格标示要求。 细化平台经营者、平台内经营者明码标价的规定，明确销售商 品、提供服务需要遵守的价格标示规范。要求平台经营者、平台内经营者做好价格促销、补 贴、差别定价、动态定价、竞价排名等规则公开，接受社会监督。 规范经营者价格竞争行为。 围绕维护价格竞争秩序、明确价格诚信要求等方面，提出具体的 认定标准和监管要求，为经营者价格竞争行为提供指引，引导经营者有序竞争、公平竞争。 构建协同共治机制。 充分发挥各方作用，加强政府部门协同，形成监管合力；指导行业协会 加强行业自律，依法引导平台经营者、平 ...

Core Viewpoint - The banking industry's "anti-involution" movement aims to transition from a focus on scale and price competition to a model centered on value creation and service differentiation, ultimately promoting sustainable development in the sector [1][2][17]. Summary by Sections Current Challenges in the Banking Industry - The banking sector is facing a "trilemma" where it must balance the need to lower interest rates for the real economy, the limited growth in market demand, and the pressure to expand scale to maintain competitiveness [1][2]. - The term "involution" was first used by the People's Bank of China in 2024 to describe the severe competition in the banking sector, leading to a rapid decline in loan rates while deposit rates remain stagnant [3][11]. Key Areas of Focus for "Anti-Involution" - The regulatory focus is on curbing irrational price competition, which has led to unsustainable practices such as excessive discounting and high returns to attract customers [2][5]. - Specific actions include prohibiting banks from using gifts or excessive incentives to attract deposits, as well as regulating loan pricing to ensure it reflects actual costs and risks [6][7]. Root Causes of Involution - The core issue stems from a structural imbalance in the banking sector, where banks are overly focused on scale and market share, often at the expense of service quality [10][11]. - The average net interest margin for commercial banks has declined to 1.42% as of Q2 2025, indicating a shrinking profit margin and increasing pressure on banks to compete on price [11][12]. Strategies for Breaking the Cycle - Regulatory measures are being implemented to reshape the competitive landscape, including self-regulatory agreements and guidelines to prevent harmful competition [18][19]. - Banks are encouraged to enhance their service offerings and differentiate themselves through specialized and personalized financial services, moving away from a one-size-fits-all approach [20][21]. Future Directions - The banking industry is urged to adopt a multi-layered service model that includes basic, professional, and specialized services to escape the price war trap [20]. - Emphasis is placed on improving service capabilities and creating value through tailored financial solutions that meet the diverse needs of clients [21].

Core Viewpoint - Dongfeng Group's innovative transaction plan involving the introduction listing of its subsidiary, Lantu Automotive, and the privatization of Dongfeng Group itself is expected to strengthen its strategic layout and set a new benchmark for reform and innovation [2]. Group 1: Transaction Details - The transaction consists of two main phases: the distribution of 79.67% of Lantu Automotive's shares to all shareholders of Dongfeng Group, followed by Lantu's introduction listing on the Hong Kong Stock Exchange [2]. - In the second phase, Dongfeng's wholly-owned subsidiary will pay equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control over Dongfeng Group [2]. - The overall acquisition price is set at HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in Lantu equity [2]. Group 2: Performance Metrics - Dongfeng Group's stock has been undervalued, with its market capitalization significantly below net assets due to industry transformation pains [3]. - Lantu Automotive, as a high-end smart electric vehicle brand, has shown strong growth, with July deliveries reaching 12,135 units, a year-on-year increase of 102% and a month-on-month increase of 21% [3]. - Cumulatively, Lantu Automotive's sales from January to July reached 68,263 units, reflecting an 88% year-on-year growth [3]. Group 3: Market Reaction - Following the announcement, Dongfeng Group's ADR price surged over 91% within an hour, closing with an increase of 87.69% at USD 61 [3].

Core Viewpoint - Estée Lauder reported its largest loss in two decades, with a net sales decline of 8% to $14.326 billion and a net profit drop of 390%, resulting in a loss of $1.133 billion for the fiscal year 2025 [1] Financial Performance - For fiscal year 2025, Estée Lauder's net sales were $14.326 billion, down 8% year-over-year, and net profit plummeted from a profit of $390 million to a loss of $1.133 billion [1] - The stock price fell nearly 15% following the earnings report, closing at $91.23, down from $374.2 at the beginning of 2022 [1] - The company anticipates a net sales growth of 2% to 5% and an adjusted earnings per share of $1.90 to $2.10 for fiscal year 2026, representing a year-over-year increase of 26% to 39% [9] Product Category Performance - Except for the fragrance category, which saw stable revenue, all other major categories experienced declines: skincare down 12%, scalp care down 10%, and makeup down 6% [7] - The skincare segment, previously a strong performer, faced significant declines, particularly from core brands Estée Lauder and La Mer [7] - The makeup category's decline was attributed to poor performance from M·A·C and a $159 million expense related to a talc lawsuit settlement [7] Market Trends and Consumer Behavior - Consumers are increasingly focused on product cost-effectiveness and ingredient efficacy, impacting Estée Lauder's premium positioning [8] - From 2021 to 2024, the compound annual growth rate for high-end beauty in China is projected to decline by 3%, with the market size shrinking from 257.8 billion yuan to 236.4 billion yuan [8] - The fragrance market in China is still in its infancy, with a penetration rate of only 5%, compared to 40% in Western markets, indicating significant growth potential [11] Strategic Changes and Future Outlook - Starting from Q1 of fiscal year 2026, Estée Lauder will report performance for mainland China as an independent region [5] - The company is undergoing significant restructuring, including a global layoff of approximately 7,000 positions, with over 3,200 already cut [9] - The CEO expressed confidence in achieving organic sales growth in fiscal year 2026 and aims to increase the proportion of innovative product sales to over 25% [9]

Core Viewpoint - Federal Reserve Chairman Jerome Powell hinted at the possibility of interest rate cuts due to signs of economic slowdown, despite ongoing inflation concerns [1][4]. Economic Conditions - The U.S. economy shows resilience amid high tariffs and tightened immigration policies, but labor market and economic growth are significantly slowing down [1][4]. - Recent labor data indicates a slowdown, with only 73,000 new jobs added in July, below expectations, and the unemployment rate rising to 4.2% [7]. - The core consumer price index rose by 3.1% year-on-year in July, exceeding the Fed's long-term target of 2% [8]. Political and Market Pressures - Powell faces immense political pressure from President Trump, who is advocating for significant rate cuts and pushing for more dovish members in the Fed [5]. - The upcoming September meeting is expected to be one of the most controversial in recent years, as Powell navigates between economic challenges and political pressures [5]. Market Reactions - Following Powell's remarks, U.S. stock indices surged, with the Dow Jones reaching a new intraday high of 45,748.82 points [1]. - Analysts predict that the Fed may initiate a rate cut of 25 basis points in September, with a total reduction of approximately 100 basis points by mid-2024 [8]. Implications for Asia - A potential rate cut by the Fed could positively impact Asian economies, particularly smaller open economies that rely heavily on trade [10]. - The investment landscape in Asia may present numerous opportunities, especially in high-dividend stocks and sectors related to artificial intelligence [10].

Core Viewpoint - The A-share market is experiencing a significant rally, with the Shanghai Composite Index surpassing 3800 points for the first time in 10 years, driven primarily by liquidity and various sources of capital inflow [1][3][4]. Group 1: Market Performance - On August 22, the Shanghai Composite Index closed at 3825.76 points, up 1.45%, while the Shenzhen Component Index rose by 2.07%, and the ChiNext Index increased by 3.36% [1]. - The total trading volume on that day reached 2.57 trillion yuan, marking the eighth consecutive trading day with volumes exceeding 2 trillion yuan, setting a historical record for A-shares [1]. Group 2: Capital Inflow - The current market rally is attributed to multiple sources of capital, including the bond market, real estate, foreign investment, and a shift of household deposits into the stock market [3][4]. - A report from CITIC Securities indicates that approximately 90 trillion yuan in deposits will mature by 2025, with an estimated 4.5 trillion to 9 trillion yuan potentially seeking higher returns in the stock market [3]. Group 3: Market Dynamics - The rally is characterized as a "water buffalo" market, primarily driven by liquidity, with institutional and high-net-worth investors being the main participants [3][4]. - Despite the strong market performance, there is a concern regarding the lack of significant inflows from public equity funds and foreign investments, suggesting a cautious approach among institutional investors [5][8]. Group 4: Structural Opportunities - The current market environment presents structural opportunities, with different indices showing varying levels of performance. The Shanghai Composite Index is favored by long-term investors, while short-term funds are more inclined towards the Shenzhen Component Index [7]. - Investment strategies are shifting towards undervalued sectors and potential rebound opportunities, with a focus on low-valuation stocks that may see marginal improvements [8].

Core Viewpoint - The recent controversy surrounding the electric shaver comparison has highlighted the competitive pressures faced by the company, Lefin, particularly in the context of its pricing strategy and market positioning against competitors like Feike [1][9]. Group 1: Controversy and Response - The controversy began when a reviewer, Robin Lou, concluded that Feike's shaver priced at 399 yuan outperformed Lefin's 699 yuan model based on performance metrics [3][6]. - Lefin's CEO, Ye Hongxin, publicly criticized the reviewer, suggesting bias due to familial ties with a former Lefin employee, and questioned the integrity of the review process [6][9]. - The dispute escalated until Ye Hongxin decided to move on from the issue, indicating a desire to focus on broader goals [7]. Group 2: Market Position and Challenges - Lefin's core product has traditionally been high-end hair dryers, which gained significant market share by offering a lower price point compared to Dyson [9][10]. - The electric shaver market is experiencing rapid growth, with retail sales expected to increase by 10.5% year-on-year by mid-2025, indicating a lucrative opportunity for Lefin [12]. - However, the market is becoming saturated, with increased competition from brands like Xiaomi and Panasonic, which are offering similar products at lower prices [10][13]. Group 3: Strategic Shifts and Future Outlook - In response to market pressures, Lefin is diversifying its product line, having recently launched a new electric toothbrush and shaver series, although initial sales have been challenging [11][12]. - The company aims to leverage its previous success in the hair dryer market by applying its cost-effective strategies to the electric shaver segment, focusing on high performance and competitive pricing [13]. - The transition from hair dryers to shavers presents unique challenges, including differing consumer demographics and established brand loyalty in the shaver market [13].

Core Viewpoint - Jiangsu Bank has demonstrated strong performance in its 2025 semi-annual report, achieving significant growth in revenue and net profit amidst a challenging industry environment, highlighting its commitment to high-quality development and effective risk management [1][4]. Financial Performance - The bank reported a total revenue of 448.64 billion yuan, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of 202.38 billion yuan, up 8.05% year-on-year [2][3]. - As of June 30, 2025, total assets reached 47.9 trillion yuan, growing 21.16% from the end of the previous year, with total deposits at 25.4 trillion yuan (up 20.22%) and total loans at 24.3 trillion yuan (up 15.98%) [3][4]. Business Development - Jiangsu Bank's asset growth rate improved by 8.32 percentage points compared to the first quarter, with loan growth accelerating by 8.02 percentage points [4]. - The bank's net interest income was 329.39 billion yuan, reflecting a 19.10% increase, while net fee and commission income reached 31.86 billion yuan, up 5.15% [4]. Industry Ranking - Jiangsu Bank improved its ranking to 56th in the 2025 Global Bank 1000 list published by The Banker, rising 10 places from the previous year, and ranked 162nd in the Fortune China 500 list, maintaining its position as the top city commercial bank in the country [4]. Loan Portfolio - The bank's loan balance reached 24.3 trillion yuan, with corporate loans at 16.25 trillion yuan (up 22.20%) and personal loans at 6.955 trillion yuan, which included an increase of 20.7 billion yuan [6][7]. Support for Key Industries - Jiangsu Bank has focused on supporting the manufacturing sector, with loans to manufacturing enterprises totaling 360.6 billion yuan, a growth of 18.90%, representing 22.20% of corporate loans [7]. - The bank has also engaged in technology finance initiatives, participating in the "Su Ke Loan" program and providing over 10,000 services to enterprises [8]. Green Finance Initiatives - The bank's green financing scale exceeded 720 billion yuan, a growth of 32.1%, with green assets accounting for over 16.4% of total assets, an increase of 1.4 percentage points [8]. Inclusive Finance - Jiangsu Bank has expanded its inclusive finance services, with micro-loan balances exceeding 750 billion yuan and inclusive micro-loans at 235.8 billion yuan, adding 25.3 billion yuan since the end of the previous year [9]. Consumer Finance Growth - The bank launched a consumption promotion initiative, resulting in 139,400 new consumer loan customers, 1.88 times the number from the previous year, with green consumer loans increasing by 36% [10]. Risk Management - The non-performing loan ratio improved to 0.84%, down from 0.89% at the end of the previous year, marking the best level since the bank's listing [11][12]. - The bank has upgraded its risk management system, enhancing its internal control mechanisms and expanding its risk management framework [12]. Market Recognition - Jiangsu Bank's stock price increased by 20.97% year-to-date, outperforming the banking sector, and it was included in the FTSE China A50 Index, becoming the only city commercial bank in this index [14][15]. - The bank's management has shown confidence in its future growth, completing a voluntary share buyback plan ahead of schedule [16].

Core Viewpoint - The announcement of the new IP "Black Myth: Zhong Kui" by Game Science has generated significant excitement, following the success of "Black Myth: Wukong," which sold 28 million copies and generated revenue of 9 billion yuan within six months of its release [1][2]. Group 1: Game Performance and Market Impact - "Black Myth: Wukong" is recognized as China's first AAA game, with a production cost exceeding 300 million yuan and a development time of 6.5 years, leading to substantial profits [2]. - The release of "Zhong Kui" has positively impacted the A-share gaming sector, which rose by 1.46% on the announcement day, with some stocks hitting the daily limit [1]. - The success of "Wukong" has set a precedent, and if "Zhong Kui" maintains similar quality, it could push the domestic single-player game market to surpass 10 billion yuan [1]. Group 2: Cultural and Creative Aspects - The core strength of "Black Myth: Wukong" lies in its rich Chinese cultural resources and IP, with over 40% of overseas players discussing its narrative and character development, indicating a high acceptance of Chinese cultural content in international markets [2]. - "Zhong Kui" offers a unique opportunity for innovation, as its story is well-known domestically but less familiar internationally, allowing for creative reinterpretation [2]. - Game Science is expanding its IP boundaries by constructing a "Black Myth Universe," with trademarks for "Zhong Kui," "Jiang Ziya," and "Xiao Qian" registered alongside "Wukong" as early as 2020 [2]. Group 3: Future Prospects - The approach of using modern technology to reshape traditional stories could serve as a potential model for other cultural and creative sectors, demonstrating how to effectively communicate traditional culture in a contemporary context [3].

Core Viewpoint - The article discusses the achievements and reforms in market regulation during the "14th Five-Year Plan" period, highlighting key areas of focus for improving the business environment and consumer protection in China [1][3]. Group 1: Registration Capital Reform - The revised Company Law stipulates that the maximum period for shareholders to contribute registered capital is five years, effective from July 1, 2024 [5]. - The reform aims to curb market irregularities such as excessive capital contributions and long payment periods, enhancing the credibility of registered capital [5][6]. - The implementation of "real-name registration" and verification of address information is intended to prevent fraudulent registrations and protect creditors' rights [5][6]. Group 2: Prevention of "Minor Offenses with Heavy Penalties" - The regulatory approach emphasizes a fair competition environment to stimulate business innovation and development [8]. - The introduction of a discretionary power baseline for administrative law enforcement aims to reduce unnecessary penalties for minor violations [8]. - A notable case highlighted the issue of disproportionate penalties, leading to a reassessment of enforcement practices [8]. Group 3: Platform Economy Regulation - The platform economy faces challenges such as algorithm abuse and unfair competition, necessitating regulatory oversight [11]. - Regulatory actions have led to the removal of over 4.5 million illegal product listings and the suspension of 58,000 online stores [11]. - Continuous dialogue with major platforms aims to promote compliance and address issues related to unfair practices in the food delivery sector [12]. Group 4: Food Safety Governance - Food safety remains a critical concern, with regulatory bodies enhancing compliance guidance for platform enterprises [14]. - Recent initiatives include the release of a draft regulation to clarify food safety responsibilities for online sales and delivery platforms [14]. - Strict penalties have been imposed for violations, including the revocation of 3,072 licenses and restrictions on 238,000 individuals [15]. Group 5: Accelerating Innovative Drug Review and Approval - Since the beginning of the "14th Five-Year Plan," 204 innovative drugs and 265 innovative medical devices have been approved, with 50 drugs approved in the first seven months of 2023 [17]. - A comprehensive service network has been established to guide enterprises through the drug development process, aiming for a 30-day review period for key innovative drugs [18]. - By 2025, the approval process for innovative drugs is expected to reach a high-speed phase, with approval times comparable to international standards [18][19].