经济观察报·2026-02-15 04:49Core Viewpoint - The article discusses the recent regulatory actions taken against major internet platforms in China regarding their promotional practices, particularly focusing on the potential risks of "malicious subsidies" and "internal competition" that could violate regulatory guidelines [2][6]. Group 1: Regulatory Actions - On February 14, the State Administration for Market Regulation (SAMR) held discussions with major platforms including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Shanguo, urging them to standardize promotional behaviors and eliminate "involutionary" competition [2][3]. - The SAMR released the "Internet Platform Antitrust Compliance Guidelines," which outline four categories of antitrust risks: monopoly agreements, abuse of market dominance, operator concentration, and misuse of administrative power to exclude or restrict competition [2]. Group 2: Promotional Activities - The seven platforms involved in the discussions recently announced the initiation of a "Spring Festival Red Packet War," with Tencent and Baidu leading the charge by offering significant cash red packets [4][5]. - Tencent announced a cash red packet distribution of 1 billion yuan, while Baidu allocated 500 million yuan for its promotional activities. Alibaba committed 3 billion yuan for its "Spring Festival Treat Plan," and JD.com also planned to distribute 3 billion yuan in red packets on New Year's Eve [5][6]. Group 3: Market Implications - The total amount of red packets planned by Tencent, Baidu, Alibaba, and JD.com for the 2026 Spring Festival exceeds 7.5 billion yuan, indicating a significant escalation in competitive marketing strategies [6]. - Industry insiders suggest that the recent regulatory discussions are a response to the marketing activities of internet technology platforms, which are seen as a form of "involutionary" competition, particularly in the context of user engagement and growth strategies [6].