Market Data - As of November 14, the Shanghai Composite Index fell by 0.97% to 3990.49 points, the Sci-Tech Innovation 50 Index dropped by 2.72% to 1361.23 points, the Shenzhen Component Index decreased by 1.93% to 13216.03 points, and the ChiNext Index declined by 2.82% to 3111.51 points [1] - In the U.S. stock market on the same day, the Dow Jones Industrial Average decreased by 309.74 points, closing at 47147.48 points, a drop of 0.65%. The S&P 500 Index fell by 3.38 points to 6734.11 points, a decline of 0.05%, while the Nasdaq Composite Index rose by 30.23 points to 22900.59 points, an increase of 0.13% [1] - International oil prices increased on November 14, with light crude oil futures for December delivery rising by $1.40 to $60.09 per barrel, a gain of 2.39%, and January delivery Brent crude oil futures increasing by $1.38 to $64.39 per barrel, a rise of 2.19% [1] Economic News - The State Council of China held a meeting on November 14 to discuss policies aimed at enhancing the adaptability of supply and demand in consumer goods and to promote consumption [2] - The State Administration for Market Regulation released a draft guideline on antitrust compliance for internet platforms, addressing competitive behaviors and providing clear guidelines for platform operators [2] - The Ministry of Commerce and other departments issued a notice to strengthen the management of second-hand car exports, requiring additional documentation for vehicles registered less than 180 days before export [3] Company Updates - Semiconductor company SMIC reported that despite a traditional seasonal slowdown, it expects Q4 revenue to remain flat or grow by 2%, with a projected annual sales revenue exceeding $9 billion [7] - Industrial Fulian responded to rumors regarding a reduction in cabinet shipments and performance expectations, stating that current project progress and delivery schedules are normal [10] - Berkshire Hathaway disclosed its Q3 holdings, with a total market value of $267 billion, indicating a significant investment in Alphabet, suggesting a potential shift in investment strategy [8]

2025.11.16 本文字数：1944，阅读时长大约3分钟 作者 |第一财经 一财评论员 最近市场监管总局研究起草《互联网平台反垄断合规指引（征求意见稿）》（下称《合规指引》），于 15日面向社会公开征求意见。该《合规指引》旨在支持和引导平台经营者有效防范反垄断合规风险，健 全反垄断合规管理机制，保护相关主体合法权益，维护市场公平竞争秩序，促进平台经济健康发展等。 合作治理的通用规制范式，不仅是强化监管者对弱势方合法利益的护卫，而且更重要的是搭建和完善相 关体制机制，为交易弱势方提供低成本的维权渠道和通畅的合法权益表达机制，在制度上平衡因为信息 不对称性和不完备性带来的竞争公平性问题。这意味着指引要真正有效落地和见实效，就需尽快在平台 经济领域、消费市场领域，引入集体诉讼制度、辩方举证制度及争议和解制度等，通过举证责任倒置、 代表诉讼等，降低交易弱势方尤其是消费者护卫合法权益的成本。 为此，合作治理旨在追求的是，监管捍卫经济社会交易秩序的他律，与市场内生性的权利制衡有序结 合，才能将反垄断的规制聚焦在竞争公平和保护任何市场主体的合法权益上。 德惟善政，政在养民。反垄断的法律法规旨在保护所有人的合法权益不被侵 ...

《合规指引》用非强制力的指引，与被规制者合作，是在监管者与被监管者间搭建起了一个有效的沟通 机制，让治理在合作中完善。 《合规指引》突出了国内反垄断部门面对市场新情况、新模式等的敏感适应和应对能力。 近年来国内平台经济发展迅速，极大提高了社会资源配置效率，推动了技术创新和产业变革，极大地为 人们的物质文化生活带来诸多便利；同时，平台经济的发展也为经济社会带来新的变化，反映在反垄断 领域就是平台的双边市场特征和多主体交易结构，使市场结构更趋网状化特征，增加了交易的复杂性， 增加了垄断行为边界的识别、评估和规制难度，尤其是平台规则、数据、算法、技术手段等，不仅面临 着如何系统排除、限制竞争行为，如何有效保护消费者合法权益问题，而且对平台运营者来说，其商业 模式、经营行为的合规边界也亟需适度指引。 一个不容忽视和回避的问题是，任何涉嫌垄断活动的行为，不论是垄断协议还是滥用市场支配地位，其 背后都存在一个普遍的问题症结，那就是交易相对弱势方的合法权益在现有秩序下未能获得充分满足， 如弱势方维权成本高，弱势方缺乏通透的维权渠道和司法救济能力，及信息的不对称性和不完备性等， 导致了侵权成本低、侵权发现成本高。 合作治理的 ...

重要新闻提示 市场监管总局11月15日发布《互联网平台反垄断合规指引（征求意见稿）》 生态环境部11月15日发布消息，经党中央、国务院批准，第三轮第五批中央生态环境保护督察全面启动 11月17日（下周一），中国人民银行将以固定数量、利率招标、多重价位中标方式开展8000亿元买断式 逆回购操作 2. 据新华社报道，生态环境部11月15日发布消息，经党中央、国务院批准，第三轮第五批中央生态环境 保护督察全面启动。 本批督察将组建8个中央生态环境保护例行督察组，分别对北京、天津、河北3省（市），中国华电集团 有限公司、国家能源投资集团有限责任公司、鞍钢集团有限公司、中国宝武钢铁集团有限公司、中国中 煤能源集团有限公司5家中央企业开展例行督察，进驻时间1个月。 同时，本批督察将对北京、天津、河北、山东、河南、安徽、江苏、浙江等8省（市）开展大运河生态 环境保护专项督察。其中，对北京、天津、河北3省（市）开展例行督察时，将大运河文化保护传承利 用和生态环境保护作为督察重点；组建2个专项督察组，分别负责江苏、浙江、安徽3省，山东、河南2 省，进驻时间两周左右。 3. 据新华社报道，11月14日，外交部和中国驻日本使领馆就 ...

本报北京11月15日电 （记者林丽鹂）市场监管总局15日发布《互联网平台反垄断合规指引（征求意见 稿）》，面向社会公开征求意见。 为了帮助平台经营者更好识别反垄断合规风险，增强条文可读性、生动性，指引结合反垄断监管执法经 验，以示例方式为平台经营者列举了8种风险：平台间算法共谋、组织帮助平台内经营者达成垄断协 议、平台不公平高价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全网最低价"和平台差别待遇。 鼓励平台经营者结合指引列举的风险示例，主动开展风险评估自查，避免发生示例中提及的反垄断合规 风险。 《 人民日报 》（ 2025年11月16日 02 版） (责编：赵欣悦、袁勃) 互联网平台网络效应明显，涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营 者具有一定的管理者属性，通过平台规则、数据、算法、技术手段等影响平台竞争生态，一旦从事排 除、限制竞争行为，将会损害多方主体利益。制定指引有利于帮助平台经营者精准识别、评估、防范反 垄断合规风险，进一步明晰行为边界，稳定市场预期，提振发展信心。 ...

Core Viewpoint - The State Administration for Market Regulation has drafted the "Antitrust Compliance Guidelines for Internet Platforms (Draft for Solicitation of Comments)" to help platform operators identify, assess, and prevent antitrust compliance risks, thereby promoting fair competition and healthy development of the platform economy [1][2]. Summary by Sections Introduction - The guidelines aim to support platform operators in effectively preventing antitrust compliance risks and establishing a robust compliance management system [14][17]. Key Features of the Guidelines - The guidelines are problem-oriented and respond to societal expectations by providing clear behavioral guidelines for platform operators [3]. - They aim to promote innovation and healthy development of the platform economy by fostering a fair competitive environment [3]. - The guidelines are non-mandatory and serve as general guidance for antitrust compliance, helping to reduce uncertainty costs for platform operators [3]. Principles for Antitrust Compliance Management - The guidelines emphasize four principles: 1. Targeted principle: Identify and assess compliance risks based on industry and business model [4]. 2. Comprehensive principle: Ensure full coverage across all business areas and departments [4]. 3. Penetrative principle: Establish a thorough compliance management system across all levels of the organization [4]. 4. Continuous principle: Maintain an effective compliance management system over time [4]. Risk Identification - The guidelines provide a framework for identifying risks related to monopoly agreements and abuse of market dominance [5][6]. - They detail specific behaviors that may constitute monopolistic practices, such as price fixing and market division [22][24]. Risk Management - The guidelines encourage platform operators to conduct risk assessments, implement risk reminders, and establish a comprehensive risk management system [9][10]. - They highlight the importance of reviewing platform rules and algorithms to prevent antitrust compliance risks [10][58]. Importance of Compliance - Strengthening antitrust compliance is crucial for optimizing the competitive ecosystem and fostering innovation within the platform economy [12][13]. - Compliance is increasingly seen as a key factor for gaining recognition from consumers, employees, and investors [13].

市场监管总局根据《反垄断法》等法律规定，系统总结执法经验，广泛听取相关部门、行业协会、专家学者、经营主体、律师等各方意见建议，研究起草《指 引》，明确平台经营者加强反垄断合规管理的基本原则，细化风险识别的考量因素和风险管控的具体措施，为平台经营者落实落细合规主体责任提供明确、清晰的 指引，有利于更好保护相关主体合法权益，维护公平竞争市场秩序，促进平台经济规范健康发展。 《指引》主要有哪些特点？ 《指引》坚持问题导向，及时回应社会期待，为平台经营者设定清晰明确的行为指引。主要有以下特点： 从制定目的看，《指引》以促进平台经济创新和健康发展为出发点和落脚点。平台经济创新和健康发展离不开公平竞争的市场环境。《指引》详细列举互联网平台 可能发生的反垄断合规风险，引导平台经营者加强反垄断合规管理，有效预防和制止垄断行为的发生，有利于营造公平竞争的市场环境，充分激发经营主体内生动 力和创新活力，不断提升竞争水平和发展质量。 周末重磅！ 市场监管总局研究起草了《互联网平台反垄断合规指引（征求意见稿）》（以下简称《指引》），于11月15日面向社会公开征求意见，意见反馈截止日期为2025年 11月29日。公众可以通过登录市场监 ...

央视网消息：据市说新语微信公众号消息，为贯彻落实党中央、国务院决策部署，支持和引导平台 经营者有效防范反垄断合规风险，健全反垄断合规管理机制，保护相关主体合法权益，维护市场公平竞 争秩序，促进平台经济健康发展，根据《中华人民共和国反垄断法》（以下简称《反垄断法》）等法律 规定，市场监管总局研究起草了《互联网平台反垄断合规指引（征求意见稿）》（以下简称《指 引》），于11月15日面向社会公开征求意见。现就相关内容解读如下： 为实现规则公平、算法向善、竞争合规，《指引》指出，平台经营者开展反垄断合规管理坚持以下原 则：一是针对性原则。结合所处行业、商业模式和治理结构等因素，有针对性地识别、评估和防控合规 风险，开展反垄断合规管理。二是全面性原则。推进事前事中事后全链条合规，实现业务领域、部门、 员工全覆盖，贯穿决策、执行、监督各环节，构建协同联动的全面合规体系。三是穿透性原则。贯通平 台经营者总部和分公司、控股子公司等，完善总部指导、协调、监督和考核机制，压实各分支机构等自 身合规管理职责，实现层级穿透、业务穿透、规则算法穿透。四是持续性原则。健全反垄断合规长效机 制，保障合规管理制度持续有效执行，防止"一次性" ...

Core Viewpoint - The State Administration for Market Regulation has drafted the "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" to solicit public opinions, aiming to help platform operators identify and manage antitrust compliance risks effectively [1][2]. Group 1: Purpose and Nature of the Guidelines - The guidelines aim to promote innovation and healthy development in the platform economy by fostering a fair competitive market environment [2]. - The guidelines are non-binding and serve as a general reference for antitrust compliance, helping to reduce uncertainty costs for platform operators [2]. - The guidelines focus on enhancing the specificity and effectiveness of antitrust compliance management by summarizing regulatory enforcement experiences and identifying new types of monopolistic risks in eight scenarios [2][6]. Group 2: Identifying Monopolistic Agreement Risks - Platform operators are advised to avoid reaching monopolistic agreements during service provision or self-operated business activities [3]. - A basic analytical framework is provided for identifying monopolistic agreement risks, including assessing whether behaviors fall under prohibited conditions of the Antitrust Law [3][4]. - Specific behaviors that may constitute monopolistic agreements are detailed, guiding operators to prevent such risks [3]. Group 3: Identifying Abuse of Market Dominance Risks - Operators with significant market power should regularly assess their market dominance and avoid engaging in abusive behaviors [4][5]. - The guidelines outline factors to consider when determining market dominance, such as market share, competitive conditions, and dependency of other operators [5]. - Examples of abusive behaviors are provided, including unfair pricing and refusal to deal, to help operators understand and avoid such risks [5]. Group 4: Risk Management and Compliance - The guidelines encourage operators to establish a comprehensive risk management system, including risk assessment, reminders, prevention, and compliance rectification [7][9]. - Operators are advised to conduct risk assessments based on industry characteristics and market conditions, implementing a tiered management approach [7]. - The guidelines emphasize the importance of reviewing platform rules and algorithms to ensure compliance and mitigate risks [8]. Group 5: Establishing Compliance Mechanisms - Operators are encouraged to set up dedicated antitrust compliance management institutions and ensure effective implementation of compliance measures [9]. - The guidelines suggest creating a closed-loop risk management mechanism, including compliance reporting, training, and supervision [9].

市场监管总局研究起草了《互联网平台反垄断合规指引（征求意见稿）》（以下简称《指引》），于11月15日 面向社会公开征求意见，意见反馈截止日期为2025年11月29日。公众可以通过登录市场监管总局网站等方式提 出意见。 互联网平台网络效应明显，涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营者具有 一定的管理者属性，通过平台规则、数据、算法、技术手段等影响平台竞争生态，一旦从事排除、限制竞争行 为，将会损害多方主体利益。执法实践显示，平台经济领域垄断风险多发，平台经营者期待反垄断执法机构制 定出台具有较强针对性和可操作性的合规指引。制定《指引》有利于帮助平台经营者精准识别、评估、防范反 垄断合规风险，进一步明晰行为边界，稳定市场预期，提振发展信心。 《指引》主要有哪些特点？ 从制定目的看，《指引》以促进平台经济创新和健康发展为出发点和落脚点。平台经济创新和健康发展离不开 公平竞争的市场环境。《指引》详细列举互联网平台可能发生的反垄断合规风险，引导平台经营者加强反垄断 合规管理，有效预防和制止垄断行为的发生，有利于营造公平竞争的市场环境，充分激发经营主体内生动力和 创新活力，不断提升竞争水平和发 ...