Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD, have announced a cessation of "involution" competition and high subsidies, aiming to maintain a healthy industry ecosystem. However, some platforms continue to offer significant subsidies, leading to concerns about the long-term impact on the food delivery and restaurant industry [1][2][4]. Group 1: Industry Dynamics - Following the announcement to stop irrational high subsidies, food delivery orders have significantly decreased, with delivery personnel reporting a drop in daily earnings from around 700-800 yuan to about 400 yuan [2][4]. - Despite the reduction in subsidies, there remains a significant price imbalance between online and offline dining, with some meals priced at 20 yuan in-store being available for as low as 7-8 yuan online [2][3]. Group 2: Impact on Small Businesses - Small businesses are bearing a larger share of the subsidy costs, with reports indicating that merchants often subsidize more than the platforms themselves. For instance, a merchant may receive only 4.8 yuan from a 21 yuan drink after accounting for various subsidies [5][6]. - The pressure on small businesses is exacerbated by the lack of negotiation power against larger chains, leading to a situation where they must absorb more costs to remain competitive [5][6]. Group 3: Regulatory Considerations - There is a call for regulatory measures to address the opaque nature of subsidy distribution and algorithmic pricing, with suggestions for establishing a subsidy tracing mechanism and enforcing algorithm transparency [6][7]. - The need for a collaborative governance model is emphasized, encouraging stakeholders such as consumers, delivery personnel, and merchants to participate in oversight and reporting of unfair practices [7].

Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD, have announced a cessation of "involutionary" competition and high subsidies, aiming to maintain a healthy industry ecosystem. However, some platforms continue to offer significant subsidies, leading to concerns about the long-term impact on the food delivery and restaurant industry [1][2]. Summary by Sections Industry Competition - Following the announcement to stop irrational high subsidies, food delivery platforms have seen a decline in order volumes, with delivery personnel reporting a drop in earnings from around 700-800 yuan to approximately 400 yuan per day [1]. - Despite the reduction in subsidies, there remains a significant price imbalance between online and offline dining, with meals priced at over 20 yuan in restaurants being available for as low as 7-8 yuan on delivery platforms [1]. Subsidy Dynamics - Some platforms have left room for future high subsidies, indicating a willingness to engage in selective promotional activities despite the general cessation of large-scale "0 yuan purchase" promotions [2]. - The burden of subsidy costs is often shifted to small and medium-sized merchants, who face pressure to participate in promotional activities that erode their profit margins [3][4]. Merchant Challenges - Merchants are often required to absorb a significant portion of the subsidy costs, with examples showing that merchants can end up subsidizing more than double what the platform contributes [4]. - The reliance on low prices has led to a change in consumer behavior, with some customers opting for delivery instead of dining in, further impacting restaurant revenues [5]. Regulatory Recommendations - There is a call for regulatory measures to address the opaque nature of subsidy mechanisms and the responsibilities of platforms versus merchants. This includes establishing a subsidy tracing mechanism and enforcing algorithm transparency [5][6]. - Recommendations also include activating multi-party governance to encourage consumer and merchant participation in oversight, as well as creating industry standards to prevent the transfer of subsidy costs to merchants [6]. Long-term Implications - The ongoing price wars and high subsidies may lead to a deterioration of service quality and consumer trust, as businesses struggle to maintain profitability under pressure [5][6]. - The ultimate goal is to shift the focus from aggressive competition to value creation, ensuring that technological advancements benefit all stakeholders rather than just a few dominant platforms [6].

Group 1 - The core issue in the food delivery industry is the ongoing battle among platforms, leading to increased order volumes but insufficient profits for merchants due to high commission fees and delivery costs [2][3] - The State Administration for Market Regulation has introduced the "Guidelines for Compliance of Charging Behavior of Online Trading Platforms" to regulate excessive fees and promote fair competition among platforms and merchants [3][4] - The guidelines emphasize transparency in fee structures and prohibit unreasonable charges, such as duplicate fees and mandatory participation in promotional activities without prior agreement [4][5] Group 2 - The implementation of the guidelines aims to enhance the bargaining power of small and medium-sized businesses, fostering a healthier business environment and promoting quality over mere scale in the platform economy [6][13] - The regulatory shift reflects a broader trend towards normalizing governance in the industry, moving from rapid expansion to sustainable development [7][14] - Despite potential impacts on platform revenues and valuations, the long-term outlook for platform economies remains positive, as they integrate advanced technologies and contribute to economic growth [14]

Core Viewpoint - The article emphasizes the need for regulatory oversight in the platform economy to prevent disorderly competition among companies like Ele.me, Meituan, and JD.com, which has led to negative consequences for consumers and small businesses [1][2]. Group 1: Regulatory Actions and Market Dynamics - The State Administration for Market Regulation has urged major platform companies to adhere to laws and regulations, promoting a win-win ecosystem for consumers, merchants, delivery riders, and platforms [1]. - Recent competitive practices among food delivery platforms, such as extreme discounting and aggressive algorithms, have resulted in unsustainable business models, harming small merchants and leading to potential safety issues for delivery riders [1][2]. Group 2: Legal Framework and Challenges - There is a significant "time gap" between technological innovation in the platform economy and the legal framework needed to regulate it effectively, with existing laws insufficient to address new forms of unfair competition like algorithmic discrimination and data monopolies [2][3]. - The traditional regulatory approach may not be suitable for the cross-regional nature of e-commerce platforms, leading to challenges in enforcement and oversight [2]. Group 3: Recommendations for Improvement - Enhancing legal provisions and restructuring the regulatory ecosystem is crucial to mitigate disorderly competition, with a focus on optimizing rules and regulations [3]. - The revised Anti-Unfair Competition Law prohibits platforms from forcing merchants to sell below cost, aiming to restore market order and protect competition [3]. - A collaborative effort is needed among stakeholders to establish a governance chain that includes preemptive warnings, real-time enforcement, and post-incident remedies [3][4]. Group 4: Future Directions - The Central Political Bureau has called for lawful governance of corporate competition, suggesting that clear legal boundaries will allow platforms to focus on innovation rather than aggressive competition tactics [4].

5月17日，全国政协召开"推动数字经济持续健康发展"专题协商会。中共中央政治局委员、国务院 副总理刘鹤提出，要努力适应数字经济带来的全方位变革，提高综合国力和国际竞争力。 "我国已自上而下对数字经济发展进行了总体布局。"申万宏源证券研究所首席经济学家杨成长接受 《证券日报》记者采访时表示，此次会议传递出国家大力推动数字经济发展的明确方向和有力举措，彻 底消除市场担忧。经过近两年的清理整顿，我国数字经济逐步迈入规范化的发展阶段，未来数字经济将 在我国经济发展中发挥突出作用。 "此次会议强调数字经济的发展，要充分发挥市场主体的作用，特别是企业家的创新作用。"杨成长 表示，"平台型公司沉淀了大量的人流、物流、资金流信息，有大量的数据要素，也是重要的科技创新 平台。但是，每家企业独立去搞研究和开发，不仅力量分散，而且很难产生效果。当前的科技创新，除 了原始创新和引进消化吸收再创新，大量是继承性创新。所以需要通过一些平台，把企业和社会各方面 的科技创新力量聚合起来，形成创新联合体。在这个方面，大型平台公司具有一定优势。" "平台公司不仅是流量聚散平台，也是一个不断进行技术集成、从而进行重大科技创新、科技突破 的重要平台 ...

新华社国内部出品 【简介】记者26日从国务院新闻办新闻发布会上了解到，第五次全国经济普查中增加了数字经济、 平台经济等调查内容。 记者：张文 【纠错】 【责任编辑:刘子丫】 ...

Core Viewpoint - The Supreme People's Court has issued guidelines to implement the "Promotion Law of Private Economy," focusing on the legal handling of consumer disputes and promoting healthy development in the online and platform economy [1] Group 1: Legal Framework and Consumer Protection - The guidelines emphasize the legal adjudication of consumer dispute cases, aiming to protect consumer rights while regulating illegal claims [1] - The introduction of punitive compensation for food and drug violations is intended to deter fraudulent practices and safeguard legitimate business operations [1] - The guidelines also address prepaid consumption disputes, encouraging honest business practices while combating issues like fund misappropriation and unfair terms [1]

Core Viewpoint - Zhengzhou is focusing on strengthening its platform economy, headquarters economy, industrial chain economy, leading enterprises, and digital economy to support the construction of a unified national market and enhance its core competitiveness [1] Group 1 - The meeting emphasized the acceleration of the development of the urban agglomeration in Zhengzhou [1] - The goal is to consolidate, expand, and create advantages in the local economy [1] - Zhengzhou aims to become a key hub for both domestic and international market circulation [1]

有鉴于此，要通过平台经济的数字化标签，将工厂型中小微企业的设备、工艺、产能转化为可量化 的"数字名片"，精准匹配市场需求与生产能力，有效破解"订单荒"与"产能闲"的双重困境。平台还可借 助流量补贴、供应链优化和品牌升级，助力中小工厂从"代工贴牌"向"自主品牌"转型。 还可以通过平台经济大数据分析，赋能工厂型中小微企业精准洞察消费趋势。借力设计工具、知识产权 保护与品牌包装服务，助推中小工厂实现从"代工厂"到"品牌商"的蜕变。依托新技术打通原料采购、生 产协同、渠道分销的全流程数字化管理，突破传统工厂型中小微企业"重生产、轻研发"的发展局限。 前段时间，江苏省扬州市政府与阿里巴巴共同启动了"平台经济+产业带"培育计划，旨在为当地中小微 企业提供从产品研发到品牌包装的全链路优化方案，推动区域特色产业向"高附加值、高辨识度、高溢 价能力"转型。 截至2024年末，我国中小微企业数量已突破6000万户大关，其中工厂型中小微企业成为推动创新、促进 就业、改善民生的重要力量。然而，伴随着生产经营环境变化，众多工厂型中小微企业正面临订单碎片 化、流量成本持续攀升、传统生产模式难以满足日益增长的个性化需求等多重挑战。随着原材 ...

中证港股通消费： 前五大行业：传媒（18.89%）、社会服务（16.80%）、电子（16.67%）、商贸零售（14.71%）、汽车（13.96%） 中证港股通消费指数与国证港股通消费指数是布局港股消费领域的重要工具。尽管二者同属消费主题，但在编制逻辑、资产配置与市场适 应性上存在显著差异。 核心定位差异 中证港股通消费指数：从中证港股通综指样本空间筛选股票，要求日均成交额不低于1000万港元，覆盖主要消费及剔除特定行业的可选消 费领域，按市值选取前50名个股，侧重互联网、汽车等泛消费板块。 国证港股通消费指数：则聚焦互联互通资格股，剔除成交额后10%的股票，精选个人用品、家庭用品等消费领域标的，同样取市值前50 名，但更强调悦己消费新场景，显著降低互联网与汽车配置权重。 中证聚焦高流动性大盘消费股，覆盖互联网及车产业链；国证则精筛纯消费标的，放大泡泡玛特、老铺黄金等新消费权重，弱化互联网与 汽车配置。 指数特征多维透视（申万一级行业，截至2025年6月30日） 核心成份股：小米、腾讯、阿里、美团、比亚迪、泡泡玛特、快手、理想汽车、创科实业、小鹏汽车。前十大成份股权重占比合计达 76.41%。 国证港股通消费： ...