Core Viewpoint - The article discusses the phenomenon of "involution" in the Chinese economy, highlighting its causes, impacts, and policy responses, emphasizing the need for structural reforms to enhance economic quality and stability [3][5][6]. Group 1: Causes and Impacts of Involution - The current "involution" is characterized by long-term negative growth in the Producer Price Index (PPI) and low capacity utilization rates in mid- and downstream industries, which squeeze corporate profits and hinder industrial upgrades [3][5]. - The deep-rooted causes of this "involution" include the differentiation of old and new economic drivers during the economic transition period and the chaotic competition among local governments pursuing GDP and fiscal revenue [5][6]. - The "involution" phenomenon has created a spiral contraction cycle of "price-income-consumption," severely restricting healthy economic development and transformation [5][6]. Group 2: Policy Responses and Recommendations - To address the "involution," policies should focus on both supply and demand sides, combining growth stabilization with reform promotion, which benefits both the present and the long term [6][11]. - Supply-side measures include production adjustment, elimination of backward production capacity, and improving product quality to restore prices and enhance competitiveness [6][11]. - Demand-side strategies should promote resident service consumption through fiscal subsidies and social security improvements to unleash consumption potential, while guiding employment from manufacturing to services [6][11]. Group 3: Evolution of Anti-Involution Policies - Since mid-2024, high-level meetings have consistently addressed the need to combat "involutionary" competition, with significant policy decisions made to regulate local government and corporate behaviors [7][8]. - The 2025 government work report outlined specific actions to establish a unified national market and comprehensively address "involutionary" competition [8][11]. - The current anti-involution policies are characterized by a higher stance, broader coverage, and stronger synergy compared to previous supply-side reforms, with a focus on both local governments and enterprises [11][12]. Group 4: Macroeconomic Context and Industry Characteristics - The macroeconomic environment is under pressure from continuously declining prices, with the PPI experiencing negative growth for 33 consecutive months, and industrial capacity utilization rates at historical lows [14][16]. - The profitability of industrial enterprises is under significant pressure, with many industries, particularly in the mid- and downstream sectors, experiencing negative profit growth [16][19]. - The "involution" is more pronounced in mid- and downstream industries, where the competition has intensified, leading to a decline in profitability and increased cost pressures [19][21]. Group 5: Structural Issues and Future Directions - The article emphasizes the need for structural reforms to break the cycle of "price-income-consumption" contraction, advocating for a shift from an investment-driven to an innovation-driven economy [20][42]. - The service sector is identified as a key area for absorbing employment and addressing structural unemployment, with significant potential for growth in service consumption [42][43]. - Policies should focus on enhancing service sector development, improving social security systems, and optimizing service industry regulations to stimulate demand and support economic transformation [37][42].

Group 1 - The Chinese automotive industry has achieved significant milestones, with major manufacturers like FAW-Volkswagen and Changan Automobile reaching their 30 millionth vehicle production mark, contributing to a total production and sales exceeding 31 million units, both up over 10% year-on-year [2][7] - Technological innovations are advancing rapidly, particularly in solid-state battery development and intelligent connected vehicles, with 64% of new passenger cars featuring combined driving assistance functions [2][7] - Despite growth, the industry faces challenges such as irrational competition leading to price wars and declining profit margins, alongside persistent issues of "involution" that threaten long-term brand value and sustainable development [2][7] Group 2 - The recent Central Economic Work Conference outlined eight key tasks, six of which are directly related to the automotive industry, emphasizing the need for a demand-driven approach, innovation, reform, and international openness [3][8] - Policies aimed at stimulating domestic demand have been effective, with over 11.2 million applications for vehicle trade-ins from January to November, and projections indicating that the trade-in market could exceed 180 billion yuan by 2025 [3][8] - The focus on addressing "involution" competition is set to intensify, with new guidelines for pricing behavior expected to shift competition from price to value, encouraging investment in technology and brand development [4][9] Group 3 - The establishment of the Hainan Free Trade Port is expected to enhance trade relations and provide opportunities for the automotive industry to explore cross-border data and vehicle modification [5][10] - By 2026, the automotive industry is anticipated to transition from growth based on scale to one focused on quality and efficiency, driven by domestic demand activation, competition regulation, and innovation [5][10]

Group 1 - In 2023, China's automotive industry achieved significant milestones, with major manufacturers like FAW-Volkswagen and Changan Automobile reaching their 30 millionth vehicle production mark, reflecting robust growth in both joint ventures and domestic brands [2] - The automotive sector saw a production and sales volume exceeding 31 million units, with a year-on-year growth of over 10% [2] - Technological advancements in solid-state batteries and intelligent connected vehicles are notable, with a penetration rate of 64% for new passenger cars equipped with driving assistance features [2] Group 2 - The Central Economic Work Conference outlined eight key tasks, six of which are directly related to the automotive industry, emphasizing the need for a demand-driven approach and innovation [3] - The implementation of policies to stimulate consumption, such as the vehicle trade-in program, has led to over 11.2 million applications, with expectations for the trade-in market to exceed 180 billion yuan by 2025 [3] - The upcoming changes in the tax policy for new energy vehicles are expected to stabilize market confidence and stimulate consumption in the automotive sector [3] Group 3 - The government is intensifying efforts to address "involution" competition in the automotive industry, with a shift from "comprehensive rectification" in 2024 to "in-depth rectification" in 2025, indicating a stronger regulatory approach [4] - The release of the "Automotive Industry Pricing Behavior Compliance Guidelines" aims to promote fair competition and shift focus from price to value, encouraging investment in innovation and brand building [4] - Specific measures to enhance international cooperation and promote the development of the automotive industry globally were discussed, including the construction of the Hainan Free Trade Port [4][5] Group 4 - The Hainan Free Trade Port's full closure is expected to facilitate smoother trade and enhance the automotive industry's ability to leverage zero tariffs and processing policies [5] - The automotive sector is encouraged to explore cross-border data and vehicle modification opportunities, as well as to expand into markets along the Belt and Road Initiative [5] - By 2026, the automotive industry is anticipated to transition from growth based on scale to one focused on quality and efficiency, driven by demand activation, competition regulation, and innovation [5]

"大量产品低价'内卷'，卷低了品质标准，卷没了正常利润，卷死了研发创新，卷弱了行业竞争力，卷 乱了市场预期。"广东优凯科技有限公司董事长黄平在致经济日报编辑部的一封信中反映的问题，道出 了当前不少行业的困局，表明全国统一大市场建设面临的阻力。 从一封读者来信破题，近半个月来，经济日报连续刊发系列调研报道和编辑部文章以及相关部委负责 人、地方领导同志、专家学者访谈，聚焦关键领域，剖析重点难点，探寻实践方向，提出要从讲政治的 高度认识和建设好全国统一大市场，切实增强应对风险挑战的底气，牢牢把握国家发展进步的命运和主 导权。这些报道和文章在头版陆续刊发后，受到广泛关注，引发热烈讨论。各方面在经济日报搭建的平 台上群策群力，展现出对解决市场无序竞争和严重"内卷"问题的关切，一些来自基层、来自实践的意见 建议也具有较强的启示意义。 建设全国统一大市场的过程，一定程度上就是破除经济循环卡点堵点的过程，也意味着这是一场制度建 设的攻坚战持久战。例如，当前隐性壁垒仍未根除，地方"政策洼地"、标准不统一、监管尺度不一等问 题，根源在于一些制度规则的衔接不畅与执行偏差，仅靠市场自发调节难以破解。以制度建设破题， 立"显规则"、破 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 国务院部署落实经济工作会议精神 ——政策周观察第 60 期 近一周，政策出台不多，主要关注以下政策： 1、中央经济工作会议精神落实解读 1）12 月 19 日，总理主持召开国常会，对贯彻落实中央经济工作会议决策部 署作出安排，提出"要靠前发力抓落实，以扎实有效的工作不断巩固拓展经济 稳中向好势头，确保'十五五'开好局、起好步"，去年 12 月 16 日国常会表 述为"要靠前抓好落实，能早则早、宁早勿晚，齐心协力、积极作为，以扎实 有效的工作为全局多作贡献"。 2）12 月 15 日，中国证监会党委传达学习贯彻中央经济工作会议精神。"持续 增强市场内在稳定性……引导优质公司持续加大分红回购力度。全面推动落实 中长期资金长周期考核机制，大力发展权益类公募基金，推动指数化投资高质 量发展"。 3）12 月 16 日，中央财办有关负责同志详解 2025 年中央经济工作会议精神， 提出"文旅、养老、托育等服务消费需求旺盛"，"在科技创新、产业升级、基 础设施、改善民生等方面还有不少短板弱项……加快建设停车场、充电桩、旅 游公路等消费基础设施，提高养老、托育、医疗等民生类投 ...

0.1元的奶茶、9.9元的炸鸡套餐……看上去是消费者的"狂欢"，却正在演变为一场没有赢家的价格战：平台利润下滑，中小 商户被迫贴钱接单，消费者也越来越难买到真正放心的餐食。 这种表面热闹、内里失血的竞争形态，正是当下中国市场中最典型、也最具代表性的"内卷式竞争"。 外卖平台并非孤例。从制造业到平台经济，从商品价格"骨折"到企业利润"蒸发"，低价竞争正在从个别行业蔓延为结构性 矛盾。 党的二十届四中全会明确提出，"坚决破除阻碍全国统一大市场建设卡点堵点"，"综合整治内卷式竞争"。刚刚召开的中央 经济工作会议把"深入整治内卷式竞争"作为明年经济工作的重点任务。 从"综合整治"到"深入整治"，中国如何才能真正跳出低价内卷？创新、新质生产力、平台治理与"投资于人"，能否为市场 提供一条不同于"以价换量"的新路径？ 在中信出版集团的新书《读懂"十五五"：高质量发展新征程》中，中国社会科学院经济研究所研究员、教授黄群慧对中国 制造业"内卷式"竞争现象及其形成机制进行了深入分析，他就上述问题接受了长安街知事（微信ID：Capitalnews）的专 访。 创新，但必须因地制宜 知事：现在很多制造业企业主和消费者都有一个直观感 ...

Core Viewpoint - A healthy and open supply chain ecosystem ultimately benefits all participants, including today's market leaders, and the competitiveness of this ecosystem determines how far leading companies can go [1]. Group 1: Supply Chain Dynamics - The article discusses the "either-or" phenomenon in supply chains, particularly highlighted by the competition between DJI and Yingshi, which is not unique to the drone industry but prevalent across various sectors like consumer electronics and home appliances [2]. - The discussion emphasizes the importance of a competitive environment and innovation ecosystem to support China's transition from a manufacturing giant to an advanced manufacturing power [2]. - Leading companies seek influence over supply chains for valid business reasons, and the practice of exclusive agreements should be analyzed on a case-by-case basis [2][3]. Group 2: Risks of Over-Control - Short-term strategies that enhance control over supply chains may hinder competitors' access to resources, but long-term implications could obstruct knowledge flow and weaken innovation capabilities across the supply chain [3][4]. - The true competitiveness of Chinese manufacturing is rooted in a complete, collaborative, and resilient industrial system, supported by numerous small and medium enterprises [4]. Group 3: Recommendations for Improvement - To escape the cycle of "involution" and zero-sum competition, collaboration and restraint among regulatory bodies, leading companies, and suppliers are essential [4][5]. - Clearer rules are needed to define the boundaries of monopoly and unfair competition, protecting smaller participants while regulating market leaders to avoid endless commercial disputes [5]. - Companies should explore tiered supply chain cooperation models, maintaining openness for standardized components while protecting core proprietary technologies [5].

Core Viewpoint - The domestic antioxidant industry is experiencing a significant price increase, with leading companies raising prices by approximately 10% to combat irrational competition and restore profitability [1][3]. Group 1: Price Increase Details - Four major companies, including Li'anlong, Suqian Liansheng, Fengguang Co., and Dingjide, have announced a collective price increase of around 10% within a short span of two weeks [1][4]. - The price adjustments are seen as a response to a prolonged period of low profitability and intense competition in the antioxidant sector [3][4]. Group 2: Industry Context - The antioxidant industry has faced a "cold winter" for two years, characterized by fierce price competition, declining downstream demand, and fluctuating raw material prices [3][4]. - Financial data from companies like Fengguang Co. illustrate the impact of the price war, with its gross margin for core antioxidant products plummeting from 16.58% in 2023 to 3.02% in 2024 [3]. Group 3: Future Outlook - Analysts suggest that the collective price increase may help improve industry conditions and optimize market structure, provided that the price hikes can be effectively passed on to downstream customers [4]. - The success of this price adjustment will depend on whether companies can genuinely enhance their profitability and avoid a scenario where price increases lead to loss of market share [4].

去年，"综合整治'内卷式'竞争"首次出现在中央经济工作会议的表述中。根据中国光伏行业协会消息， 对于光伏行业而言，"内卷"意味着严重的供需失衡与价格踩踏。过去一年，光伏行业为破解困局展开了 自救与革新，推动产品价格逐渐稳定，综合整治"内卷式"竞争取得积极成效。今年，中央经济工作会议 进一步提出，深入整治"内卷式"竞争。 12月18日，在中国光伏行业协会召开的"2025光伏行业年度大会"上，工业和信息化部电子信息司司长杨 旭东表示，2026年，光伏行业治理进入攻坚期，将进一步加强产能调控，强化光伏制造项目管理，以市 场化、法治化的手段推动落后产能有序退出，加快实现产能的动态平衡。 厦门大学中国能源政策研究院院长林伯强对21世纪经济报道记者表示，目前，虽然光伏行业价格逐渐稳 定，但企业大多仍处于亏损状态，这说明仅靠政府号召和行业治理整治"内卷"可能还不够。 来自全国政协经济委员会办公室的张金杰在2025年第24期《求是》上发布文章《深入整治"内卷式"竞 争》，其中提到，"今年以来，多部门密集出手，各行各业一起发力，打出精准'组合拳'，综合整治'内 卷式'竞争取得积极成效……新能源汽车、光伏等行业主动强化自律，推动 ...

Core Viewpoint - The article discusses how to overcome "involution" in various industries, presenting four key suggestions from Song Zhiping on reshaping business paradigms and promoting healthy competition [1][5]. Group 1: Suggestions for Overcoming Involution - Transition from extensive expansion to intrinsic development, emphasizing quality over speed and scale, and focusing on core competencies rather than blind expansion [3]. - Shift from cost-oriented strategies to value-oriented approaches, advocating for differentiation in competition rather than relying solely on cost leadership [3]. - Move from quantity-based profit to price-based profit, highlighting the importance of pricing strategies led by management rather than sales personnel, and maintaining stable prices to ensure profitability [4]. - Encourage a shift from vicious competition to healthy competition, where businesses compete based on technology, quality, brand, and service rather than engaging in price wars [4]. Group 2: Industry and Government Recommendations - Standardize local government economic promotion behaviors to avoid market distortion caused by blind investments, particularly in overcapacity sectors [5]. - Promote industry self-discipline with support from the government, guidance from associations, and collaboration between large and small enterprises [5]. - Strengthen anti-unfair competition measures, as many industries currently face low concentration and chaotic competition [5]. - Advance mergers and acquisitions to increase industry concentration, facilitating orderly competition [5].