内卷毫无意义，还会受伤——这是数月来，外卖平台、商家、餐饮协会等，在这场商战中渐渐形成的共 识，但似乎没有参与方能真正停下来。 在市场监管总局约谈饿了么、美团、京东要求其"理性参与竞争"一周之后，7月的最后一个周末，中青报·中 青网记者发现，"0元购""满18.8元减18.8元"等补贴活动，已从各平台首页消失。不过，大额补贴仍在，许多 消费者依旧在疯狂"薅羊毛"。 在不断创纪录的日订单背后，一个个或大或小的商家成为这场"对弈"的"棋子"。不少餐饮商家对中青报·中 青网记者表示，近期补贴多由商家承担大头，他们不想参与，又不得不参与。 "近期三家平台的价格战，是典型的低价'内卷式竞争'。"中国连锁经营协会会长彭建真告诉记者，这扭曲了 商品价格体系，还严重影响到实体零售、餐饮的生存空间，尤其是中小规模的连锁企业、餐饮堂食业务 等。 日订单创纪录，骑手和消费者在笑 这场外卖大战从今年春天就已打响，至今持续数月。 这是外卖在中国正式诞生的第17年。2月11日，一家有27年历史的电商公司京东决定入局外卖。这让在外卖 市场占7成份额的美团感受到压力，原本占据3成的饿了么，也有些慌张。起初，这是一场骑手争夺战，但 很快交锋就 ...

《宁波银行业个人住房贷款业务自律公约》从落实贷款"三查"、防范恶意竞争、健全合作机制等方面对 银行机构个人住房贷款业务进行规范，重点对银行机构与房地产相关机构及其从业人员之间存在的返佣 乱象进行整治。 宁波金融监管局大型银行处处长姚达从银行业"内卷式"竞争的危害、产生原因、表现形式等角度出发， 要求银行机构落实《公约》相关要求，共同防止"内卷式"恶性竞争。《公约》也将由银行机构签署后生 效，正式叫停任何形式的"返点"行为，为防止"内卷式"恶性竞争贡献力量。 金融作为现代经济的核心，其稳健运行至关重要。当前，金融市场环境复杂多变，银行业的竞争格局正 经历深刻变化，市场饱和度提升与同质化竞争加剧，使得"内卷式"竞争在行业内逐渐显现。这种非理性 的竞争不仅打乱正常市场秩序，压缩行业发展空间，更对金融消费者的合法权益保护和金融生态稳定构 成潜在威胁，成为制约银行业高质量发展的瓶颈。今年以来，已有多地银行业旗帜鲜明地反对"内卷 式"竞争，并探索出诸多举措。 2025.07.29 本文字数：1488，阅读时长大约3分钟 作者 |第一财经 安卓 返点、返佣、违规让利、降低标准……看似是营销手段，实则推高了经营成本、吞噬行业 ...

金十数据7月29日讯，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争，强化农村 地区领取快件违规收费等突出问题整治，促进行业高质量发展进行座谈交流。国家邮政局局长赵冲久出 席会议并讲话，副局长廖进荣主持会议。会议指出，各企业负责人要进一步增强大局意识，引领业态发 展，积极推动解决"内卷式"竞争和农村地区领取快件违规收费等突出问题，维护好行业良好发展业态。 国家邮政局召开快递企业座谈会：积极推动解决"内卷式"竞争等突出问题 ...

Core Viewpoint - The chlor-alkali industry is facing severe "involution" competition, necessitating the establishment of effective self-regulation and communication mechanisms to address market and trade risks while maintaining overall industry interests [1][2]. Group 1: Industry Challenges and Responses - The chlor-alkali industry is currently impacted by intensified supply-demand dynamics, which severely affect high-quality development [1]. - The national government aims to address "involution" competition through the revision of the Anti-Unfair Competition Law, promoting market behavior regulation to prevent inefficient price wars and resource waste [1]. - The industry association plans to implement a three-pronged strategy involving policy responses, financial tools, and industry self-regulation to break through current challenges and uphold high-quality development standards [1]. Group 2: Strategic Directions for Development - Industry leaders advocate for a transformation towards high value-added and high-end products to escape low-price competition, emphasizing the need for regional coordination and long-term contracts to foster collaborative development [1][2]. - The meeting highlighted the importance of expanding product exports as a strategic choice for chlor-alkali companies to address structural industry challenges and achieve sustainable development [2]. - The association emphasizes the need for collaboration, information sharing, and quality-first principles as foundational elements for the sustainable development of the industry in the face of complex domestic and international market conditions [2].

Report Industry Investment Rating - No information provided Core Viewpoints - The supply of soda ash is expected to remain abundant, demand will continue to decline, and prices will remain under pressure. It's recommended to consider buying put options for the soda ash main contract [2] - The probability of a correction in the glass market has increased. Although the fundamentals of glass have improved, the terminal demand has not improved. It's advisable to wait and see for now [2] Summary by Relevant Catalogs Futures Market - The closing price of the soda ash main contract was 1316 yuan/ton, down 124 yuan; the closing price of the glass main contract was 1223 yuan/ton, down 139 yuan [2] - The net position of the top 20 soda ash traders was -290077, an increase of 8272; the net position of the top 20 glass traders was -176305, an increase of 8320 [2] - The soda ash 9 - 1 contract spread was -76 yuan, an increase of 1 yuan; the glass 9 - 1 contract spread was -64 yuan, an increase of 31 yuan [2] - The soda ash basis was -50 yuan/ton, an increase of 38 yuan; the glass basis was -150 yuan/ton, a decrease of 7 yuan [2] Spot Market - The price of North China heavy soda ash was 1390 yuan/ton, an increase of 70 yuan; the price of Central China heavy soda ash was 1325 yuan/ton, an increase of 50 yuan [2] - The price of East China light soda ash was 1250 yuan/ton, an increase of 75 yuan; the price of Central China light soda ash was 1250 yuan/ton, an increase of 55 yuan [2] - The price of Shahe glass sheets was 1212 yuan/ton, an increase of 48 yuan; the price of Central China glass sheets was 1230 yuan/ton, an increase of 40 yuan [2] Industry Situation - The operating rate of soda ash plants was 83.02%, a decrease of 1.08 percentage points; the operating rate of float glass enterprises was 75%, a decrease of 0.34 percentage points [2] - The in - production capacity of glass was 15.89 million tons/year, an increase of 0.11 million tons; the number of in - production glass production lines was 223, unchanged [2] - The inventory of soda ash enterprises was 178.36 million tons, a decrease of 8.1 million tons; the inventory of glass enterprises was 6189.6 million heavy boxes, a decrease of 304.3 million heavy boxes [2] Downstream Situation - The cumulative value of new construction area in the real estate industry was 30364.32 million square meters, an increase of 7180.71 million square meters; the cumulative value of completed area was 22566.61 million square meters, an increase of 4181.47 million square meters [2] Industry News - The State Council deployed measures to gradually implement free preschool education [2] - The CSRC aimed to consolidate the market's stable and positive trend and improve the market - stabilizing mechanism [2] - The CSRC approved the registration of linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures [2] - The CSRC solicited public opinions on the revised "Corporate Governance Guidelines for Listed Companies" [2] - From January to June, the total profit of industrial enterprises above the designated size was 34365.0 billion yuan, a year - on - year decrease of 1.8% [2] - In the first half of 2025, the stamp duty revenue was 1953 billion yuan, a year - on - year increase of 19.7%; the securities trading stamp duty was 785 billion yuan, a year - on - year increase of 54.1% [2]

Regulatory Dynamics - The financial industry is intensifying efforts to combat "involution" competition, with Ping An Bank's Guangzhou branch holding a meeting to promote this initiative and requiring over 2,000 employees to sign a commitment letter [1] - The Guangdong Banking Association has established a "1+3+N" system to address "involution" competition, which includes a negative list from regulatory authorities and self-regulatory measures from various business sectors [1] - The Haidian District Financial Management Bureau in Beijing has issued a risk warning against illegal fundraising under the guise of stablecoins, emphasizing that any fundraising without government approval is prohibited [1] Industry Dynamics - Bank deposit rates continue to decline, with the average interest rate for 3-month deposits dropping to 0.949%, marking a decrease of 5.5 basis points from the previous month [2] - Eight gold mining companies have reported significant profit increases, with three companies expecting net profit growth exceeding 100% and five others projecting over 50% growth [4] - CITIC Financial Assets has increased its stake in China Everbright Bank by 0.92%, raising its ownership from 7.08% to 8.00%, with an estimated investment of approximately 22.25 billion yuan [4] - Three banks in East China have reported positive earnings forecasts for the first half of 2025, with Ningbo Bank achieving a revenue of 371.60 billion yuan, up 7.91% year-on-year [4] - Public funds have increased their holdings in bank stocks by approximately 27% in the second quarter, reaching a total market value of 205.37 billion yuan [5] Corporate Dynamics - Changshu Bank is expanding its operations by absorbing three local village banks in Jiangsu Province, with plans to submit the proposal for shareholder approval [6] - JD Finance has announced a business cooperation with JD Technology Information, adhering to fair pricing principles [7] - Ping An Consumer Finance has received approval to commence credit asset securitization business, subject to regulatory compliance [7] - HSBC Life Insurance has increased its registered capital from 2.314 billion yuan to 2.676 billion yuan [7] - China Pacific Insurance has reported total managed assets exceeding 4 trillion yuan, reflecting an 11.3% growth since the beginning of the year [8] Overseas Dynamics - Indonesia's central bank reported a growth in new loan demand in Q2 2025, with a weighted net balance of 85.22%, although lower than the previous year's 89.11% [9] - Mexico's National Banking and Securities Commission has tightened credit issuance regulations for popular financial companies to mitigate credit concentration risks [10]

Group 1 - The call to address "involution" competition is becoming more widespread, with multiple government departments and industry associations advocating against it, expanding from sectors like solar energy and electric vehicles to include e-commerce and food delivery industries [1] - The focus of addressing "involution" competition is increasingly concentrated on common issues such as disorderly competition, severe homogenization, and low-price competition within industries, as well as local government behaviors that lead to unfair competition and project redundancy [1][2] Group 2 - The policy mechanisms to combat "involution" competition are becoming more refined, with recent amendments to laws such as the Anti-Unfair Competition Law and the Price Law draft targeting low-price disorderly competition, which will enhance the legal regulatory framework [2] - Experts highlight that a significant cause of "involution" is the imbalance between supply and demand, necessitating coordinated efforts on both sides, including support for technological innovation and improved market access to prevent excessive entry and low-quality competition [3] - Strengthening market regulation and creating a cleaner competitive environment are essential for consumer confidence, with recent laws aimed at promoting fair competition and protecting rights, which will encourage private sector investment [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On July 23, the capital market tightened significantly, with major repurchase rates rising, the bond market remaining weak, the convertible bond market's major indices showing mixed performance, and most convertible bond issues declining. Yields on US Treasuries across various maturities generally increased, while the 10 - year government bond yields of major European economies showed divergent trends [1]. - There were multiple important domestic and international news events, including the confirmation of the start date for Hainan Free - Trade Port's customs closure, upcoming China - US economic and trade talks, and a US - Japan trade agreement [3][6]. - Commodity prices showed different trends, with international crude oil futures prices continuing to fall and international natural gas prices turning up [7]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - Hainan Free - Trade Port's customs closure is set to start on December 18, 2025. The coverage of "zero - tariff" goods will expand from 1900 tariff items to about 6600, accounting for 74% of all commodity tariff items, a nearly 53 - percentage - point increase [3]. - China - US economic and trade talks will be held in Sweden from July 27 - 30, following the consensus of the two heads of state's phone call on June 5 [3]. - The National Development and Reform Commission will improve the coordinated development mechanism between state - owned and private enterprises and address cut - throat competition [4]. - Bank deposit rates continued to decline in June, with medium - and long - term rates entering the "1 era", and the average 3 - month deposit rate dropping 5.5BP from the previous month [4]. - In the first half of 2025, the underwriting amount of science and technology innovation bonds reached 381.391 billion yuan, a year - on - year increase of 56.5%. There were 40 securities companies acting as lead underwriters for green bonds, underwriting 71 bonds (or products) worth 59.444 billion yuan [5]. - In June, the newly - filed asset - backed special plans (ABS) reached 100, with a scale of 92.341 billion yuan. The top three ABS underlying assets in terms of newly - filed scale were financial leasing receivables, accounts receivable, and small - loan receivables [5]. 3.1.2 International News - The US and Japan reached a trade agreement on July 23, with a 15% tariff rate on Japanese goods and Japan planning to invest $550 billion in the US. The US may also cooperate with Japan on LNG [6]. 3.1.3 Commodities - On July 23, WTI September crude futures fell 0.09% to $65.25 per barrel, Brent September crude futures fell 0.13% to $68.51 per barrel, COMEX gold futures fell 1.28% to $3399.50 per ounce, and NYMEX natural gas prices rose 0.42% to $3.089 per ounce [7]. 3.2 Capital Market 3.2.1 Open Market Operations - On July 23, the central bank conducted 150.5 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method. With 520.1 billion yuan of reverse repurchases maturing, the net capital withdrawal for the day was 369.6 billion yuan [9]. 3.2.2 Capital Rates - On July 23, due to consecutive net withdrawals by the central bank, the capital market tightened significantly, and major repurchase rates rose. For example, DR001 rose 5.66bp to 1.371%, and DR007 rose 0.85bp to 1.483% [10]. 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - **Spot Bond Yield Trends**: On July 23, the stock market rose, the commodity market was strong, inflation bottoming expectations were strengthened, and the capital market tightened, causing the bond market to continue weakening. By 20:00, the yield on the 10 - year Treasury bond active issue 250011 rose 1.40bp to 1.7060%, and the yield on the 10 - year CDB bond active issue 250210 rose 0.95bp to 1.7870% [12]. - **Bond Tendering Situation**: Multiple bonds were tendered on July 23, with different issuance scales, winning yields, and multiples [14]. 3.3.2 Credit Bonds - **Secondary - Market Transaction Anomalies**: On July 23, no credit bond transaction prices deviated by more than 10%. - **Credit Bond Events**: Shaanxi Yanchang Petroleum cancelled the issuance of "25 Shaanxi Yanchang MTN001 (Science and Technology Innovation Bond)"; Moody's adjusted the outlook of Li & Fung from "stable" to "negative"; Liuguang Co., Ltd.'s shareholders planned to reduce their holdings; Fujian Sunshine Group failed to disclose its semi - annual report on time [15]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On July 23, the A - share market showed mixed performance, with the Shanghai Composite Index rising 0.01%, and the Shenzhen Component Index and ChiNext Index falling 0.37% and 0.01% respectively. The convertible bond market's major indices showed mixed performance, with most convertible bond issues declining [16]. - **Convertible Bond Tracking**: Longjian Co., Ltd. received approval from the CSRC to issue convertible bonds; some convertible bonds announced changes in conversion prices, early redemptions, or non - redemptions [18][24]. 3.3.4 Overseas Bond Markets - **US Bond Market**: On July 23, yields on US Treasuries across various maturities generally increased, the 2/10 - year yield spread remained unchanged, the 5/30 - year yield spread narrowed by 1bp, and the 10 - year inflation - protected Treasury (TIPS) break - even inflation rate decreased by 2bp [20][21][22]. - **European Bond Market**: On July 23, the 10 - year government bond yields of major European economies showed divergent trends, with Germany's rising 1bp, and the UK's rising 7bp, while France, Italy, and Spain's remained unchanged [23]. - **Daily Price Changes of Chinese - Issued US - Dollar Bonds**: As of the close on July 23, prices of Chinese - issued US - dollar bonds showed different changes [25].

Core Viewpoint - The article discusses the upcoming legal support for comprehensive regulation against "involutionary" and disorderly competition in the market through the revision of the Price Law in China [2][3]. Group 1: Legal Framework and Revisions - The National Development and Reform Commission and the State Administration for Market Regulation have drafted the "Draft Amendment to the Price Law of the People's Republic of China" to solicit public opinions from July 24 to August 23, 2025 [2]. - This is the first amendment since the Price Law was implemented in 1998, introducing several provisions related to combating "involution" and improving regulations on unfair pricing behaviors such as predatory pricing, price gouging, price collusion, and price discrimination [2][5]. - The revised Price Law aims to work in conjunction with the Anti-Monopoly Law and the Anti-Unfair Competition Law to create a more comprehensive market regulatory system [2][13]. Group 2: Addressing Unfair Pricing Practices - The amendment includes ten articles focusing on three main areas: improving government pricing regulations, clarifying standards for identifying unfair pricing behaviors, and enhancing legal responsibilities for pricing violations [5][6]. - The revision of the low-price dumping clause expands its applicability beyond goods to include services, addressing issues in the platform economy and service consumption [7][8]. - The amendment specifies that operators must not engage in unfair pricing behaviors using data, algorithms, or technology, and prohibits dominant operators from imposing unreasonable fees or conditions [11][12]. Group 3: Impact on Market Competition - The revised Price Law is expected to provide strong legal support for regulating low-price dumping, which is seen as a harmful form of "involution" that can lead to reduced profits and increased pressure on businesses [9][10]. - The amendment aims to create a fairer competitive environment, enhancing the attractiveness and influence of China's unified market amid increasing international uncertainties [2][4].

Core Insights - The core theme of the article revolves around the challenges faced by the battery industry, particularly the price wars and profitability issues that have become prevalent in 2024, impacting companies like蜂巢能源 and others in the second tier of the market [2][3]. Industry Overview - The global battery market is dominated by 宁德时代 and 比亚迪, which together hold over 65% market share, while other companies like 中创新航, 国轩高科, and 蜂巢能源 occupy a smaller share of 2% to 8% each [2]. - The second-tier companies have faced significant profitability challenges in 2024, with companies like 欣旺达 reporting a net loss of 1.587 billion yuan in their battery business [3]. Pricing and Market Dynamics - The price of lithium batteries has reached historical lows, with the average price of square lithium iron phosphate cells dropping to 0.32 yuan/Wh, and global lithium battery pack prices falling to 115 USD/kWh, with China's price at 94 USD/kWh [4][5]. - The market is experiencing overcapacity and homogenization, leading to a decline in profit margins for many companies, with 65 out of 104 listed lithium battery companies in A-shares reporting a drop in net profits in 2024 [5]. Profitability and Cost Control - 宁德时代 remains a benchmark for profitability, achieving a net profit of 50.745 billion yuan in 2024, while second-tier companies struggle with losses and rising debt levels [6]. - 蜂巢能源's CEO emphasizes that 80% of future profitability will come from cost reductions, with a target to achieve profitability by 2026 [9]. Strategic Responses - Companies are focusing on cost control strategies, including improving production efficiency and reducing material costs. 蜂巢能源 has reported a first-pass yield exceeding 90% and a 28% reduction in scrap rates [9]. - Differentiation through technology is also a key strategy, with 蜂巢能源 pursuing a dual strategy of both三元 and iron-lithium batteries to capture higher margins and meet specific market demands [10][11]. Market Trends and Future Outlook - The demand for三元 batteries is expected to grow due to their higher energy density, particularly in hybrid and plug-in hybrid vehicles, while the market for磷酸铁锂 batteries is becoming increasingly competitive [11]. - 蜂巢能源 has successfully supplied over 100,000 battery packs to international clients, indicating a growing presence in overseas markets [12]. - The need for continuous capital investment is critical for second-tier companies to sustain their operations and pursue strategic initiatives, with many seeking to tap into capital markets for funding [13].