Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on stabilizing electricity and coal prices, preventing "involution" competition, and enhancing high-quality development policies for state-owned enterprises [1] - SASAC aims to support stable employment, businesses, markets, and expectations, emphasizing the importance of steady operations and optimizing business strategies to reduce costs and improve efficiency [1] - Investment structure optimization is a priority, with a focus on strengthening industrial chains, infrastructure construction, and energy resource security, while promoting digital and green upgrades [1][2] Group 2 - SASAC has repeatedly emphasized the need for layout optimization and structural adjustment to foster strategic emerging industries and enhance the strategic function of state-owned enterprises [2][4] - The recent discussions highlighted the importance of resisting "involution" competition and promoting differentiated development and brand competition to ensure healthy and sustainable industry growth [4] - The chief economist of Caixin Financial Holdings pointed out that "involution" competition has evolved into a systemic issue across industries, necessitating strong measures to curb its spread and prevent endless consumption among market entities [5][6]

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on stabilizing electricity and coal prices, preventing "involution" competition, and enhancing the foundation for high-quality development of state-owned enterprises [1][2] Group 1: Economic Operations and Challenges - A meeting was held to discuss the economic operations of state-owned enterprises, addressing challenges and gathering suggestions for improvement [1] - Representatives from six central enterprises, including China Huadian and China Mobile, provided insights into their economic performance and industry trends [1] Group 2: Strategic Focus and Goals - SASAC emphasizes the importance of stable operations, aiming for the "one increase, one stability, and four enhancements" target, while optimizing operational strategies and focusing on cost reduction and efficiency improvement [2] - Investment structure optimization is prioritized, with a focus on strengthening industrial chains, infrastructure, and energy resource security [2] - The commission encourages differentiation in development and brand competition, promoting industry self-discipline and sustainable development [2] Group 3: Risk Management - There is a strong emphasis on risk prevention, with plans to enhance risk monitoring and early warning systems, and to manage key business risks effectively [2]

Core Insights - The meeting held by the State-owned Assets Supervision and Administration Commission (SASAC) focused on understanding the economic operation of state-owned enterprises and addressing challenges such as stabilizing electricity and coal prices, and preventing "involution" competition [1][2] Group 1: Economic Performance and Challenges - Central enterprises have effectively responded to various risks and challenges this year, with steady value creation and improved operational quality [1] - The SASAC will enhance regular communication mechanisms with state-owned enterprises to address their concerns and facilitate development [1] Group 2: Strategic Focus and Goals - Emphasis on aligning thoughts and actions with the central government's economic judgments and decisions, maintaining strategic focus, and enhancing "five values" to support employment, enterprises, markets, and expectations [2] - The goal of "one increase, one stability, and four enhancements" will guide operational strategies, focusing on cost reduction and efficiency improvement [2] Group 3: Investment and Development - Investment structure optimization will target key areas such as industrial chain strengthening, infrastructure construction, and energy resource security, with a focus on digital and green upgrades [2] - The importance of resisting "involution" competition and promoting differentiated development and brand competition to foster a healthy and sustainable industry ecosystem [2] Group 4: Risk Management - Strengthening risk prevention measures, including the establishment of a regular risk monitoring and early warning mechanism, and ensuring effective risk management in key business areas [2]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The US GDP in the second quarter had an annualized quarterly growth rate of 3.8%, a significant increase from the revised value of 3.3%, reaching the fastest growth rate in nearly two years, mainly due to unexpectedly strong consumer spending and a decline in imports. The final value of the core PCE price index was raised from 2.5% to 2.6% [2]. - Russia plans to implement a diesel export ban on resellers until the end of the year and extend the export ban on gasoline resellers and producers until the end of the year, except for supplies under inter - governmental agreements [2]. - As of the week ending September 25, the production of rebar increased after a decline, the factory inventory decreased for three consecutive weeks, the apparent demand increased for two consecutive weeks, and the social inventory decreased for two consecutive weeks. Rebar production was 206.46 million tons, an increase of 0.01 million tons from the previous week; the apparent demand for rebar was 220.44 million tons, an increase of 10.41 million tons from the previous week, with a growth rate of 4.96% [2]. - Starting from the settlement on September 29, 2025, the daily price limit range for industrial silicon futures contracts will be adjusted to 10%, for polysilicon futures contracts to 11%, and for lithium carbonate futures contracts to 10%. The margin standard for speculative trading will be adjusted to 12%, and for hedging trading to 11% [2]. - The "involution - style" competition in the copper smelting industry has led to continuously low processing fees for copper concentrates, which is the most prominent problem in the industry. Industry enterprises should oppose this kind of competition [3]. 3. Summaries by Related Catalogs Hot News - US second - quarter GDP annualized quarterly growth rate was 3.8%, core PCE price index final value was raised from 2.5% to 2.6% [2]. - Russia plans diesel and gasoline export bans until the end of the year [2]. - Rebar production increased, factory inventory decreased, apparent demand increased, and social inventory decreased in the week ending September 25 [2]. - Adjustments to the daily price limit range and margin standards for industrial silicon, polysilicon, and lithium carbonate futures contracts from September 29, 2025 [2]. - The copper smelting industry's "involution - style" competition problem was discussed at a meeting, and enterprises were urged to oppose it [3]. Plate Performance - Key focus: Urea, Shanghai Copper, Silver, Asphalt, PVC [4]. - Night - session performance: Non - metallic building materials (2.78%), Precious metals (31.98%), Oilseeds and oils (10.17%), Soft commodities (2.41%), Non - ferrous metals (20.18%), Coal, coke, and steel (13.66%), Energy (2.95%), Chemicals (11.55%), Grains (1.06%), Agricultural and sideline products (3.26%) [4]. Plate Position - Information about the position changes of commodity futures plates in the past five days is presented, but specific change values are not clearly summarized here due to the complex data form [5]. Performance of Major Asset Classes - **Equities**: Shanghai Composite Index had a daily change of - 0.01%, monthly change of - 0.12%, and annual change of 14.96%; S&P 500 had a daily change of - 0.50%, monthly change of 2.75%, and annual change of 12.86%; and other equity indices had corresponding changes [7]. - **Fixed - income**: 10 - year Treasury bond futures had a daily change of - 0.01%, monthly change of - 0.19%, and annual change of - 1.21%; 5 - year Treasury bond futures had a monthly change of 0.05% and an annual change of - 0.92%; 2 - year Treasury bond futures had a monthly change of - 0.09% and an annual change of - 0.63% [7]. - **Commodities**: CRB Commodity Index had a monthly change of - 0.82% and an annual change of 1.06%; WTI crude oil had a daily change of 0.38%, monthly change of 1.06%, and annual change of - 10.00%; London spot gold had a daily change of 0.34%, monthly change of 8.38%, and annual change of 42.36% [7]. - **Others**: US Dollar Index had a daily change of 0.61%, monthly change of 0.02%, and annual change of - 9.79%; CBOE Volatility Index had a monthly change of 8.33% and an annual change of - 4.09% [7].

Group 1 - The core viewpoint of the article emphasizes the shift in focus of the "anti-involution" policy towards regulating local government behavior, contrasting with the previous emphasis on supply-side structural reforms in 2015 [1][8][84] - The recent "anti-involution" competition is characterized by local governments creating policy gaps, blindly launching projects, and setting market barriers, which has led to a significant increase in local government involvement in economic activities [1][15][84] Group 2 - The current "involution" competition involves industries where demand is generally improving or stable, with sectors like electrical machinery showing better revenue and fixed asset growth from 2021 to 2024 compared to 2017 to 2020 [2][84] - The automotive industry has experienced a dramatic regional shift, with traditional production areas declining while new energy vehicle production in provinces like Guangdong and Anhui has surged [22][84] Group 3 - Local governments are under pressure to find new growth drivers due to the downturn in the real estate market, with national commodity housing sales down 39.7% and real estate investment down 27.3% from 2021 to 2024 [3][28][84] - The reliance on land finance has decreased, leading local governments to focus on high-tax industries such as manufacturing and wholesale retail, which accounted for 32% and 14% of total tax revenue in 2021, respectively [3][36][84] Group 4 - The "anti-involution" measures may include short-term central government actions to clean up illegal policies and long-term guidance for local governments to establish correct performance views [4][78][85] - Local governments are competing through tax incentives and other policies to attract industries, resulting in significant disparities in manufacturing tax burdens across provinces, with the overall manufacturing tax burden in 2023 being 17.4% [6][69][84]

·市场监管总局督导罗马仕等三家公司召回充电宝超70万件 ·中国有色金属工业协会铜业分会：坚决反对铜冶炼行业"内卷式"竞争 【国内要闻】 【重点关注】 ·商务部：关于大豆贸易，美方应采取积极行动，取消相关不合理关税 ·25日，商务部新闻发言人何亚东表示，中美省州经贸合作是中美经贸关系不可或缺的组成部分，也是 双方加强经贸往来的重要平台和渠道。关于大豆贸易，美方应采取积极行动，取消相关不合理关税，为 扩大双边贸易创造条件，也为全球经济发展注入更多稳定性、确定性。此外，中美经贸关系的本质是互 利共赢，中美两国在经贸领域拥有广泛共同利益和广阔合作空间。当前影响中美正常经贸合作的最大障 碍在于美单边限制措施，希望美方与中方相向而行，为中美经贸关系稳定、健康、可持续发展创造有利 条件。 ·针对今年上半年充电宝发生多起自燃事故，市场监管总局成立充电宝召回督导组赴广东、江苏等地进 行督导，组织广东、湖南、北京等11个省（市）市场监管部门，开展线索排查、缺陷调查和召回工作。 在市场监管部门调查影响下，深圳罗马仕科技有限公司、安克创新科技股份有限公司，小米通讯技术有 限公司决定对存在安全隐患的充电宝产品实施召回，涉及数量共计13 ...

Core Viewpoint - The Chinese copper smelting industry is facing significant challenges due to "involutionary" competition, which has led to persistently low processing fees for copper concentrate. The industry is calling for stricter management of copper smelting capacity to ensure high-quality development and protect national and industry interests [1]. Group 1: Industry Challenges - The "involutionary" competition in the copper smelting sector is a major concern, negatively impacting the industry and deviating from high-quality development goals [1]. - The processing fees for copper concentrate have remained at low levels due to intense competition within the industry [1]. Group 2: Regulatory Response - The China Nonferrous Metals Industry Association has submitted materials to relevant national departments, proposing specific measures to strictly control the expansion of copper smelting capacity [1]. - National authorities are currently accelerating research on how to strengthen the standardized management of copper smelting capacity construction [1]. Group 3: Future Outlook - The association emphasizes the need for enhanced research and monitoring of capacity to support the implementation of relevant policies [1]. - There is optimism that, with collective efforts from all member units, the Chinese copper industry can overcome its current difficulties and contribute significantly to the high-quality development of the nonferrous metals industry [1].

Core Viewpoint - The meeting highlighted the issue of "involution" competition in the copper smelting industry, which has led to persistently low processing fees for copper concentrate, posing significant challenges to the industry and national interests [1] Industry Summary - The third council meeting of the Copper Branch of the China Nonferrous Metals Industry Association took place in Xiong'an New Area, Hebei on September 24 [1] - Representatives expressed concerns about the detrimental effects of "involution" competition on the copper smelting industry, which diverges from the high-quality development direction [1] - Chen Xuesen, a member of the Party Committee and Vice President of the China Nonferrous Metals Industry Association, emphasized the need for copper industry enterprises to firmly oppose this type of competition [1]

Core Viewpoint - The article discusses the challenges and recent developments in China's consumer price index (CPI) and inflation, emphasizing the government's efforts to improve supply-demand relationships through various policies and reforms, particularly focusing on the "anti-involution" measures in the supply side to stabilize prices [1][2][3]. Economic Indicators - In the first eight months of the year, China's CPI decreased by 0.1% year-on-year, while the core CPI, excluding food and energy, grew by 0.5%. The Producer Price Index (PPI) fell by 2.9%, indicating significant challenges in achieving the inflation target set at around 2% [2][3]. - The core CPI has shown a positive trend since May, with a month-on-month increase reaching 0.9% in August. The PPI's year-on-year decline has narrowed for the first time after five months of continuous expansion [2][3]. Supply-Side "Anti-Involution" Policies - The "anti-involution" measures aim to combat excessive competition that distorts market mechanisms and harms consumer interests. These measures include promoting industry self-discipline and optimizing market competition [4][5]. - Key actions include regulating local government behaviors, enhancing industry standards, and revising laws to prevent unfair competition and price manipulation [5][6]. Industry-Specific Developments - The government has implemented policies to improve the competitive landscape in various sectors, including coal, steel, and new energy vehicles, leading to a reduction in price declines in these industries [3][5]. - The focus on quality competition encourages companies to invest in technology and brand development rather than engaging in price wars, which is expected to foster a healthier market environment [6][7]. Demand-Side Considerations - The article highlights the need for demand-side measures to complement supply-side reforms, as the current "anti-involution" efforts have not significantly boosted commodity prices compared to previous supply-side reforms [8][9]. - The disparity between industrial output growth and consumer spending indicates a need for policies that stimulate demand, particularly in the service sector, to enhance overall economic activity [10][11]. Employment and Investment Strategies - Employment remains a critical focus, with policies aimed at increasing job opportunities for key demographics, including graduates and migrant workers, to boost consumer spending [11]. - Investment in infrastructure and private sector development is essential for expanding domestic demand, with ongoing efforts to streamline project approvals and enhance support for private enterprises [12].

Group 1 - The core viewpoint emphasizes that supply-side "anti-involution" will be an important policy tool to improve the supply-demand relationship and stabilize prices, with a CPI target set at around 2% for the year [1][2] - The CPI has shown a cumulative year-on-year decline of 0.1% in the first eight months, while the core CPI, excluding food and energy, has increased by 0.5% [2][3] - The Producer Price Index (PPI) has decreased by 2.9%, but the monthly decline has narrowed for the first time after five months of expansion, indicating some positive changes in price dynamics [2][3] Group 2 - The "anti-involution" measures are aimed at curbing excessive competition that distorts market mechanisms and harms consumer interests, which has contributed to the long-term low price levels in China [4][5] - The government has implemented various policies to regulate local government behavior, enhance industry self-discipline, and standardize market practices to combat "involution" [5][6] - The focus on quality competition and innovation is emphasized, encouraging companies to improve competitiveness through technological advancements and brand building [6][7] Group 3 - The current "anti-involution" approach differs from the previous supply-side structural reforms, as it encompasses both upstream and downstream sectors, traditional and emerging industries, and emphasizes market-based and legal measures [7][8] - The demand side also needs to be strengthened to promote price recovery, as the current "anti-involution" measures have a limited impact compared to the previous "capacity reduction" efforts [8][9] - The analysis indicates that the correlation between PPI and commodity indices has reversed, highlighting the need for demand-side support to enhance overall price recovery [8][10] Group 4 - Employment is highlighted as a critical issue, with a focus on policies to promote job creation for key groups such as recent graduates and migrant workers [11] - The government is encouraged to relax consumption restrictions and increase public procurement to stimulate consumer spending [11][12] - Investment expansion is identified as a key area for boosting domestic demand, with potential in infrastructure and private sector investment [12][13]