央视网消息：市场监管总局2月13日发布《互联网平台反垄断合规指引》，支持和引导互联网平台企业有效防范反垄断合规风险，加强反 垄断合规管理，促进平台经济创新和健康发展。 互联网平台涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营者能够通过平台规则、数据、算法、技术手段等影 响平台竞争生态，一旦平台经营者从事排除、限制竞争行为，将会损害多方主体利益。 价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全网最低价"、平台差别待遇，为平台经营者加强反垄断合规管理提供可操作性强的指导 建议。 细化垄断风险 为平台经营者划"红线" 新发布的《互联网平台反垄断合规指引》重点对垄断协议、滥用市场支配地位等各类垄断风险进行细化。为平台经营者划出清晰明确 的"红线"。 《指引》依据我国《反垄断法》等法律规定，将条文中规定的垄断行为转化为具体可识别的行为边界。根据平台经济行业特点、经营模 式、竞争规律等，《指引》提出了8个场景中的新型垄断风险，包括：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 《指引》提出，平台经营者开展反垄断合规工作遵循针对性、全面性、穿透性和持续性四大原则，实现规则公平、算 ...

《指引》重点规定了垄断协议、滥用市场支配地位、经营者集中和滥用行政权力排除、限制竞争等4类 垄断风险。为平台经营者划出清晰明确的"红线"。 《指引》将《中华人民共和国反垄断法》的系列核心条款转化为具体可识别的行为边界。根据平台经济 行业特点、经营模式、竞争规律等，指引提出了8个场景中的新型垄断风险，包括：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"、平台差别待遇，为平台经营者加强反垄断合规管理提供可操作性强的指导建议。 来源：新华社、央视新闻客户端 （文章来源：上海证券报） 《互联网平台反垄断合规指引》发布明确多个新型垄断风险 记者从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合规风险，促进平台经济 创新和健康发展，《互联网平台反垄断合规指引》今天发布。 互联网平台涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营者能够通过平台 规则、数据、算法、技术手段等影响平台竞争生态，一旦平台经营者从事排除、限制竞争行为，将会损 害多方主体利益。执法实践显示，互联网平台具有独特的竞争特点和规律，在垄断行 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合规风险，促进平台经济创新 和健康发展，《互联网平台反垄断合规指引》今天发布。 互联网平台涉及平台经营者、平台内经营 者、消费者和从业人员等多方主体。平台经营者能够通过平台规则、数据、算法、技术手段等影响平台 竞争生态，一旦平台经营者从事排除、限制竞争行为，将会损害多方主体利益。执法实践显示，互联网 平台具有独特的竞争特点和规律，在垄断行为类型、表现、损害等方面与传统领域存在一定差异，平台 经济新业态新模式不断涌现，竞争行为纷繁复杂，平台经营者对识别垄断风险、明晰行为边界充满期 待。制定《指引》是对反垄断合规制度规则的进一步细化，有利于回应平台经营者关切，支持、引导其 精准识别、评估、防范垄断风险。 指引要求，平台经营者应遵循针对性、全面性、穿透性和持续性四 大原则，开展反垄断合规管理工作，实现规则公平、算法向善、竞争合规，切实承担反垄断合规主体责 ...

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - The Ministry of Finance reported that from January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The National Development and Reform Commission and other departments released guidelines for clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 10.862 million yuan per ton, reflecting an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "lowest prices online" may constitute abuse of market dominance or monopolistic agreements [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a national unified electricity market evaluation system, focusing on operational effectiveness and market competition [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - Baida Group's stock has seen significant short-term price increases, indicating potential risks of rapid declines [8] - China Railway Engineering Corporation plans to repurchase A-shares worth between 1 billion and 2 billion yuan [11]

Group 1 - The National Development and Reform Commission and the National Energy Administration have issued a notice to establish a national unified electricity market evaluation system, focusing on market operation effectiveness, market role, sustainable development of operating entities, and market competition adequacy [1] - The Ministry of Finance, in collaboration with the National Healthcare Security Administration, has allocated 416.6 billion yuan for basic medical insurance subsidies and medical assistance funds for urban and rural residents for 2026, with a total of over 3 trillion yuan invested in healthcare from 2018 to 2025 [1] - The Ministry of Education has issued a notice to strengthen daily exam management in primary and secondary schools, aiming to reduce exam frequency, enhance exam quality, and alleviate students' academic burden [1] Group 2 - The national service industry production index has increased by 5.6% year-on-year in the first eleven months, with high business activity indices in railway transportation and monetary financial services [2] - The State Administration for Market Regulation has released a draft for public consultation on antitrust compliance for internet platforms, warning against practices that may constitute abuse of market dominance [2] - The National Standardization Administration's proposal for a marine energy conversion system standard has been successfully established in the International Electrotechnical Commission, receiving strong support from countries like the US, Canada, and the UK [2] Group 3 - The new 10-year government bond yield in Japan has risen to 1.975%, the highest level since June 2007 [3] - The US Trade Representative's office has indicated potential retaliatory measures against the EU if it continues to restrict US service providers' competitiveness [3] - The National Health Commission has announced a public consultation on the revised draft of the Blood Donation Law, marking the first major amendment since its implementation in 1998 [3]

Core Viewpoint - The State Administration for Market Regulation (SAMR) has introduced new antitrust compliance guidelines for internet platforms, highlighting eight new types of monopoly risks and providing practical compliance guidance for platform enterprises [1] Group 1: Antitrust Enforcement - The SAMR held a press conference on December 17 to discuss antitrust enforcement in the consumer sector [1] - Liu Jian, Deputy Director of the Antitrust Enforcement Division, emphasized that some platform companies require merchants to sell products at prices not higher than those on competing platforms [1] Group 2: Compliance Guidelines - The recently released "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" outlines potential abuses of market dominance, including the requirement for merchants to maintain "the lowest price on the entire network" [1] - Such practices may constitute an abuse of market dominance or monopolistic agreements [1]

Core Viewpoint - The State Administration for Market Regulation is actively promoting the formulation of the "Antitrust Compliance Guidelines for Internet Platforms" to ensure the healthy development of the platform economy [1] Group 1: Policy Implementation - The guidelines will focus on three main areas: "delivering policies to enterprises," "listening to the voices of enterprises," and "showing regulatory authority" [1] - The first area involves providing specialized training and simplified interpretations to help companies understand and comply with regulations [1] - The second area aims to establish a regular communication mechanism to enhance industry guidance and ensure precise warnings against potential issues [1] - The third area emphasizes the strict enforcement of antitrust laws, increasing exposure of monopolistic behaviors to maintain market fairness [1] Group 2: Future Outlook - The State Administration for Market Regulation will continue to promote the implementation of the guidelines to support compliance among platform enterprises [1] - The goal is to make fair competition a prominent feature of the platform economy and provide a solid foundation for a healthy and orderly platform ecosystem [1]

Core Viewpoint - The State Administration for Market Regulation (SAMR) is advancing the introduction of the "Antitrust Compliance Guidelines for Internet Platforms" to ensure consumer and small business rights while promoting compliance among platform enterprises [1] Group 1: Regulatory Developments - The SAMR released the draft of the "Antitrust Compliance Guidelines for Internet Platforms" on November 15, seeking public feedback [1] - The guidelines aim to provide a solid foundation for a healthy and orderly platform ecosystem [1] Group 2: Implementation and Support - SAMR spokesperson Wang Qiuping emphasized the importance of protecting consumer and small business rights and assisting platform companies in compliant operations [1] - The SAMR plans to enhance industry guidance through specialized training and simplified interpretations, establishing a regular communication mechanism to help companies understand and comply with the guidelines [1] Group 3: Enforcement Actions - The SAMR will take a firm stance against various monopolistic behaviors and increase exposure efforts to maintain market fairness [1]

Core Viewpoint - The recently released "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" aims to support platform operators in effectively preventing antitrust compliance risks and promoting innovation and healthy development in the platform economy [1][2]. Group 1: Regulatory Intent and Impact - The guidelines are designed to provide a clear compliance framework, helping companies avoid risks associated with ambiguous regulations and frequent changes in policy [1]. - By outlining eight typical risk scenarios, such as below-cost sales and exclusive agreements, the guidelines enable companies to operate within a defined legal framework, fostering confidence in compliance and encouraging innovation [1][2]. Group 2: Shift in Competitive Landscape - The guidelines promote a transition from "barbaric growth" to high-quality innovation in platform competition, allowing companies to redirect resources from chaotic competition to genuine technological and service innovations [2]. - Compliance is becoming a new competitive advantage, as consumers, partners, and investors increasingly favor well-governed and responsible companies, translating good compliance records into market reputation and capital recognition [2]. Group 3: User Experience and Market Perception - The guidelines aim to address common user grievances, such as price disparities between new and existing customers and unfair search result placements, leading to improved service quality and fairer pricing for consumers [3]. - While short-term stock price fluctuations may arise from misinterpretations of policy intentions, the guidelines are ultimately positioned as a pathway to future growth rather than a restriction on business operations [3].

Core Viewpoint - The newly released "Antitrust Compliance Guidelines for Internet Platforms" aims to support platform operators in effectively preventing antitrust compliance risks and promoting innovation and healthy development in the platform economy [2][3]. Group 1: Regulatory Intent and Impact - The guidelines serve as a compliance manual to help companies avoid pitfalls, providing clear rules and stabilizing expectations, which are seen as valuable policy dividends [2]. - The guidelines translate enforcement experiences into clear compliance standards, listing eight typical risk scenarios such as below-cost sales and exclusive agreements, allowing businesses to operate within a defined framework [2]. Group 2: Shift in Competitive Landscape - The guidelines encourage a transition from "barbaric growth" to high-quality innovation, enabling companies to redirect resources from chaotic competition to genuine innovation in technology, services, and business models [3]. - Compliance is becoming a new competitive advantage, as consumers, partners, and investors increasingly favor well-governed and responsible companies, which can enhance market reputation and capital recognition [3]. Group 3: User Experience and Market Dynamics - The guidelines aim to address common consumer grievances, potentially leading to better services, fairer prices, and a more open online environment for users [4]. - Misinterpretation of policy intentions can lead to short-term stock price fluctuations, but understanding the long-term value of the guidelines is crucial for companies [4].