浙江台州临海市一家企业车间，工人在操作眼镜智能制造设备。临海市委宣传部供图 在快手平台，消费者收到货后，只有与卖家协商达成一致，才可"仅退款不退货"。钟 灵摄 河南焦作武陟县招商团队到目标企业招商。王琳锋摄 引 子 来源：人民日报 前一段时间，各大电商平台宣布对"仅退款"机制调整优化，未来平台不再主动介入消费者收货后"退款 不退货"申请。 反"内卷"，平台不能当旁观者。快手电商中小商家业务负责人覃天表示，平台要兼顾商家和消费者权益 保护，营造良好消费生态。 "再不能卷价格了！"浙江台州一家眼镜生产企业负责人李岳生深有感触，"过去，台州太阳镜'论斤卖'， 现在靠创新撕掉低端、廉价标签。" "原先，招商拼优惠政策，引发一系列问题；如今，拼营商环境，拼干部作风！"河南焦作市商务局局长 任立宏感慨。 2024年12月举行的中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业行为。今年7 月召开的中央财经委员会第六次会议强调，"纵深推进全国统一大市场建设，要聚焦重点难点，依法依 规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引资"。 近日，记者走进北京市、浙江台州市、河南 ...

Group 1 - The article discusses the adjustment of the "refund only" mechanism by major e-commerce platforms, which will no longer actively intervene in consumer requests for refunds without returns after receiving goods, aiming to balance the rights of merchants and consumers [1][3] - The adjustment of the "refund only" rule has led to a significant decrease in related disputes, with the Beijing Internet Court handling less than 20 cases this year, a drop of over 60% compared to the same period last year [2] - The optimization of the "refund only" rule is seen as a corrective measure to maintain market order and improve the consumption ecosystem, as it addresses the abuse of the rule by some consumers [5][6] Group 2 - The article highlights the transformation of the eyewear industry in Taizhou, where companies are moving away from low-end, price-driven competition to focus on innovation and quality, with the production efficiency of a local company increasing eightfold due to new equipment [8][9] - The establishment of high-standard industrial parks in Taizhou has facilitated collaboration among eyewear manufacturers, improving supply chain efficiency and reducing production costs [9][10] - The article notes that the quality inspection pass rate for Taizhou eyewear has improved to 94.3% in 2024, an increase of 16 percentage points from 2022, indicating a shift towards quality management [10] Group 3 - The article discusses the shift in investment attraction strategies in cities like Jiaozuo, where the focus has moved from offering tax incentives to optimizing the business environment and enhancing service quality [11][12] - Jiaozuo has implemented a systematic approach to track and support investment projects, ensuring accountability and progress monitoring [14][18] - The introduction of specialized talent for investment attraction has led to significant project signings and a focus on creating a favorable business environment rather than competing on incentives [16][18]

反"内卷"，平台不能当旁观者。快手电商中小商家业务负责人覃天表示，平台要兼顾商家和消费者权益 保护，营造良好消费生态。 "再不能卷价格了！"浙江台州一家眼镜生产企业负责人李岳生深有感触，"过去，台州太阳镜'论斤卖'， 现在靠创新撕掉低端、廉价标签。" "原先，招商拼优惠政策，引发一系列问题；如今，拼营商环境，拼干部作风！"河南焦作市商务局局长 任立宏感慨。 2024年12月举行的中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业行为。今年7 月召开的中央财经委员会第六次会议强调，"纵深推进全国统一大市场建设，要聚焦重点难点，依法依 规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引资"。 浙江台州临海市一家企业车间，工人在操作眼镜智能制造 设备。 临海市委宣传部供图 在快手平台，消费者收到货后，只有与卖家协商达成一 致，才可"仅退款不退货"。 钟 灵摄 河南焦作武陟县招商团队到目标企业招商。 王琳锋摄 引 子 前一段时间，各大电商平台宣布对"仅退款"机制调整优化，未来平台不再主动介入消费者收货后"退款 不退货"申请。 近日，记者走进北京市、浙江台州市、河南焦作市 ...

行业应发挥好"生态重构者"角色。以电商行业为例，平台企业汇聚行业数据、资源，既能纵览全局，又 可"落子调控"，是破除行业内卷重要力量。当下，中小商家规模小、抗风险能力弱，急需平台持续改进 规则、优化生态，给予他们更多支持。从长远看，中小商家越来越好，平台发展方能"水涨船高"。 清理叫停超常规优惠政策后，一些落户河南焦作武陟县的企业反映："发展得更好了！""更有信心了！" 这一现象，似在意料之外，细究却在情理之中。 前些年，一些地方比拼超常规优惠政策，彼此"内卷"。部分企业尝到甜头后逐利而动。落户地方，瞄的 是更便宜的土地价格、更多的税收返还，反而忽视了当地配套是否健全、产业工人是否足够、市场是否 匹配等因素，企业落地后的发展掣肘越来越多…… 如今，随着各地持续清理叫停超常规招商引资政策，政府有了更多资金完善基础设施，有了更多精力为 企业办实事。企业也沉下心来，从自身发展角度选择合适的落户地，生产经营上有了更多突破。这样的 变化充分说明，整治"内卷式"竞争是一项系统工程，有赖于行业、企业、政府等多方协同发力、综合施 策。 企业要向创新要动力、向质量要效益。毕竟，通过低价吸引客户，起初或许能尝到甜头，长此以往，却 ...

应承认，平台企业投入资金和流量，通过新的竞争方式和组织形式，改变了传统的餐饮消费格局，加速 了消费者线上订餐习惯的养成，并为行业带来了可观的增量市场。这种市场拓展行为本身具有其商业合 理性。 也必须看到，随着补贴持续，在资金、议价能力和数字化运营上处于弱势的中小商家，被置于一种不对 等的竞争环境中。他们面临一个两难选择：要么参与补贴以获取平台曝光度，但这会侵蚀利润；要么不 参与，则可能在大量的平台信息中被边缘化。这种流量分配机制，使得商家付出了利润成本，却难以形 成稳定的用户忠诚度和品牌资产。同时，应对激增的低利润订单也加大了其经营压力。当商家的营收过 度依赖单一平台时，其经营自主性也会受到相应限制。 餐饮行业有其特殊性，并不是一个可以完全标准化的产品市场。当行业的利润空间被持续压缩，竞争优 势会进一步向具备规模效应和供应链优势的大型连锁品牌倾斜。而那些以独特口味、服务个性化的"特 色小店"，可能会因为无法在持续的价格战中维持盈利而退出市场。 人民网三评"外卖大战"之一：谁在"卷"，"卷"了谁？ 这一过程可能导致的直接后果，是市场多样性的降低。消费者的选择看似增多了，但可能更多地局限于 少数几个大型品牌提供的 ...

Group 1 - The recent performance of A-shares is driven by multiple economic stabilization policies, improved valuations, and positive earnings expectations for listed companies [1] - Various policies implemented by the Chinese government aim to curb excessive competition, which is expected to enhance corporate profit margins and improve the overall economic fundamentals [3] - The Chinese government has introduced over 50 measures across 16 industries to promote sustainable industry development and stronger corporate earnings [5] Group 2 - The valuation of major assets in the Chinese stock market remains low compared to historical levels, making A-share blue-chip stocks more cost-effective relative to high P/E ratios of large-cap tech companies in the US [7] - The dynamic P/E ratio of the S&P 500 is around 22 times, while the MSCI China Index is approximately 12 times, and A-shares are slightly higher at around 13 times, indicating that they are not overly expensive even after recent gains [9] - The outlook for Chinese securities is positive due to potential foreign capital inflows, stabilization of international geopolitical risks and tariff issues, and supply-side reforms targeting excessive competition [11]

Core Viewpoint - The Guangdong Provincial Market Supervision Administration and the Guangdong Consumer Council issued a "anti-involution" consumption alert to help consumers recognize traps and avoid risks associated with irrational competition in the market [1][2][3] Group 1: Involution Competition and Consumer Risks - Involution competition, characterized by irrational price wars, false subsidies, and excessive promotions, is prevalent in various consumer sectors, particularly in the tea beverage market [1][2] - Low-price temptations often lead to low-quality products, as businesses may cut costs to compete, resulting in diminished product quality and service, which can complicate consumer rights protection [1][2] - Consumers are advised to prioritize product quality and merchant qualifications over low prices, emphasizing that "reasonable prices and reliable quality" should be the core of consumption [1][2] Group 2: False Advertising and Consumer Behavior - Some businesses engage in misleading marketing tactics, such as falsely marking original prices or creating a false sense of discounts, which can mislead consumers [2] - The "buy more for less" marketing strategy encourages excessive consumption, prompting consumers to purchase unnecessary items in pursuit of lower unit prices [2] - Consumers are encouraged to clarify their actual needs before shopping and to practice rational consumption by buying only what they need [2] Group 3: Consumer Rights and Market Competition - Regulatory authorities warn that irrational subsidies and price wars by leading platforms may harm the competitive market ecosystem, potentially limiting consumer choices and increasing the risk of rights violations [3] - Consumers are urged to support diverse market participants and choose platforms that balance fair competition with innovative services [3] - In cases where consumer rights are infringed due to involution competition, consumers should file complaints and seek resolution through appropriate channels [3]

Core Insights - The company reported a revenue of 1.393 billion yuan for the first half of 2025, representing a year-on-year growth of 3.59% [1] - The total profit reached 87.67 million yuan, with a year-on-year increase of 1.22%, while the net profit attributable to shareholders was 59.14 million yuan, up by 2.69% [1] Company Performance - The company is implementing a dual-driven strategy of "deepening the main business and parallel diversification," which has led to stable operational performance and ongoing strategic development in diversified business areas [1] - The company successfully won the property service project for Shenzhen People's Hospital, the oldest and largest three-tier hospital in Shenzhen, enhancing its professional strength in hospital logistics support services [1] - The company has also entered the military camp property management sector, securing service projects in regions such as Xinjiang and Beijing, laying a solid foundation for future strategies [1] Key Projects - Core projects such as Huawei's Oriental Global Enterprise Center, Huawei's Yudu Jinmin Garden, Ant Financial's Hangzhou Antown Park, and Shanghai Xiaohongshu project have all been renewed, further solidifying the company's market share and brand influence in the non-residential sector [1][2] Industry Context - As a property management platform under Shenzhen State-owned Assets, the company has established long-term stable partnerships with leading firms like Huawei, Alibaba, Tencent, ByteDance, Xiaohongshu, and State Grid, providing comprehensive services including lifecycle management and space operation [2] - The real estate market is currently undergoing deep adjustments, with the residential property increment market facing continuous pressure, while competition in the non-residential property sector is intensifying [2] - According to a report by Zhongxin Securities, while there is some internal competition within the property service industry, the market share of leading companies remains low, and their profitability is not expected to decline due to this competition [2]

Core Viewpoint - Major platforms such as Meituan, Ele.me, and JD.com have jointly committed to resisting vicious competition and regulating promotional behaviors, marking a significant response to regulatory signals and a potential shift towards sustainable development in the industry [1] Group 1: Concept and Classification of "Involutionary Competition" - "Involution" refers to a complex internal development process that leads to increased complexity without qualitative change, often resulting in resource wastage and industry deterioration [2][3] - "Involutionary competition" is defined as excessive competition for limited market share that fails to enhance efficiency or create new value, leading to a waste of resources and a vicious cycle within the industry [2][3] Group 2: Types of "Involutionary Competition" - Horizontal involutionary competition manifests as price wars among peer companies, significantly compressing profit margins and damaging industry health [3][4] - Vertical involutionary competition occurs when dominant firms exert pressure on upstream and downstream partners, transferring costs and risks, which can lead to a low-quality, low-price, and low-efficiency cycle [4][5] Group 3: Causes of "Involutionary Competition" - Shrinking internal and external demand due to factors like trade tensions and demographic changes has led to increased price competition among firms [6][7] - Local government policies that prioritize short-term growth metrics over sustainable practices have exacerbated the issue, encouraging firms to engage in irrational competition [8][9] - The lure of China's vast market encourages aggressive strategies that prioritize market share over profitability, leading to a "winner-takes-all" mentality [10] - Scale economies and network effects drive firms to engage in price wars to achieve cost advantages, often at the expense of long-term stability [11] - Distorted financial valuation logic prioritizes growth over profitability, pushing firms to adopt aggressive pricing strategies to attract investment [12] - Cultural factors, such as the belief in "thin profit and high sales," contribute to a competitive environment that favors price cuts over value enhancement [13][14] Group 4: Strategies to Address "Involutionary Competition" - Expanding internal and external demand through policy reforms and enhancing consumer confidence is crucial to alleviating price competition [16][17] - Restructuring industrial policies and local incentives to focus on high-quality growth rather than short-term metrics can mitigate involutionary pressures [18][19] - Redefining competition boundaries and incentive structures in the unified market to prioritize value over price is essential [20][21] - Regulating platform governance and ensuring fair competition can prevent monopolistic behaviors that lead to systemic inefficiencies [21] - Reforming financial valuation logic to emphasize long-term value creation over short-term growth can help curb involutionary practices [22] - Promoting cultural change within organizations to prioritize sustainable growth and value creation over mere sales volume is necessary [23][24]

Group 1 - The core issue is the misuse of tax incentives by some entities in the "New Three Samples" sector, which undermines high-quality development and fair competition [1][2] - Some companies are engaging in tax evasion through fraudulent practices such as issuing false invoices and overstating expenses, which distorts market mechanisms and harms compliant businesses [1][2] - The government emphasizes the need for strict enforcement against tax fraud to ensure that tax benefits reach companies focused on innovation and quality improvement [2][3] Group 2 - There is a call for optimizing the policy framework to prevent overcapacity and "involution" competition, promoting sustainable high-quality development in the "New Three Samples" industry [3] - Adjustments to fiscal subsidy standards and tax incentive policies are necessary to shift the industry focus from being policy-driven to innovation-driven [3] - Legal compliance in tax payments is highlighted as a fundamental requirement for businesses to ensure long-term stability and growth in the "New Three Samples" sector [3]