Core Viewpoint - Over the past five years, Beijing's market regulatory authority has focused on antitrust and unfair competition cases, resulting in the handling of 2,690 cases and imposing fines exceeding 200 million yuan [1] Group 1: Regulatory Actions - The Beijing market regulatory authority has established precise regulations in key areas and strengthened review mechanisms [1] - A total of 400 platform enterprises have been covered under the "one-on-one" compliance guidance mechanism [1] - The release of the "Beijing Antitrust Compliance Guidelines" addresses compliance reminders for seven industry sectors, including public utilities and raw materials [1] Group 2: Enforcement in Key Sectors - Increased regulatory efforts in essential sectors such as education, healthcare, and public utilities have been emphasized [1] - The first antitrust enforcement case in the pharmaceutical sector has been initiated, along with actions against monopolistic agreements in dental implant services, which are expected to reduce costs for the public by over 40% [1] Group 3: Regional Cooperation - The market regulatory departments of Beijing, Tianjin, and Hebei have signed a cooperation agreement for antitrust enforcement and fair competition review [1] - Unified review standards and mutual policy checks have been established, with 255 policy documents undergoing cross-checks for fair competition [1]

Core Insights - Over the past five years, Beijing's market regulatory authority has handled 2,690 antitrust and unfair competition cases, with fines exceeding 200 million yuan [1] - The authority has focused on key sectors, establishing compliance guidelines for platform economies and providing one-on-one compliance guidance for over 400 platform enterprises [1] - A comprehensive review mechanism has been developed, including the issuance of antitrust compliance guidelines tailored to Beijing's characteristics and enforcement priorities across seven industry sectors [1] Regulatory Developments - The establishment of a joint meeting system at both municipal and district levels to enhance regulatory collaboration [1] - Implementation of interim measures for fair competition review processes and the establishment of a scientific review mechanism [1] - Strengthened regulatory efforts in essential sectors such as education, healthcare, and public utilities, including the first antitrust enforcement case in the pharmaceutical sector [1] Collaborative Efforts - The signing of a cooperation agreement among the market regulatory authorities of Beijing, Tianjin, and Hebei to unify review standards and share resources [1] - A total of 255 policy documents have undergone cross-review for fair competition among the three regions [1] - Specific cases, such as the dental implant monopoly agreement, have led to significant cost reductions for consumers, estimated to lower expenses by over 40% [1]

Core Insights - Over the past five years, Beijing's market regulatory authority has handled 2,690 antitrust and unfair competition cases, with fines exceeding 200 million yuan [1] - The authority has focused on key sectors to establish precise regulations and strengthen review mechanisms, including the release of compliance guidelines for the platform economy [1] - A one-on-one compliance guidance mechanism has been established for over 400 platform enterprises, along with specific compliance reminders for seven industry sectors [1] Regulatory Developments - The establishment of a joint meeting system at both city and district levels aims to enhance fair competition review processes [1] - New institutional documents have been created, including interim measures for reviewing major policy measures and procedures for fair competition reviews [1] Sector-Specific Actions - Increased regulatory efforts in essential sectors such as education, healthcare, and public utilities have been noted, including the first antitrust enforcement case in the pharmaceutical sector [1] - A significant case involving a dental implant monopoly has led to the inclusion of dental services in centralized procurement, expected to reduce costs for the public by over 40% [1] Regional Cooperation - The market regulatory authorities of Beijing, Tianjin, and Hebei have signed a cooperation agreement for antitrust enforcement and fair competition reviews, aiming for unified review standards and policy mutual checks [1] - A total of 255 policy documents have undergone cross-checks for fair competition reviews among the three regions [1]

Core Viewpoint - The Supreme People's Court has highlighted a significant case of unfair competition involving JD Yancheng, which serves as a judicial guideline for market competition behavior, emphasizing the importance of ethical marketing practices [1][3][5] Group 1: Case Details - The unfair competition dispute between Tuhu Yancheng and JD Yancheng began in September 2023, with JD Yancheng using the slogan "Zhenhu Price" to engage in disparaging marketing activities [3] - On July 21, 2025, the Shanghai Intellectual Property Court ruled that JD Yancheng's actions constituted commercial defamation and false advertising, misleading consumers [3] - The court ordered JD Yancheng to cease its unfair competition practices and to compensate Tuhu Yancheng for economic losses amounting to 5 million yuan [3] Group 2: Implications for Market Competition - The inclusion of this case as a typical example by the Supreme People's Court aims to regulate market competition rules and combat "involution" in competition, which includes unethical marketing practices [5] - The ruling serves as a warning against using misleading marketing tactics that undermine fair competition, reinforcing the need for ethical standards in the industry [5]

Core Viewpoint - The Supreme People's Court of China has released eight typical cases of unfair competition, emphasizing the importance of strict protection of fair competition order, punishing unfair practices like "free-riding" on well-known brands, and guiding the healthy development of new business models and technologies [1][2][3]. Group 1: Strict Protection of Fair Competition - Unfair competition harms the legitimate rights of other operators and consumers, distorting the market competition mechanism [1]. - The court has imposed punitive damages in cases such as the "centrifugal compressor selection" software and technical secret infringement case, where the defendants were ordered to pay over 166 million yuan for their actions [1][2]. - The "natural protein enzyme 3" case explored cross-border judicial protection of trade secrets, ensuring fair protection for foreign rights holders [1][2]. Group 2: Punishment of Unfair Competition Behaviors - The "certain cow" trademark dispute clarified that registering a similar name to a well-known brand constitutes illegal imitation, even if not yet in use [2]. - The "car maintenance service" case accurately identified and punished misleading information that damages competitors' reputations [2]. - The "moving software" case recognized the illegal scraping of vast amounts of product data as unfair competition, protecting the rights of honest operators [2]. Group 3: Guiding New Business Models - The court has strengthened rules to protect innovative achievements, guiding the healthy development of new business models [3]. - The case involving a third-party trading platform for online games highlighted the responsibility of platforms to prevent illegal activities like cheating and money laundering [3]. - The "transformation comic effect" case affirmed that the structure and parameters of AI models are protected under unfair competition law, promoting orderly competition in the AI industry [3].

Group 1: Report Industry Investment Rating - No information about the report industry investment rating is provided. Group 2: Core Views - As the "anti - involution" sentiment fades, the pricing logic of coking coal and coke returns to fundamentals. Coking coal supply continues to recover, while terminal demand remains stable with on - demand procurement. Coking enterprises' production control eases marginally, and short - term supply shows signs of convergence. Overall demand maintains resilience but lacks significant growth, and steel mills' inventory replenishment remains cautious. [4][81] - For coking coal, the weighted price of coking coal futures shows a callback during the rebound, with increasing positions and falling prices. In the short term, the price is expected to fluctuate widely in the range of 1030 - 1300. Pay attention to short - term trading opportunities at the edges of this range. [4][81] - For coke, the weighted price of coke futures also shows a callback during the rebound, with decreasing positions and falling prices. In the short term, the price is expected to oscillate widely in the range of 1450 - 1800. Pay attention to short - term trading opportunities at the edges of this range. [4][81] Group 3: Summary by Relevant Catalogs 3.1 Macro Interpretation Domestic Market - Multiple departments are formulating growth - stabilizing plans for ten key industries to reverse the downward trend of industrial product prices and repair corporate profit expectations. The upcoming implementation of the revised "Anti - Unfair Competition Law" and the deepening of systematic governance frameworks in key industries, along with global fiscal and monetary policy support, are expected to strengthen corporate profit repair and capital market rebound momentum. [7] - In July, the cumulative year - on - year growth of general public budget revenue turned positive to +0.1%, and tax revenue increased for four consecutive months. Government - funded revenue decline narrowed to - 0.7%, indicating short - term improvement in the land market but restricted by weak real - estate sales. The growth rate of broad fiscal expenditure remained at 12.1%, with priority given to the people's livelihood sectors, while infrastructure expenditure was divided and technology expenditure decreased sharply. [7] International Market - Fed Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Meeting on August 22 increased the probability of a Fed rate cut in September. Powell said the Fed is open to rate cuts due to potential downward risks to employment growth. [8] 3.2 Coking Coal Supply - From January to July 2025, the cumulative production of raw coal was 2.779 billion tons, a year - on - year increase of 4.6% with a declining growth rate. As of September 1, 2025, the daily average output of raw coal from 523 sample mines and the daily average output of clean coal both decreased month - on - month. Although some coal mines' coal - output rhythm was affected by policies and over - production rectification, the overall resumption of production was not significantly disrupted. [9] - From January to July 2025, the cumulative import volume of coking coal was 62.5042 million tons, a year - on - year decrease of 7.92% but a slight month - on - month increase. Mongolia and Russia's dominance in coking coal imports strengthened, accounting for 76.74% of the total. Mongolian coal focused on inventory reduction, with a 14.01% year - on - year decrease in imports. Russian coal arrivals increased by 3.94% year - on - year. Canada and Australia are expected to see stable growth in arrivals as some domestic terminal markets signed long - term agreements with them this year. [15] Inventory - As of September 1, 2025, the inventory of 523 clean coal sample mines and coking coal port inventory increased slightly month - on - month, while the inventory of independent coking enterprises decreased slightly, and the inventory of 247 coking coal - integrated steel enterprises increased slightly. The transfer from raw coal to clean coal was smooth, and the overall market was in an active de - stocking state. [25] 3.3 Coke Supply - From January to July 2025, the coke production was 292 million tons, a year - on - year increase of 2.91%. As of September 1, 2025, the daily average output and capacity utilization rate of 230 independent coking enterprises and 247 integrated steel enterprises both decreased month - on - month. The average profit per ton of coke was 45 yuan. Some coking enterprises planned to increase production due to profit repair, but large - scale resumption of production was restricted by the previous sharp increase in coking coal prices. [34] Import and Export - From January to July 2025, China's cumulative export volume of coke and semi - coke was 439,860 tons, a year - on - year decrease of 21.92%. The decline in export volume has little impact on the domestic market. Global economic slowdown, steel production contraction in Southeast Asian countries, and intensified international steel price competition have suppressed coke export demand. [43] Inventory - As of September 1, 2025, the weekly coke inventory decreased, with the inventory of independent coking enterprises remaining flat, the inventory of 247 steel enterprises remaining flat, and the port inventory decreasing slightly. Coking enterprises' inventory increased slightly, indicating restricted shipment rhythm and increased inventory pressure. Port inventory decline was related to trading rhythm and port - collection structure adjustment, with short - term circulation being sluggish. [46] 3.4 Iron Element Demand Iron Water Production and Consumption - On September 1, 2025, the profit per ton of blast - furnace steel was 33 yuan, with a slight decline. The daily average iron - water output of 247 steel enterprises remained high and flat month - on - month. The consumption of five major steel products was at a low level in recent years, and the inventory of five major steel products continued to decline and was at a historical low. Steel mills' inventory increased slightly, and the inventory - replenishment rhythm slowed down, with overall procurement based on rigid demand. [56] Terminal Demand - From January to July 2025, the national fixed - asset investment (excluding rural households) was 28,822.9 billion yuan, a year - on - year increase of 1.6%. Infrastructure investment increased by 3.2% year - on - year, manufacturing investment increased by 6.9%, and real - estate development investment decreased by 12%. The cumulative export of steel products from January to July was 67.9824 million tons, a year - on - year increase of 11.41%. Private investment growth decline deepened, and factors such as the real - estate market downturn and export decline suppressed private enterprises' investment ability and willingness. [64] 3.5 Basis and Term Structure - For coking coal, the basis is - 9 yuan, having rebounded from a low level. The historical basis fluctuates in the range of - 85 to +138. Pay attention to the opportunity to exit positive arbitrage when the basis rebounds to a high level. The contango structure of the term structure has steepened, and reverse arbitrage can be carried out for cross - month arbitrage. [72] - For coke, the basis is - 38 yuan, also having rebounded from a low level. The historical basis fluctuates in the range of - 132 to +55. Pay attention to the opportunity to exit positive arbitrage when the basis rebounds to a high level. The contango structure of the term structure has steepened, and month - to - month reverse arbitrage can be carried out. [72]

Group 1 - Since the beginning of the "14th Five-Year Plan," the net increase of enterprises in China reached 19.999 million, while individual businesses increased by 33.946 million [1][6] - The market exit process has been streamlined, allowing debt-free entities to exit the market in as little as 21 days through simplified procedures [1][6][7] - The time required to open a restaurant has been reduced from 37 days to 15 days, and the number of documents needed for business information changes has been cut from 23 to 6 [1][7] Group 2 - The national market supervision system has focused on both regulatory norms and promoting development, creating a more vibrant and fair market environment [2] - The unified national market is being developed to ensure fair competition among various business entities, with measures to eliminate local protectionism and prevent market monopolies [3][5] - The enforcement of anti-monopoly laws has been strengthened, with significant actions taken against monopolistic practices in key sectors [3][4] Group 3 - A total of 42,200 important policy measures have been reviewed under the fair competition review mechanism, with modifications suggested for 11,400 of them [4] - The national market supervision department has handled 89.028 million complaints, recovering economic losses of 21.71 billion [4] - The enterprise credit index has increased from 128.6 in 2020 to 161.61 in the first half of 2025, reflecting improved credit regulation [4] Group 4 - The quality of food safety has remained stable, with strict regulations and monitoring in place for various food products [8] - The pharmaceutical industry has seen significant growth, with 204 innovative drugs approved during the "14th Five-Year Plan," positioning China as the second-largest pharmaceutical market globally [8][9] - The industrial product quality safety situation is stable, with 220,000 batches of non-compliant products identified and dealt with [9]

Core Viewpoint - The Chinese government is focusing on high-quality development of market regulation during the "14th Five-Year Plan" period, emphasizing the construction of a unified national market to facilitate domestic circulation and eliminate local protectionism [1][2]. Group 1: Market Regulation Achievements - The State Administration for Market Regulation has taken significant actions to combat administrative monopolies, with 239 cases of administrative monopoly investigated and over 8,000 local standards eliminated [1][3]. - A series of effective mechanisms have been established to enhance domestic circulation, including the first major revision of the Anti-Monopoly Law in 15 years and the third revision of the Anti-Unfair Competition Law [2][3]. - The establishment of a fair competition review mechanism has led to the review of 42,200 important policy measures, with 11,400 receiving modification suggestions to prevent adverse policies from being enacted [3][4]. Group 2: Focus on Key Sectors - Continuous anti-monopoly enforcement actions in the livelihood sector have led to the investigation of monopolistic practices in pharmaceuticals, utilities, and construction materials, effectively reducing public living costs [3][4]. - The market regulation department has reviewed 3,400 cases of operator concentration and addressed 145 illegal cases, maintaining fair competition in the market [3][4]. Group 3: Platform Economy Regulation - The rapid development of the platform economy has prompted the need for balanced regulation, with new rules established to enhance regulatory effectiveness while promoting healthy industry growth [6][7]. - Significant actions have been taken against online market irregularities, including the removal of 4.541 million illegal product listings and the investigation of 105,000 internet-related cases [7]. - The market regulation department is committed to improving compliance management mechanisms for platforms and enhancing communication with various stakeholders to ensure a supportive regulatory environment [7].

Core Viewpoint - The Chinese government is committed to creating a fair, vibrant, and trustworthy market environment during the "14th Five-Year Plan" period, focusing on high-quality market regulation and development [1] Group 1: Market Regulation Achievements - The enterprise credit index increased from 128.6 in 2020 to 161.61 in the first half of 2025, indicating improved market trust [1] - The manufacturing quality competitiveness index, service quality satisfaction, and public service quality satisfaction reached 85.86, 81.33, and 81.62 respectively [1] Group 2: Anti-Monopoly and Competition Laws - The "Anti-Monopoly Law" underwent its first major revision in 15 years in 2022, aimed at preventing capital disorderly expansion and enhancing market competition [2] - The third revision of the "Anti-Unfair Competition Law" strengthens the legal basis for competition policy, adapting to new market conditions [2] - A total of 239 administrative monopoly cases were investigated, and over 8,000 local standards were eliminated to promote a unified national market [3] Group 3: Optimizing Business Environment - The new "Company Law" allows for a maximum 5-year capital contribution period, improving the quality of registered capital [4] - The time to open a restaurant has been reduced from 37 days to 15 days, and the number of documents required for business registration has been cut from 23 to 6 [4] - The electronic business license has been downloaded 370 million times, facilitating business operations [4] Group 4: Food Safety Management - A total of 2.26 million food safety cases were investigated, with 3,072 licenses revoked and 23,800 individuals restricted from employment [6] - Continuous high pass rates for major food products have been maintained, ensuring food safety for consumers [6] - The government is enhancing compliance guidance for platform enterprises and developing regulatory frameworks for new consumption scenarios like online shopping and food delivery [6]

Core Insights - The State Administration for Market Regulation (SAMR) highlighted achievements in high-quality market regulation during the "14th Five-Year Plan" period, emphasizing the improvement of various indices such as the enterprise credit index and manufacturing quality competitiveness index [1][2]. Group 1: Market Regulation Achievements - The enterprise credit index increased from 128.6 in 2020 to 161.61 in the first half of 2025, while the manufacturing quality competitiveness index reached 85.86, and public service quality satisfaction improved to 81.62 [1]. - A series of legal reforms, including the first major revision of the Anti-Monopoly Law in 15 years, were implemented to enhance market competition and eliminate local protectionism [2][3]. Group 2: Anti-Competition Measures - The SAMR reviewed 42,200 important policy measures during the "14th Five-Year Plan," proposing amendments to 11,400 of them to prevent policies that could hinder the construction of a unified national market [3]. - The agency took action against 239 cases of administrative monopoly and cleared over 8,000 local standards to combat closed "small markets" and self-contained "small circulations" [3]. Group 3: Business Environment Optimization - The SAMR has streamlined market entry processes, reducing the time to open a restaurant from 37 days to 15 days and cutting the number of required documents for business registration from 23 to 6 [4]. - The electronic business license has been downloaded 370 million times and used over 600 million times, facilitating business operations [4]. Group 4: Food Safety Oversight - During the "14th Five-Year Plan," the SAMR handled 2.2604 million food safety cases and revoked 3,072 licenses, focusing on preventing food safety risks through comprehensive regulation [7]. - The agency is enhancing compliance guidance for platform enterprises and developing regulatory frameworks for new consumption scenarios like online shopping and food delivery [7].