北京商报讯（记者 何倩）1月9日，国务院反垄断反不正当竞争委员会办公室宣布，对外卖平台服务行 业市场竞争状况开展调查、评估。京东外卖对此表示，坚决支持并欢迎这一决定，高度赞同反内卷、维 护市场公平竞争秩序、保障消费者与经营者、骑手合法权益的措施。 京东外卖提及，作为数实融合的新型实体企业，公司坚定不移地抵制行业内存在的内卷式恶性竞争，将 通过供应链模式创新，大力推动品质外卖的高质量发展，更好地服务广大消费者、合作商家与骑手，促 进外卖平台服务行业创新和健康发展。 ...

2026年1月9日，国家市场监督管理总局发布公告，国务院反垄断反不正当竞争委员会办公室将对外卖平 台服务行业市场竞争状况开展调查、评估。对此，美团官方发布公告称，美团坚决拥护，将全力做好配 合工作，"将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任，公平参与市场竞争"。 校对陶善工 公开报道显示，美团连续三个季度的财报电话会及股东大会上，均公开表达了"坚决反对内卷"的态度。 据统计，在2025年期间，美团连续六次对"反对内卷"进行了官方表态与声明。 多多小风 国家市场监督管理总局官网同时刊文表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量 等问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈，本次调查评估将通过现场 核实、当面访谈、问卷调查等方式，深入了解外卖平台竞争行为，广泛听取平台内经营者、新就业群 体、消费者等各方意见，全面调查市场竞争状况，组织开展分析论证，传导监管压力，提出处置措施。 此前2025年5月与7月，国家市场监督管理总局连续两次对三家外卖平台进行了约谈，要求公平有序竞 争、合法规范经营，共同营造良好市场环境。 ...

2026年1月9日，国家市场监督管理总局发布公告，国务院反垄断反不正当竞争委员会办公室将对外卖平 台服务行业市场竞争状况开展调查、评估。对此，美团官方发布公告称，美团坚决拥护，将全力做好配 合工作，"将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任，公平参与市场竞争"。 公开报道显示，美团连续三个季度的财报电话会及股东大会上，均公开表达了"坚决反对内卷"的态度。 据统计，在2025年期间，美团连续六次对"反对内卷"进行了官方表态与声明。 近年来，先行对重点行业进行调查评估，再出台健康有序发展政策，已经多有先例。2025年6月6日，市 场监督管理总局曾发布2024年度《中国反垄断执法年度报告》，报告提及，2024年对新能源、云服务和 半导体行业进行了市场竞争状况评估，而在2025年，新能源汽车等行业也成为了反内卷重点领域。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：小讯 国家市场监督管理总局官网同时刊文表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量 等问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈，本次调查评估将通过现场 核实、当面访谈、问卷调查等方式， ...

北京商报讯（记者 魏蔚）1月9日，国家市场监督管理总局发布公告，国务院反垄断反不正当竞争委员 会办公室将对外卖平台服务行业市场竞争状况开展调查、评估。对此，美团官方发布公告称，美团坚决 拥护，将全力做好配合工作，"将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任， 公平参与市场竞争"。 国家市场监督管理总局官网也刊文表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量等 问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈，本次调查评估将通过现场核 实、当面访谈、问卷调查等方式，深入了解外卖平台竞争行为，广泛听取平台内经营者、新就业群体、 消费者等各方意见，全面调查市场竞争状况，组织开展分析论证，传导监管压力，提出处置措施。 ...

新京报讯据美团消息，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场 竞争状况开展调查、评估。美团坚决拥护，将全力做好配合工作。 近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁行业回归 理性，坚决反对"内卷式"竞争。美团将以此次调查为契机，和行业内各平台一起，共同落实市场主体责 任，公平参与市场竞争，促进外卖平台服务行业创新和健康发展。 ...

Core Viewpoint - The National Market Regulation Administration has outlined key tasks for 2026, focusing on enhancing fair competition and addressing administrative monopolies [1] Group 1: Fair Competition and Anti-Monopoly - Continuous deepening of fair competition governance is a priority [1] - Strengthening enforcement against monopolistic practices and unfair competition is emphasized [1] - There is a commitment to address "involution-style" competition [1] Group 2: Market Entry and Exit - The initiative aims to improve the quality of business entities [1] - Enhancements to the market entry and exit system are planned [1] - There will be a focus on elevating the credit levels of business entities [1] Group 3: Intellectual Property and Trade Secrets - Strengthening the protection of intellectual property and trade secrets is a key task [1]

Report Industry Investment Rating - The report gives a short - term investment rating of "oscillating and slightly bullish" for the coke industry [1][2][3] Core Viewpoints - The overall supply - demand situation of coke is weak, with continuous increase in supply and low - level operation of iron - water production on the demand side. However, short - term anti - involution news boosts market sentiment, and there are still policy expectations at the macro level. Therefore, it is expected that coke will oscillate and be slightly bullish in the short term [2] Summary by Related Catalogs Market Analysis - As of December 26, independent coking enterprises' coke inventory increased slightly by 1.25% to 92.24 tons, steel mills' coke inventory increased by 1.34% to 642.2 tons, port coke inventory increased by nearly 2%, and the comprehensive coke inventory increased by 14.36 tons to 978.64 tons, reaching a 12 - week high with a year - on - year increase of 4.7% [1] - The average profit of 30 independent coking plants nationwide is - 18 yuan/ton; the average profit of quasi - first - grade coke in Shanxi is - 3 yuan/ton, in Shandong is 27 yuan/ton, in Inner Mongolia's second - grade coke is - 64 yuan/ton, and in Hebei's quasi - first - grade coke is 35 yuan/ton [1] - The terminal demand for steel is weak, mainly for rigid - demand restocking; the profitability of 247 steel mills increased by 1.3 percentage points to 37.23%, and the daily average pig iron output increased by 0.03 tons to 226.58 tons compared with last week, ending the previous five - consecutive - decline, and decreased by 1.29 tons compared with last year [1] - Steel and coking enterprises are cautious in purchasing upstream coking coal. Independent coking enterprises' inventory increased slightly by 3.43 tons to 1039.72 tons, steel mills' coking coal inventory increased slightly by 1.73 tons to 806.72 tons. While coal mines' coking coal inventory increased by 10.1 tons, port imported coking coal inventory increased by 23.09 tons. Therefore, the comprehensive coking coal inventory increased by 1.47% to 2647.24 tons, reaching a nearly 7 - month high, with a year - on - year decline of nearly 14% [2] - The market supervision总局 has deployed key tasks for 2026, emphasizing continuous deepening of fair - competition governance, strengthening the crackdown on administrative monopolies, and anti - monopoly and anti - unfair - competition law enforcement. Some steel mills in Hebei have lowered the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, starting from 0:00 on January 1, 2026, and the fourth round of coke price reduction has begun [2] Futures and Spot Market - On the futures side, the 05 coke contract opened at 1680.5, reached a high of 1735, and closed at 1715, with an increase of 198 lots. It is expected to oscillate and be slightly bullish in the short term, and attention should be paid to the support at the intraday low and the pressure of the 40 - day moving average [3] - In the spot market, the port spot market is stable. The ex - warehouse price of quasi - first - grade metallurgical coke at Rizhao Port is 1450. The trading atmosphere in the spot market is average, and the inventory at the two ports has increased slightly compared with the previous trading day [4]

Global Market Overview - The Hang Seng Index closed at 25,635, down 0.71% for the day but up 27.79% year-to-date [1] - The S&P 500 Index in the US closed at 6,906, down 0.35% for the day and up 17.41% year-to-date [1] - The Shanghai Composite Index showed a slight increase of 0.04% to close at 3,965, with a year-to-date increase of 18.30% [1] Hong Kong Stock Performance - The Hang Seng Financial Index closed at 49,089, down 0.36% for the day, with a year-to-date increase of 39.71% [2] - The Hang Seng Real Estate Index decreased by 1.45% to 17,628, with a year-to-date increase of 18.21% [2] - The Hang Seng Utilities Index closed at 38,202, down 0.71% for the day, with a year-to-date increase of 7.12% [2] Chinese Market Dynamics - Southbound capital recorded a net sell-off of 3.414 billion HKD, with major sell-offs in China Mobile, Alibaba, and Zijin Mining [3] - The A-share market saw declines in non-ferrous metals, utilities, and power equipment, while oil, defense, and banking sectors performed well [3] - The Chinese market regulatory authority announced plans to strengthen antitrust enforcement by 2026, targeting "involution" competition [3] US Market Insights - The US stock market experienced declines, particularly in materials, consumer discretionary, and financial sectors, while energy, real estate, and utilities outperformed [3] - Tesla faced significant setbacks due to delays in the Cybertruck project and a drastic reduction in battery material supply contracts, leading to a decline in its stock [3] - A Bloomberg survey indicated that institutional views on the S&P 500 for 2026 remain optimistic, with an average predicted increase of 9% [3] Debt and Credit Market Trends - US Treasury yields slightly decreased due to a rise in risk-averse demand [3] - Private credit assets in the US recorded their worst performance since 2020, with the Cliffwater BDC Index down approximately 6.6% year-to-date [3] - The demand for housing improved as the November pending home sales index rose by 3.3% month-on-month and 2.6% year-on-year, marking the highest level since February 2023 [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The precious metals market experienced a significant decline on Monday, with silver prices first surging and then plummeting, dragging down other precious metals. The domestic precious metals market also saw sharp drops [9]. - China will be the first economy to pay interest on central bank digital currency, and the new - generation digital RMB system will be launched on January 1, 2026 [9]. - The Chinese People's Liberation Army Eastern Theater Command organized military exercises, and the State Council Tariff Commission announced the 2026 tariff adjustment plan [10]. - The market regulatory总局 deployed key tasks for 2026 and introduced new regulations on food production supervision [11]. - In the futures market, different varieties showed various trends. Some agricultural products and energy - chemical products had price fluctuations, and the stock index futures and options market also had its own characteristics [6][13][18]. Summary by Relevant Catalogs 1. Chemical Industry - On December 30, 2025, among chemical products, the prices of coking coal, coke, asphalt, methanol, etc. rose, while the prices of natural rubber, 20 - number rubber, etc. fell. For example, coking coal rose 20.50 to 1,108.50, with a 1.884% increase; natural rubber fell 65.0 to 15,600.00, with a - 0.415% decrease [6]. 2. Agricultural Products - On December 29, 2025, the prices of some agricultural products showed different trends. Sugar prices were in a low - level range, with cost support but limited upside due to supply pressure. Corn prices rebounded, and peanuts were under pressure below 8000 yuan. The pig market showed signs of stabilization, and the egg market had a strong price - increase expectation. Cotton prices had a short - term correction after rising, but the fundamentals remained strong [13]. 3. Energy - Chemical Products - For caustic soda, the market is expected to continue its weak trend due to supply - demand contradictions. Coking coal and coke markets are in a weak and volatile state. Log prices are in a narrow - range shock, and pulp prices have a greater downward risk. Double - offset paper prices have broken through the previous resistance level, and copper and aluminum prices continue to run at a high level. Alumina is in an oversupply situation, and steel prices are in a range - bound state. Ferroalloys are currently treated with a bullish short - term view, and lithium carbonate prices have reversed their previous upward trend [14][15][16]. 4. Option Finance - On December 29, 2025, the three major A - share indexes showed different trends, with more stocks falling than rising. The trading volume exceeded 2 trillion for two consecutive days. The stock index futures and options market had different performance in terms of positions, spreads, and implied volatility. The short - term market may fluctuate, and investors are advised to pay attention to the trading rhythm and moderately increase positions on dips [18][19][20].

Market Performance - On December 29, 2025, the A-share market showed mixed results with the Shanghai Composite Index closing at 3965.28 points, up 0.04%, while the Shenzhen Component Index fell 0.49% to 13537.10 points, and the ChiNext Index dropped 0.66% to 3222.61 points. Over 3300 stocks declined, with total trading volume at 2.14 trillion yuan, a decrease of 20.8 billion yuan from the previous trading day [1] - The Hong Kong stock market opened higher but closed lower, with the Hang Seng Index down 0.71% to 25635.23 points, and a total trading volume of 224.5 billion HKD. The Hang Seng China Enterprises Index fell 0.26% to 8891.71 points, and the Hang Seng Tech Index decreased by 0.3% to 5483.01 points [1] - In the US market, the Dow Jones Industrial Average rose 0.61% to 47716.42 points, the S&P 500 increased by 0.54% to 6849.09 points, and the Nasdaq Composite gained 0.65% to 23365.69 points [1] New Stock Listings - Three new stocks were listed today with no new stock subscriptions. - Strong One Co., Ltd. (stock code 688809) listed at 85.09 yuan per share with a price-to-earnings ratio of 48.55. The company specializes in advanced integrated circuit wafer testing probe cards and provides semiconductor testing solutions globally [2] - Yufan Technology (stock code 001396) listed at 22.29 yuan per share with a price-to-earnings ratio of 19.77. The company focuses on underground pipeline management and operation, addressing urban flooding and water pollution issues [2] - Shuangxin Environmental Protection (stock code 001369) listed at 6.85 yuan per share with a price-to-earnings ratio of 16.19. The company is involved in the research, production, and sales of polyvinyl alcohol and related products [3] Regulatory News - The State Administration for Market Regulation outlined key tasks for 2026, emphasizing the need to strengthen antitrust and unfair competition enforcement, improve market entry and exit systems, and enhance the protection of intellectual property and trade secrets. The focus will also be on regulating platform economies and ensuring compliance with platform rules [4] Fiscal Data - From January to November, state-owned enterprises reported total operating revenue of 756257.6 billion yuan, reflecting a year-on-year growth of 1.0%. However, profits decreased by 3.1% to 37194.5 billion yuan during the same period [6][7]