教育部：中小学严禁向任何组织和个人购买试题试卷 据教育部网站12月17日消息，教育部日前印发《关于进一步加强中小学日常考试管理的通知》。《通 知》针对不同学段分类提出考试频次的控制要求。小学一二年级不进行纸笔考试，义务教育其他年级由 学校每学期组织一次期末考试。初中年级可根据不同学科实际，适当安排一次期中考试。普通高中学校 要严格控制考试次数。严禁面向小学各年级和初高中非毕业年级组织区域性或跨校际的考试。为适应毕 业和升学需要，初高中毕业年级可在总复习阶段组织1—2次模拟考试。严禁向任何组织和个人购买试 题、试卷。命题能力不足的学校，由上级教育行政部门组织命题，提供题库供学校选用组卷。 最高法：新版《民事案件案由规定》明年1月起施行 12月17日，最高人民法院正式发布《关于修改〈民事案件案由规定〉的决定》《关于印发修改后的〈民 事案件案由规定〉的通知》，对《民事案件案由规定》作第三次修正。上述两个文件自2026年1月1日起 施行。修改后的《民事案件案由规定》共有第一级案由12个，第二级案由59个，第三级案由514个，第 四级案由470个，总计1055个案由。具体而言，围绕服务发展新质生产力，增加数据、网络虚拟 ...

Core Viewpoint - The article emphasizes the importance of antitrust enforcement in maintaining fair competition and protecting the rights of consumers, highlighting the efforts made by the State Administration for Market Regulation (SAMR) in addressing monopolistic practices in various sectors, particularly in the pharmaceutical and public utility industries [1][2]. Pharmaceutical Sector - Over the past three years, SAMR has investigated 12 cases of monopolistic agreements and abuse of market dominance in the pharmaceutical sector, resulting in fines exceeding 2.4 billion yuan [1]. - The average penalty for these cases was 5% of the previous year's sales revenue, with an average fine of over 200 million yuan [1]. - Specific cases, such as the monopolistic behavior related to the drug "甲硫酸新斯的明注射液," resulted in a maximum penalty of 10% of the previous year's sales revenue, demonstrating a strict enforcement approach [2]. Public Utilities - The public utility sector has been a significant focus, with 16 cases of monopolistic practices leading to fines totaling 183 million yuan [2]. - The investigation into the bottled liquefied gas market in Nanjing revealed a collusion among 10 companies to fix prices, resulting in a penalty of 8.27 million yuan [2]. - SAMR aims to restore fair competition in public utilities, which are characterized by natural monopolies, thereby reducing living costs for consumers [3]. Platform Economy - SAMR has addressed monopolistic practices in the platform economy, including cases of "二选一" (choose one of two) and algorithmic pricing disparities, indicating a need for improved compliance awareness among platform enterprises [3][4]. - The introduction of the "Internet Platform Antitrust Compliance Guidelines" aims to identify and mitigate new forms of monopolistic risks, such as algorithm collusion and below-cost sales [4]. - SAMR encourages platforms to develop transparent algorithms to protect the interests of merchants and consumers [4]. Innovative Enforcement Measures - In addition to strict penalties, SAMR is exploring innovative "soft measures" for antitrust enforcement, such as the "Three Letters and One Letter" system, which includes notifications and reminders to encourage compliance [4]. - Recent actions, such as the public interview with the company "货拉拉," highlight SAMR's proactive approach to ensuring compliance with antitrust laws and protecting the interests of stakeholders [4].

在聚焦重点领域攻坚方面，范磊披露，保持医药领域高压严惩态势，三年共查处12起重大典型案件；强 化平台经济领域常态化监管，密切关注平台竞争行为，深入核查全网最低价、"二选一"等问题，对损害 中小商户和消费者利益的平台经营者进行公开约谈；聚焦交通、教育等民生领域"关键小事"，依法查处 涉及77家机动车检测企业、22家驾驶培训机构、12家保险公司的垄断协议案件。 具体看，主要做了以下四个方面的工作：一是强化重大案件查办，二是聚焦重点领域攻坚，三是加快制 度规则完善，四是深化长效竞争治理。 本报讯(记者寇佳丽)12月17日，国家市场监督管理总局(以下简称"市场监管总局")召开民生领域反垄断 执法专项行动成果宣介专题新闻发布会。会上，市场监管总局反垄断一司司长范磊介绍了市场监管总局 民生领域反垄断执法专项行动开展三年来的有关情况。 范磊表示，反垄断执法是维护公平竞争、保障民生权益的重要手段。近年来，市场监管总局深入学习贯 彻党的二十大和二十届历次全会精神，牢固树立"监管为民"理念，聚焦人民群众反映强烈的垄断问题， 查处了一批典型案件，惩戒了一批违法主体，维护了群众切身利益，以"执法力度"提升人民群众幸福指 数。 ...

教育部：中小学严禁向任何组织和个人购买试题试卷 据教育部网站12月17日消息，教育部日前印发《关于进一步加强中小学日常考试管理的通知》。《通 知》针对不同学段分类提出考试频次的控制要求。小学一二年级不进行纸笔考试，义务教育其他年级由 学校每学期组织一次期末考试。初中年级可根据不同学科实际，适当安排一次期中考试。普通高中学校 要严格控制考试次数。严禁面向小学各年级和初高中非毕业年级组织区域性或跨校际的考试。为适应毕 业和升学需要，初高中毕业年级可在总复习阶段组织1—2次模拟考试。严禁向任何组织和个人购买试 题、试卷。命题能力不足的学校，由上级教育行政部门组织命题，提供题库供学校选用组卷。 最高法：新版《民事案件案由规定》明年1月起施行 12月17日，最高人民法院正式发布《关于修改〈民事案件案由规定〉的决定》《关于印发修改后的〈民 事案件案由规定〉的通知》，对《民事案件案由规定》作第三次修正。上述两个文件自2026年1月1日起 施行。修改后的《民事案件案由规定》共有第一级案由12个，第二级案由59个，第三级案由514个，第 四级案由470个，总计1055个案由。具体而言，围绕服务发展新质生产力，增加数据、网络虚拟 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) has made significant progress in anti-monopoly enforcement in the livelihood sector over the past three years, focusing on protecting consumer rights and maintaining fair market competition [4][7]. Group 1: Major Achievements - SAMR has handled 35 cases of monopoly agreements and 25 cases of abuse of market dominance, with total fines amounting to 2.93 billion yuan [4][5]. - In the pharmaceutical sector, 12 major cases were addressed, resulting in fines exceeding 2.4 billion yuan, with price reductions for involved drugs exceeding 40%, and in some cases, up to 95% [5][9]. - The agency has completed 950 cases of business concentration in the livelihood sector, supporting mergers that enhance operational efficiency [4][25]. Group 2: Focus Areas - The enforcement actions have particularly targeted the pharmaceutical industry, with a high-pressure approach leading to significant penalties and a focus on key drugs affecting public health [9][12]. - In public utilities, 16 monopoly cases were addressed, with fines totaling 183 million yuan, aimed at correcting practices like bundled sales and limiting consumer choices [5][19]. - The platform economy has been under continuous scrutiny, with guidelines established to address new forms of monopoly risks, including algorithmic collusion and discriminatory practices [22][23]. Group 3: Regulatory Framework - SAMR has implemented several new regulations, including the revised Anti-Monopoly Law and various departmental rules to create a robust legal framework for fair competition [6][14]. - The agency has conducted 21 compliance training sessions, educating over 80,000 participants on anti-monopoly practices, particularly in the pharmaceutical and public utility sectors [6][10]. - A new compliance guideline for internet platforms has been drafted to address emerging monopoly risks, emphasizing the importance of transparency in algorithms and fair pricing practices [21][23]. Group 4: Future Directions - SAMR plans to continue strengthening anti-monopoly enforcement, particularly in the pharmaceutical sector, to ensure fair competition and protect consumer interests [12][25]. - The agency aims to enhance collaboration with other departments to improve information sharing and joint enforcement efforts against monopolistic practices [10][14]. - Future initiatives will focus on promoting compliance and preventing monopolistic behavior through proactive measures and public awareness campaigns [30][31].

记者17日从市场监管总局获悉，市场监管总局开展民生领域反垄断执法专项行动三年来，共查处垄断协 议案件35起、滥用市场支配地位案件25起，罚没款总计29.3亿元，切实保障消费者权益，维护公平竞争 市场秩序。 当日，市场监管总局举行新闻发布会，介绍民生领域反垄断执法相关情况。 比如，在甲硫酸新斯的明注射液垄断案中对相关企业处以上一年度销售额10%的顶格处罚，并在该案和 地塞米松磷酸钠原料药垄断案中，对组织者顶格处罚500万元，对药品垄断行为实现"企业+组织者+责 任人"的三重惩戒。 在查办公用事业领域垄断案件方面，专项行动查处威海水务案、南京中燃案等水电气暖领域垄断案件16 起，罚没金额1.83亿元，有力纠治限定交易、搭售等典型垄断行为，降低了下游用户生产成本，保障了 消费者自主选择权。 （文章来源：新华网） 据介绍，在打击药品领域垄断行为方面，专项行动三年来共查处药品领域垄断协议和滥用市场支配地位 案件12件，罚没款合计超过24亿元。这些垄断案件均从重处罚，平均处罚幅度为企业上一年度销售额 5%，平均罚没金额超过2亿元。 ...

每经AI快讯，12月16日，市场监管总局印发《非横向经营者集中审查指引》，反垄断执法机构支持经 营者依法实施集中。对于不具有排除、限制竞争效果的经营者集中，反垄断执法机构将依法予以批准。 对于具有或者可能具有排除、限制竞争效果的经营者集中，反垄断执法机构将依法予以禁止或者附加限 制性条件批准。前款所称经营者集中具有或者可能具有排除、限制竞争效果，是指由集中本身带来的竞 争问题。 ...

Group 1: Hot News - The US Trade Representative's Office extended the tariff exemptions on China's technology transfer and intellectual property issues until November 10, 2026, which were originally set to expire on November 29, 2025 [2] - The National Development and Reform Commission will continue to address disorderly price competition among enterprises to maintain market price order [2] - From January to October 2025, the total profits of industrial enterprises above designated size in China reached 5950.29 billion yuan, a year - on - year increase of 1.9%, but in October, the profits decreased by 5.5% year - on - year [2] - The State Administration for Market Regulation will strengthen anti - monopoly law enforcement in key areas and fair competition reviews [2] - Russian President Putin said the US peace plan could be the basis for a Ukraine agreement, and the US delegation will visit Moscow next week [3] Group 2: Sector Performance - Key sectors to watch include lithium carbonate, coke, coking coal, Shanghai copper, and Shanghai gold [4] - Night - trading performance shows that different commodity futures sectors had varying degrees of price changes, with precious metals up 30.01%, non - metallic building materials up 3.02%, and so on [4] Group 3: Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, with different trends for each sector [5] Group 4: Performance of Major Asset Classes - In the equity market, the Shanghai Composite Index had a daily increase of 0.29%, a monthly decrease of 2.01%, and a yearly increase of 15.62%. Other indices also had their respective performance [6] - In the fixed - income market, 10 - year, 5 - year, and 2 - year treasury bond futures all had negative returns to varying degrees [6] - In the commodity market, the CRB commodity index, WTI crude oil, London spot gold, LME copper, and the Wind commodity index had different price changes [6] - Other assets such as the US dollar index and CBOE volatility index also showed their own trends [6]

Group 1 - Kimberly-Clark's (KMB.US) stock price rose by 2.13% after Morgan Stanley downgraded its rating to "Underweight" from "Equal-weight" [1] - The specific reasons for the rating adjustment by Morgan Stanley remain unclear, but such downgrades often indicate potential conflicts of interest [1] - There are speculations that Kimberly-Clark may become a target for aggressive investors following its $40 billion acquisition announcement of Kenvue (KVUE.US) [1] Group 2 - The acquisition of Kenvue by Kimberly-Clark received a negative reaction on Wall Street, leading to a 15% drop in Kimberly-Clark's stock price on the announcement day [1] - Jim Cramer, a seasoned market commentator, highlighted that underperforming consumer packaged goods stocks, including Kimberly-Clark and Procter & Gamble (PG.US), present investment opportunities [1][2] - Cramer believes inflation may be nearing its peak, which could help reduce costs for consumer goods giants [2]

Market Overview - On November 27, 2025, A-shares showed mixed performance with the Shanghai Composite Index closing at 3875.26 points, up 0.29%, while the Shenzhen Component Index fell 0.25% to 12875.19 points, and the ChiNext Index decreased by 0.44% to 3031.30 points. Over 2700 stocks rose in value, with total trading volume in the Shanghai and Shenzhen markets at 1.71 trillion yuan, a decrease of 70 billion yuan from the previous trading day [1] - Hong Kong stocks experienced fluctuations, with the Hang Seng Index closing up 0.07% at 25945.93 points and a total trading volume of 204.73 billion HKD. The Hang Seng China Enterprises Index rose 0.03%, while the Hang Seng Tech Index fell 0.36% [1] - U.S. stock markets were closed on November 27 due to the Thanksgiving holiday, with early market closure expected on November 28 [1] New Stock Subscription - The new stock available for subscription is Bai'ao Saitou, listed on the Sci-Tech Innovation Board with a stock code of 688796. The issue price is 26.68 yuan per share, with a price-to-earnings ratio of 519.12 times. The company focuses on gene editing technology and aims to become a global source of new drugs, providing innovative animal models and preclinical drug development services [3] Regulatory News - The State Administration for Market Regulation held its fifth enterprise fair competition symposium on November 27, 2025, discussing the promotion of fair competition and optimization of the business environment. Key foreign enterprises such as Samsung, BMW, Johnson & Johnson, and Bayer participated in the discussions [4] - The administration emphasized strengthening antitrust enforcement in key areas, enhancing fair competition reviews, and addressing barriers to the construction of a unified national market to create a market-oriented, law-based, and international business environment [5] - The National Development and Reform Commission highlighted the rapid growth of the humanoid robot industry, which is expected to exceed a market scale of 100 billion yuan by 2030, growing at over 50% annually. However, it cautioned against the risk of oversaturation in the market with similar products and the potential compression of R&D space due to the influx of over 150 humanoid robot companies, many of which are startups [5]