来源：环球网 值得注意的是，《指引》在文件性质上定位为"不具有强制力的专项合规指引"，其核心目的并非增设义 务，而是为平台提供一般性指引。市场监管总局强调，此举是加强全链条监管的创新举措，通过帮助平 台主动识别、评估、防范风险，有效降低其合规的不确定性成本，从而稳定市场预期，提振发展信心。 这种"宽严相济"的柔性监管思路，体现了从"事后处罚"向"事前预防"的深刻转变，旨在为平台经济营造 一个更加公平、透明、可预期的发展环境。 《指引》的制定，是贯彻落实相关政策及国家"十四五"规划关于促进了平台经济创新发展、健全常态化 监管制度决策部署的具体举措。近年来，平台经济在推动社会进步的同时，其网络效应和管理者属性也 带来了独特的垄断风险，损害了平台内经营者、消费者等多方主体的利益。《指引》的出台，正是回应 了社会期待和行业需求，通过系统总结执法经验，广泛听取各方意见，为平台经营者明晰了行为边界。 【环球网财经综合报道】2025年11月15日，市场监管总局发布《互联网平台反垄断合规指引（征求意见 稿）》（简称《指引》），面向社会公开征求意见，意见反馈截止日期为11月29日。作为我国平台经济 反垄断监管领域的重要指导性文 ...

Group 1: Government Policies and Economic Measures - The State Council, led by Premier Li Qiang, emphasizes the importance of "dual circulation" in the 14th Five-Year Plan, focusing on enhancing the adaptability of supply and demand in consumer goods and promoting consumption policies [1] - The China Securities Regulatory Commission (CSRC) is urged to develop strategic tasks for the capital market during the 14th Five-Year Plan, aiming for a more resilient and robust market [1] - The State Administration for Market Regulation is drafting new guidelines for antitrust compliance for platform operators, highlighting eight specific risks including algorithm collusion and "choose one from two" practices [1] Group 2: Financial Sector Developments - The People's Bank of China announces an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a total of 5 trillion yuan expected to be rolled over by the end of November [1] - Data from the National Financial Supervision Administration shows that by the end of Q3 2025, the balance of inclusive loans to small and micro enterprises reached 36.5 trillion yuan, a year-on-year increase of 12.1% [2] Group 3: Market Performance and Company Announcements - The Shanghai Stock Exchange reports significant monitoring of stocks with abnormal fluctuations, including *ST Zhengping and *ST Yazhen, indicating heightened scrutiny in the market [2] - CATL announces that a shareholder intends to transfer 4.56324 million shares, representing 1% of the company's total share capital [5] - Shentou Energy plans to acquire 100% equity of Baiyin Huan Coal Power for 11.149 billion yuan [5]

Core Viewpoint - The article discusses the introduction of the "Internet Platform Antitrust Compliance Guidelines (Draft for Comments)" aimed at guiding platform operators in China to effectively prevent antitrust compliance risks and promote healthy development of the platform economy [1][2]. Background of the Guidelines - The guidelines are a response to the decisions made at the 20th National Congress of the Communist Party of China, emphasizing the need for a fair competitive market environment and the establishment of a regular regulatory system for the platform economy [1][2]. - The guidelines aim to enhance the antitrust compliance level of platform operators and stimulate their internal motivation and innovative capabilities [1][2]. Features of the Guidelines - The guidelines are designed to promote innovation and healthy development within the platform economy by providing clear behavioral guidelines for platform operators [3][4]. - They are non-mandatory and serve as general guidance for antitrust compliance, helping to reduce uncertainty costs for platform operators [3][4]. Principles for Antitrust Compliance Management - The guidelines outline four principles for platform operators: 1. Targeted principle: Identify and assess compliance risks based on industry and business model [5][6]. 2. Comprehensive principle: Ensure full coverage of compliance across all business areas and departments [5][6]. 3. Penetrative principle: Establish a thorough compliance management system across all levels of the organization [5][6]. 4. Continuous principle: Maintain an effective compliance management system and regularly evaluate compliance status [5][6]. Identifying Antitrust Agreement Risks - The guidelines provide a framework for platform operators to identify risks associated with antitrust agreements, including specific behaviors that may constitute horizontal or vertical agreements [7][8]. - Examples of antitrust agreement risks are provided to assist platform operators in recognizing potential compliance issues [7][8]. Identifying Abuse of Market Dominance Risks - The guidelines emphasize the need for platform operators to regularly assess their market position and avoid behaviors that may constitute abuse of market dominance [8][9]. - Specific behaviors that may indicate abuse of market dominance are detailed, along with factors to consider when determining market dominance [8][9]. Risk Management Framework - The guidelines encourage platform operators to establish a comprehensive risk management system that includes risk assessment, reminders, prevention, and compliance rectification [12][13]. - Specific areas for review include platform rules and algorithms, with recommendations for ongoing monitoring and adjustment [12][13]. Importance of the Guidelines - The guidelines aim to optimize the competitive ecosystem by fostering a culture of fair competition and encouraging collaboration among platform operators [15]. - They are expected to enhance innovation capabilities and help platform operators gain recognition in a dynamic market environment [15].

为贯彻落实党中央、国务院决策部署，支持和引导平台经营者有效防范反垄断合规风险，健全反垄断合规管理机制，保护相关主体合法权益， 维护市场公平竞争秩序，促进平台经济健康发展，根据《中华人民共和国反垄断法》（以下简称《反垄断法》）等法律规定，市场监管总局研 究起草了《互联网平台反垄断合规指引（征求意见稿）》（以下简称《指引》），于11月15日面向社会公开征求意见。现就相关内容解读如 下： 一、制定《指引》的主要背景是什么？ 党的二十大对完善公平竞争市场经济基础制度，加强反垄断作出决策部署。党的二十届三中全会指出，促进平台经济创新发展，健全平台经济 常态化监管制度。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》强调，完善监管，推动平台经济创新和健康发展。2025 年《政府工作报告》明确，制定重点领域公平竞争合规指引。制定《指引》是贯彻落实党中央、国务院决策部署的具体举措，有利于完善平台 经济反垄断规则体系，提升平台经营者竞争合规水平，充分激发经营主体内生动力和创新活力。 近年来，我国平台经济快速发展，在提高社会资源配置效率、推动技术创新和产业变革、促进经济社会发展等方面发挥着重要作用。同时，互 联网平台 ...