12月20日，国家发展改革委、市场监管总局、国家网信办联合发布《互联网平台价格行为规则》(简称 《行为规则》)。行为规则共计7章29条，规定了平台经营者、平台内经营者实施价格行为应当遵守的规 范，其中多项规定直接关系到老百姓的"钱袋子"。此次正式发布的《行为规则》自2026年4月10日起施 行，为经营者留出必要的规范调整时间。 行为规则明确，价格行为，是指平台经营者、平台内经营者在销售商品或者提供服务过程中与价格相关 的行为，包括制定或者变更价格、价格标示、收取费用、实施补贴等行为。价格包括商品价格和服务价 格。 规范互联网平台价格行为势在必行，不影响平台经济正常商业模式 近年来，平台经济领域新产品、新模式、新业态不断涌现。越来越多的平台经营者通过算法制定价格， 并收集消费者需求、偏好，供应商成本、库存等数据信息，结合大数据对价格进行动态调整。数据和技 术为平台经营者动态、差别化定价提供了便利，但部分平台经营者利用其优势地位实施了不公平的价格 行为。特别是算法定价缺乏透明度，给平台监管带来一定挑战。为推动平台经济监管模式和治理体系更 好适应平台经济发展，党的二十届四中全会提出，完善监管，推动平台经济创新和健康 ...

Group 1 - The article discusses China's technological advancements, particularly in the development of extreme ultraviolet (EUV) lithography machines, which have been a focus of concern for Western nations [1] - It highlights that only Dutch company ASML currently produces EUV lithography machines, while China has made progress in deep ultraviolet (DUV) lithography machines, with official parameters announced for domestic DUV machines [1] - The Ministry of Commerce has approved some general license applications for rare earth exports, indicating a gradual easing of export controls as Chinese exporters meet basic requirements [2] Group 2 - The China Securities Regulatory Commission (CSRC) aims to steadily expand high-level institutional openness in the capital market, enhancing its attractiveness and inclusivity to better serve economic development [3] - The State Administration for Market Regulation emphasizes the need to address "involutionary" competition and promote a healthy market order that encourages fair competition and optimizes the business environment [2] Group 3 - Zhongwei Company is planning to acquire a controlling stake in Hangzhou Zhonggui Electronic Technology Co., with its stock suspended from trading starting December 19, 2025, for up to 10 trading days [3] - Guoao Technology's former actual controller was sentenced to six years in prison for manipulating the securities market, but the company’s operations remain normal and unaffected [5] - Haitian Flavor Industry has announced a shareholder return plan for 2025-2027, committing to a cash dividend ratio of no less than 80% of net profit [5] - China International Capital Corporation (CICC) will distribute a total cash dividend of 434 million yuan for the first half of 2025, with the record date set for December 26, 2025 [5] - Luyuan Pharmaceutical reported that its recent business operations are normal, with no significant changes in the internal and external operating environment [6] - Western Mining's subsidiary has obtained a mining license for a polymetallic mine, with significant resource estimates including 2.86 tons of gold [7] - Sichuan Road and Bridge announced that China Post Insurance has increased its stake to 5% through market purchases [8] - Hongda Electronics' associate company Jiangsu Zhanchin's application for listing on the ChiNext has been accepted, with the company holding a 13.79% stake [9] - WuXi AppTec reported that 18 shareholders collectively reduced their holdings by approximately 29.5 million shares between November 26 and December 17 [9]

近日，市场监管总局党组书记、局长罗文主持召开总局党组扩大会议，传达学习中央经济工作会议精 神，研究部署贯彻落实工作。会议要求，要切实把思想和行动统一到党中央对形势的科学判断上来，既 把握大势、坚定信心，又正视挑战、保持清醒，全力以赴确保党中央决策部署在市场监管领域落地见 效。 会议提出，要加力推进全国统一大市场建设，强化公平竞争治理，推动经济循环畅通。要综合整治"内 卷式"竞争，推动形成优质优价、良性竞争的市场秩序。要持续优化营商环境，大力激发各类经营主体 活力，增强市场内生动力。要持续提升平台经济常态化监管能力，推动平台经济创新和健康发展。要守 牢食品、药品、工业产品、特种设备安全底线，及时防范化解重大风险隐患。同时，要做好岁末年初安 全生产、重要民生商品稳价保质等工作，保障人民群众生命财产安全。 ...

【市场数据】 1、据新华社，中央财办有关负责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会 议精神。有关负责同志指出，展望明年，世界经济有望延续温和增长态势，但变数较多。从国内看，我 们面临的困难挑战不少，但经济基础稳、优势多、韧性强、潜能大等长期向好的支撑条件和基本趋势没 有改变，中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富人才资源优势将更 加彰显。活跃的要素流动和创新为发展持续注入新动能，人流、物流、信息流、资金流保持较快增长态 势，投资和消费增速明年有望恢复，产业转型升级加快，科技和产业创新进入成果集中爆发阶段，我国 经济发展前景是十分光明的。 2、12月15日，社保基金会党组书记、理事长刘昆同志主持召开党组会议，传达学习中央经济工作会议 精神，研究贯彻落实工作。会议强调，要稳妥审慎抓好基金投资运营。紧密跟踪国内外宏观经济和资本 市场形势，科学有效开展资产配置，稳健做好各大类资产投资。充分发挥长期资金、耐心资本作用，在 守住安全底线的基础上，积极服务国家发展需要，更好支持科技创新和产业创新深度融合。要着眼长远 谋划推动基金事业发展。围绕"十五五"规划建议提出的重要要求 ...

涉及食品安全的两项制度《食品委托生产监督管理办法》《食品销售连锁企业落实食品安全主体责任监 督管理规定》也即将发布。 （文章来源：央视新闻） 另外市场监管总局还将公布新修改的《禁止垄断协议规定》，出台《制止滥用行政权力排除、限制竞争 行为规定》，加强反垄断反不正当竞争工作，为各类经营主体营造更加公平、透明、可预期的发展环 境。 记者今天（12月16日）从市场监管总局召开的四季度例行发布会上了解到，近期，将有一系列新规陆续 发布实施。 为加强和保障纤维制品质量安全监管，修订后的《纤维制品质量监督管理办法》即将发布，将更好适应 产业发展和监管需要。 为规范平台经济，两部新规《直播电商监督管理办法》《网络交易平台规则监督管理办法》拟于近期出 台，将进一步让监管有据、发展有序。 ...

新京报讯(记者姜慧梓)记者从国家税务总局获悉，自今年10月1日，平台企业首次向税务部门正式报送 涉税信息以来，目前已有超7000家境内外平台积极履行涉税信息报送义务，但仍有个别经营者未如实申 报全部收入，存在虚假申报、隐匿收入偷逃税款等涉税风险。 此外，仍有个别经营者未如实申报线上线下全部收入，存在虚假申报、隐匿收入偷逃税款等涉税风险。 记者了解到，前期，对于少数自行申报收入明显低于平台报送收入的平台内经营者，税务部门通过多种 方式进行了提示提醒，绝大部分平台内经营者已更正申报。 平台企业报送涉税信息后，税务部门能够精准识别平台内经营者是否按规定办理了市场主体登记、是否 办理了涉税信息确认，以及是否存在虚假申报、隐匿收入等偷逃税行为。 据介绍，平台报送涉税信息后，税务部门通过数据比对能够快速精准识别隐匿收入、虚假申报等偷逃税 行为，对经提示提醒后仍未如实申报的平台内经营者，税务部门将依法进行处理。张巍建议，平台内经 营者应当如实汇总各平台及线下取得的全部收入，核对确认是否存在少申报情况，若未如实按规定进行 纳税申报，将承担相应的法律责任。 国家税务总局征管和科技发展司负责人介绍，分析平台报送的第三季度涉税信息 ...

Core Insights - The article discusses the ongoing challenges faced by Huolala, a logistics platform founded by Zhou Shengfu, as it attempts to go public on the Hong Kong Stock Exchange after multiple failed attempts [1][3]. Group 1: Company Overview - Huolala, founded in 2013, has become a leading logistics trading platform in China, with projections indicating it will be the largest global closed-loop GTV logistics platform by mid-2025 [3]. - The company has submitted its IPO application to the Hong Kong Stock Exchange six times but has not yet received the necessary approval from the China Securities Regulatory Commission [3][4]. Group 2: Regulatory Challenges - The regulatory environment has become more stringent following the scrutiny of Didi in 2021, which has impacted Huolala's ability to secure the required approvals for its IPO [3][4]. - Since 2021, Huolala has faced 18 public reprimands related to issues such as driver rights and illegal passenger transport, indicating increased regulatory focus on compliance and antitrust measures [4][11]. Group 3: Financial Performance - Huolala's revenue has grown from $1.036 billion in 2022 to an estimated $1.593 billion in 2024, with a 31.9% year-on-year increase in the first half of 2025, reaching $945 million [7][10]. - Despite revenue growth, the company's profitability has been inconsistent, with net profit fluctuating significantly due to non-recurring items, such as a $606 million gain from the fair value change of redeemable convertible preferred shares in 2023 [9][12]. Group 4: Business Model and Challenges - The company's revenue heavily relies on its freight platform services, which account for over half of its income, but the monetization rate has declined from 10.3% in 2023 to an expected 9.2% in 2025 [9][10]. - Huolala's overall gross margin has decreased from 61.2% in 2023 to 52.3% in the first half of 2025, indicating pressure on profitability [11]. Group 5: Funding and Valuation - Since 2014, Huolala has raised a total of $2.662 billion across 11 funding rounds, with notable investors including Sequoia China and Tencent [12]. - The fair value of Huolala's redeemable convertible preferred shares has increased from $4.673 billion in 2023 to $4.738 billion in the first half of 2025, contributing to high liabilities on its balance sheet [12][14]. - As of mid-2025, Huolala's current liabilities reached approximately $5.46 billion, leading to a debt ratio of about 164%, indicating a state of insolvency [14].

Core Viewpoint - The ongoing controversy surrounding e-commerce platform competition rules during this year's Double Eleven shopping festival highlights the intense competition in the e-commerce industry and raises concerns about the dual identity of super platforms as both content and commercial entities [1][4]. Group 1: Incident Overview - The controversy began around October 20, with claims that JD.com intensified price comparison checks and imposed penalties on merchants for pricing higher than on other platforms, leading to allegations of "forced exclusivity" [1][3]. - Following these claims, topics related to JD.com's alleged practices trended on social media platforms, prompting criticism from industry figures [1][3]. - On October 28, rumors circulated that Midea was fined 5 million yuan for violating JD.com's exclusivity requirements, which again gained traction on social media [3][4]. Group 2: Responses from Involved Parties - JD.com employees clarified that their price comparison practices aimed to secure fair prices for consumers and were unrelated to the alleged exclusivity [3][4]. - Midea publicly denied the claims regarding the fine, stating that the information circulating online was false, which undermined the credibility of the rumors [3][4]. Group 3: Implications for Competition and Regulation - The incident underscores the complex dynamics of competition between JD.com and Douyin, a platform that combines e-commerce and content, raising questions about the influence of platform algorithms and content-commercial boundaries [4][5]. - Media commentary suggests that the use of content platforms for commercial competition could disrupt fair market practices, highlighting the need for clear separation between content and commercial activities [5][6]. - There are calls for proactive regulatory mechanisms to address the evolving competition landscape, including transparency in algorithm rules and stronger governance against misinformation [6][7].

Core Points - The State Council's regulations require platform enterprises to report identity and income information of operators and employees starting from October 1 [1] - Over 6,500 platform enterprises have reported tax-related information, exceeding 95% compliance of the total platforms required to report [1] - The majority of operators on these platforms are small and micro enterprises, benefiting from tax incentives that reduce their tax liabilities [1] Group 1 - The tax authority is providing compliance reminders to a small number of platform operators whose self-reported income is significantly lower than the income reported by the platform [1] - Operators receiving compliance reminders should verify their income from various platforms and correct any underreporting to avoid penalties [1] - The tax authority aims to enhance the regulatory framework for the platform economy to promote fair competition and support the construction of a unified national market [2]

Core Viewpoint - The regulatory authority in Zhengzhou has conducted an administrative interview with an online travel platform, highlighting unreasonable restrictions on transaction and pricing imposed on platform operators, and mandating revisions to contract terms and pricing tools to ensure compliance with e-commerce laws [1] Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration has ordered the online travel platform to revise its service agreements and optimize pricing tools within a specified timeframe [1] - The platform's actions were found to violate relevant provisions of the E-commerce Law, indicating a trend of regularized oversight of price manipulation by internet platforms [1][3] - The recent joint release of the "Internet Platform Pricing Behavior Rules (Draft for Comments)" by multiple regulatory bodies aims to standardize pricing-related business behaviors among platform operators and their partners [3] Group 2: Market Dynamics - Online travel platforms have become a primary choice for consumers, with many merchants relying on platform traffic to enhance profitability [1] - Some dominant platforms impose high commissions while simultaneously forcing merchants to lower prices, disrupting normal market pricing order and violating legal boundaries [1][2] - The interference in pricing by platforms can distort price signals, leading to mismatches between merchants' income and costs, ultimately affecting service quality and consumer experience [2] Group 3: Recommendations for Platforms - Platforms are encouraged to strengthen self-regulatory awareness and establish compliance management systems for pricing behavior [4] - The use of algorithms should be transparent, with clear negotiation mechanisms for price adjustments between platforms and merchants [4] - Platforms should also create complaint channels for pricing issues and maintain transaction information to ensure accountability in compliance management [4]