Group 1 - The National People's Congress Standing Committee is set to review the revised Anti-Unfair Competition Law, focusing on addressing "involution" competition and enhancing fair competition review systems [1][2] - The revised law aims to clarify the obligations of platform operators in handling unfair competition behaviors among platform users, including the misuse of trademarks and misleading search keywords [1] - The law will also define the criteria for behaviors such as data rights infringement and malicious trading, while addressing issues related to large enterprises delaying payments to small and medium-sized enterprises [1] Group 2 - The draft revision of the Civil Aviation Law will also be reviewed, with a focus on promoting the development of the civil aviation industry, particularly in manufacturing and low-altitude economy [2] - New provisions will be added to support the establishment of an innovation system in civil aviation manufacturing, emphasizing the importance of key technology research and development [2] - The law will enhance passenger rights protection by including specific terms related to ticket sales, refunds, and flight delays, ensuring better arrangements for passengers during disruptions [2]

"卷自己不卷商家，补用户也补商家"！当下，我国零售业市场规模大、经营主体多，仍存在优质供给不 足、"内卷式"竞争等问题。面对当下的消费趋势，提高供给质量无疑是化解矛盾的"良药"。好货不贵， 尤为关键。 淘宝闪购500亿直补的举措，不仅包括面向消费者的各种优惠，实现"好货不贵"；也包括面向商家的店 铺补贴、商品补贴、配送补贴、免佣减佣等措施，此举有效保障了商家的合理利润空间，为商家创造更 大的生意增量。 此前，阿里巴巴整合淘天、饿了么和飞猪的核心资源，以技术创新和商业模式创新构建大消费平台，为 用户创造更丰富优质的生活消费体验，为品牌商家带来新的生意增长机会。核心产品淘宝闪购5月上线 以来，日订单量迅速突破6000万单。 今年以来，各地区各部门分别围绕商圈品质提升、以旧换新补贴、培育建设国际消费中心城市、电子商 务高质量发展等多个方面出台系列提振消费政策，为振兴新消费布局谋势。 在提振消费的道路上，电商平台凭借其高效的供应链管理和线上线下融合的购物体验，填补了市场需求 缺口，扎实推动提振消费各项政策措施更快更好落地见效。 现阶段，零售新消费到底该如何持续发力，继续提升并取得实效？ 7月2日，淘宝闪购宣布达500 ...

Core Viewpoint - The logistics industry in China shows signs of recovery with an increase in the logistics prosperity index to 50.8% in June 2025, indicating a slight month-on-month improvement despite challenges posed by extreme weather conditions and operational pressures [1] Logistics Business Volume and Service Prices - In June, the business volume index and logistics service price index increased by 0.2 and 0.3 percentage points respectively, with the business volume index remaining in the expansion zone for four consecutive months [2] - The recovery in business volume is attributed to improved demand in the eastern region and a reduction in external shocks to the supply chain [2] - The central and western regions outperformed the national average with business volume indices of 51% and 52.8%, while the eastern region's index was below the national level but showed a significant month-on-month increase [2] - Various sectors, including road transport, rail transport, air transport, and express delivery, reported business volume indices in the prosperity zone, driven by online shopping and seasonal demand for fresh produce [2] Service Prices and Profitability Challenges - Service prices in several sectors, including rail, road, water, air transport, and express delivery, saw increases of 0.2 to 0.4 percentage points [3] - Despite the rise in service prices, the industry faces ongoing competitive pressures and operational challenges, leading to sustained pressure on profitability and cash flow [3] - The main business cost index rose by 0.3 percentage points in June, with indices for rail, air transport, and express delivery exceeding 55% [3] - The cash turnover rate index fell by 0.4 percentage points to 50.5%, and the main business profit index decreased for the second consecutive month [3] Logistics Investment Trends - Logistics infrastructure investment showed stable growth, with the fixed asset investment completion index rising by 0.3 percentage points in June [4] - All sectors, except warehousing, maintained a recovery trend, with key projects in transportation logistics hubs progressing smoothly [4] - The business activity expectation index remained above 55% for four consecutive months, indicating positive market expectations [4] Policy and Financial Support - New policy financial tools are being developed to support various sectors, including traditional infrastructure, technology innovation, consumption, and foreign trade [5] - The support for foreign trade may include funding for export-oriented enterprises, cross-border e-commerce platforms, and related logistics infrastructure [5] - These financial tools are expected to provide sustained momentum for high-quality economic development [5]

Core Insights - The report highlights the integration of Grok voice assistant into Tesla's humanoid robot Optimus V3, marking a significant advancement in human-machine interaction [6] - The opening of the world's largest embodied intelligence data factory by Paccini in Tianjin aims to address the scarcity of high-quality datasets crucial for the development of robotics [6] - Yushu Technology has reported annual revenue exceeding 1 billion RMB, indicating strong growth and successful C-round financing [6] - The People's Daily emphasizes the need to eliminate "involution" competition to achieve high-quality development, advocating for market-oriented reforms [6] - In May 2025, the National Energy Administration issued 21.5 million green certificates, with an average trading price of 2.73 RMB per certificate, reflecting a 18.12% increase month-on-month [6] Market Trends - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 3,457.75, up 0.39% [5] - The prices of polysilicon and silicon wafers remain under pressure, with polysilicon prices stable at 35.0 RMB/kg and silicon wafer prices declining [8] - Battery cell prices have also decreased, with N-type battery cells averaging 0.235 RMB/W, down 2.1% from the previous week [8] - The report notes that the market for photovoltaic components is facing high uncertainty, with many manufacturers reducing production [8] Investment Recommendations - The report recommends focusing on companies involved in BC new technology, supply-side improvements, overseas expansion, and domestic substitution [8] - Specific companies highlighted for investment include Aiko, Longi Green Energy, and Xinyi Solar, among others [8] - It suggests actively monitoring companies related to humanoid robots, such as UBTECH and KOLI [8]

Core Viewpoint - The recent revision of the Anti-Unfair Competition Law aims to curb "involutionary competition" in the platform economy, which has led to unsustainable low prices and compromised product quality [1][2][3] Group 1: Involutionary Competition - Involutionary competition is characterized by platforms engaging in price wars to attract users, resulting in reduced product quality and increased pressure on merchants [1][2] - The law prohibits platform operators from forcing merchants to sell products below cost, signaling a shift towards rational competition [2][3] Group 2: Sustainable Low Prices - Sustainable low prices in the health market should be achieved through legitimate means such as technological innovation, economies of scale, and supply chain optimization, ensuring reasonable profits for merchants and real benefits for consumers [1][3] - The revision of the law is not aimed at banning low prices but at eliminating the distortion of price signals caused by involutionary competition, allowing merchants to focus on improving product quality [3]

Group 1 - The central government is accelerating the construction of a unified national market to stabilize market confidence and development amidst increasing economic challenges [1][2] - The recent meeting addressed key issues such as chaotic low-price competition and proposed solutions to enhance product quality and regulate local investment practices [3][4] - The meeting emphasized the importance of internal openness and the need to unify market systems and regulations to strengthen the domestic market, which is crucial for economic stability [5] Group 2 - The meeting highlighted the necessity to reform the fiscal and tax systems, as well as the evaluation criteria for government performance, to address deep-seated economic issues [4] - It was noted that the current focus on GDP growth and fiscal revenue in performance assessments has contributed to market chaos, necessitating a shift towards a more balanced evaluation system [4] - The construction of a unified market is seen as a way to leverage China's large domestic market, which includes over 400 million middle-income individuals, to enhance economic resilience [5]

Group 1 - The Central Economic Committee emphasized the need for a unified national market and high-quality development of the marine economy, highlighting the importance of coordination and cooperation to achieve these goals [1] - The meeting underscored that advancing Chinese-style modernization requires a focus on the marine economy, aiming to establish a path with Chinese characteristics [1] Group 2 - In June, new car manufacturers reported significant sales figures, with Hongmeng Zhixing delivering 52,747 vehicles, marking a historical high and securing the top position among new forces in car manufacturing [2] - Leap Motor also achieved a record high in new car deliveries for June, reaching 48,006 units, while Li Auto and Xpeng Motors followed closely [2] Group 3 - The People's Bank of China and six other departments released guidelines to enhance financial support for boosting and expanding consumption, emphasizing the importance of increasing residents' financial capacity to stimulate consumption [3] - Analysts noted that rising stock markets can enhance consumer willingness and ability to spend, as increased asset values create a psychological effect of wealth growth [3] Group 4 - China plans to issue 1.3 trillion yuan in ultra-long special bonds by 2025, with 5.55 billion yuan issued in the first half of the year, accounting for 42.69% of the annual quota [4] - The issuance plan for the second half of the year has been adjusted to be more intensive, with the first issuance scheduled for July 14 [4] Group 5 - In July, several Hong Kong stocks were favored by brokerages, with companies like Pop Mart, Hong Kong Exchanges, and others receiving multiple recommendations from different firms [5] - The technology and brokerage sectors are highlighted as areas of focus for institutional investors, especially with the upcoming mid-year report season [5] Group 6 - The banking sector has seen a continuous rise, with 36 listed banks in A-shares increasing by over 1%, and Suzhou Bank and Xiamen Bank showing notable gains [8] - Analysts attribute this upward trend to recent shareholder meetings focusing on dividends and strategic transformations, laying a foundation for future stock price increases [8] Group 7 - The international copper price surged, reaching a peak of $9,984, driven by market confidence stemming from the "Big and Beautiful" bill in the U.S. and inflation expectations [15] - Goldman Sachs raised its forecast for LME copper prices for the second half of 2025 from $9,140 per ton to $9,890 per ton, predicting a peak of $10,050 in August [15] Group 8 - BYD reported a 33.04% year-on-year increase in new energy vehicle sales for the first half of the year, totaling approximately 2.146 million units [21] - New and existing companies are expected to see significant profit growth, with projections indicating increases of 50%-100% for several firms in the upcoming half-year [21]

Core Points - The revised Anti-Unfair Competition Law addresses significant issues in market competition, particularly targeting "involution" type of harmful competition, with new regulations set to take effect on October 15, 2025 [1][2] - The law introduces new provisions prohibiting platform operators from forcing merchants to sell below cost and preventing large enterprises from abusing their dominant position to delay payments to small and medium-sized enterprises (SMEs) [2][4] Group 1: Key Regulations - The new law includes a provision that prohibits platform operators from compelling merchants to sell products below cost, aiming to curb harmful price competition [2][3] - It assigns management responsibilities to platform operators for addressing unfair competition within their platforms, requiring them to establish fair competition rules and complaint mechanisms [3][4] - A new regulation prohibits large enterprises from abusing their advantages to impose unreasonable payment terms on SMEs, addressing the issue of delayed payments [4][5] Group 2: Implementation and Enforcement - Experts emphasize the need for detailed supporting regulations to clarify terms such as "below cost" and the definitions of "large enterprises" and "SMEs" to ensure effective enforcement [7][10] - The law's enforcement will involve provincial-level government departments, which may lead to challenges in efficiency and potential local protectionism [9][10] - Transparency in enforcement processes is crucial to prevent selective enforcement and ensure accountability among businesses [9][10]

多家航司在今年暑运的运力投放高于去年同期，但机票的裸票价格却仍比去年同期要低。 今天是暑运开启的第一天，为期两个月的暑运，一直是一年里航空公司除春运外最赚钱的时段，甚至可以决定全年的盈亏情况。 据第一财经记者了解，多家航司在今年暑运的运力投放高于去年同期，但机票的裸票价格（不含燃油附加费和机场建设费）却仍比去年同期要低。 与此同时，有航司在今日发布通知，上调国内航线燃油附加费征收标准，7月5日起上调10元。 暑运民航量增价跌 根据民航局的预测，今年暑运预计旅客运输量1.5亿人次，日均约244万人次，较去年同期增长6.6%，其中单日高峰或创历史新高。 根据航旅纵横提供的数据，截至6月26日，暑运第一个月（7月1日-7月31日）国内航线机票预订量近1790万张，比去年同期增长约5%；出入境航线机票预订 量超774万张，比去年同期增长约14%。 同程旅行发布的《2025暑运出行趋势报告》则显示，预计7月上旬，7月中下旬至8月中旬，以及8月下旬会出现三个客流高峰，其中国内航班亲子客群出行的 比例将达到34.7%，国际航线的这一比例约为23%，较2024年均有所上升。 尽管运力和旅客量预测都是同比增长，但从机票价格监测 ...

Core Viewpoint - The newly revised Anti-Unfair Competition Law aims to address the issue of "involution" in competition, which has become a significant challenge in the current market environment [1] Group 1: Addressing Malicious Price Competition - The law targets the issue of low-price competition, which leads to thin or negative profit margins for businesses, making it unsustainable [2] - It highlights the phenomenon of "bad money driving out good," where lower-quality products can still be profitable at lower prices, harming consumers and legitimate businesses [2] - The new law prohibits misleading advertising and requires platforms to refrain from forcing merchants to sell below cost, thereby protecting the interests of small and medium-sized enterprises [2] Group 2: Regulating Dominant Market Players - The law addresses the abuse of market position by large "chain master" enterprises that dominate pricing and supply chains [3] - It prohibits these enterprises from imposing unreasonable payment terms and conditions on smaller businesses, ensuring fairer trading opportunities [3] Group 3: Combating Negative Competitive Practices - The law aims to eliminate practices where companies undermine each other through false information or smear campaigns, which disrupt market order [4] - It includes provisions to regulate non-market factors that interfere with competition, such as tailored subsidies for local businesses that disadvantage outsiders [4] Group 4: Strengthening Legal Enforcement - The revised law expands the scope of regulatory oversight and allows any individual or entity to report suspected unfair competition, ensuring timely legal action [5] - It increases penalties for violations, such as raising the maximum fine for commercial bribery from 3 million to 5 million yuan, and introduces fines for forced sales on platforms ranging from 50,000 to 200,000 yuan [5] - The law emphasizes the importance of legal frameworks in maintaining market order and ethical business practices, which is crucial for addressing "involution" in competition [5]