Group 1 - The revised draft incorporates a fair competition review system into the legal framework, targeting "involution" competition in the market [2][3] - "Involution" competition refers to excessive internal competition among businesses for limited resources, leading to inefficiencies and a lack of innovation [2] - The introduction of the fair competition review system aims to reduce institutional transaction costs and create a more equitable competitive environment for small and medium-sized enterprises (SMEs) [2][4] Group 2 - The revision emphasizes the responsibilities of platform operators in addressing unfair competition behaviors within their platforms, aligning with the trends of digital economy development [3] - Platforms are required to establish fair competition rules and take proactive measures to curb unfair competition, thereby protecting the rights of SMEs [3][4] - The draft clarifies the criteria for identifying new forms of unfair competition, such as trademark confusion and keyword hijacking, providing legal clarity for enforcement agencies [3][4] Group 3 - Overall, the series of revisions responds to market concerns and aligns with economic development needs, aiming to create a fair, orderly, and efficient market competition environment [4]

Core Viewpoint - The revised draft of the Anti-Unfair Competition Law aims to establish a fair competition review system and prevent large enterprises from abusing their dominant positions, particularly regarding payment delays to small and medium-sized enterprises (SMEs) [1][4][11]. Group 1: Fair Competition Review System - The draft emphasizes the establishment of a fair competition review system to ensure all operators can equally use production factors and participate in market competition [1][7]. - The draft reflects the central government's spirit of comprehensively addressing "involution" competition, enhancing regulations related to fair competition [1][7][11]. - The fair competition review system has been formally established since June 1, 2016, with over one million policy measures reviewed nationwide [8]. Group 2: Payment Obligations to SMEs - The draft explicitly prohibits large enterprises from delaying payments to SMEs, reinforcing the need for timely payments within 60 days of delivery [2][12]. - Recent commitments from major automotive companies to limit payment terms to suppliers to no more than 60 days highlight the industry's response to the issue of payment delays [3][12]. - Experts indicate that the root cause of payment delays stems from the unequal market position of large enterprises, which often leads to extended payment terms and adverse effects on SMEs [4][5]. Group 3: Addressing Involution in Industries - The automotive industry has been particularly affected by "involution" competition, where companies delay payments to suppliers to transfer cost pressures, harming the survival of SMEs [3][4]. - The draft aims to create a healthier competitive environment by preventing large enterprises from using their advantages to impose unreasonable payment conditions on SMEs [4][9]. Group 4: Legislative Enhancements - The revised regulations enhance the responsibilities of large enterprises and government agencies in ensuring timely payments to SMEs, contributing to a more stable business environment [12][13]. - The introduction of the Private Economy Promotion Law and the revised Anti-Monopoly Law further strengthens the legal framework for fair competition and timely payments [12][13].

21世纪经济报道记者王峰 北京报道6月24日，反不正当竞争法修订草案提请十四届全国人大常委会二次 审议。 草案二审稿增加规定，国家建立健全公平竞争审查制度，依法加强公平竞争审查工作，保障各类经营者 依法平等使用生产要素、公平参与市场竞争。 草案二审稿还对大型企业等经营者滥用自身优势地位扰乱公平竞争秩序作了规定，不得拖欠中小企业账 款。 近期，电商、汽车等行业整治"内卷式"竞争动作频频，草案二审稿贯彻党中央关于综合整治"内卷式"竞 争的精神，与民营经济促进法等法律法规一起，构建整治"内卷式"竞争的综合制度体系。 不得拖欠中小企业账款 近日，一汽、东风、长安、吉利、广汽、赛力斯等重点汽车企业发表声明，就对供应商"支付账期不超 过60天"作出承诺。据新华社报道，工业和信息化部相关负责人6月12日表示，支持整车企业切实践行有 关承诺。 该负责人表示，汽车企业主动承诺"支付账期不超过60天"，对构建"整车—零部件"协作共赢发展生态、 促进产业健康可持续发展具有重要意义。 "目前，汽车行业的'内卷'现象尤为突出。部分车企采取延期向供应商付款等手段，选择通过挤压供应 链来转嫁成本压力，导致汽车产业供应商生存状况持续恶化。若 ...

Group 1 - The National People's Congress is reviewing the Anti-Unfair Competition Law and Civil Aviation Law to address "involution" competition and promote low-altitude economy development [1][2] - The revised Anti-Unfair Competition Law aims to enhance fair competition review systems and clarify standards for confusing unfair competition behaviors, including misuse of trademarks and search keywords [1][2] - The law will also address issues related to data rights infringement and malicious trading, focusing on large enterprises' abuse of their dominant positions, particularly regarding payment delays to small and medium-sized enterprises [1][2] Group 2 - The Civil Aviation Law revision will include measures to promote the development of the civil aviation industry, particularly in manufacturing and low-altitude economy [2] - A new chapter on "development promotion" will be added, emphasizing the establishment of an innovation system for civil aviation manufacturing that integrates enterprises, market orientation, and research [2] - The law will also outline measures for optimizing low-altitude airspace resource allocation and establishing regulatory platforms for civil low-altitude flight services [2] Group 3 - The revision will enhance passenger rights protection by including specific provisions regarding ticket sales, refunds, changes, and baggage transportation [3] - It will also modify the obligations of airlines and airports to provide "food and accommodation" arrangements for passengers in case of flight delays or cancellations [3]

Group 1 - The core viewpoint of the articles emphasizes the need for legislative reinforcement to combat "involutionary" competition, which is damaging the foundation of healthy market development [1][2][5] - The upcoming second review of the Anti-Unfair Competition Law draft aims to include regulations on "involutionary" competition, marking a significant step in legal governance [1][2] - The urgency of addressing "involutionary" competition is highlighted by its evident harms in various sectors, including solar energy, new energy vehicles, and online platforms [2] Group 2 - The responsibility of local and regulatory authorities must be strengthened to ensure that policies do not undermine fair competition and a unified market [3] - The Fair Competition Review System is being elevated from a regulation to a law, enhancing its binding force and execution rigidity, which will benefit the enforcement of responsibilities among local and regulatory bodies [3] - Companies are urged to shift their mindset from quantity and market share dominance to fair and orderly competition, avoiding practices like price dumping and excessive marketing tactics [4] Group 3 - Strict penalties are necessary to enhance the seriousness and enforceability of regulations against "involutionary" competition, with actions planned against malicious pricing, false advertising, and other market irregularities [5] - The National Development and Reform Commission and other departments are set to take legal actions against "involutionary" competition behaviors, including public notifications and revocation of tax exemptions [5] - The overall approach to combating "involutionary" competition will involve administrative penalties, civil compensation, and potentially criminal penalties as part of a comprehensive process [5]

Economic Overview - The economic climate in June remains stable, with industrial demand slightly declining while consumption and exports show resilience, and real estate sales maintain high activity levels[1] - The expected economic growth rate for the second quarter is around 5.2%[1] Real Estate Market - Real estate sales in 30 major cities have turned positive year-on-year, with a daily average transaction area of 24.38 million square meters, a 10.69% increase compared to May[12] - First-tier cities are expected to stabilize housing prices by the end of the year, while second-tier cities may stabilize by June next year[2] Consumer Activity - The "618" shopping festival, combined with the "trade-in" policy, has significantly boosted consumption, with online retail sales reaching nearly 2 trillion yuan, a year-on-year increase of approximately 9.8%[28] - However, some regions are experiencing a temporary decline in government subsidies, which may lead to fluctuations in retail sales growth[2] Industrial Demand - Industrial demand is showing signs of recovery, with the rebar production rate increasing to 42.19% in June, although prices remain low due to ample supply[19] - The average price of rebar in June is 3,385 yuan per ton, a decrease of 2.28% compared to May[19] Price Index Trends - The Producer Price Index (PPI) is expected to continue its decline, with a projected year-on-year decrease of around 3.4% in June, marking 32 months of negative growth[39] - The PPI's ongoing decline is a significant factor affecting corporate profitability[48] Government Policy and Market Sentiment - The central bank is expected to maintain a moderately loose monetary policy, while geopolitical risks are suppressing global risk appetite[4] - The issuance of new special bonds in June has slowed, with a total of 568.53 billion yuan, a decrease of 77.65% from May[23]

对于反不正当竞争法修订草案初次审议稿，第一财经采访的专家曾指出，新增条款明确禁止平台经营 者强制商家低于成本销售、禁止大型企业等经营者滥用自身优势地位损害中小企业合法权益等行为， 充分回应了近年来市场竞争中的突出问题，直指"内卷式"恶性竞争的顽疾，是修订的重要看点。 党中央、国务院高度重视"内卷式"竞争问题。2024年7月召开的中共中央政治局会议明确提出，强化 行业自律，防止"内卷式"恶性竞争。2024年中央经济工作会议强调，综合整治"内卷式"竞争，规范地 方政府和企业行为。今年全国两会上，综合整治"内卷式"竞争首次写入《政府工作报告》。近期，国 家发改委、国家市场监管总局等多部门就整治"内卷式"竞争作出部署。 2025.06. 23 本文字数：914，阅读时长大约1分钟 作者 | 第一财经 安然然 反不正当竞争法修订草案本周迎来二审，将在整治"内卷式"竞争方面作出相关规定。 6月23日上午，全国人大常委会法制工作委员会举行发言人记者会。全国人大常委会法工委发言人黄 海华介绍，十四届全国人大常委会第十六次会议6月24日至27日在北京举行，反不正当竞争法修订草 案拟提请本次常委会会议进行二次审议。 现行反不正当 ...

反不正当竞争法修订草案二审稿将增加关于公平竞争审查制度的规定，修改完善治理平台"内卷式"竞争 方面的规定。 党中央、国务院高度重视"内卷式"竞争问题。2024年7月召开的中共中央政治局会议明确提出，强化行 业自律，防止"内卷式"恶性竞争。2024年中央经济工作会议强调，综合整治"内卷式"竞争，规范地方政 府和企业行为。今年全国两会上，综合整治"内卷式"竞争首次写入《政府工作报告》。近期，国家发改 委、国家市场监管总局等多部门就整治"内卷式"竞争作出部署。 据黄海华介绍，此次反不正当竞争法修订草案二次审议稿也将在整治"内卷式"竞争方面作出修改。他指 出，修订草案二次审议稿将贯彻党中央关于综合整治"内卷式"竞争的精神，增加关于公平竞争审查制度 的规定，修改完善治理平台"内卷式"竞争方面的规定。 反不正当竞争法修订草案本周迎来二审，将在整治"内卷式"竞争方面作出相关规定。 此外，修订草案二次审议稿还将作以下主要修改：修改完善反不正当竞争工作协调机制相关规定，明确 市场监管部门的反不正当竞争工作职责；完善平台经营者处置平台内经营者不正当竞争行为的义务；对 于将他人商标作为字号使用以及将他人商品名称、企业名称设置为搜索 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week (June 13 - June 20, 2025), the spot price of industrial silicon started to stop falling and rise slightly, with the benchmark spot price reaching 7,635 yuan/ton on June 20, 2025, up 1.3% from 7,537 yuan/ton on June 13. In the futures market, the main contract of industrial silicon continued to rebound but did not break through last week's high, with the highest transaction price at 7,565 yuan/ton and the latest transaction price at 7,390 yuan/ton, a weekly increase of 1.51%. The main contract's open interest was about 305,500 lots, and trading volume increased[8]. - The supply of industrial silicon has increased. In the southwest region, some enterprises do not plan to start furnaces due to low market prices and high inventory, while a few enterprises with electricity subsidies have increased furnace starts. In the northwest region, the number of silicon furnaces has increased, mainly due to increased production by large enterprises. Overall, the total number of furnace starts has increased this week, and the market supply is sufficient, mainly in the northwest region. There is still pressure on the supply side, even though most 99 - grade silicon producers have shut down for maintenance[8]. - The demand for industrial silicon is weak. The photovoltaic industry association has reported "self - disciplined" production cuts, which is a significant negative for the end - market. Most polysilicon producers are operating at reduced loads, with mixed production schedules. The silicon powder market has few tenders, and the purchasing enthusiasm is low, so the industrial silicon price has limited room for increase. The aluminum alloy industry's demand for industrial silicon is average, and exports have decreased. In May 2025, China's industrial silicon exports were 55,600 tons, a month - on - month decrease of 8.02% and a year - on - year decrease of 22.47%. From January to May 2025, China's total industrial silicon exports were 272,300 tons, a year - on - year decrease of 10.31%[8]. - The overall production cost of industrial silicon is stable, and it is expected that the electricity cost in various regions will further decline in July. The spot profit is stable, and the futures profit has increased due to the rising futures price[8]. - This week, the standard warehouse receipt inventory was mostly in a destocking state. Silicon powder enterprises made small - scale stockpiling, but due to the rising futures price, some silicon powder factories reduced their demand. Due to the adjustment of the current spot - futures basis, there was a small release of 421 - grade warehouse receipts[8]. - Looking ahead, the overall production in the southwest region has slightly increased, downstream demand remains weak, and there is a supply - demand mismatch for different grades. It is expected that the price will still be more likely to fall than rise[8]. - The report suggests that investors should short the 2509 contract on rallies or sell out - of - the - money call options when volatility is low. Traders or upstream enterprises are advised to sell call options to protect their inventory[8]. Summary by Relevant Catalogs 1. Week - on - Week Views and Hot News - **Hot News**: The China Photovoltaic Industry Association is discussing "production cuts to maintain prices," with expected production cuts of 10% - 15% in the third quarter. Strict policies against "below - cost sales" and "substandard product sales" will be implemented. The National Development and Reform Commission's governance ideas for "involution - style competition" are in line with the current difficulties in the industrial silicon industry. There are rumors that Tongwei is promoting measures such as capacity acquisition and storage, and the government may introduce policies to re - position photovoltaics as energy products. In 2025, the US - China tariff war continued, and the National Energy Administration released the "2025 Energy Work Guidance Opinion"[7]. - **Week - on - Week Views**: As mentioned above, covering price trends, supply, demand, cost - profit, inventory, outlook, and trading strategies[8]. 2. Industry Structure - The industrial silicon industry chain includes raw materials such as petroleum coke, charcoal, and silicon ore, and downstream products such as organic silicon, polysilicon, and aluminum alloy, which are widely used in electronics, construction, and other industries[11]. 3. Spot and Futures Markets - Multiple charts show the spot prices of different grades of industrial silicon (such as 553 and 421) in different regions (e.g., Tianjin Port, Kunming Port), as well as the closing and settlement prices of continuous and active futures contracts[13][24][33]. 4. Inventory - Charts display the inventory of industrial silicon in the industry, factories, the market, and futures, with data sources from Baichuan Yingfu and the research institute[48][50]. 5. Cost and Profit - Charts show the comprehensive profit and cost of industrial silicon, electricity prices in major and non - major production areas, the prices of raw materials such as silicon ore, petroleum coke, and electrodes, and the cost and profit of polysilicon[57][61][93]. 6. Supply - Charts present the weekly and monthly production of industrial silicon, the operating rate, and monthly production capacity. There are also plans for new production capacity in multiple enterprises in Xinjiang, Yunnan, and Inner Mongolia, with a total planned new capacity of 3 million tons[110][114][117]. 7. Demand - Charts show the consumption breakdown and structure of industrial silicon, the production, price, inventory, and cost - profit of polysilicon, the price, production, cost, and profit of organic silicon, the production, inventory, and operating rate of aluminum alloy, and the production and price of solar cells[120][124][133]. 8. Import and Export - Charts display the import and export volumes of industrial silicon and polysilicon, with data from the General Administration of Customs[174][179].

6月18日，京东外卖相关负责人表示，要构建一个长期可持续发展的业务，并改变外卖行业"卷商家、卷 骑手、卷消费者"的"内卷式竞争"。对商家，京东外卖坚持低佣金，长期佣金费率不超过5%，本季度末 全职骑手扩招至15万人。截至6月17日，全职骑手已超过12万人。(第一财经) ...