Core Viewpoint - The article emphasizes the necessity of supply-side structural reforms in China to address the dual issues of structural overcapacity and insufficient supply, which arise from the lagging supply structure compared to the changing demand structure due to high-quality economic development [2][5]. Group 1: Economic Indicators and Trends - As of May this year, the Producer Price Index (PPI) has experienced negative growth for 32 months, with no immediate signs of recovery, marking a historical duration that surpasses previous economic crises [3]. - The GDP deflator has also turned negative for eight consecutive quarters, indicating a broad-based price decline that has transmitted from the supply side to the demand side [3]. - The Consumer Price Index (CPI) target was lowered from 3% to 2% in the government work report, reflecting a shift from a restrictive to a more result-oriented target [4]. Group 2: Supply-Side Reform Necessity - There is a consensus among policymakers and market investors that a new round of supply-side reforms is imperative, yet the definition of this reform remains vague among analysts [6]. - The previous supply-side reform was initiated in response to significant economic pressures and aimed at addressing structural issues, but the current context requires a more nuanced approach to reform [6][7]. Group 3: Real Estate Market Dynamics - The article highlights the urgent need to accelerate the de-inventory process in the real estate sector to prevent a potential deflationary trap, which could dampen consumption and investment [11]. - The real estate market is still in a phase of adjustment, with significant inventory levels persisting despite government efforts to stabilize the market [13][14]. - The challenges of de-inventory are compounded by the high proportion of real estate in household assets, which is significantly higher than in developed economies [15]. Group 4: Structural Overcapacity and Competition - The article discusses the issue of structural overcapacity and the phenomenon of "involution" in various industries, which has led to intensified competition and reduced profitability [18][19]. - The government is increasingly focused on addressing "involution" through regulatory measures to maintain fair competition and prevent market distortions [22][21]. Group 5: Policy Recommendations - The article suggests that the new supply-side reform should not merely replicate previous efforts but should adapt to the current economic landscape, emphasizing green transformation and technological innovation [28][29]. - It advocates for the establishment of a unified national market to eliminate local protectionism and enhance resource allocation efficiency [32][33]. - The article also highlights the importance of supporting enterprises in expanding into international markets to mitigate domestic competition pressures [34][35].

Core Viewpoint - The increasing competition in the domestic market, particularly in the booming electric vehicle sector, has led to a price war that benefits consumers in the short term but poses long-term risks to companies, employees, and the overall economic ecosystem [1][3][21] Group 1: Impact on Labor - Intense competition has severely affected workers' income and working conditions, with companies often resorting to cost-cutting measures that exploit labor [3][4] - For instance, a leading battery manufacturer has been reported to implement an "896" work schedule, which translates to working from 8 AM to 9 PM, six days a week, with periods of continuous work lasting up to 100 days [4][6] - Despite the impressive growth in the electric vehicle sector, with production and sales reaching 12.888 million and 12.866 million units respectively in 2024, this growth has not translated into better conditions or pay for frontline workers [3][4] Group 2: Profitability Issues - The internal competition has resulted in generally low profit margins for manufacturing companies, with the total profit for large-scale industrial enterprises in China declining by 3.9% in 2024, totaling 55,141.1 billion yuan [6][10] - The operating income profit margin for the manufacturing sector was reported at 4.64% in 2024, indicating a challenging environment for profitability [6][10] Group 3: Consequences of Internal Competition - The phenomenon of "internal competition" has led to a reliance on low-cost labor, which is not sustainable in the long run and undermines the quality and technological advancement of products [6][12] - Companies are increasingly seeking "off-balance-sheet profits," engaging in activities that do not directly reflect their core business, which can lead to financial instability [13][14] - The rise of "supply chain finance" has become a common practice, where companies focus on capital operations rather than product quality, further exacerbating the issue of internal competition [14][15] Group 4: Regulatory Responses - Recent actions have been taken to address the issue of internal competition, such as halting below-cost bidding in the photovoltaic sector and encouraging mergers and resource consolidation in the semiconductor industry [21] - Major electric vehicle manufacturers have committed to reducing payment terms to suppliers to mitigate risks associated with supply chain finance, which could help stabilize the industry [21]

Core Viewpoint - The Chinese food delivery market is experiencing "involutionary" competition, where platforms and merchants are increasing investments without significant improvements in overall market efficiency, leading to resource misallocation and waste [1][2]. Group 1: Market Dynamics - The food delivery industry exhibits typical network economy characteristics, where larger platforms can reduce average delivery costs through increased order and rider density, but this leads to a "subsidy arms race" among competitors [2][3]. - Recent estimates indicate that daily order volume in the food delivery market has peaked at 140 million, significantly up from 100 million year-on-year, with a notable shift towards lower-priced items like beverages [3][4]. Group 2: Economic Theories - The "lemon market" theory explains how information asymmetry leads consumers to rely on price as a primary decision factor, resulting in a market distortion where low-quality offerings prevail [4][5]. - The "disease of cost disease" theory highlights how excessive reliance on subsidies distorts market competition, leading to resource misallocation and inhibiting innovation and quality improvements [6][7]. Group 3: Challenges for Small Merchants - Small merchants face a "prisoner's dilemma" in the price war, where participating may yield short-term sales but create long-term low-price expectations, making it difficult to return to reasonable pricing [7][8]. - The competitive pressure forces small merchants to cut costs, often compromising quality and service, which can damage brand reputation and customer loyalty over time [7][8]. Group 4: Social Costs - The negative impacts of "involutionary" competition extend beyond business, leading to irrational consumption patterns and potential health issues due to increased intake of sugary beverages [9]. - Employment quality is declining as businesses reduce labor costs, affecting workers' rights and job security, while overall market resources are wasted in unproductive competition [9][10]. Group 5: Path to Resolution - To break the cycle of "involutionary" competition, the industry needs to focus on infrastructure improvements and regulatory frameworks that promote sustainable practices rather than relying solely on price subsidies [10][11]. - Enhancing operational efficiency through better logistics and inventory management, along with fostering innovation and quality service, is essential for long-term industry health [10][11].

Group 1 - The phenomenon of "involution" in competition is squeezing normal profit margins and damaging the healthy development of industries [1] - In industries with slowing demand growth and relative overcapacity, companies tend to imitate rather than innovate, leading to homogeneous low-price competition and irrational market share grabbing [1] - To resolve "involution" competition, it is necessary to optimize and expand market space while effectively governing market order through collaboration among enterprises, industry associations, and government departments [1] Group 2 - Promoting inclusive industry development requires innovation leadership, encouraging companies to increase innovation investment and leveraging the role of industry associations [2] - Industry associations should facilitate communication and cooperation among companies, enhance the sense of responsibility for maintaining industry health, and share industry development trends [2] - Establishing self-regulatory rules within industries can help eliminate violations, protect intellectual property, and encourage latecomers to learn from leading companies [2] Group 3 - Regions should strengthen research on industry life cycles, value chains, and organizational forms to create regional industrial brand characteristics and alleviate "involution" competition among enterprises [3] - Local industries should be developed based on resource endowments, avoiding blind expansion and focusing on cultivating industries with comparative advantages [3] - Promoting advanced industrial organization involves effective collaboration between large "chain leader" enterprises and supporting small and medium-sized enterprises to avoid low-level competition [3]

Group 1 - The discussion at the "2025 China Automotive Chongqing Forum" focused on how to address "involutionary" competition in the automotive industry [1] - Chery Automobile emphasizes a user-centric transformation, aiming to understand consumer needs better and innovate in design [3] - Chery has exported nearly 5 million passenger vehicles and established over 30 subsidiaries in 115 countries, highlighting its global strategy [3] Group 2 - BYD's strategy to counter "involution" is centered on technological innovation, with a commitment to building a world-class automotive brand through technology [5] - BYD has over 120,000 technical personnel and invested 54.2 billion yuan in R&D over the past year, resulting in numerous patents and advanced technologies [5] - The company believes that technology is the best form of branding and aims to create a strong identity for Chinese new energy vehicles [5] Group 3 - Continental Group warns that price wars in the automotive industry lead to more losers than winners, suggesting that such competition harms the entire automotive ecosystem [7] - The company advocates for a return to healthy competition, where the best products are offered at reasonable prices rather than the lowest prices for unsafe products [7] - Continental is undergoing significant changes to adapt to the shift from fuel vehicles to smart cars that integrate driving enjoyment, entertainment systems, and intelligent driving [7]

Core Viewpoint - The automotive industry is facing concerns over high leverage expansion and chaotic competition, with a call for regulatory measures to address "involution" in the sector [2][8] Group 1: Industry Concerns - Weijianjun's statement about the automotive industry having a "Hengda" reflects worries about high leverage and disordered competition [2] - The Ministry of Industry and Information Technology has announced plans to intensify efforts to regulate "involution" in the automotive sector [2] - The term "next Hengda" is seen as a sensationalist narrative, while the real issue is the involutionary competition affecting the automotive and other industries [2][8] Group 2: Financial Comparisons - Li Yunfei from BYD refuted the "car circle Hengda" claim by comparing financial metrics of domestic and international car manufacturers, emphasizing the differences in financial structures [3] - The financial reports of car manufacturers and real estate companies are fundamentally different, making direct comparisons unprofessional [4][6] - The automotive industry operates on a cash flow model primarily from vehicle sales, contrasting with the high-leverage financing model of real estate [6][7] Group 3: Price Wars and Profitability - The automotive industry is experiencing a price war, leading to a decline in industry profit margins from 4.3% in 2024 to 3.9% in Q1 2025, below the average for manufacturing [8] - The prevalence of price wars has resulted in a significant number of models being sold at reduced prices, with 70% of over 60 discounted models being driven by homogenous competition [8] - The ongoing price competition is reminiscent of the solar industry, which faced similar challenges leading to widespread losses [8][9] Group 4: Innovation and Market Dynamics - The rapid diffusion of technology in the automotive sector is creating an "innovator's dilemma," where advancements are quickly replicated, undermining competitive advantages [9][10] - The automotive industry must shift from price competition to value competition to build sustainable competitive advantages and avoid overcapacity [10] - Protecting innovation and moving away from involution is increasingly recognized as essential for the industry's future [10]

Core Viewpoint - The article discusses the challenges posed by "involutionary" competition in the platform economy, particularly in the food delivery sector, highlighting the need for regulatory intervention to promote healthy competition and sustainable development [2][3][4]. Group 1: Current State of Competition - The rapid expansion of the platform economy has led to practices such as "choose one from two" and price wars, resulting in resource waste and unhealthy competition [2]. - Since April 2025, a new round of subsidy and price wars has emerged in the food delivery sector, affecting over 10 million delivery riders and involving millions of restaurants, making it a priority for regulatory action against "involution" [2][3]. Group 2: Impact on Industry Stakeholders - The reliance on high subsidies among platform companies has created a competitive environment that negatively impacts merchants, consumers, and delivery riders, leading to economic fluctuations and resource waste [4][5]. - Large brand merchants can absorb short-term low margins to gain market share, while small merchants face a dilemma of either matching subsidies or risking loss of visibility on platforms, potentially leading to closures [5][6]. Group 3: Long-term Sustainability Challenges - The current competition has led to irrational and homogeneous expansion in supply, particularly in the beverage sector, with a 37.5% increase in new openings in May 2025 compared to April [6]. - Continuous high subsidies are altering consumer price perceptions, leading to a cycle of low-price and low-quality offerings, which could harm the overall market and consumer trust [7][8]. Group 4: Recommendations for Healthy Development - Regulatory bodies are encouraged to implement measures to halt unfair competition driven by high subsidies, including penalties for platforms engaging in such practices [8][9]. - Strengthening the regulatory environment to combat false advertising and other market-distorting behaviors is essential for maintaining fair competition [9]. - Encouraging platforms to focus on innovation and global expansion rather than low-quality competition is vital for the long-term stability of the industry [9].

至此，已有17家重点汽车生产企业作出相关承诺，除上述4家外，还有中国一汽、东风汽车、广汽集 团、赛力斯（601127）、吉利汽车、长安汽车（000625）、比亚迪（002594）、奇瑞汽车、小鹏汽车、 小米汽车、长城汽车（601633）、零跑汽车、上汽集团（600104）。 6月11日，北汽集团、蔚来、理想汽车、江汽集团等多家汽车生产企业陆续发表声明，承诺"支付账期不 超过60天"。 "'价格战'没有赢家，更没有未来。"5月底，针对中国汽车工业协会发布《关于维护公平竞争秩序促进 行业健康发展的倡议》，工业和信息化部相关负责人公开做出回应。 此前，中国汽车工业协会曾发布《关于维护公平竞争秩序，促进行业健康发展的倡议》(以下简称《倡 议》)，倡议所有企业严格遵从公平竞争原则，依法依规开展经营活动等。 《倡议》提到，5月23日以来，某车企率先发起大幅降价活动，多家企业跟进效仿，引发新一轮"价格 战"恐慌。新能源汽车是新质生产力的典型代表，正引领汽车产业加速转型升级，维护行业健康发展十 分重要。希望全行业同心协力，共同维护公平竞争秩序，促进行业健康、可持续发展。 对于破除汽车行业"内卷式"竞争，汽车工业协会原常务副会 ...

晨报 成材 成材：缺乏驱动 震荡调整 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 6 月 11 日 逻辑：中国钢铁工业协会 9 日发布文章《维护产业链整体利益 共同 抵制"内卷式"竞争》。文章倡议：钢铁、汽车产业应凝聚共识、苦练内 功、加强自律、共破"内卷"，以科技创新推动产业链健康可持续发展， 以实际行动维护公平有序的市场秩序。6 月 2 日-6 月 8 日，10 个重点城 市新建商品房成交（签约）面积总计 129.67 万平方米，环比下降 26.9%， 同比下降 17.5%；二手房成交（签约）面积总计 185.19 万平方米，环比 下降 11.8%，同比下降 9.5%。中国工程机械工业协会：5 月销售各类挖掘 ...

从6月10日晚间开始，多家汽车企业陆续发文表示，对供应商账期不超过60天！ 6月10日晚间20点，广汽集团（601238）在其官方微信公众号发布《关于供应商账期的郑重承诺》，表示坚持以不超过60天的供应商账 期，保障供应链资金高效周转。消息一经发出迅速引发关注，截至目前，记者发现该条消息浏览量已经突破十万。 之后不久，中国一汽在其官方公众号发布公告，明确付款期限和支付方式，将"60天付款"作为所属单位付款期限要求，加强资金监督 和过程管理。此外，中国一汽还提到要"加强采购、财务等部门内部协同，进一步精简审批环节，确保付款流程畅通无阻；充分利用数 字化云工作台，实现对合同执行、发票匹配、付款申请等全流程节点的实时监控，确保每一笔应付款项按期支付。" 广汽集团发布消息约半个小时后，东风汽车也在官方微信公众号宣布，将支付账期统一至60天内，助力产业链良好协同发展。 10日约21时，重庆重头车企赛力斯（601127）发布消息称，一直以来，赛力斯按照与供应商的合同约定付款，正常货款账期60天，实 现主机厂与供应商双赢。 11日以来，汽车巨头"官宣"的态势进一步持续。 11日凌晨，比亚迪（002594）宣布跟进，表示将供 ...