Group 1 - The core viewpoint emphasizes the need for a unified national market to combat "involution" in various industries, which has led to unhealthy competition and profit sacrifices among companies [1][4][11] - The government is implementing a series of measures to address "involution" by promoting fair competition and optimizing resource allocation, which is crucial for the construction of a unified national market [2][5][10] - The recent policies focus on both constraints and guidance, including prohibiting local governments from offering unfair incentives and promoting mergers and technological innovation in key industries [5][6] Group 2 - The regulatory framework is evolving, with new laws such as the revised Anti-Unfair Competition Law aimed at preventing predatory pricing and ensuring fair competition among businesses [8][9] - The government is actively seeking to break down local protectionism and market barriers, which are significant obstacles to the establishment of a unified national market [10][11] - Initial results from the government's "combination punches" against "involution" have shown improvements in capacity management and pricing rationality in industries like steel, automotive, and e-commerce [11]

Core Viewpoint - The banking industry is undergoing a "de-involution" movement aimed at curbing "involution-style" competition, which has led to unhealthy practices such as commission payments to real estate companies and intermediaries [1][6]. Group 1: Regulatory Actions - The Zhejiang Provincial Banking Association has issued a self-regulatory convention prohibiting commission payments to real estate companies and intermediaries, targeting practices like "commission grabbing" and "dark box operations" [1]. - Other regions, including Guangdong and Ningxia, have also taken similar actions to promote rational development within the banking sector [1][6]. Group 2: Nature of "Involution" Competition - "Involution-style" competition refers to low-level homogenized competition in a saturated market, characterized by blind expansion, price wars, and excessive marketing [1]. - "Commission grabbing" involves banks paying intermediaries or developers a commission based on the loan amount, often circumventing regulatory constraints [2]. - "Dark box operations" occur when banks bypass public systems and regulatory requirements to benefit specific clients or partners, often through non-transparent means [2][4]. Group 3: Impact on the Banking Sector - The "involution" phenomenon distorts market competition, leading to "bad money driving out good" at the micro level, damaging the industry's ecological environment at the meso level, and distorting resource allocation at the macro level [3]. - The continuous decline in net interest margins has increased pressure on banks to stabilize income and profits, pushing them towards price wars due to severe homogenization of financial services [3]. Group 4: Risks and Consequences - "Commission grabbing" distorts mortgage rate pricing, with intermediaries transferring costs back to borrowers through various fees, ultimately raising the overall financing cost [5]. - High commission rates can trigger vicious competition, leading to increased operational costs for banks, which are then passed on to consumers, harming both parties' interests [5]. - If unchecked, commission payments could lead to market distortion, increased operational costs, and reduced net interest margins, posing long-term risks to profitability [5]. Group 5: Future Directions - To address the "involution" issue, a three-dimensional governance framework is suggested, involving regulatory guidance, industry collaboration, and institutional transformation [6]. - The transition from "scale competition" to "value creation" is essential for the long-term health of the banking industry, requiring a balance between short-term performance pressures and long-term strategic investments [6].

Core Viewpoint - The banking industry is undergoing a "de-involution" movement aimed at curbing "involution-style" competition, which has led to irrational practices such as commission payments to real estate companies and intermediaries [1][2][4] Group 1: Regulatory Actions - The Zhejiang Provincial Banking Association has issued a self-regulatory convention prohibiting commission payments to real estate firms and intermediaries, targeting practices like "commission grabbing" and "dark box operations" [1][2] - Other regions, including Guangdong and Ningxia, have also taken similar actions to promote rational development in the banking sector [2] Group 2: Nature of "Involution" Competition - "Involution-style" competition refers to low-level homogenized competition in a saturated market, characterized by blind expansion, price wars, and excessive marketing [2][4] - Practices such as "commission grabbing" involve banks paying commissions to intermediaries based on loan amounts, which are often hidden from regulatory scrutiny [2][3] - "Dark box operations" occur when banks bypass public regulations to provide undue benefits to specific clients or partners, often through undisclosed agreements [3][4] Group 3: Impact on the Banking Sector - The "involution" phenomenon has led to adverse effects at various levels: micro-level issues include "bad money driving out good," while macro-level issues involve distorted resource allocation and suppressed economic vitality [4][6] - Factors contributing to the persistence of "involution" include a significant decline in net interest margins, increased pressure on banks to stabilize income and profits, and a performance evaluation system that emphasizes scale and speed [4][5] Group 4: Risks and Consequences - "Commission grabbing" distorts mortgage rate pricing, leading to higher overall financing costs for borrowers, as intermediaries may pass on hidden costs [6] - The practice can also trigger malicious competition, where intermediaries select partners based on commission rates, ultimately increasing operational costs for banks and affecting consumer interests [6][7] Group 5: Future Directions - To address the "involution" issue, industry experts suggest establishing a three-dimensional governance framework that includes regulatory guidance, industry collaboration, and institutional transformation [7] - The transition from a focus on scale to value creation is essential for reshaping a healthy banking ecosystem, although it may involve short-term challenges such as customer loss and performance declines [7]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 中国人民银行等七部门联合印发《关于金融支持新型工业化的指导意见》，《意见》要求，强化产业政 策和金融政策协同，为推进新型工业化、加快发展新质生产力提供高质量金融服务，坚持分类施策、有 扶有控，推动产业加快迈向中高端，防止"内卷式"竞争。推动金融资源向产业集群聚集和专业化发展， 推进贸易结算、资金管理、投融资等一系列跨境金融服务便利化举措，支持产业合理布局和拓展发展空 间，促进做强国内大循环。 风险提示及免责条款 ...

Group 1: Market Performance - In the first half of the year, China's automotive production and sales both exceeded 15.6 million units, with year-on-year increases of 12.5% and 11.4% respectively [2] - Passenger car production and sales surpassed 13.5 million units, reflecting a growth of approximately 13% [2] - The sales data prompted various automakers to adjust their annual targets, with some expressing confidence and others entering a "wartime state" due to competitive pressures [2][3] Group 2: Company Strategies and Targets - Geely Auto achieved 52% of its annual sales target with 1.409 million units sold, leading to an 11% upward revision of its target from 2.71 million to 3 million units [3] - Dongfeng Motor aims to challenge a sales target of 1.88 million units in the second half, with a total goal of 3 million units, including 1 million in new energy vehicles [3] - Chery Auto plans to reach a sales target of 2 million units in the second half, with a revenue goal of over 600 billion yuan [3] Group 3: Product Launches and Innovations - Several automakers are set to launch new models in the second half, including SAIC's new vehicles and Geely's five hybrid products [4] - The automotive industry is focusing on the iteration of intelligent technologies, with more L3-level conditional autonomous driving solutions expected to be announced [5] - Companies like Chery and Geely are restructuring their organizational frameworks to enhance operational efficiency and product development [5] Group 4: Profitability Challenges - Despite strong sales growth, the automotive industry faces low profit margins, with a reported profit margin of 4.8% for the first half of the year, below the industrial average of 5.15% [6] - From 2020 to 2024, the industry's profits decreased from 215.1 billion yuan to 65.4 billion yuan, a reduction of 70% [6] - Many automakers, including GAC Group and BAIC Blue Valley, are expected to report significant losses for the first half of the year due to various operational challenges [7][8] Group 5: Industry Competition and Regulation - The automotive industry is experiencing increasing pressure to address "involution" in pricing, with government bodies taking steps to regulate competition [9][10] - Recent government meetings have focused on curbing irrational competition in the new energy vehicle sector, which has been detrimental to profit margins [10] - Experts suggest that while regulatory measures may help stabilize profit margins, addressing the root causes of irrational pricing behavior is essential for long-term improvement [11]

中国商报（记者 陈文丽 文/图）自7月1日中央财经委员会第六次会议提出"依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退 出"以来，汽车、水泥、电池等行业相继举行座谈会、发布倡议，坚决抵制"内卷式"竞争，推动行业高质量发展。7月30日召开的中央政治局会议，再次对整 治"内卷式"竞争作出重点部署。市场机构普遍认为，"反内卷"将成为下半年各行业重要议题。 低价竞争在短期内有助于提升客流与营收，但一味降价会带来利润下降、食品安全等问题。目前，已有一些餐饮企业率先转变竞争策略，将重心从价格转向 质量与体验升级。图为北京一家餐厅使用新鲜食材现场制作美食。 "'内卷式'竞争已成为当前我国经济转型升级的一大顽疾。"专家表示，"内卷式"竞争看似能让消费者从低价中受益，但就长远来看会带来很多问题，如激烈 的价格战使得企业的利润空间被严重压缩，削弱了其在技术研发、品牌建设等高附加值环节的投入能力；低价竞争破坏了行业生态，使得坚持品质与创新的 企业因成本较高处于劣势，市场竞争中易产生"劣币驱逐良币"现象，不利于行业整体创新与发展。 低价无序竞争引关注 近期，我国一些产业领域"内卷式"竞争问题比较突出，引发社会 ...

Core Viewpoint - The article discusses the rise of "involutionary competition" in various industries, emphasizing the need for regulatory measures to address the inefficiencies and negative impacts of price wars, particularly in the platform economy [5][6][23]. Group 1: Definition and Characteristics of Involutionary Competition - "Involutionary competition" is characterized by low-price strategies leading to a race to the bottom, resulting in decreased profit margins and stagnation in industry development [8][9]. - This form of competition is marked by low-quality homogenization, price wars, and short-term behavior, ultimately harming the overall value of the industry [8][9]. Group 2: Price Wars and Their Implications - Price wars, while appearing beneficial in the short term, can create a "bubble market" through capital subsidies, leading to unsustainable competition [10][12]. - The phenomenon of sacrificing profits for market survival is driven by market pressures, strategic goals, and the allure of short-term gains [9][10]. Group 3: Regulatory Framework and Legal Measures - New regulations, including amendments to the Anti-Unfair Competition Law and the Price Law, aim to provide tools for comprehensive governance of involutionary competition [11][14]. - The revised laws will prohibit platforms from forcing merchants to sell below cost, thereby preventing market disruption and protecting fair competition [12][14]. Group 4: Transition from Price Competition to Value Competition - The article advocates for a shift from price wars to value-based competition, emphasizing the need for a collaborative approach involving government policy, industry self-regulation, and corporate innovation [20][21]. - This transition is seen as essential for breaking the cycle of low-price, low-quality competition and fostering a healthier market environment [21][23].

Core Viewpoint - The recent commitment from multiple food delivery platforms to resist malicious competition and regulate promotional activities marks a significant shift in the ongoing "subsidy war" within the industry, following regulatory discussions two weeks prior [1] Group 1: Nature of Price Wars - Price wars are seen as an aggressive competition strategy aimed at rapidly capturing market share and user resources, driven by structural motivations and competitive dynamics [1] - New platforms utilize subsidies to quickly attract users, while established platforms respond to defend their market share, leading to a cycle of competitive pressure among mid-tier platforms and merchants [1][2] - Despite being unsustainable, price wars often become institutionalized due to the "flow logic" and "competitive path dependence" in platform economies, resulting in normalized "involution" competition [1] Group 2: Regulatory Perspectives - Not all price wars are illegal; the legality hinges on whether they disrupt market order or harm fair competition, with key considerations including cost levels, forced participation, and exclusionary effects [4] - Short-term promotional subsidies are generally acceptable, but long-term, systemic below-cost subsidies may violate competition laws [4][5] Group 3: Short-term and Long-term Impacts - Short-term effects of price wars include a surge in orders and user growth, creating a false sense of prosperity that collapses once subsidies are withdrawn, leading to market instability [6] - Long-term consequences include profit compression for merchants, potential market exits of small businesses, and increased risks related to food safety and delivery pressures [7][8] Group 4: Consumer Behavior and Market Dynamics - Price wars can distort consumer expectations, leading to a dependency on subsidies and a decline in the perceived value of product quality and service [8] - The instability in labor markets and employment quality arises from the pressures of price wars, resulting in temporary employment and increased workload for delivery personnel [8] Group 5: Regulatory and Market Solutions - Effective governance should aim to distinguish between legitimate competition and "involution" competition, focusing on maintaining a healthy market environment [10][11] - The ultimate goal of countering "involution" is to foster a market that encourages differentiated competition and efficiency, allowing stakeholders to make autonomous decisions [13] Group 6: Role of Government - The government should create conditions for innovation-driven development, expanding market opportunities and reducing reliance on low-price models [16] - By enhancing infrastructure and regulatory frameworks, the government can support small businesses and facilitate a transition from price competition to value creation [16]

今年7月份以来，多场中央重要会议持续释放整治"内卷式"竞争的信号，并明确指向"治理企业无序竞 争""推进重点行业产能治理"，"规范地方招商引资行为"。 落实中央部署，监管部门在"反内卷"方面也有所行动。8月1日，国家发改委表示，正在统筹采取修订法 律、出台政策、完善标准、强化行业自律等举措，加快推动整治"内卷式"竞争问题。 同一天，多家外卖平台集体发文，抵制行业无序竞争，承诺进一步规范补贴行为。此前，针对外卖行业 竞争存在的问题，市场监管总局曾两度约谈外卖平台，要求企业理性参与竞争。 不只外卖行业，从水泥、钢铁、汽车到光伏，多个行业掀起"反内卷"之风。与传统产业相比，平台经济 领域的"价格战"有何特点？为治理"内卷式"竞争，相关法律和政策如何发力？从"卷"价格到"卷"价值， 如何引导企业如何跳出"内卷"怪圈？地方政府在反"内卷式"竞争中又发挥何种作用？ 图为对外经济贸易大学竞争法中心主任、法学院教授黄勇。 围绕这些热点问题，南都·反垄断前沿近日专访了对外经济贸易大学竞争法中心主任、法学院教授黄 勇。黄勇研究竞争法、经济法已有40多年，是反垄断领域的知名专家。 南都：价格竞争是市场经济中常见的竞争手段，也并非所 ...

Group 1 - The spokesperson of Dongfeng Group, Lv Haitao, expressed full support for Dongfeng Liuzhou Motor to legally protect its rights and brand reputation following the incident involving the Li Xiang i8 colliding with a Chenglong truck [1] - Dongfeng Group is currently gathering information regarding the incident, including the condition of the collided products, as part of the ongoing investigation [1] - The company emphasizes its commitment to high-quality development and opposes cutthroat competition within the industry [1]