Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **photovoltaic (PV) industry** and its current market dynamics, particularly focusing on **silicon materials** and **glass segments** [1][3][10]. Core Insights and Arguments - The **National Development and Reform Commission (NDRC)** emphasizes the need for a modern industrial system, aiming to eliminate excessive competition and create a fair market environment, which is expected to support supply-side reforms in the PV industry [1][2]. - The **utilization rate** in the PV industry is currently low, especially in the silicon material segment, indicating an urgent need for supply-side reforms [1][3]. - The **valuation of the PV sector** is at historical lows, presenting potential trading opportunities, particularly in the silicon material and inverter segments [1][4]. - Recent policies, including a **30% reduction in glass production**, are expected to drive price increases in both silicon and glass segments, although high inventory levels remain a challenge [5][9]. - The **supply-side reform** for silicon materials involves two main steps: acquiring outdated production capacity and controlling utilization rates among leading companies to achieve a balance between supply and demand [6][10]. - Investment opportunities in the silicon material segment are significant, with companies like **Daqo and Tongwei** showing notable price increases, although investors are advised to wait for a market correction before entering [7][10]. Additional Important Content - The **high inventory levels** of polysilicon have persisted since Q4 of the previous year, necessitating policy-driven inventory reduction and strict production controls [8]. - The **glass industry** is expected to experience price increases, but this will depend on successful inventory reduction processes [9]. - The **PV sector** is anticipated to benefit from supply-side reforms, particularly in the silicon and glass segments, with a focus on waiting for market corrections before investing [10]. - The **battery cell sector**, especially **BC cells**, presents additional investment opportunities, with companies like **Aiko** showing potential for significant performance improvements [11]. - The **European industrial storage market** has exceeded expectations, with **Aero Energy** reporting shipment data of **490 million** in June, indicating strong demand [13][14]. - The **supply-side reforms** in the second half of the year are expected to focus on price rationalization and the elimination of excessive competition, with the PV industry remaining a core focus [15][16]. - The **future outlook** for the PV industry suggests a potential market rally similar to that seen in the lithium battery sector, driven by increased demand for green electricity amid global energy constraints [17][18].

Core Viewpoint - The newly revised Anti-Unfair Competition Law of the People's Republic of China, effective from October 15, 2025, aims to strengthen platform responsibilities and address "involution" competition within the platform economy [1] Group 1: Legislative Changes - The revised law prohibits platform operators from forcing or indirectly forcing internal operators to sell goods below cost, disrupting market competition [1] - The law mandates platforms to establish mechanisms for reporting and resolving unfair competition complaints and to take necessary actions upon discovering such behaviors [1][3] Group 2: Market Dynamics - The government emphasizes the importance of regulating "involution" competition, particularly in the internet platform sector, which has seen intense competition and price wars in areas like food delivery and local services [1][2] - The internal competition among platforms is exacerbated by price transparency, leading to rapid imitation among small businesses and resulting in product homogeneity and intensified price competition [3] Group 3: Economic Implications - The law aims to create a stable regulatory environment that encourages healthy competition rather than destructive price wars, allowing companies to focus on value creation and innovation [3][4] - By regulating competition, the law seeks to protect the rights of consumers, platform operators, and gig workers, ensuring a fair and orderly competitive landscape [2][3]

中华人民共和国反不正当竞争法 （1993年9月2日第八届全国人民代表大会常务委员会第三次会议通过 2017年11月4日第十二届全国人 民代表大会常务委员会第三十次会议第一次修订 根据2019年4月23日第十三届全国人民代表大会常务 委员会第十次会议《关于修改〈中华人民共和国建筑法〉等八部法律的决定》修正 2025年6月27日第 十四届全国人民代表大会常务委员会第十六次会议第二次修订） 第一条 为了促进社会主义市场经济健康发展，鼓励和保护公平竞争，预防和制止不正当竞争行为，保 护经营者和消费者的合法权益，制定本法。 第二条 经营者在生产经营活动中，应当遵循自愿、平等、公平、诚信的原则，遵守法律和商业道德， 公平参与市场竞争。 本法所称的不正当竞争行为，是指经营者在生产经营活动中，违反本法规定，扰乱市场竞争秩序，损害 其他经营者或者消费者的合法权益的行为。 本法所称的经营者，是指从事商品生产、经营或者提供服务（以下所称商品包括服务）的自然人、法人 和非法人组织。 第三条 反不正当竞争工作坚持中国共产党的领导。 国家健全完善反不正当竞争规则制度，加强反不正当竞争执法司法，维护市场竞争秩序，健全统一、开 放、竞争、有 ...

其中提出，平台经营者应当在平台服务协议和交易规则中明确平台内公平竞争规则，建立不正当竞争举 报投诉和纠纷处置机制，引导、规范平台内经营者依法公平竞争；发现平台内经营者实施不正当竞争行 为的，应当及时依法采取必要的处置措施，保存有关记录，并按规定向平台经营者住所地县级以上人民 政府监督检查部门报告。 ...

Key Points - The Ministry of Commerce announced that China will approve export applications for controlled items that meet certain conditions, while the U.S. will cancel a series of restrictive measures against China [2] - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk-warning stocks on the main board from 5% to 10% [1] - From January to May, the profits of large-scale industrial enterprises in China decreased by 1.1% year-on-year due to insufficient effective demand, declining industrial prices, and short-term fluctuations [1][4] - The total revenue of state-owned and state-controlled enterprises in China fell by 0.1% year-on-year from January to May, while total profits decreased by 2.8% [4] - Ideal Auto announced an expected delivery of approximately 108,000 vehicles in the second quarter, down from a previous forecast of 123,000 to 128,000 vehicles, citing short-term impacts from upgrading its sales system [5]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on June 24, with a fixed rate and a total amount of 406.5 billion yuan, at an interest rate of 1.40% [2] - The total amount of reverse repos maturing on the same day was 197.3 billion yuan, resulting in a net injection of 209.2 billion yuan [2] Group 2: Funding Conditions - The latest overnight financing rate in the U.S. is 4.29% [4] - The overall funding conditions are balanced, with overnight pledged repo rates for deposit institutions slightly rising but remaining around 1.37% [6] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.65%, showing little change from the previous day [8] Group 4: Government Bond Futures - The closing prices for government bond futures show a decline: 30-year main contract down 0.27%, 10-year down 0.11%, 5-year down 0.07%, and 2-year down 0.02% [12] Group 5: Key News - The 16th meeting of the 14th National People's Congress Standing Committee discussed amendments to the Anti-Unfair Competition Law, including provisions for fair competition review and regulations against data rights infringement [13] - Germany's cabinet approved a budget for 2025 that includes significant new borrowing for military funding, with net new debt projected to reach 82 billion euros this year and gradually increase to over 126 billion euros by 2029, totaling around 500 billion euros in new borrowing over five years [15] Group 6: Bond Market Events - Minsheng Bank issued 30 billion yuan of perpetual capital bonds [17] - Vanke A exercised the redemption option for its "22 Vanke 05" corporate bonds [17] - Guangfa Securities received approval for its corporate bond issuance registration from the CSRC [17] - Yunnan Copper's medium-term notes and short-term financing bonds are registered for 5 billion yuan each [17] Group 7: Negative Events in Bond Market - Several entities, including Guizhou Water City Economic Development Zone and Hubei Meitong Pharmaceutical Co., have faced negative rating events, such as being placed under rating observation or having their ratings downgraded [18]

Group 1: Legislative Changes Overview - The 16th meeting of the 14th National People's Congress Standing Committee will be held from June 24 to 27, 2023, in Beijing, focusing on various legal drafts including the Anti-Unfair Competition Law, Maritime Law, Fisheries Law, and Civil Aviation Law [1] - The revisions to the Anti-Unfair Competition Law aim to address issues related to platform economy, low-altitude economy, maritime economy, and fisheries economy [1] Group 2: Anti-Unfair Competition Law Revisions - The draft includes provisions to enhance the fair competition review system and address "involution" competition among platforms [4][5] - It clarifies the responsibilities of market regulatory authorities in combating unfair competition [5] - The obligations of platform operators to manage unfair competition among their internal operators are specified [6] - Standards for identifying confusion-related unfair competition behaviors, such as using others' trademarks as business names, are further defined [6] - The draft specifies the elements constituting unfair competition, including data rights infringement and malicious trading [7] Group 3: Civil Aviation Law Revisions - The draft aims to promote the development of civil aviation, particularly in manufacturing and low-altitude economies [10] - It includes measures to enhance the safety of civil aviation and improve passenger rights protection [12][13] - The draft proposes to align compensation responsibilities of carriers with international conventions [14] Group 4: Maritime Law Revisions - The draft seeks to protect the labor rights of seafarers and align with international standards [18] - It proposes to unify the legal application for domestic and international maritime transport [19] - The draft includes provisions for electronic transport records to support the digitalization of shipping [19] Group 5: Fisheries Law Revisions - The draft introduces regulations for supporting the employment and entrepreneurship of fishermen transitioning to other industries [21][22] - It emphasizes the importance of safety in fisheries production and the quality of aquatic products [23] - The draft outlines measures for the management of fishing gear and the establishment of fishing bans [26][27]

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 ...

编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 反不正当竞争法修订草案将二审 增加关于公平竞争审查制度的规定 中新网北京6月23日电 (记者 谢雁冰)反不正当竞争法修订草案二次审议稿即将提请十四届全国人大常委 会第十六次会议审议。全国人大常委会法工委发言人黄海华23日在记者会上说，修订草案二次审议稿增 加关于公平竞争审查制度的规定。 黄海华表示，修订草案二次审议稿拟作以下主要修改：一是，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。二是修改完善 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。三是完善平台经营 者处置平台内经营者不正当竞争行为的义务。四是，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关键词等行为，构成混淆类不正当竞争行为的标准，予以进一步明确。五是明 确侵害数据权益和恶意交易等不正当竞争行为的构成要件。六是着重解决大型企业等经营者滥用相对优 势地位拖欠中小企业账款问题，提高行政处罚机关层级。 (完) 来源：中国新闻网 中新经纬版权所有，未 ...

工信部有关负责人对此表示，赞同并支持中国汽车工业协会提出的倡议，企业之间无序"价格战"，是"内卷 式"竞争的典型表现，不仅影响产品质量性能和服务水平，而且损害消费者权益，危及行业健康、可持续发 展；将加大对汽车行业"内卷式"竞争的整治力度，配合相关部门开展反不正当竞争执法，采取必要的监管措 施，坚决维护公平有序市场环境，切实保障消费者根本利益。 近年来，伴随着新能源汽车的快速发展和造车新势力的崛起，我国汽车产量屡创新高，2023年—2024年连续突 破3000万辆，预计今年产量还将继续增长。在规模不断扩大的同时，汽车行业利润率却逐年下降，这与汽车行 业频繁上演的"价格战"不无关系。据国家统计局数据，2018年汽车行业利润率为7.3%，到2024年滑落至 4.3%，今年一季度进一步降至3.9%。据了解，因"价格战"频发，2024年汽车行业新车市场整体零售累计损失 接近2000亿元，这一数字触目惊心。 汽车行业是钢铁行业的主要用钢行业，也是重要的高端钢材消费行业，像汽车板、硅钢等品种在汽车行业大量 应用。近年来新能源汽车的快速发展，大大拉动了汽车用钢需求，同时深刻改变了汽车板品种、结构、档次。 钢铁行业积极适应这 ...