Group 1 - The meeting emphasized the importance of maintaining policy continuity and stability while enhancing flexibility and foresight to achieve economic goals for the year [2][3] - The macroeconomic policy will focus on stabilizing employment, enterprises, markets, and expectations, with a strong emphasis on the livelihood orientation of policies [2][3] - There is a need to boost consumer confidence and continue implementing special actions to stimulate consumption, as the recovery of the consumption market still requires solid foundations [2][3] Group 2 - The meeting highlighted the importance of expanding service consumption as a new growth point while also increasing commodity consumption [3][4] - Service consumption is seen as a key driver for improving livelihoods and promoting consumption industry upgrades, which will help achieve a rapid growth in overall consumption [3][4] - The construction of a unified national market is essential for building a new development pattern and promoting high-quality development [4][5] Group 3 - The meeting called for specific arrangements to deepen the construction of a unified national market, optimizing market competition order and regulating chaotic competition among enterprises [4][5] - There is a focus on controlling new production capacity and optimizing existing capacity in industries facing severe competition, as well as regulating local government investment behaviors [5] - Strengthening the role of price regulation and quality standards is crucial for allowing high-quality products to thrive in the market [5]

7月30日，中国金属材料流通协会发布《关于抵制"内卷式竞争"、促进钢铁流通行业科学有序发展的倡 议书》。 倡议书提出，摒弃"内卷式"恶性竞争，严格遵守《中华人民共和国反不正当竞争法》等法律法规，坚决 抵制低于成本价倾销、诋毁商誉、窃取商业秘密等不正当手段。倡导基于产品品质、服务价值、技术创 新的良性竞争。加强行业信息交流与风险预警，避免盲目跟风扩产或非理性抢单。鼓励在物流、仓储、 加工等领域探索互利共赢的合作模式，降低社会总成本。坚决反对通过相互诋毁、恶意压价、非合规手 段抢夺订单等"拆台"行为，避免陷入"零和博弈"陷阱。 证券时报指出，此前中国钢铁工业协会已发布类似倡议，呼吁汽车、钢铁产业共破"内卷"，并推动企业 自律控产、降低库存。多家钢铁龙头企业响应倡议，联合发布自律规范以遏制恶性竞争。中国金属材料 流通协会发布反内卷倡议，标志着钢铁流通行业从无序竞争向高质量协作转型，契合国家"十四五"规划 中"防内卷、促升级"的主线。通过强化自律、创新驱动和产业链协同，有望修复行业盈利能力（如减少 低价倾销导致的毛利损失）。 公司方面，据证券时报表示， *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有 ...

Economic Outlook - The Central Political Bureau meeting on July 30, 2025, maintained a "steady progress" policy tone, emphasizing the need to stabilize employment, expand domestic demand, and ensure market expectations[3] - The meeting acknowledged the positive effects of policies implemented this year, while also recognizing the risks and challenges facing economic operations[3] - The focus has shifted from external uncertainties to strengthening domestic economic activities, with a call to "concentrate efforts on doing our own business well" in response to international trade disputes[3] Policy Measures - The meeting proposed to continue and enhance macroeconomic policies, including more proactive fiscal policies and moderately loose monetary policies, to fully unleash policy effects[4] - It emphasized the importance of improving the efficiency of fund usage while ensuring liquidity remains ample, with local government special bonds expected to continue to play a significant role[4] - The meeting reiterated the need to stimulate private investment and improve consumer demand through various measures, including long-term special bonds for consumption upgrades[5] Supply-Side Adjustments - The meeting highlighted the need for structural adjustments on the supply side, aiming to regulate chaotic competition among enterprises and promote orderly exit of outdated production capacity[5] - The "anti-involution" policy was emphasized again, which is expected to support industrial product prices and influence nominal economic trends in the medium term[6] - The anticipated adjustments in supply-side policies are expected to be more moderate compared to previous rounds, with a longer timeline for price normalization[6] Real Estate and Capital Markets - The meeting indicated a focus on high-quality urban renewal and maintaining stability in the real estate market, with a low probability of large-scale stimulus policies in the sector in the near future[7] - The capital market's positive outlook was reinforced, with a commitment to enhance its attractiveness and inclusivity, supporting a stable recovery trend[7] - The report suggests that the nominal GDP growth in the third quarter is expected to gradually bottom out, providing fundamental support for the equity market[8]

Core Viewpoint - The financial industry is experiencing a shift towards "anti-involution" competition, with banks being urged to adopt more rational and healthy competitive practices to enhance operational capabilities and contribute to sustainable economic development [1][2][4]. Group 1: Industry Response - Ping An Bank's Guangzhou branch has initiated a meeting to implement "anti-involution" strategies, aiming for high-quality and sustainable development [2]. - Various financial regulatory bodies and banking associations across regions are advocating for adherence to self-regulatory mechanisms and the establishment of a reasonable industry evaluation and incentive system [1][4]. - The Guangdong Financial Regulatory Bureau has explicitly opposed "involution" competition and has issued a negative list to guide the banking and insurance sectors [4]. Group 2: Current Challenges - The financial industry is facing intensified "involution" competition, characterized by high-interest deposit promotions and aggressive customer acquisition strategies [5][6]. - The core issues stem from a narrowing interest margin (1.43% in 2024), digital lag in smaller banks, and a shift in corporate financing towards direct market channels [6]. - The negative impacts of "involution" include compressed profit margins, distorted risk preferences, and limited capital replenishment for banks [6]. Group 3: Future Directions - The central economic work conference has called for comprehensive measures to address "involution" competition, emphasizing the need for banks to abandon scale and speed obsessions [7]. - Banks, particularly smaller ones, are encouraged to adopt differentiated competition strategies and improve asset-liability management to enhance profitability and sustainability [7][8]. - The importance of self-regulation and avoiding price wars has been highlighted, with large commercial banks urged to lead by example [8].

Summary of Conference Call Records Industry Overview - The conference call discusses the **coal industry** in China, focusing on the impact of recent government policies aimed at combating low-price competition and addressing overproduction issues [1][2][10]. Key Points and Arguments 1. **Economic Resilience and Challenges**: - China's economy showed resilience in the first half of 2025, but risks of low-price competition and external demand decline are increasing. Export growth slowed in May, and the overall external environment worsened due to tariff adjustments and high-tech restrictions [1][14][15]. 2. **Deflation Risks**: - The domestic market faces deflation risks, with the Producer Price Index (PPI) declining for 32 consecutive months. This reflects an imbalance between supply and demand, leading to reduced consumer spending and increased savings preferences [1][16]. 3. **Government Policies**: - The government is promoting integrated domestic and foreign trade and has introduced anti-involution policies to prevent vicious price wars and emphasize profit and development. These policies aim to stabilize economic growth through fiscal measures and regulatory oversight [1][17]. 4. **Coal Industry Challenges**: - The coal industry is experiencing homogenized competition, price wars, and profit shrinkage, which could lead to financial risks across the supply chain. Recent price increases in coking coal are primarily driven by capital rather than fundamental market conditions [1][19]. 5. **Production and Capacity Control**: - The government is accelerating the elimination of outdated coal production capacity and has set targets to phase out smaller coke ovens to improve efficiency and environmental standards [3][24]. 6. **Inventory Management**: - The coal industry faces inventory surplus issues, which are being addressed through various strategies, including exports and supply control to manage prices. Current inventory levels directly influence market volatility [5][22][23]. 7. **Market Dynamics**: - Recent price fluctuations in the coal market are significantly influenced by capital movements rather than fundamental supply-demand dynamics. The price of coking coal has risen from 780 to 1,198 points, driven by speculative capital [19][21]. 8. **Long-term Development Direction**: - The coal industry is expected to focus on controlling overproduction and meeting environmental requirements without pursuing large-scale reforms. The government encourages rational investment and market stability [28]. Other Important Content - **Comparison of Policies**: The current anti-involution policies differ from past supply-side reforms, emphasizing legal governance of low-price competition and promoting high-tech development rather than solely relying on cost reduction [2][4]. - **Impact of External Factors**: The ongoing trade tensions and tariff policies, particularly from the U.S., are affecting both Chinese exports and domestic economic stability, necessitating a shift towards higher value-added products [12][13][26]. - **Debt and Financial Risks**: High corporate debt levels, exacerbated by previous government incentives, pose risks to the macroeconomic environment. The government has initiated deleveraging strategies to mitigate these risks [7][27]. This summary encapsulates the critical insights from the conference call, highlighting the coal industry's current challenges and the government's strategic responses to ensure sustainable growth.

Core Viewpoint - The financial industry is increasingly focusing on resisting "involution-style" competition, with institutions like Ping An Bank taking proactive measures to address this issue and promote sustainable business practices [2][4]. Group 1: Ping An Bank's Actions - On July 22, Ping An Bank held a meeting to outline its business development plan and promote the signing of commitment letters against "involution-style" competition among its over 2,000 employees [2]. - In Q1 2025, Ping An Bank reported a revenue of 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of 14.096 billion, down 5.6% [2]. - The bank's total assets reached 57.8 trillion at the end of Q1, reflecting a slight increase of 0.1% compared to the end of the previous year [2]. Group 2: Industry-Wide Trends - The Guangdong Banking Association has established a "1+3+N" system to combat "involution-style" competition, which includes a negative list from regulatory bodies and self-regulatory measures from various business sectors [4]. - The Guangdong Financial Regulatory Bureau has publicly opposed "involution-style" competition and is working on self-regulatory agreements to guide the industry [4]. Group 3: Broader Industry Context - The call for resisting "involution" is gaining traction nationwide, with provinces like Fujian and Anhui issuing self-regulatory agreements to prevent malicious competition and ensure compliance with regulatory requirements [5]. - In Shenzhen, despite being a major financial hub, there has been no clear stance from local regulators on "involution" competition, although the banking sector's total assets reached 13.57 trillion, growing by 1.37% year-on-year [5]. Group 4: Regulatory Measures and Market Impact - The implementation of the "reporting and execution consistency" policy in the insurance sector aims to standardize market practices and curb harmful competition, resulting in a 30% reduction in average commission levels in certain channels [6]. - The banking sector is facing significant pressure on profitability, with net interest margins declining to approximately 1.43% in Q1 2025, leading to concerns about the sustainability of business models [7]. Group 5: Responses to Challenges - Strategies proposed by industry leaders include international expansion, diversification of revenue sources, and the use of artificial intelligence to enhance operational efficiency [8]. - There are differing opinions on the effectiveness of "anti-involution" measures, with some industry professionals arguing that the root cause of the issue lies in the high degree of market homogeneity rather than just pricing strategies [8].

7月24日，国家发展改革委、市场监管总局发布关于《中华人民共和国价格法修正草案（征求意见稿）》 （下称《征求意见稿》）公开征求意见的公告。 对于市场最为关注的"反内卷"议题，修正草案进一步明确了不正当价格行为认定标准。 具体包括四方面： 一是完善低价倾销的认定标准，规范市场价格秩序，治理"内卷式"竞争。 二是完善价格串通、哄抬价格、价格歧视等不正当价格行为认定标准。 三是公用企事业单位、行业协会等不得利用影响力、行业优势地位等，强制或捆绑销售商品、提供服务并 收取价款。 四是强化对经营场所经营者价格行为的规范。 价格法自1998年实施以来，在引导资源优化配置、促进物价合理运行、保护消费者和经营者合法权益等方面发 挥了重要作用。随着经济社会发展和价格改革深化，价格法部分条款也需要修改完善。 2023年，价格法修订列入《十四届全国人大常委会立法规划》。按照部署要求，国家发展改革委、市场监管总 局研究起草了价格法修正草案。 据悉，修正草案共10条，主要涉及三方面内容，包括政府定价、明确不正当价格行为认定、健全价格违法行为 法律责任。 在完善政府定价方面，将结合政府价格管理方式变化，明确政府指导价不局限于基准价及其浮 ...

7月24日，国家发展改革委、市场监管总局发布关于《中华人民共和国价格法修正草案（征求意见 稿）》（下称《征求意见稿》）公开征求意见的公告。 价格法自1998年实施以来，在引导资源优化配置、促进物价合理运行、保护消费者和经营者合法权益等 方面发挥了重要作用。随着经济社会发展和价格改革深化，价格法部分条款也需要修改完善。 2023年，价格法修订列入《十四届全国人大常委会立法规划》。按照部署要求，国家发展改革委、市场 监管总局研究起草了价格法修正草案。 在《征求意见稿》中，增设了多条与"反内卷"相关的款项内容，例如：明确经营者不得利用数据和算 法、技术以及规则等从事前款规定的不正当价格行为；不得在依法降价处理鲜活商品、季节性商品、积 压商品等商品或者有正当理由降价提供服务外，为了排挤竞争对手或者独占市场，以低于成本的价格倾 销，或者强制其他经营者按照其定价规则以低于成本的价格倾销。 这些细节内容，无不反映出监管层治理"内卷式"竞争的决心。对于那些价格违法行为，监管层面也会加 大处罚力度。《征求意见稿》显示，将调整对经营者不正当价格行为的处罚规定，提高经营者违反明码 标价规定的处罚标准，明确经营者拒绝或者虚假提供成本 ...

Summary of Conference Call Records Industry Overview - The discussion primarily revolves around the **supply-side reform** and **anti-involution competition** within various industries, particularly focusing on the **PCI (Price Change Index)** and its implications for industrial production and pricing dynamics [1][2][3][4][5]. Key Points and Arguments 1. **Supply-Side Dynamics**: The current supply-side reform is characterized by a gradual optimization of excess capacity, with a focus on controlling new increments while optimizing existing stock [1][2]. 2. **Demand-Side Considerations**: There is a need to explore the willingness and ability of demand to absorb excess production, particularly in the context of new capacity and production levels [2][3]. 3. **Historical Context**: The call references historical cases from 1998 and 2015-2016, indicating that anti-involution competition can have a positive impact on the GCI (Gross Commodity Index) by enhancing supply-side optimization [3][4]. 4. **Inflation Trends**: The inflation data for June shows a positive trend, with the PCI reflecting unexpected stabilization, influenced by industrial consumption prices turning from decline to increase [7][8]. 5. **Price Stability**: The discussion emphasizes that price stability is contingent upon the intensity of supply-side reforms and the execution of related policies [8][19]. 6. **Macroeconomic Policies**: The macroeconomic policy framework is expected to focus on stabilizing market expectations, with potential for further interest rate cuts and liquidity injections [12][13]. 7. **Employment Focus**: Employment remains a core focus of policy considerations, especially in the context of achieving a target unemployment rate below 5.5% [13]. 8. **Investment and Consumption**: Investment and consumption are projected to maintain a stable trajectory, with GDP growth expected around 5% for the year, despite potential downward pressure on exports [16][17]. 9. **Commodity Prices**: The call indicates a mixed outlook for commodity prices, with some agricultural products and crude oil showing potential for short-term opportunities [18][19]. Additional Important Insights - **Sector-Specific Performance**: The call highlights that certain sectors, such as petroleum, non-ferrous metals, and automotive manufacturing, are experiencing higher month-on-month growth rates [3]. - **Consumer Price Index (CPI) Trends**: The CPI data indicates a slight increase in consumer prices, particularly in agricultural products, suggesting a moderate recovery in consumer demand [9][10]. - **External Factors**: The impact of external demand, particularly from the U.S., is noted as a significant factor that could influence domestic pricing and economic stability [16][17]. This summary encapsulates the critical insights and data points discussed in the conference call, providing a comprehensive overview of the current state and outlook of the industry.

Group 1 - The express delivery industry in China continues to maintain high growth, with the volume of express deliveries exceeding 100 billion pieces by July 9, 2023, 35 days earlier than expected for 2024 [2] - The rapid growth is attributed to policies aimed at expanding domestic demand and promoting consumption, particularly the "old-for-new" replacement policy for consumer goods [2][3] - The express delivery sector has achieved a significant scale economy effect, enhancing its ability to drive industrial and economic growth [2] Group 2 - The integration of the express delivery industry with manufacturing and other sectors has expanded its service scope and development space, with over 1,600 key projects generating more than 1 million yuan in revenue [2] - The widespread application of technologies such as 5G, IoT, and AI is accelerating the intelligent upgrade of the express delivery industry [3] - The industry is facing intense competition, leading to ongoing price wars that have affected service quality [3][4] Group 3 - In the first five months of 2025, the average price of express delivery services was 7.5 yuan, a year-on-year decrease of 8.2%, with the first quarter seeing an average price of 7.7 yuan, down 8.8% [4] - Despite calls to avoid price wars, companies are compelled to lower prices to gain market share, significantly impacting firms like SF Express, which reported a 3.4% decline in average revenue per ticket [4] Group 4 - Recent government initiatives aim to combat "involutionary" competition in the express delivery sector, emphasizing the need for improved industry regulation and service quality [5]