Market Data - As of December 29, the Shanghai Composite Index rose by 0.04% to 3965.28 points, while the Shenzhen Component Index fell by 0.49% to 13537.1 points and the ChiNext Index decreased by 0.66% to 3222.61 points [1] - In the U.S. market, all three major indices closed lower, with the Dow Jones down by 0.51%, the Nasdaq down by 0.5%, and the S&P 500 down by 0.35% [1] - International oil prices increased, with light crude oil futures for February 2026 rising by $1.34 to $58.08 per barrel (up 2.36%) and Brent crude oil futures for February rising by $1.30 to $61.94 per barrel (up 2.14%) [1] Economic News - The State Council Tariff Commission announced a tariff adjustment plan effective January 1, 2026, which includes a temporary import tariff rate lower than the most-favored-nation rate for 935 items to enhance the linkage between domestic and international markets [2] - From January to November 2025, state-owned enterprises in China reported a total operating revenue of 7,562.576 billion yuan, a year-on-year increase of 1.0%, while total profits decreased by 3.1% to 371.945 billion yuan [2] - The asset-liability ratio of state-owned enterprises was reported at 65.2% as of the end of November, an increase of 0.3 percentage points year-on-year [2] Regulatory Developments - The State Administration for Market Regulation has set key tasks for 2026, focusing on fair competition governance, breaking administrative monopolies, and enhancing the quality of business entities [3] - The Ministry of Finance and the State Taxation Administration announced new tax deduction rules for advertising and business promotion expenses, effective from January 1, 2026, allowing certain companies to deduct up to 30% of their annual sales revenue [3] - A new regulation on food entrusted production management will take effect on December 1, 2026, aimed at clarifying responsibilities and preventing food safety risks [4] Corporate Developments - The restructuring plan for 38 companies under Suning Electric Group has been approved, with total debts amounting to 238.73 billion yuan, including 18.807 billion yuan of confirmed debts [6] - Airbus secured a significant order from domestic airlines for 55 A320 series aircraft, with a catalog price exceeding $8.2 billion, to be delivered between 2028 and 2032 [6]

Group 1 - The National Market Regulation Administration (NMR) introduced the "Credit Repair Management Measures" to establish a more scientific and complete credit repair mechanism [1] - The NMR released the "Enforcement Guidelines for Commercial Bank Charging Behavior" to standardize bank charging practices and reduce corporate financing costs [1] - New regulations on "Live E-commerce Supervision Management Measures" and "Network Trading Platform Rules Supervision Management Measures" are expected to be introduced soon to ensure orderly development [1] Group 2 - The NMR is working on the "Antitrust Compliance Guidelines for Internet Platforms" and has completed public consultation, focusing on three key areas: policy delivery, listening to enterprises, and strict enforcement against monopolistic behaviors [2] - The NMR plans to introduce a second batch of penalty exemption lists, adding three categories of first violations and four categories of minor violations that will not incur penalties [3] - The criteria for "first violation" and "minor violation" are clearly defined, emphasizing that "no penalty" does not equate to "no oversight" [3] Group 3 - Starting from October 1, the NMR launched a cross-provincial enterprise migration data transmission system, which simplifies the migration process through three main reductions: reducing the need for physical travel, reducing required documentation from 32 to 8 items (a 75% reduction), and reducing the number of processing steps [4] - The new system allows for seamless data sharing and processing, enabling businesses to complete migration in a more efficient manner [4]

Core Viewpoint - The National Market Regulation Administration's recent approval of a joint venture between Chile's National Copper Corporation and Chile's Chemical Mining Company is a significant practice in antitrust review within key mineral resources, positively impacting the development of a healthy and orderly new energy industry ecosystem [1]. Group 1: Joint Venture Approval - In May 2024, Chile's National Copper Corporation and Chile's Chemical Mining Company signed an agreement to form a joint venture for the development of lithium resources in the Atacama Salt Flat [2]. - The joint venture could potentially negatively impact China's carbonated lithium import market due to the change from competition to cooperation between the two companies, which may alter the competitive landscape and enhance market control [2]. - The National Market Regulation Administration approved the joint venture with additional restrictive conditions to ensure fair supply and timely communication of significant information, balancing the prevention of monopoly risks with the promotion of industry development [2]. Group 2: Upcoming Regulations - The National Market Regulation Administration plans to introduce new regulations, including the "Live E-commerce Supervision Management Measures" and "Network Trading Platform Rules Supervision Management Measures," to standardize platform economy [3]. - New regulations aimed at strengthening food safety, such as the "Food Commission Production Supervision Management Measures" and "Food Sales Chain Enterprises' Implementation of Food Safety Main Responsibility Supervision Regulations," are set to be released [3]. - The administration will also publish revised regulations to enhance antitrust and anti-unfair competition efforts, creating a fairer and more transparent development environment for various business entities [3].

Core Points - The State Administration for Market Regulation (SAMR) is set to launch several important initiatives, including the "Artificial Intelligence National Standard Construction Special Action" in collaboration with relevant departments [1] - SAMR plans to introduce two new regulations: the "Live E-commerce Supervision Management Measures" and the "Network Transaction Platform Rules Supervision Management Measures" to ensure orderly development and regulatory compliance in the platform economy [1] - To enhance food safety, SAMR will release two new systems: the "Food Commissioned Production Supervision Management Measures" and the "Food Sales Chain Enterprises Implementing Food Safety Main Responsibility Supervision Management Regulations" [1] - SAMR aims to strengthen anti-monopoly and anti-unfair competition efforts by announcing revised "Prohibition of Monopoly Agreements Regulations" and introducing "Regulations on Stopping the Abuse of Administrative Power to Exclude or Restrict Competition" [1] - To improve the quality and safety supervision of fiber products, SAMR will publish revised "Fiber Product Quality Supervision Management Measures" to better align with industry development and regulatory needs [1]

Core Viewpoint - The National Market Supervision Administration (NMSA) is focusing on enhancing the regulatory environment and responding to public expectations through a series of new regulations and standards aimed at various sectors, including finance, food safety, and technology [1][2]. Group 1: Regulatory Developments - The NMSA has introduced the "Credit Repair Management Measures" to establish a more scientific credit repair mechanism [1]. - A "Guideline for Enforcement of Commercial Bank Charging Behavior" has been released to standardize bank fees and reduce financing costs for enterprises [1]. - The NMSA has published 38 international standards related to key sectors such as 5G, semiconductors, new energy, and aerospace in the fourth quarter alone [1]. Group 2: Upcoming Regulations - New regulations, including the "Live E-commerce Supervision Management Measures" and "Network Trading Platform Rules Supervision Management Measures," are set to be introduced to regulate the platform economy [2]. - Two new systems, "Supervision Management Measures for Food Commissioned Production" and "Supervision Management Regulations for Food Safety Responsibilities of Chain Enterprises," will be released to strengthen food safety [2]. - The NMSA plans to announce revised "Prohibition of Monopoly Agreement Regulations" and introduce "Regulations to Stop Abuse of Administrative Power to Exclude or Restrict Competition" to create a fairer and more transparent business environment [2].

涉及食品安全的两项制度《食品委托生产监督管理办法》《食品销售连锁企业落实食品安全主体责任监 督管理规定》也即将发布。 （文章来源：央视新闻） 另外市场监管总局还将公布新修改的《禁止垄断协议规定》，出台《制止滥用行政权力排除、限制竞争 行为规定》，加强反垄断反不正当竞争工作，为各类经营主体营造更加公平、透明、可预期的发展环 境。 记者今天（12月16日）从市场监管总局召开的四季度例行发布会上了解到，近期，将有一系列新规陆续 发布实施。 为加强和保障纤维制品质量安全监管，修订后的《纤维制品质量监督管理办法》即将发布，将更好适应 产业发展和监管需要。 为规范平台经济，两部新规《直播电商监督管理办法》《网络交易平台规则监督管理办法》拟于近期出 台，将进一步让监管有据、发展有序。 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) is actively addressing "involution" competition and promoting fair competition in the market through regular dialogues with enterprises, aiming to enhance the market environment and support high-quality development [2]. Group 1: Meeting Overview - On February 25, SAMR held a discussion with representatives from seven companies, including Trina Solar, JA Solar, Longi Green Energy, Alibaba Group, JD Group, BAIC Group, and Mercedes-Benz Group, to exchange views on "involution" competition and related challenges [1]. - The participating companies shared their market conditions, competitive situations, and difficulties, providing specific suggestions on antitrust measures, unfair competition, and compliance guidance [1]. Group 2: SAMR's Initiatives - Meng Yang, a member of SAMR's Party Group and Deputy Director, highlighted the importance of regular meetings to address enterprise concerns and foster a more vibrant market environment [2]. - SAMR is committed to implementing the spirit of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference, focusing on strengthening antitrust enforcement and fair competition reviews [2]. - The agency aims to build a unified national market and actively resolve issues faced by enterprises in maintaining fair competition [2].