中国汽车工业协会提出倡议：所有企业严格遵从公平竞争原则，依法依规开展经营活动。企业在依 法降价处理商品以外，不以低于成本的价格倾销商品等。 央广网北京6月1日消息（记者李思默 符嘉鑫）据中央广播电视总台中国之声《新闻和报纸摘要》 报道，中国汽车工业协会近日发布《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 化部有关负责人5月31日表示，将加大汽车行业"内卷式"竞争整治力度，坚决维护公平有序的市场环 境。 中国汽车工业协会指出，近年来，我国新能源汽车产业快速发展，新能源汽车新车销售占比已经超 过40%。当前，行业整体运行呈现稳中向好态势，市场活力持续释放。但一段时间以来，以无序"价格 战"为主要表现形式的"内卷式"竞争，是行业效益下降的重要因素。 工业和信息化部有关负责人表示，鼓励企业通过技术创新、管理创新降低生产成本，给广大消费者 带来更优质、更具性价比的产品。工业和信息化部将加大汽车行业"内卷式"竞争整治力度，推动产业结 构优化调整，切实保障消费者根本利益，推动汽车产业高质量发展。 中国汽车流通协会新能源专家章弘：通过综合治理"内卷式"的竞争，企业被鼓励将更多资源投入到 技术创新中，从而推动行 ...

Core Viewpoint - The China Automobile Industry Association (CAIA) has issued an initiative to maintain fair competition and promote healthy industry development, opposing the ongoing "price war" that has negatively impacted the automotive sector [1][4][5]. Industry Response - The Ministry of Industry and Information Technology supports CAIA's initiative and plans to strengthen measures against "involution" competition in the automotive industry, which has been detrimental to sustainable development [5][6]. - Experts emphasize that the recent price cuts initiated by certain automakers have led to a new wave of price wars, which could further squeeze profit margins and compromise product quality and after-sales service [4][6]. Market Dynamics - The automotive market has seen a significant rise in new energy vehicle sales, exceeding 40% of total new car sales, indicating a robust growth trend despite the challenges posed by price wars [4]. - The phenomenon of "price war" is characterized by a situation where production costs exceed sales prices, which is unsustainable for both manufacturers and dealers, leading to business closures [6][7]. Call for Fair Competition - CAIA's initiative calls for all companies to adhere to fair competition principles, avoid monopolistic practices, and refrain from selling below cost or engaging in misleading advertising [4][5]. - Industry leaders, including executives from NIO and Lantu, have expressed their commitment to avoiding price wars and focusing on quality and service improvements instead [7].

Core Viewpoint - The recent price cuts by BYD and subsequent follow-ups by other automakers have sparked a new round of "price wars" in the automotive market, prompting the China Association of Automobile Manufacturers (CAAM) to issue an initiative advocating for fair competition and warning against the detrimental effects of "involution" competition on industry health [1][2][3] Group 1: Price War and Industry Response - Multiple automakers, including BYD, Geely, and Leap Motor, have engaged in significant price reductions, with BYD's Sea Lion 07 DM-i model dropping to 102,800 yuan, a decrease of 53,000 yuan from the official price [3] - The CAAM's initiative highlights that the ongoing price wars are leading to a decline in industry profitability and are a major factor in the industry's deteriorating performance [1][2] - The Ministry of Industry and Information Technology (MIIT) supports the CAAM's initiative and plans to enhance regulatory measures to combat "involution" competition, ensuring a fair market environment [2][3] Group 2: Implications of Price Wars - The MIIT emphasizes that the chaotic price wars threaten the sustainable development of the automotive industry and can compromise product quality and after-sales service [2][3] - Industry leaders express concerns that the price wars not only deplete corporate profits but also erode consumer trust in "Made in China" products, with reports of unethical practices such as suppliers being pressured to lower prices and delayed payments [4]

和往年不同，今年的电商"618"战局，迎来了新的参与者。美团联合百大餐饮、零售品牌，于5月28日启 动"618"大促。活动期间，美团会向消费者发放618元神券包，用于外卖和闪购用户在酒水饮料、休闲食 品、数码家电、美妆护肤、运动用品、母婴用品等方面的购物。 在王兴看来，中国外卖行业发展到了一个新阶段，平台和商户都不应该回到多年前依靠激进补贴驱动的 竞争模式中，此外，要正视行业面临的"营销内卷"、食品安全基建不足等系列问题和挑战。 5月26日晚的电话会后，王兴所言的"不惜一切代价"被广为传播，而他提及的"赢得竞争"的路径并非卷 补贴、打价格战。 美团内部理解王兴提及的"不惜一切代价"，指的是避免"内卷式"竞争，通过一切必要的措施去完善生态 里的各方，将外卖的基本盘继续做大做好。 此前，即时零售领域中的各个玩家动辄要投入百亿元人民币展开市场争夺。在京东外卖上线百亿补贴一 个月后，淘宝闪购与饿了么也以超百亿元的补贴规模加入战局。真金白银砸向市场，各家都见到了"水 花"。 京东外卖的日订单量已经在5月中旬突破2000万单。在美团公布财报当天，记者从淘宝方面获悉，淘宝 闪购的日订单量超过了4000万单。 在这场补贴大战 ...

Core Viewpoint - The article discusses the detrimental effects of "involution" in various industries in China, highlighting the shift towards "external expansion" as a more sustainable growth strategy for companies [1][6][10]. Group 1: Involution and Its Impact - "Involution" leads to resource wastage, squeezed profit margins, and instability in the market environment [1]. - The ride-hailing industry experienced unsustainable competition, exemplified by the subsidy war between Didi and Kuaidi, resulting in significant losses and eventual merger [2]. - The automotive sector is facing a price war, with 227 models experiencing price cuts in 2024, leading to a profit margin of only 4.3%, significantly lower than the average of 6% for downstream industrial enterprises [7]. Group 2: External Expansion as a Solution - Companies are increasingly recognizing the need to shift from domestic competition to international markets, termed "external expansion," to escape low-quality involution [6][10]. - In the e-commerce sector, platforms like Temu are rapidly growing while domestic competitors struggle with rising costs and high return rates [4]. - The automotive industry saw a 43.9% sales growth in electric vehicles exported, far exceeding the 11.2% growth in the domestic market [5][9]. Group 3: Measures Against Involution - Companies like Meituan are implementing measures to combat low-quality competition, focusing on enhancing the ecosystem and supporting riders and merchants [12][13]. - Meituan's initiatives include a "fatigue prevention" mechanism for riders and a commitment to improve algorithm transparency and rider welfare [12][14]. - The company plans to invest 100 billion yuan over three years to support high-quality industry development and enhance user experience [15][16]. Group 4: Long-term Strategies and Ecosystem Building - The article emphasizes the importance of long-term strategies and building a win-win ecosystem, where all stakeholders benefit [14][17]. - Meituan's approach includes integrating various services into a comprehensive membership system, catering to the needs of a younger consumer demographic [16]. - The focus on technological innovation is seen as a key driver for enhancing competitiveness and expanding into international markets [11][17].

Core Insights - The automotive industry in China is facing a profit margin of only 4.3% in 2024, which is lower than the overall downstream industrial profit margin and the same period in 2023 [2][3] - The "price war" characterized by "involution" competition is squeezing profit margins, diminishing consumer enthusiasm for purchasing vehicles, and destabilizing the industry chain and market environment [2][3] Industry Overview - The automotive market has entered a phase of intense competition, with many companies resorting to price wars as a regular strategy to attract consumers and expand market share [3][4] - A significant number of consumers are adopting a "wait-and-see" approach due to fluctuating prices and ongoing promotional activities, leading to concerns about overpaying for vehicles [3][4] Price War Dynamics - In 2023, Tesla's substantial price cuts on its Model 3 and Model Y triggered a series of price reductions across the entire new energy vehicle sector [3][4] - The average transaction price of domestic new energy vehicles decreased by 0.67 million yuan, a drop of 3.1% compared to 2022, with 227 models experiencing price cuts in 2024, averaging a reduction of 18,000 yuan, representing a year-on-year decline of over 9% [4] Impact on Dealers and Supply Chain - Approximately 84.4% of automotive dealers are facing price inversions, with 60.4% experiencing inversions exceeding 15%, which compresses profit margins and increases operational risks [4][5] - The "involution" trend is also affecting the technology sector, with many companies lacking long-term strategic planning and core technological accumulation, leading to resource waste and overcapacity [5] Long-term Strategies - Industry experts emphasize the need for companies to shift from short-term price competition to long-term strategies focused on quality and innovation [7][9] - Companies like BYD and Chery are demonstrating success through self-developed technologies and open-source strategies, indicating a potential path out of the current "involution" dilemma [7][8] Future Outlook - The industry must abandon short-term strategies of "price for volume" and instead focus on technological advancements and smart development to maintain sustainable growth [9]

Core Viewpoint - The ongoing competition among food delivery platforms, particularly between Meituan and JD.com, has intensified, leading to aggressive price wars and significant market share shifts, raising concerns about the sustainability of such practices and their impact on service quality and market order [1][4][5]. Group 1: Competition Dynamics - Meituan appointed Fan Zhendong as its lifestyle ambassador, signaling a strategic move amidst fierce competition with JD.com, which has launched substantial subsidies to attract users [1]. - The competition has escalated into a price war, with JD.com and Meituan engaging in a public spat, while Ele.me has also joined the fray by increasing its subsidies [2][4]. - JD.com has quickly gained a 9.1% market share in just three months, while Meituan's market share has dropped to 58.6%, indicating a significant shift in consumer preferences [2][6]. Group 2: Consumer Behavior - Consumers, referred to as "sheep party," are actively seeking ways to benefit from the ongoing subsidies, with social media platforms filled with tips on how to maximize discounts [2][3]. - The low prices, such as 4.9 yuan for coffee, have attracted many consumers, leading to a surge in orders and creating a culture of exploiting promotional offers [2][3]. Group 3: Regulatory Concerns - The Chinese government has expressed concerns over "involutionary competition," prompting regulatory bodies to hold discussions with major platforms to address issues arising from aggressive pricing strategies [4][5]. - Recent regulatory actions have included multiple consultations with platforms like JD.com, Meituan, and Ele.me to ensure fair competition and market order [4][5]. Group 4: Financial Performance and Future Outlook - The financial impact of the ongoing competition has yet to be fully reflected in the quarterly earnings reports, but the aggressive strategies are expected to influence future performance [6]. - Meituan's CEO has indicated a commitment to countering low-quality competition while investing in the ecosystem, including rider welfare and merchant support, to promote sustainable growth [6][7]. - The rise of instant retail is seen as the next battleground for these platforms, with significant growth reported in various product categories ahead of the upcoming shopping festival [7].

Focus Events - Vanke founder Wang Shi is attempting to establish smooth communication with the decision-making team to ensure a stable transition and protect the interests of investors, partners, and employees [1] - Muyuan Foods has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the raised funds for global expansion, supply chain development, strategic initiatives, and R&D investments [3] - Henan Jiachen Intelligent Control Co., Ltd. has completed its listing guidance and is in the acceptance phase, aiming to publicly issue shares on the Beijing Stock Exchange [5] Industry Dynamics - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the National Data Bureau have issued a plan to accelerate the digital transformation of the electronic information manufacturing industry, focusing on advanced computing, 5G-A, and AI applications [7] - The State-owned Assets Supervision and Administration Commission emphasizes strengthening the machine tool industry and accelerating digital transformation through AI technology [9][10] Company Focus - China Chengtong is focusing on special bond investments, the establishment of a science and technology innovation fund, and increasing loan investments to support state-owned enterprise upgrades and strategic emerging industries [11] - Zhongchao Holdings has seen its stock price rise significantly, with a 46.53% increase over four consecutive trading days, while the actual controller has sold 3.49 million shares [12] - Changan Automobile plans to invest over 200 billion yuan in new energy and intelligent vehicles, with expectations to produce humanoid robots by 2028 [12] - Xiaomi Group reported a record high revenue of 111.3 billion yuan for Q1 2025, a 47.4% year-on-year increase, with adjusted net profit reaching 10.7 billion yuan, up 64.5% [13] - Pinduoduo's Q1 2025 revenue was 95.67 billion yuan, a 10% increase year-on-year, but adjusted net profit fell by 45% [14] - Guotai Haitong plans to increase capital by 1.5 billion yuan to Guotai Junan Futures for net capital supplementation [15] - ZTO Express has terminated the restructuring plan for its subsidiary due to a lack of consensus on transaction terms and changes in market conditions [18]

Group 1 - The core viewpoint of the articles highlights the recent decline in A-shares and Hong Kong stocks, particularly in the automotive sector, driven by significant price cuts from major players like BYD and the potential for a price war affecting industry profits [1][2] - BYD's price reduction strategy is aimed at clearing out older inventory lacking new driving assistance features, while the company still maintains a strong market position despite increased competition from other new energy vehicle manufacturers [1][2] - The Chinese automotive market is experiencing a transition characterized by slowing overall growth and increasing penetration of new energy vehicles, which poses challenges such as potential overcapacity and rising inventory levels [2][3] Group 2 - As of April 2025, the inventory of passenger vehicles in China reached a historical high, indicating potential market saturation and increased pressure on sales [3] - The ongoing price war could lead to financial losses for both new energy and traditional fuel vehicle manufacturers, as evidenced by the significant revenue and profit figures of major companies like Toyota [3] - The industry is urged to move away from "involution" competition, which focuses on price wars, and instead prioritize innovation, quality, and service improvements to enhance long-term competitiveness [4]

在当下中国经济新旧动能转换的关键时期，产业格局正经历深刻变革，新产业蓬勃兴起，传统产业加速 升级。然而，"内卷式"竞争这一顽疾却在部分行业悄然滋生。部分光伏、储能等领域企业为争夺市场份 额，不惜低价倾销，扰乱市场秩序。 在市场供求关系变化的背景下，光伏、储能行业的上市公司逐渐从"供给侧创新"向"需求侧创新"转变， 挖掘贴近市场需求的发展新模式。 ● 本报记者 刘杨 以模式创新走差异化之路 "未来靠单独生产组件来'卷'产品，已经不能满足客户的需求，未来光伏产品要从过去的'单一性'向'系 统性'转变，以模式创新实现差异化发展。"天合光能战略、产品与市场负责人张映斌在接受中国证券报 记者采访时表示，随着不同细分场景需求的日渐多元，为客户提供综合解决方案将是光伏行业破除"内 卷式"竞争的思路之一。 张映斌对记者表示，未来公司将更加聚焦细分场景，例如公司依据客户需求提供的极端气候解决方案， 相比常规组件产品而言，该方案聚焦冰雹、暴雪等极端气候环境，其组件抗冲击能力和载荷能力均得以 提升，同时还配备了天气预警功能的软件给予支持。 "作为行业龙头，我们正在推动行业从争夺存量价值的低质竞争，向创造增量价值的高质量发展去转 变 ...