Core Viewpoint - The article emphasizes the need to firmly curb the phenomenon of "involution" in various industries, aiming to enhance comprehensive governance effectiveness and continuously optimize the fair competition market environment to promote high-quality economic development [1] Industry Analysis - Certain industries and sectors are currently trapped in a vicious cycle of "involutionary" competition, which hampers innovation and leads to resource wastage and inefficiency [1] - This situation is detrimental to the optimization and upgrading of industrial structures, contradicting the requirements for developing new productive forces [1]

Group 1: Market Competition and Regulation - The central government emphasizes the need to accelerate the construction of a unified national market and address "involution" competition in various sectors [1][2] - There is a focus on correcting market failures and regulating competition to ensure fair competition among various business entities [2][7] - The government aims to eliminate local protectionism and market segmentation to facilitate economic circulation [1][2] Group 2: Quality and Standards - There is a call for increased quality supervision and inspection, particularly in online sales, to ensure consumer protection [3][5] - The government plans to revise national standards in key industries such as photovoltaics, batteries, and new energy vehicles to enhance quality and competitiveness [5][6] Group 3: Innovation and Development - The importance of fostering innovation as a key driver for high-quality development is highlighted, with a focus on creating a fair competitive environment to stimulate innovation [4][7] - Companies are encouraged to shift from low-quality competition to high-quality, high-level competition to optimize resource allocation [4][7] Group 4: Legal and Compliance Measures - The government intends to strengthen legal frameworks to combat unfair competition and price violations, including revising relevant laws and regulations [2][8] - There is an emphasis on enhancing corporate compliance management capabilities to ensure adherence to fair competition practices [8][9] Group 5: Collaborative Governance - The need for a collaborative approach involving government, enterprises, and industry associations to effectively address "involution" competition is stressed [7][8] - The implementation of a fair competition review system is planned to ensure that local policies do not hinder market competition [7][8]

华夏时报（www.chinatimes.net.cn）记者 刘诗萌 北京报道 距离2021年人力资源社会保障部与最高人民法院明确"996"严重违法已经过去接近4年时间，隐形加班、 自愿加班导致的职工健康与安全问题仍然时有发生。 去年下半年，杭州一名55岁的平台外卖员晕倒在路边，抢救无效宣布死亡，知情人称其一天工作16个小 时以上，被称为"杭州单王"；近日，猿辅导武汉公司一名不到30岁的员工在工位上猝死，该公司曾多次 被报道存在超长加班…… 这些看似意外的事件，凸显了互联网企业长期以来面临的效率与公平的两难困境。对于企业而言，要求 员工超时加班违法，不要求加班则有可能损失效率；对于员工来说，加班损害健康，不加班则有可能损 失收入。尤其是当员工在劳资关系中处于弱势时，很多时候加班都只是用来表现或者表演工作的无奈之 举。 地区标准方面，2024年11月三大交易所发布《上市公司可持续发展报告编制指南（征求意见稿）》，其 中提供了一个参考编制框架，其中在社会维度要求对员工、产品和服务安全与质量、数据安全与客户隐 私保护、创新驱动、科技伦理、供应链安全、平等对待中小企业、乡村振兴、社会贡献议题的治理，战 略，影响、风险和 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - The report highlights a slight increase in daily molten iron production, indicating a focus on seasonal demand support during the off-peak period [1] - The industry is expected to maintain stability supported by the real estate sector and manufacturing [8] - The report emphasizes the necessity for industry consolidation and the exit of outdated capacity, leading to an increase in industry concentration and a shift towards high-quality product development [8] Supply Side - As of May 9, 2025, the total output of five major steel products was 8.7417 million tons, a week-on-week decrease of 1.08% and a year-on-year decrease of 1.31% [4][21] - The average daily molten iron production of 247 steel enterprises was 2.4564 million tons, a week-on-week increase of 0.09% and a year-on-year increase of 4.75% [4][21] - The capacity utilization rate of blast furnaces was 92.09%, up 0.09 percentage points week-on-week and up 4.42 percentage points year-on-year [4][21] Demand Side - The total consumption of five major steel products was 8.4520 million tons, a week-on-week decrease of 12.94% and a year-on-year decrease of 9.14% [4][27] - The daily transaction volume of construction steel by mainstream traders was 94,300 tons, a week-on-week decrease of 1.57% and a year-on-year decrease of 26.10% [4][27] - Monthly steel exports totaled 10.4563 million tons, with a month-on-month increase of 30.12% and a year-on-year increase of 5.75% [4][27] Inventory - As of May 9, 2025, the total social inventory of five major steel products was 10.3304 million tons, a week-on-week increase of 0.91% and a year-on-year decrease of 25.64% [4][43] - The total factory inventory was 4.4303 million tons, a week-on-week increase of 4.63% and a year-on-year decrease of 10.57% [4][43] Cost - As of May 9, 2025, the price index for Australian iron ore (62% Fe) was 758.25 RMB/wet ton, a week-on-week decrease of 0.67% and a year-on-year decrease of 14.50% [4][66] - The comprehensive absolute price index for scrap steel was 2,426.44 RMB/ton, a week-on-week decrease of 0.05% and a year-on-year decrease of 16.09% [4][66] Price - As of May 9, 2025, the Mysteel absolute price index for ordinary steel was 3,453.7 RMB/ton, a week-on-week decrease of 0.85% and a year-on-year decrease of 13.76% [4][71] - The Mysteel absolute price index for special steel was 9,344.18 RMB/ton, a week-on-week increase of 0.09% and a year-on-year decrease of 2.54% [4][71]

光伏产业作为典型的强周期产业，在历史长河中历经了三次重大危机，包括2008年金融风暴、2012年光 伏双反以及2018年"5·31"政策调整。当前的价格调整，被业内视为第四次危机，与过往不同，此次危机 根源在于产业内部。 从宏观环境来看，当下光伏产业的发展条件颇为有利。一方面，"双碳"目标的确立为市场明确了清晰的 发展方向，为产业前行提供了有力指引；另一方面，光伏技术领域呈现出百花齐放的繁荣景象，曾经制 约产业发展的"卡脖子"技术难题均已攻克，为产业进一步拓展创造了良好条件。 期货日报记者近期调研发现，多晶硅交割品质量和稳定性更佳，完全符合下游采购需求，流通性较高。 不过，多晶硅交割品要求为致密料，而当前现货市场报价参考混包料，生产交割品会增加企业在还原电 耗、单产效率等方面的生产成本。同时，期货交割需采取样芯，对多晶硅包装要求更规范。从企业角度 看，期货价格相对现货价格需有一定的溢价空间，才能促使企业更积极地参与期货交割。 时代潮流如奔腾江河，站在潮头方能把握历史脉搏。当下，光伏产业众多企业深刻认识到，产业正处于 加速洗牌的关键阶段，优胜劣汰是必然趋势。企业唯有坚持不懈地苦练内功，才能成为引领时代潮流的 佼 ...

竞争，是市场经济的常态。然而一段时间以来，"内卷式"竞争令众多行业和企业深陷其中，其影响面之 广、破坏力之强、危害性之深，已经到了非整治不行的地步。 （文章来源：经济日报） 更深层次看，"内卷式"竞争不符合经济高质量发展的要求，与发展新质生产力背道而驰。低价、低质、 低水平竞争之下，一些商家不惜以次充好、跟风抄袭，以抢占市场份额，对创新者产生了挤出效应。优 胜劣汰是市场正常现象，逆向淘汰则不然。"内卷式"竞争已经走到高质量发展对立面，成为企业向"微 笑曲线"两端攀升、走创新发展道路的阻碍。 综合整治"内卷式"竞争，需要加快建立健全基础制度规则，破除地方保护和市场分割，打通制约经济循 环的卡点堵点。从短期看，应进一步规范地方招商引资行为，严格落实《全国统一大市场建设指引（试 行）》中的相关要求；从长期看，还需完善财税体制、优化政绩考核，促使各地在错位竞争中谋发展， 破解低水平重复建设屡禁不止的难题。 连日来，本报以《"内卷"之困》《"内卷"之因》《"内卷"之治》为题，刊发系列深度调研报道，深入分 析了"内卷式"竞争的有关问题，受到社会各界广泛关注。 发展中的问题，最终要靠发展来解决。只有技术革新、产业转型升级才 ...

Core Viewpoint - The government work report emphasizes the need to comprehensively address "involutionary" competition, aiming to eliminate local protectionism and market segmentation, thereby facilitating smoother economic circulation [1][3]. Group 1: Government Actions and Policies - The National Development and Reform Commission and the State Administration for Market Regulation have been actively addressing "involutionary" competition since 2025, focusing on resolving supply-demand imbalances in certain industries [2]. - The government work report includes measures to strengthen standards, regulation, and industry self-discipline, ensuring that prices reflect quality and preventing the phenomenon of "bad money driving out good" [3]. Group 2: Industry Concerns and Recommendations - Representatives express concerns about the destructive nature of "involutionary" competition, highlighting issues such as price wars and talent poaching that squeeze profit margins and destabilize the market environment [1][4]. - It is recommended that local governments establish strict regulations for investment attraction, improve performance assessments, and eliminate local protectionism to foster a fair competitive environment [4]. - Companies are advised to avoid blindly following trends or relying on local subsidies, instead focusing on their core business and assessing market conditions to manage risks effectively [5].

Core Viewpoint - The rapid increase in internet-related civil and commercial disputes, particularly in areas like live streaming sales and paid content, poses challenges in balancing user rights protection and platform development [1] Group 1: Trends in Internet Disputes - The number of internet-related civil and commercial disputes has significantly increased, with cases rising from over 200 in 2022 to around 700 in the following year [3] - Common types of disputes include information network sales contract disputes, product liability disputes, and network service contract disputes, often arising from issues like fraud, product quality, and service cancellations [3] Group 2: Responsibilities of Platforms - Platforms are expected to actively assume both platform and social responsibilities, ensuring consumer protection through rigorous vetting of merchants and maintaining adequate compensation funds for high-risk products [4] - The courts aim to balance user rights and platform development by correctly applying laws such as the Civil Code and the E-commerce Law, while considering the unique characteristics of the digital platform industry [4] Group 3: Live Streaming Sales Disputes - The number of consumer disputes related to live streaming sales is on the rise, with a diverse range of products involved, reflecting an increasing consumer demand in this sector [7] - In live streaming sales, merchants have a heightened duty of care, and platforms must adhere to a fault liability principle to determine responsibility [8] Group 4: Regulation of Digital Platforms - Courts can regulate digital platform operations by properly adjudicating cases related to new transaction models, combating infringement, and providing judicial guidance through typical case publications [11] - The judiciary aims to establish clear rules for new types of disputes arising from digital platforms, such as data ownership and algorithm regulation [11] Group 5: Competition and Legal Framework - "Involution" competition can lead to resource waste and a focus on short-term results over long-term innovation, necessitating judicial oversight to ensure fair competition [12] - Courts should apply laws like the Anti-Monopoly Law and the Anti-Unfair Competition Law to maintain fairness in competitive practices [12]

Core Viewpoint - The article emphasizes that the rule of law is the best business environment, highlighting the ongoing legislative process of the Private Economy Promotion Law, which aims to enhance the legal status and protection of the private economy in China [1][2]. Summary by Sections Legislative Progress - The Private Economy Promotion Law draft is undergoing its second review, with improvements noted in its execution and specificity regarding various issues faced by private enterprises [1][3]. Key Highlights of the Law - The law establishes fundamental principles such as equal treatment, fair competition, and equal protection, affirming the legal status of the private economy as a vital component of the socialist market economy [3]. - It includes detailed provisions addressing specific challenges faced by private enterprises, enhancing its enforceability and protective measures [3][4]. Legal and Regulatory Recommendations - There is a suggestion to further refine the legal responsibilities concerning accountability for violations, enhancing the law's deterrent effect [4]. - The principle of "law permits what is not prohibited" should guide private enterprises in their innovative business practices, ensuring they do not fear legal repercussions as long as they operate within legal boundaries [5]. Addressing Enforcement Issues - Recommendations include strictly limiting the authority to freeze corporate bank accounts, ensuring that such measures are necessary, reasonable, and proportionate [8]. - There is a call for clearer regulations regarding the restriction of personal freedom for corporate leaders to prevent operational disruptions [9]. Tackling "Involution" Competition - "Involution" competition is identified as a form of unfair competition, primarily driven by leading companies abusing their market dominance, which threatens the survival of smaller enterprises and harms consumer interests [13]. - A multi-faceted approach is suggested to combat "involution" competition, including strict enforcement of antitrust laws and enhancing corporate credit evaluation systems [14]. Bankruptcy Law Revisions - The article highlights the need for improvements in the bankruptcy law, particularly in the areas of bankruptcy liquidation and reorganization, to better protect creditor and consumer rights while promoting economic development [15].

Group 1 - The core viewpoint of the article emphasizes the shift in the government's economic policy focus from macro policy consistency to a stronger emphasis on people's livelihood, particularly in promoting consumption and expanding domestic demand [5][10]. - The GDP target remains around 5%, but its implications have changed due to ongoing economic structural adjustments and a more challenging external environment [10][12]. - The report indicates an increase in the fiscal deficit rate to 4%, reflecting a more proactive fiscal policy, with general budget expenditures expected to grow by 4.2% [12][13]. Group 2 - The report highlights the importance of enhancing consumer capacity and willingness through fiscal subsidies and improving social security systems [14][15]. - It suggests that the government should focus on optimizing supply structures and increasing the proportion of high-end manufacturing to meet demand [17]. - The report also emphasizes the need for a stable market environment for foreign trade and investment, with specific measures to support cross-border e-commerce and financial services [23][24]. Group 3 - The legislative process in China is outlined, detailing the stages from proposing legal drafts to their approval and publication [26][28]. - The report indicates potential improvements in financial regulations, green finance, and AI supervision, which may lead to new laws and regulations [29][30]. - It stresses the need for a transparent legal framework to protect investors' rights and improve the business environment [31][32]. Group 4 - The real estate sector is identified as a key area for risk mitigation in 2025, with a focus on compliance financing and optimizing resource allocation [34][35]. - The concept of "good housing" is introduced, indicating a shift towards a new development model in real estate that emphasizes safety, comfort, and sustainability [36][37]. - The report highlights the importance of stabilizing the housing market and improving demand through various supportive measures [39][42]. Group 5 - The report underscores the significance of addressing issues related to private enterprises and the relationship between government and market dynamics [44][45]. - It emphasizes the need for equal treatment of private enterprises in government procurement and market access [50][51]. - The report suggests that improving the business environment for private enterprises is crucial for economic growth [48][49]. Group 6 - The report identifies key sectors for investment, including biotechnology, quantum technology, and artificial intelligence, which are expected to drive stock market activity [53][55]. - It mentions the potential establishment of a market stabilization fund to support the stock market amid ongoing uncertainties [54][56]. - The overall outlook for Chinese assets remains positive, with expectations of continued recovery despite short-term market fluctuations [56].