2025.07. 19 本文字数：1582，阅读时长大约3分钟 7月19日，洛阳市餐饮与饭店行业协会、山东省烹饪协会相继发布倡议书，呼吁淘宝闪购（饿了 么）、京东、美团三家外卖平台停止"内卷式"竞争，立即停止非理性补贴，取消低于成本价补贴活 动，禁止强制摊派补贴，转向高质量发展，明确补贴上限与账期保障等。 除了呼吁停止"内卷式竞争"，各地协会还积极呼吁，餐饮行业及商家应当将更多精力放在食品安 全、服务品质等促进行业健康发展的正向举措上。如北京烹饪协会建议餐饮企业不断提升服务质量， 专注技艺创新，不断推陈出新，适应当下消费环境，紧抓食品质量，增强品牌竞争力。陕西省饭店协 会鼓励各方深化餐饮行业数字化应用，通过优化供应链响应速度、周转效率及客户服务精准性降本增 效，以运营水平提升替代价格比拼。 今年年初，已有外卖平台率先推动产业上下游"反内卷"，如上线骑手防疲劳机制、取消超时扣款、 试点养老保险补贴、为商家提供助力金等，同时上线"明厨亮灶"等食品安全保障，倡导餐饮商家走 向拼服务、拼产品的创新竞争。 7月16日，美团核心本地商业CEO王莆中公开表态，美团不愿参与"内卷"，并且一直在反对"内 卷"，最后还是被卷入， ...

Group 1 - In 2024, China approved 48 innovative drugs, more than five times the number in 2018, with nearly 40 approved in the first half of the year, indicating a significant "explosion effect" in the sector [1] - The number of innovative drugs approved by the U.S. FDA in 2024 is 50, only two more than China's total, suggesting that China may surpass developed countries in high-tech innovation in the pharmaceutical field [1] - The approval of innovative drugs in China is particularly focused on oncology, with lung cancer being a major health threat, leading to advancements in drug development that enhance treatment options and patient survival rates [1] Group 2 - Bispecific antibodies and antibody-drug conjugates are at the forefront of innovative oncology drugs, with only four bispecific drugs approved globally, one of which is China's innovative drug, Ivosidenib [2] - A head-to-head clinical trial published in The Lancet showed that Ivosidenib significantly outperformed the well-known cancer drug Pembrolizumab in terms of progression-free survival [2] - The first international phase III clinical study of Ivosidenib has concluded enrollment and is awaiting FDA review for lung cancer indications [2] Group 3 - The innovative drug Lurbinectedin was approved in March 2024, becoming the first antibody-drug conjugate for lung cancer indications globally, marking a shift from "catching up" to "leading" in drug development [3] - The rapid development of innovative drugs in China is attributed to supportive policies, including the recently approved "Implementation Plan for Supporting Innovative Drug Development" by the State Council [3] - Ivosidenib was approved in May 2024 and included in the medical insurance list the same year, allowing patients to benefit from insurance reimbursement starting January 1, 2025 [3] Group 4 - Among the 91 drugs newly included in the medical insurance directory in 2024, 33 were approved and included in the same year, reducing the time from approval to insurance coverage from about five years to one year [4] - The price of Ivosidenib dropped by 68% after being included in the insurance directory, significantly alleviating the financial burden on patients [4] - The five-year survival rate for cancer patients in China has improved from 33.3% a decade ago to 43.7% by the end of 2023, translating to an additional 500,000 lives saved each year [5] Group 5 - Despite rapid development, the Chinese innovative drug market faces challenges such as homogenization and lack of clear clinical advantages, leading to "involution" in competition [6] - The National Medical Insurance Administration emphasizes the need to support true innovation and differentiated innovation to guide the development of the biopharmaceutical industry [6] - New measures have been introduced to utilize medical insurance data for innovative drug research and development, enhancing the efficiency of innovation [7] Group 6 - A new commercial health insurance directory for innovative drugs has been established, allowing for the inclusion of high-value drugs that exceed basic insurance coverage [8] - The commercial health insurance sector in China is growing, with a premium income of 977.3 billion yuan in 2024, indicating a potential for increased support for innovative drugs [9] - The establishment of the commercial health insurance directory aims to alleviate the financial burden on patients while ensuring sustainable development for innovative drug companies [10] Group 7 - Companies can apply for inclusion in both the medical insurance directory and the commercial health insurance directory, with the latter allowing for greater involvement of insurance companies in the decision-making process [11]

Group 1 - The core issue in various industries is the "involution" competition, characterized by price wars, talent shortages, and product homogeneity, leading to reduced profit margins and innovation stagnation [1] - The essence of involution is a low-efficiency consumption battle, reflecting distorted market signals and a short-sighted assessment mechanism [1] - The rise of numerous AI startups without core technology illustrates the consequences of distorted market signals, with 90% of new companies becoming "PPT companies" due to lack of innovation [1] Group 2 - To address the involution issue, it is crucial to shift competition logic from zero-sum games to value innovation through technological breakthroughs and institutional innovation [1] - Establishing an innovation-oriented assessment system is essential, with increased emphasis on technology innovation and green development in performance evaluations [2] - The implementation of a national industry investment big data platform can help monitor industry capacity utilization and investment trends, guiding investments to avoid homogeneity [2] Group 3 - Strengthening intellectual property protection is vital for creating a fair competitive market environment, including establishing a rapid response mechanism for infringement cases [2] - Companies should focus on core competencies and pursue transformation and upgrading to build differentiated competitive advantages [3] - Collaborative efforts among all parties are necessary to shift from scale expansion to value cultivation, fostering a "co-growth" environment instead of a "survival of the fittest" mentality [3]

Core Viewpoint - The article discusses the issue of "involutionary competition" in various industries, emphasizing the need for regulatory measures to promote product quality and orderly market competition, as highlighted in the recent Central Financial Committee meeting [1][5][6]. Understanding "Involutionary Competition" - "Involutionary competition" refers to a form of homogenized and disorderly competition, resulting in excessive investment without improving output efficiency, leading to resource misallocation [10][11]. - It manifests in two dimensions: horizontal competition among peers, characterized by over-investment and price wars, and vertical competition, where dominant firms transfer competitive pressure to suppliers and retailers, disrupting market order [11][12]. Causes of "Involutionary Competition" - The root causes include macroeconomic oversupply and microeconomic market failures. Oversupply leads to a negative cycle, while market failures can stem from blind investments and structural power imbalances [22][23]. - The article identifies the need to combat "involution" to achieve reasonable price recovery and promote sustainable innovation, shifting competition from price to value [31][35]. Effective Measures to Address "Involutionary Competition" - The current approach to combating "involution" is more market-oriented and legalistic compared to previous capacity reduction efforts, focusing on innovation and consumer demand [3][44]. - Industries likely to benefit from these measures include coal, steel, construction materials, chemicals, and emerging sectors like photovoltaic and electric vehicles, which are currently experiencing "involutionary competition" [6][66]. Regulatory Framework and Industry Response - Recent regulatory actions include collective production cuts in the photovoltaic glass sector and commitments from major automotive companies to limit payment terms to suppliers [6][9]. - The government has implemented various laws to ensure fair competition, such as the "Fair Competition Review Regulations" and the "Payment Guarantee for Small and Medium Enterprises" [9][17]. Industry Impact and Future Outlook - The article suggests that industries with significant "involutionary competition" characteristics, such as declining capacity utilization and increased sales expenses, should be closely monitored for the effectiveness of "anti-involution" policies [64][66]. - The transition from price competition to value competition is expected to enhance product quality and long-term profitability, aiding in the overall industrial upgrade and high-quality development [43][44].

Economic Performance - China's GDP for the first half of 2025 reached 66,053.6 billion yuan, showing a year-on-year growth of 5.3% at constant prices [1] Consumer Trends - There is a growing demand for higher quality green and low-carbon products, as well as active consumption in entertainment, sports, and tourism [2] - Retail sales of consumer goods increased by 5.0% year-on-year, while service retail sales grew by 5.3% [2] - Service consumption expenditure accounted for approximately 45% of residents' disposable income, indicating an ongoing optimization of consumption structure [2] Trade and Supply Chain - China's economic momentum is strengthening, driven by industrial structure upgrades and the development of the digital economy, creating new opportunities [3] - China's export growth is supported by supply stability and resilience, indicating potential for continued stable growth in foreign trade [3] Financial Support - The cost of funds has been decreasing, with the weighted average interest rate for interbank RMB market lending dropping from 1.86% in January to 1.46% in June [4] - The weighted average interest rate for pledged repos fell from 2.16% in January to 1.5% in June, supporting the stability of the real economy [4] Real Estate Market - The decline in nominal mortgage rates has led to a recovery in real estate sales and prices, with a positive outlook for major cities [5] - Policies aimed at stabilizing expectations and activating demand in the real estate sector are being effectively implemented [5] Competition and Market Dynamics - It is crucial to distinguish between fair competition and "involutionary competition," as the latter distorts market price signals and leads to unfavorable outcomes [6] - The role of industry associations is emphasized in regulating unfair competition and enhancing effective demand [6] Economic Outlook - The long-term positive fundamentals of the economy remain unchanged, with confidence in achieving annual economic growth targets [7] - The second half of the year is expected to show stronger trade performance due to consumer promotions and significant holidays [7] - If GDP growth maintains around 5% in the second half, the annual growth rate could exceed 5%, slightly above the government's initial target [7]

Economic Growth - China's GDP grew by 5.3% year-on-year in the first half of 2025, an increase of 0.3 percentage points compared to the same period last year and the entire previous year [1] - Economic experts believe that despite increasing uncertainties in the international economic and trade order, China's economy is showing resilience and achieving a "dual optimization" in both total economic volume and structure [1] - The chief economist of CITIC Securities, Mingming, noted that the 5.3% growth rate exceeds market expectations and anticipates that the government may implement innovative policy tools to support growth in the second half of the year [1] Foreign Trade - China's import and export scale reached 20 trillion yuan in the first half of the year, marking a historical high for the same period, demonstrating the resilience of China's foreign trade [1] - The researcher from the Ministry of Commerce, Zhou Mi, believes that China has the potential and capability to maintain stable growth in foreign trade in the second half of the year, particularly with countries involved in the Belt and Road Initiative [1] Real Estate Market - The dean of Tsinghua University's School of Civil and Hydraulic Engineering, Wu Jing, stated that "good houses" have become a new growth point for China's real estate industry, especially in hot cities and regions [2] - The real estate policies are expected to continue stabilizing expectations, activating demand, optimizing supply, and mitigating risks, creating more opportunities in the industry [2] Market Competition - The Chinese government is formulating measures to regulate "involution" competition in certain industries and enterprises, aiming to enhance market order [2] - Wei Qijia, director of the Industrial Economics Research Office at the National Information Center, proposed using standards and legal means to curb unfair competition and expand effective demand to boost consumer spending [2]

Economic Performance - China's economy shows strong resilience and vitality in 2025, with a focus on improving living standards and meeting consumer demands for higher quality products and services [1] - The economy achieved a growth rate of 5.3% in the first half of the year, supported by continuous fiscal and financial policy efforts [2] Foreign Trade - China's foreign trade demonstrates resilience, positioning the country as a stabilizing force in the global trade system, with potential for continued stable growth [1][2] - There is an expectation for a more diversified domestic import structure, supported by ongoing mechanisms to reduce market uncertainties [1] Financial Market - The financial market has performed well despite significant pressures, with positive effects from recent financial policies implemented in September 2022 and May 2023 [2] - Credit support is increasingly directed towards inclusive finance, green finance, and technology innovation finance, with loan growth rates surpassing overall loan growth [2] Real Estate Market - The real estate market is stabilizing, driven by demand for "good houses" in hot cities and regions, indicating a potential recovery [2] - Future real estate policies are expected to stabilize expectations, activate demand, optimize supply, and mitigate risks [2] Competition Issues - Addressing "involution" competition requires distinguishing it from fair competition, with a focus on regulatory standards, legal measures, and policies to boost effective demand and consumer confidence [3]

Economic Overview - The GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices [1][2] - The current economic situation shows a continuous improvement, with significant enhancements in economic strength, technological capability, and comprehensive national power [2][3] Key Economic Development Goals - The main expected target for GDP growth this year is around 5%, with four key areas of focus for achieving this goal: enhancing macro policy counter-cyclical adjustments, expanding domestic demand comprehensively, implementing further reforms, and increasing high-level opening-up [3][5] Industrial Performance - The industrial added value for large-scale enterprises increased by 6.4% year-on-year, with equipment manufacturing and high-tech manufacturing growing by 10.2% and 9.5% respectively, outpacing the overall industrial growth [6][7] - The industrial structure is continuously optimizing, with a steady push towards green transformation and high-quality development [6][7] Challenges and Solutions in Industrial Development - The industrial economy faces challenges such as external uncertainties and the need for better balance between supply and demand [7][8] - Solutions include enhancing effective investment, improving investment efficiency, and fostering orderly development of traditional, emerging, and future industries [7][8] New Industrialization Strategy - The focus of new industrialization remains on strengthening the real economy, with an emphasis on systematic approaches to build a modern industrial system [8][9] - The interaction between industry and technology is crucial, with opportunities arising from the new technological revolution and industrial transformation [8][9] Addressing "Involution" in Competition - The phenomenon of "involution" in competition reflects a dynamic process of supply and demand in emerging industries, necessitating specific analysis rather than a one-size-fits-all approach [9][10] - A comprehensive approach to address "involution" should include optimizing industrial structure, promoting fair competition, and ensuring effective market resource allocation [10][11]

国有三大航没能扭亏，但继续大幅减亏，货运物流和机场上市公司的业绩表现更好。 截至今天，A股多家上市航司和机场披露了2025年上半年的业绩预告，国有三大航依然没能扭亏，但继续大幅减亏。 相比之下，货运物流和机场上市公司的业绩表现更好些，不过也开始面临来自国际贸易不确定性的挑战。 业绩分化 记者梳理各家航司的半年业绩预告发现，国有三大航中国国航（601111.SH），中国东航（600115.SH），南方航空（600029.SH）依然未能扭亏，上半年分 别预计亏损17亿到22亿，12亿到16亿以及13.38亿到17.56亿。 其中，中国东航和中国国航相比去年同期大幅减亏，东航的减亏幅度最大，并且是三大航中亏得最少的；南航比去年同期亏得更多，但公告中透露归属于上 市公司股东的扣除非经常性损益的净利润有较大提升。 民营航司中，华夏航空（002928.SZ）披露了业绩预告，上半年预计归属于上市公司股东的净利润2.2亿-2.9亿元，同比增长741.26%–1,008.93%；海航控股 （600221.SH）则预告扭亏为盈，上半年归属于母公司所有者的净利润4,500万元到6,500万元。 而根据航班管家的统计，上半年我国民航 ...

Core Viewpoint - The article emphasizes the resilience of China's economy in the first half of 2023, highlighting a GDP growth of 5.3% year-on-year, and the importance of balancing growth and transformation in future policies [1][2]. Economic Trends - The article identifies three key trends: 1. Long-term resilience in exports 2. Strong performance in the cultural and tourism consumption market 3. Accelerated growth in high-tech manufacturing, with its value-added growth outpacing that of all industrial sectors [2]. - The economic situation is summarized with four words: stable, real, new, and optimized, indicating a solid foundation for achieving annual economic and social development goals [2]. Policy Recommendations - There is a call to strengthen macroeconomic policies with a focus on people's livelihoods, emphasizing the need for effective interaction between investment and consumption [3][4]. - The article stresses the importance of expanding domestic demand and stabilizing growth, with a focus on improving consumption and addressing structural changes in the market [4]. Competition Issues - The article discusses the phenomenon of "involution" in competition, indicating that there are no beneficiaries in such a competitive environment, leading to a win-lose or lose-lose situation [5][6]. - It highlights the need for regulatory measures to address low-price and disorderly competition, promoting product quality and the orderly exit of outdated capacities [5][6]. Fair Competition - The distinction between fair competition and "involution" is crucial, as fair competition allows for dynamic equilibrium through price signals, while "involution" distorts these signals [6][7]. - The article advocates for the implementation of fair competition review regulations to ensure that industrial policies and competition policies work in tandem, allowing market forces to dictate production and operational behaviors [7][8]. Investment Strategies - The article suggests that attracting investment should focus on a chain-oriented approach, avoiding excessive competition for existing resources, and tailoring strategies to local advantages [8].