Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has become the first state-owned bank to announce measures to address "involution" competition, signaling a shift in the banking industry towards stabilizing economic policies and enhancing risk management [1][2]. Group 1: ICBC's Initiatives - ICBC held a meeting on July 30, 2023, to outline its operational priorities for the second half of the year, emphasizing the need to implement economic policies and address "involution" competition [1]. - The meeting was attended by representatives from various regulatory bodies, indicating a strong governmental backing for the initiative [1]. Group 2: Industry Implications - The move by ICBC is expected to have a significant demonstration effect on other state-owned banks, potentially leading to a broader industry shift towards reducing "involution" competition [2]. - The initiative may help lower the intensity of price wars, creating a more equitable competitive environment for smaller banks [2]. - It is anticipated that the competition logic in the banking sector will shift from "scale and cost" to "service and innovation," encouraging smaller banks to enhance their risk management and operational efficiency [2]. Group 3: Short-term Challenges - Some smaller banks that heavily rely on pricing strategies may face transitional difficulties due to the "anti-involution" measures [3].

Core Viewpoint - The banking industry is urged to combat "involution" by adhering to self-regulatory mechanisms, implementing relevant interest rate policies, and establishing reasonable incentive structures to promote rational and healthy competition, ultimately serving economic and social development better [1] Group 1: Manifestations of "Involution" in Banking - "Involution" in the banking sector is primarily reflected in high-interest deposit acquisition and low-interest lending, with some banks still using high-interest rates to attract deposits despite regulatory measures [2] - High commissions are offered by banks to stabilize market share or attract customers, disrupting normal market order [2] - Banks exhibit "window dressing" behaviors at month-end or quarter-end to meet specific operational targets, often through practices like "buying deposits" [2] - Some banks relax risk control requirements to expand market reach, leading to ineffective credit risk management [2] Group 2: Factors Contributing to "Involution" - Global economic pressures are impacting growth, leading to a low-interest environment that compresses net interest margins for banks [3] - The significant decline in net interest margins and the homogeneity of financial services compel banks to engage in price wars for market competition [3] - Some banks are driven by a "scale obsession" and "speed obsession," with performance evaluation mechanisms focusing on business scale and growth rates, prompting employees to use low prices and high commissions to attract clients [3] - Increased sensitivity of enterprises and individuals to interest rate changes, coupled with high substitutability of financial services, makes price a crucial decision factor, further driving "involution" [3] Group 3: Negative Impacts of "Involution" - "Involution" reduces asset yield for banks and increases liability costs, intensifying downward pressure on net interest margins, which is detrimental to sustainable development and service to the economy [4] - The homogeneity of competition fails to meet the personalized financial service needs of clients, while the "quantity for price" model can lead to funds flowing into arbitrage areas, hindering effective fund utilization [4] - Inadequate credit risk management in lending can accumulate risks, increasing instability in economic development [4] - Distorted performance evaluation mechanisms place unnecessary pressure on employees, leading to potential violations [4] Group 4: Measures to Address "Involution" - The banking industry must correct its development philosophy, operate in compliance with laws, eliminate "scale obsession" and "speed obsession," and maintain good market competition order [5] - Banks should enhance research efforts and innovation capabilities to provide high-quality financial services tailored to various entities [5] - Regulatory bodies need to enforce strict oversight, establish a negative list for "involution" competition, and address price wars through timely inspections and penalties [5] - The banking association and market interest rate pricing self-regulatory mechanisms should be effectively utilized to promote healthy market competition through industry consensus [5] - Strengthening external supervision is essential to guide market participants in monitoring banking financial services and competition [5]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 报告正文 一、 李强总理：高质量建设雅鲁藏布江下游水电工程 7月18日至19日，李强总理在西藏调研。他强调，雅下水电工程体量大、周期长、影响远，堪称世纪工 程。要积极应用先进技术、装备、工艺、材料等，为高质量建设提供有力支撑，并引领相关领域科技创新和 产业创新。7月20日至22日，刘国中副总理前往广西调研，并强调要不误农时抓紧抓好农业生产工作，毫不 懈怠巩固拓展脱贫攻坚成果。7月21日至23日，国务委员谌贻琴到内蒙古自治区调研，她强调，要持续铸牢 中华民族共同体意识，推动退役军人工作高质量发展。 二、《住房租赁条例》公布 7月21日，李强总理签署国务院令，公布《住房租赁条例》。《条例》共7章50条，涉及规范出租承租活 动、规范住房租赁企业行为、规范经纪机构行为、强化监督管理、严格责任追究等内容。《条例》对非居住 空间的使用、住房租赁经纪机构企业资质、住房租赁相关信息安全、资金监管、住房租赁网络平台和经纪机 构等做出了详细的规定。包含住房租赁经纪机构不得发布虚假或者误导性房源信息、住房租赁企业要按照规 定设立住房租赁资金监管账户并 ...

Core Viewpoint - The article discusses the rise of "involutionary competition" in various industries, particularly in the platform economy, and the regulatory response to mitigate its negative effects through new laws and regulations [1][4][19]. Summary by Sections Involutionary Competition and Price Wars - Involutionary competition is characterized by low-price strategies leading to a race to the bottom, resulting in decreased profit margins and industry stagnation [5][6]. - Price wars, while appearing beneficial in the short term, can create long-term risks and harm the industry ecosystem, as seen in recent high-subsidy practices by food delivery platforms [4][8]. Market Dynamics and Strategic Considerations - Companies engage in price wars as a strategic choice to gain market share, often sacrificing profits for survival in a highly competitive environment [6][7]. - The phenomenon is exacerbated by market homogeneity and the pressure to maintain short-term profits, leading to a "prisoner's dilemma" where individual rational choices result in collective irrational outcomes [7][8]. Legal Framework and Regulatory Changes - New amendments to the Anti-Unfair Competition Law and the Price Law aim to curb malicious price competition and promote a shift from price wars to value competition [10][11]. - The revised laws introduce stricter regulations against below-cost pricing and coercive practices by platforms, aiming to protect smaller businesses and ensure fair competition [12][13]. Challenges in Implementation - Identifying below-cost pricing poses challenges due to hidden and dynamic costs in the platform economy, necessitating more precise regulatory measures [14]. - A multi-faceted governance system is required to ensure the effective implementation of these new regulations, combining legal frameworks, industry self-regulation, and technological support [15][16]. Future Directions for Competition - The transition from price competition to value competition is essential for sustainable industry growth, requiring collaboration among government, industry, and enterprises [17][19]. - It is crucial to distinguish between legitimate competition driven by innovation and harmful involutionary practices, ensuring that regulatory measures do not stifle healthy market dynamics [18][19].

Core Viewpoint - The property management stocks in China are experiencing a collective decline, with expectations of continued slowdown in financial performance for the first half of 2025, primarily due to a sluggish residential market [1] Group 1: Stock Performance - Country Garden Services (06098) fell by 5.9% to HKD 6.54 - Yashlife Services (03319) decreased by 5.73% to HKD 2.96 - Wanwu Cloud (02602) dropped by 3.83% to HKD 22.6 - Sunac Services (01516) declined by 3.76% to HKD 1.79 [1] Group 2: Earnings Forecast - UBS forecasts that the average profit growth for property management companies will slow to 13% year-on-year in the first half of 2025, down from 17% in the first half of 2024 and 14% for the entire year of 2024 - This is below the market expectation of 15% growth, attributed to a slowdown in the residential market affecting managed area growth, collection rates, and service margins [1] Group 3: Market Analysis - Bank of America Securities noted that property management stocks have risen over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - CITIC Securities highlighted the presence of irrational price-cutting demands from some property owners, indicating intense competition within the industry - Despite this, leading companies have low market share, allowing for significant adjustments in their managed portfolios without a decline in profitability [1] Group 4: Policy and Competitive Landscape - Current policies discourage irrational competition and promote quality pricing, which is expected to stabilize collection rates, fee structures, and profitability for companies that focus on service reputation - There is optimism for companies with strong brand competitiveness in this environment [1]

整治"内卷式"竞争，在金融行业开启。 国家金融监管总局数据显示，今年一季度末，商业银行净息差为1.43%，较2024年末的1.52%又下探9个 BP，进一步远离了市场"红线"1.8%，意味着银行"赚钱"越来越难。 可以发现，银行机构的发展，逐渐从开拓增量，走向争夺存量，"内卷式"竞争愈加严重。 （原标题：记者观察丨银行业"内卷"的博弈困境：短期拉规模、长期藏风险） 近期，广东、宁波、安徽等地的金融监管部门、行业协会纷纷传达相关"反内卷"政策，或发布"反内 卷"自律公约。 从基层展业角度观察，为了维持一定的表象"数据"，"全员营销"、考核指标"层层加码"、季末考核时点 冲击数据，早已是公开的秘密。具体看，一些基层员工苦于指标的考核，在社交平台上互相"买数据"， 甚至为了完成时点任务，客户经理给客户贴息放贷。 记者梳理国家金融监管总局的行政处罚信息发现，虚增存贷款规模的罚单频繁发布，内容或是"同业互 作，虚增规模"，或是"以贷转存，虚增规模"。此外，过度放贷也会造成风控管理失效，记者观察到， 银行"掩盖不良"的罚单在近两年开始增多。 近期各地金融有关部门倡导"反内卷"，即从长远角度纠正当前不健康发展现象。如广东地 ...

Core Viewpoint - The financial industry is experiencing "involution" competition, leading to challenges in profitability and sustainable growth [1][4][7]. Regulatory Actions - Financial regulatory bodies in regions such as Guangdong, Ningbo, and Anhui are promoting "anti-involution" policies and self-regulatory agreements to address unhealthy competition practices [2][8]. Industry Performance - As of the end of Q1 this year, the net interest margin for commercial banks was 1.43%, down 9 basis points from 1.52% at the end of 2024, indicating increasing difficulty in profitability for banks [3]. Competitive Landscape - The competition among banks has shifted from expanding new business to fighting for existing market share, resulting in intensified "involution" competition [4]. - The asset side is experiencing continuous declines, while the liability side is slow to decrease, leading to homogenization of financial products and services [5]. Pricing Wars - A notable example of this competition is the "price war" in consumer loans, where banks have reduced interest rates to the "2" range, employing various marketing strategies to attract customers. However, this low-efficiency competition has drawn regulatory scrutiny, leading to an increase in annualized rates above 3% since April [5]. Hidden Competition - Negative competition on the liability side is less visible, as seen in the past regulatory crackdown on "manual interest supplementation" practices [6]. Long-term Implications - Experts suggest that while "involution" may be a short-term survival strategy for banks in a limited market, it ultimately compresses profit margins and increases operational risks, hindering the healthy development of the banking sector [7]. - The core issue of "involution" is low-level homogenized competition, which does not align with risk control and sustainable returns, leading to a buildup of long-term risks [7]. Recommendations for Sustainable Development - To achieve sustainable growth, especially for small and medium-sized banks, it is essential to dynamically adjust scale and pricing, enhance risk and capital management, and develop differentiated strategies to navigate economic cycles [9].

综合整治 "内卷式" 竞争 中央经济工作会议和今年的《政府工作报 告》都提出了"综合整治'内卷式'竞争"的要 求。近期召开的中央财经委员会第六次会议强 调,"依法依规治理企业低价无序竞争,引导企 业提升产品品质,推动落后产能有序退出"。 中国社会科学院习近平新时代中国特色社会 主义思想研究中心特约研究员曾敏认为,整治 "内卷式"竞争已成为当前我国宏观经济治理的 重要议题。 "内巷式" 竞争因何发生 "内卷"常常发生于市场机制部分失灵的情 境中,表现为生产要素投入不断加大虽能推 动总产出上升,但由于边际收益递减,资源 配置效率持续下降 段时期以来,"内卷式"竞争在我国的部 分行业中时有发生 企业间的"内卷式"竞争在一定程度上与地 方政府的政策相关,包括"唯GDP"的政绩 观以及不完善的考核评价体系等 "内卷式" 竞争有何问题 激烈的价格战使得企业的利润空间被 严重压缩,削弱了其在技术研发、品 牌建设等高附加值环节的投入能力 低价竞争破坏了行业生态,使得坚持 品质与创新的企业因成本较高处于劣 势 重复建设与无效扩张造成要素资源严 重浪费,不利于新兴产业培育与技术 讲步 有些地方政府给予部分企业超常规优 惠,不仅扰 ...

中新社北京7月30日电 中新社记者 王恩博 中国"十四五"规划将于今年底收官，下半年经济走势如何，既关乎完成全年发展目标，也关乎为又 一个五年画上圆满句号。 中共中央政治局7月30日召开会议，分析研究当前经济形势和经济工作，传递多重有力信号。 ——经济顶压前行展现活力 在今年二季度以来国际形势急剧变化、外部压力明显加大的情况下，中国经济表现好于预期。 除了上半年5.3%的国内生产总值(GDP)增速快于去年同期和全年，人流、物流、资金流都在改善。 一个突出例子是，上半年中国市场销售环比逐季增长，社会消费品零售总额达24.55万亿元人民 币，52%的经济增长由消费这架"主引擎"贡献。 政治局会议对此给予肯定，认为中国经济"展现强大活力和韧性"。会议提醒，要"用好发展机遇、 潜力和优势，巩固拓展经济回升向好势头"。 国家信息中心经济预测部产业经济研究室主任魏琪嘉分析称，中国经济的体量、韧性以及产业领域 积累的深厚基础、关联关系等，是当前经济稳健运行的强有力保障。加之经营主体的能力和本领在市场 竞争中不断提高，积极应变能力增强，共同助力中国经济在政策推动下稳中有进。 ——宏观政策持续发力、适时加力 这种广受市场认可的 ...

工信部近日再次召开重磅座谈会，提出巩固新能源汽车行业"内卷式"竞争综合治理成效，加强光伏等重 点行业治理，以标准提升倒逼落后产能退出。和过往不同的是，这次不只是企业约谈、提出要求，而是 开始制定比较有力的实际措施来解决问题。 最突出的是强化标准引领，尤其是联合多部门加快多项强制性安全标准的制定和落地执行。工信部此前 表示，今年将制定行业标准1800项以上，其中强制性标准100项以上。强制性标准尤其涉及新能源智能 汽车领域，比如辅助驾驶、电池、电耗方面的技术与安全标准形成闭环，形成重塑产业竞争规则局面。 在已经发布的强制性标准当中，《电动汽车能量消耗量限值》，乘用车新增车型自2026年1月1日起执 行；《电动自行车安全技术规范》今年9月1日起正式实施。2026年将陆续实施三项智能网联汽车强制性 国家标准、《电动汽车用动力蓄电池安全要求》等，后者被称为史上最严电池安全令，对电池的安全与 回收利用等做出了明确规范。《汽车车门把手安全技术要求》等也正在意见征集。光伏行业的标准升级 同样采取"标准+监测+退出"的组合拳，《光伏制造行业规范条件》、产能动态监测系统、对未达标企 业实施"等量置换"等，精准施策初见成效。一系 ...