Core Points - The revised Anti-Unfair Competition Law addresses significant issues in market competition, particularly targeting "involution" type of harmful competition, with new regulations set to take effect on October 15, 2025 [1][2] - The law introduces new provisions prohibiting platform operators from forcing merchants to sell below cost and preventing large enterprises from abusing their dominant position to delay payments to small and medium-sized enterprises (SMEs) [2][4] Group 1: Key Regulations - The new law includes a provision that prohibits platform operators from compelling merchants to sell products below cost, aiming to curb harmful price competition [2][3] - It assigns management responsibilities to platform operators for addressing unfair competition within their platforms, requiring them to establish fair competition rules and complaint mechanisms [3][4] - A new regulation prohibits large enterprises from abusing their advantages to impose unreasonable payment terms on SMEs, addressing the issue of delayed payments [4][5] Group 2: Implementation and Enforcement - Experts emphasize the need for detailed supporting regulations to clarify terms such as "below cost" and the definitions of "large enterprises" and "SMEs" to ensure effective enforcement [7][10] - The law's enforcement will involve provincial-level government departments, which may lead to challenges in efficiency and potential local protectionism [9][10] - Transparency in enforcement processes is crucial to prevent selective enforcement and ensure accountability among businesses [9][10]

多家航司在今年暑运的运力投放高于去年同期，但机票的裸票价格却仍比去年同期要低。 今天是暑运开启的第一天，为期两个月的暑运，一直是一年里航空公司除春运外最赚钱的时段，甚至可以决定全年的盈亏情况。 据第一财经记者了解，多家航司在今年暑运的运力投放高于去年同期，但机票的裸票价格（不含燃油附加费和机场建设费）却仍比去年同期要低。 与此同时，有航司在今日发布通知，上调国内航线燃油附加费征收标准，7月5日起上调10元。 暑运民航量增价跌 根据民航局的预测，今年暑运预计旅客运输量1.5亿人次，日均约244万人次，较去年同期增长6.6%，其中单日高峰或创历史新高。 根据航旅纵横提供的数据，截至6月26日，暑运第一个月（7月1日-7月31日）国内航线机票预订量近1790万张，比去年同期增长约5%；出入境航线机票预订 量超774万张，比去年同期增长约14%。 同程旅行发布的《2025暑运出行趋势报告》则显示，预计7月上旬，7月中下旬至8月中旬，以及8月下旬会出现三个客流高峰，其中国内航班亲子客群出行的 比例将达到34.7%，国际航线的这一比例约为23%，较2024年均有所上升。 尽管运力和旅客量预测都是同比增长，但从机票价格监测 ...

Core Viewpoint - The newly revised Anti-Unfair Competition Law aims to address the issue of "involution" in competition, which has become a significant challenge in the current market environment [1] Group 1: Addressing Malicious Price Competition - The law targets the issue of low-price competition, which leads to thin or negative profit margins for businesses, making it unsustainable [2] - It highlights the phenomenon of "bad money driving out good," where lower-quality products can still be profitable at lower prices, harming consumers and legitimate businesses [2] - The new law prohibits misleading advertising and requires platforms to refrain from forcing merchants to sell below cost, thereby protecting the interests of small and medium-sized enterprises [2] Group 2: Regulating Dominant Market Players - The law addresses the abuse of market position by large "chain master" enterprises that dominate pricing and supply chains [3] - It prohibits these enterprises from imposing unreasonable payment terms and conditions on smaller businesses, ensuring fairer trading opportunities [3] Group 3: Combating Negative Competitive Practices - The law aims to eliminate practices where companies undermine each other through false information or smear campaigns, which disrupt market order [4] - It includes provisions to regulate non-market factors that interfere with competition, such as tailored subsidies for local businesses that disadvantage outsiders [4] Group 4: Strengthening Legal Enforcement - The revised law expands the scope of regulatory oversight and allows any individual or entity to report suspected unfair competition, ensuring timely legal action [5] - It increases penalties for violations, such as raising the maximum fine for commercial bribery from 3 million to 5 million yuan, and introduces fines for forced sales on platforms ranging from 50,000 to 200,000 yuan [5] - The law emphasizes the importance of legal frameworks in maintaining market order and ethical business practices, which is crucial for addressing "involution" in competition [5]

Core Viewpoint - The domestic automotive industry is experiencing an intensified "price war" that has lasted over two years, with significant price reductions leading to widespread industry repercussions [1][2]. Group 1: Price War Dynamics - In May, several leading companies initiated limited-time promotions, with some models seeing price cuts exceeding 50,000 yuan, prompting many manufacturers to follow suit [1]. - Over 60 models had price reductions in the first four months of the year, with the number exceeding 100 in May alone [1]. - The China Association of Automobile Manufacturers and other industry organizations have called for an end to disorderly price competition, urging companies to adhere to market rules and engage in rational competition [1]. Group 2: Impact on Profitability - The automotive industry is facing a "vicious cycle" where increased sales do not translate into higher profits, with profit margins dropping from 5.7% in 2022 to 4.1% by April 2023, and further declining to below 4% in May [2]. - This decline in profitability contrasts sharply with the previous years when profit margins were around 7% [2]. - Many manufacturers are experiencing sustained pressure on profitability, with some dealers caught in a "volume increase but profit decrease" scenario [2]. Group 3: Market Conditions and Challenges - The automotive market in China has transitioned from a phase of rapid growth to one of saturation, leading to intensified competition among a large number of manufacturers [3]. - The forecast for 2024 indicates a sales volume of 31.436 million units, representing a 4.5% year-on-year growth, which is below the average growth rate of 6% over the past decade [3]. - The industry is characterized by low market concentration and an excess of operational entities, which hampers innovation and leads to a lack of competitive differentiation [3]. Group 4: Solutions and Recommendations - To address the "involution" in the industry, companies must focus on reducing excess capacity and enhancing innovation capabilities [4]. - Automotive firms are encouraged to invest more in technology research and development to create high-value innovative products and pursue differentiation strategies [4]. - Government agencies should strengthen price regulation, standardize pricing behaviors, and implement policies that promote innovation and guide companies towards healthy competition and industry restructuring [4].

光伏玻璃计划减产30% 金十数据6月30日讯，据了解，为破除"内卷式"竞争，近日国内头部光伏玻璃企业计划自7月开始集体减 产30%，此外部分玻璃企业堵口计划开始增多，预计后续国内光伏玻璃供应量将快速下滑，国内供需失 衡的状况将获得改善，预计7月国内玻璃产量将下降至45GW左右。 （上海有色网） ...

Group 1 - The core viewpoint of the article highlights the challenges faced by the photovoltaic industry, particularly the "involution" competition leading to high losses among companies as they strive to maintain market share [1][2][3] - In 2024, the Chinese government emphasized the need to prevent "malicious competition," resulting in a significant decrease in refinancing cases among photovoltaic companies [2][29] - Maiwei Co., a leading player in the photovoltaic equipment sector, plans to raise up to 1.9666752 billion yuan for a new perovskite solar cell equipment project, expecting annual sales of 4 billion yuan and a net profit of 599 million yuan post-production [2][8] Group 2 - The commercialization of perovskite technology is still immature, with only a few demonstration projects completed and significant challenges in achieving cost competitiveness compared to traditional silicon cells [4][5][7] - The production cost of perovskite components is currently around $0.57/W, significantly higher than the $0.1/W for silicon components, primarily due to high material costs [5][7] - Maiwei Co.'s recent financing proposal raises questions about the feasibility of its perovskite project, as the company has not provided detailed information on equipment specifications or existing orders [8][10] Group 3 - The photovoltaic industry is expected to see a slowdown in installation growth, with new policies affecting fixed pricing and market participation for solar projects [11][12] - Maiwei Co. has experienced a decline in contract liabilities, indicating a potential industry-wide contraction, which raises concerns about the necessity of its large-scale capacity expansion [11][12][13] - The company's accounts receivable have been growing faster than its revenue, suggesting increased financial risk associated with its expansion plans [13][15] Group 4 - The issuance of convertible bonds by Maiwei Co. may primarily serve to supplement cash flow rather than to fund the perovskite project, given the company's cash flow challenges [25][28] - Regulatory scrutiny on large refinancing efforts in the photovoltaic sector has intensified, making it more difficult for companies like Maiwei Co. to secure funding [29][32] - The overall financing environment for the photovoltaic industry has become more restrictive, with many companies halting large-scale fundraising efforts [29][32]

人民日报6月29日头版推出金社平文章《在破除"内卷式"竞争中实现高质量发 展》指出，"要深化要素市场化配置改革，主动破除地方保护、市场分割和'内卷 式'竞争。"政府有引导、行业有自律、企业有行动，综合整治"内卷式"竞争就能 稳步推进、见到成效。 光伏组件低至每瓦六毛多，百余款车型加入降价行列，储能系统中标价格屡创新 低……一段时间以来，无序拼价格战、同质化竞争成为一些行业"内卷式"竞争的突出表 现。"内卷"之下，竞争失去节制，市场机制受到扭曲，给高质量发展带来不利影响。 "要深化要素市场化配置改革，主动破除地方保护、市场分割和'内卷式'竞争。" 在准确认识阶段性问题和深刻把握市场规律的基础上，以习近平同志为核心的党中 央部署综合整治"内卷式"竞争。这是解决当前经济发展矛盾的关键举措，是深化经济体 制改革的重要保障，也是推动企业实现创新发展、向价值链中高端攀升、不断增强发展 韧性的有效路径。 （一） 破除"内卷式"竞争，是按照经济规律办事的必然要求。 竞争，市场经济的基本特征，也是市场经济的灵魂所在。但竞争有良性竞争和不正 当竞争之分，"内卷式"恶性竞争违背了经济规律，其弊端是显而易见的。 其一，会削弱行业整体 ...

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. Core View of the Report - The discussion on bank liability pressure should clarify the concept, which depends on the scale of the liability gap and the difficulty of filling it, and the liability gap can be measured by regulatory indicators and banks' own demands [1][8]. - The regulatory - indicator - based liability gap is rigid but easy to fill due to the central bank's ample liquidity supply, while the gap based on banks' own demands is flexible but difficult to fill, mainly referring to the demand for deposits [1][8][9]. - Banks' attempts to increase deposit rates to attract deposits due to scale - related concerns lead to an involution - style competition, which reduces the industry's profitability and affects the sustainability of financial support for the real economy and the space for monetary policy [2][11]. - Although the monetary authorities have achieved good results in regulating the deposit and loan market competition order, the involution - style competition caused by scale concerns may resurface, and the root solution lies in abandoning the one - sided pursuit of scale, perhaps by having the board of directors reduce scale - based assessments [3][13]. Summary by Relevant Directory 1. By Bank Liability Pressure - Many investors think that after the new round of deposit rate cuts on May 20, a large amount of deposits flowed to wealth management products, increasing banks' liability pressure [1][8]. - The liability pressure depends on the scale of the liability gap and the difficulty of filling it, and there are two measurement scales: regulatory indicators and banks' own demands [1][8]. - The regulatory - indicator - based liability gap is easy to fill as the central bank has provided ample liquidity, such as a 1 - trillion - yuan reserve requirement ratio cut on May 15, about 0.5 billion yuan of medium - term funds through MLF in May and June, and 1.4 trillion yuan of outright reverse repurchase operations on June 6 and 16 [8]. - The yields of 1Y AAA - grade CDs and 5Y AAA - grade commercial bank financial bonds are at relatively low levels since early May, indicating low demand for funds and easy access to liquidity at low cost for commercial banks [8]. - The gap based on banks' own demands is mainly the demand for deposits, which is difficult to fill as the total deposit scale is relatively fixed [9]. - Banks usually raise deposit rates explicitly or implicitly, but this leads to a zero - sum game, and if other banks follow suit, it may cause a phased increase in deposit rates [2][9][11]. - Banks' desire to increase deposit rates is due to scale concerns, such as not meeting the deposit growth target after the May rate cut, worrying about ranking decline, or wanting to improve their ranking [2][11]. - This involution - style competition also affects the asset side, resulting in an unreasonable decline in loan rates, and overall, it reduces the industry's net interest margin and profit growth [2][11]. - The monetary authorities have regulated the market competition order, but the involution - style competition may resurface, and the root solution is to abandon the one - sided pursuit of scale [3][13].

Core Viewpoint - The article discusses the pressure on banks' liabilities following a recent interest rate cut, emphasizing the challenges banks face in attracting deposits and the implications for their profitability and support for the real economy [3][4][5]. Group 1: Liability Pressure Concept - The concept of liability pressure is defined by both the scale of the liability gap and the difficulty of filling that gap [3]. - There are two measures for assessing the liability gap: one relative to regulatory indicators, which is rigid, and another relative to the bank's own needs, which is more flexible [4]. Group 2: Deposit Demand and Competition - In a market with ample liquidity, banks face a fixed total scale of deposits, making it more challenging to attract deposits compared to obtaining liquidity from the central bank [4]. - Banks often raise deposit rates to attract more deposits, but this can lead to a competitive cycle where banks follow each other's rate increases, resulting in a temporary rise in deposit rates [4][5]. Group 3: Scale Obsession and Its Consequences - Some banks may feel the need to increase deposit rates due to slower deposit growth following the interest rate cut, concerns about their ranking, or a desire to improve their position [5]. - This scale obsession leads to a competitive environment that can lower banks' net interest margins and profit growth, ultimately affecting their ability to support the real economy sustainably [6]. Group 4: Regulatory Environment and Future Risks - The article notes that while regulatory measures have improved market competition, the tendency for banks to engage in competitive behaviors that undermine these regulations can resurface [6]. - Examples include banks circumventing interest rate caps through manual interest compensation or non-bank deposit channels, indicating a need for a cultural shift away from scale obsession within banks [6].

光伏组件低至每瓦六毛多，百余款车型加入降价行列，储能系统中标价格屡创新低……一段时间以来， 无序拼价格战、同质化竞争成为一些行业"内卷式"竞争的突出表现。"内卷"之下，竞争失去节制，市场 机制受到扭曲，给高质量发展带来不利影响。 "要深化要素市场化配置改革，主动破除地方保护、市场分割和'内卷式'竞争。" 在准确认识阶段性问题和深刻把握市场规律的基础上，以习近平同志为核心的党中央部署综合整治"内 卷式"竞争。这是解决当前经济发展矛盾的关键举措，是深化经济体制改革的重要保障，也是推动企业 实现创新发展、向价值链中高端攀升、不断增强发展韧性的有效路径。 （一） 破除"内卷式"竞争，是按照经济规律办事的必然要求。 竞争，市场经济的基本特征，也是市场经济的灵魂所在。但竞争有良性竞争和不正当竞争之分，"内卷 式"恶性竞争违背了经济规律，其弊端是显而易见的。 其一，会削弱行业整体竞争力。 近年来，我国新能源汽车产业快速发展，产销量连续10年位居全球第一，为全球碳中和作出积极贡献。 其二，会破坏产业发展生态。 为降低价格和成本，有的企业选择利用优势地位，向上下游"强行压价"、延长账期、转嫁压力。数据显 示，2024年我国零部 ...