反不正当竞争法修订草案二审稿将增加关于公平竞争审查制度的规定，修改完善治理平台"内卷式"竞争 方面的规定。 党中央、国务院高度重视"内卷式"竞争问题。2024年7月召开的中共中央政治局会议明确提出，强化行 业自律，防止"内卷式"恶性竞争。2024年中央经济工作会议强调，综合整治"内卷式"竞争，规范地方政 府和企业行为。今年全国两会上，综合整治"内卷式"竞争首次写入《政府工作报告》。近期，国家发改 委、国家市场监管总局等多部门就整治"内卷式"竞争作出部署。 据黄海华介绍，此次反不正当竞争法修订草案二次审议稿也将在整治"内卷式"竞争方面作出修改。他指 出，修订草案二次审议稿将贯彻党中央关于综合整治"内卷式"竞争的精神，增加关于公平竞争审查制度 的规定，修改完善治理平台"内卷式"竞争方面的规定。 反不正当竞争法修订草案本周迎来二审，将在整治"内卷式"竞争方面作出相关规定。 此外，修订草案二次审议稿还将作以下主要修改：修改完善反不正当竞争工作协调机制相关规定，明确 市场监管部门的反不正当竞争工作职责；完善平台经营者处置平台内经营者不正当竞争行为的义务；对 于将他人商标作为字号使用以及将他人商品名称、企业名称设置为搜索 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week (June 13 - June 20, 2025), the spot price of industrial silicon started to stop falling and rise slightly, with the benchmark spot price reaching 7,635 yuan/ton on June 20, 2025, up 1.3% from 7,537 yuan/ton on June 13. In the futures market, the main contract of industrial silicon continued to rebound but did not break through last week's high, with the highest transaction price at 7,565 yuan/ton and the latest transaction price at 7,390 yuan/ton, a weekly increase of 1.51%. The main contract's open interest was about 305,500 lots, and trading volume increased[8]. - The supply of industrial silicon has increased. In the southwest region, some enterprises do not plan to start furnaces due to low market prices and high inventory, while a few enterprises with electricity subsidies have increased furnace starts. In the northwest region, the number of silicon furnaces has increased, mainly due to increased production by large enterprises. Overall, the total number of furnace starts has increased this week, and the market supply is sufficient, mainly in the northwest region. There is still pressure on the supply side, even though most 99 - grade silicon producers have shut down for maintenance[8]. - The demand for industrial silicon is weak. The photovoltaic industry association has reported "self - disciplined" production cuts, which is a significant negative for the end - market. Most polysilicon producers are operating at reduced loads, with mixed production schedules. The silicon powder market has few tenders, and the purchasing enthusiasm is low, so the industrial silicon price has limited room for increase. The aluminum alloy industry's demand for industrial silicon is average, and exports have decreased. In May 2025, China's industrial silicon exports were 55,600 tons, a month - on - month decrease of 8.02% and a year - on - year decrease of 22.47%. From January to May 2025, China's total industrial silicon exports were 272,300 tons, a year - on - year decrease of 10.31%[8]. - The overall production cost of industrial silicon is stable, and it is expected that the electricity cost in various regions will further decline in July. The spot profit is stable, and the futures profit has increased due to the rising futures price[8]. - This week, the standard warehouse receipt inventory was mostly in a destocking state. Silicon powder enterprises made small - scale stockpiling, but due to the rising futures price, some silicon powder factories reduced their demand. Due to the adjustment of the current spot - futures basis, there was a small release of 421 - grade warehouse receipts[8]. - Looking ahead, the overall production in the southwest region has slightly increased, downstream demand remains weak, and there is a supply - demand mismatch for different grades. It is expected that the price will still be more likely to fall than rise[8]. - The report suggests that investors should short the 2509 contract on rallies or sell out - of - the - money call options when volatility is low. Traders or upstream enterprises are advised to sell call options to protect their inventory[8]. Summary by Relevant Catalogs 1. Week - on - Week Views and Hot News - **Hot News**: The China Photovoltaic Industry Association is discussing "production cuts to maintain prices," with expected production cuts of 10% - 15% in the third quarter. Strict policies against "below - cost sales" and "substandard product sales" will be implemented. The National Development and Reform Commission's governance ideas for "involution - style competition" are in line with the current difficulties in the industrial silicon industry. There are rumors that Tongwei is promoting measures such as capacity acquisition and storage, and the government may introduce policies to re - position photovoltaics as energy products. In 2025, the US - China tariff war continued, and the National Energy Administration released the "2025 Energy Work Guidance Opinion"[7]. - **Week - on - Week Views**: As mentioned above, covering price trends, supply, demand, cost - profit, inventory, outlook, and trading strategies[8]. 2. Industry Structure - The industrial silicon industry chain includes raw materials such as petroleum coke, charcoal, and silicon ore, and downstream products such as organic silicon, polysilicon, and aluminum alloy, which are widely used in electronics, construction, and other industries[11]. 3. Spot and Futures Markets - Multiple charts show the spot prices of different grades of industrial silicon (such as 553 and 421) in different regions (e.g., Tianjin Port, Kunming Port), as well as the closing and settlement prices of continuous and active futures contracts[13][24][33]. 4. Inventory - Charts display the inventory of industrial silicon in the industry, factories, the market, and futures, with data sources from Baichuan Yingfu and the research institute[48][50]. 5. Cost and Profit - Charts show the comprehensive profit and cost of industrial silicon, electricity prices in major and non - major production areas, the prices of raw materials such as silicon ore, petroleum coke, and electrodes, and the cost and profit of polysilicon[57][61][93]. 6. Supply - Charts present the weekly and monthly production of industrial silicon, the operating rate, and monthly production capacity. There are also plans for new production capacity in multiple enterprises in Xinjiang, Yunnan, and Inner Mongolia, with a total planned new capacity of 3 million tons[110][114][117]. 7. Demand - Charts show the consumption breakdown and structure of industrial silicon, the production, price, inventory, and cost - profit of polysilicon, the price, production, cost, and profit of organic silicon, the production, inventory, and operating rate of aluminum alloy, and the production and price of solar cells[120][124][133]. 8. Import and Export - Charts display the import and export volumes of industrial silicon and polysilicon, with data from the General Administration of Customs[174][179].

6月18日，京东外卖相关负责人表示，要构建一个长期可持续发展的业务，并改变外卖行业"卷商家、卷 骑手、卷消费者"的"内卷式竞争"。对商家，京东外卖坚持低佣金，长期佣金费率不超过5%，本季度末 全职骑手扩招至15万人。截至6月17日，全职骑手已超过12万人。(第一财经) ...

Core Viewpoint - The article emphasizes the necessity of supply-side structural reforms in China to address the dual issues of structural overcapacity and insufficient supply, which arise from the lagging supply structure compared to the changing demand structure due to high-quality economic development [2][5]. Group 1: Economic Indicators and Trends - As of May this year, the Producer Price Index (PPI) has experienced negative growth for 32 months, with no immediate signs of recovery, marking a historical duration that surpasses previous economic crises [3]. - The GDP deflator has also turned negative for eight consecutive quarters, indicating a broad-based price decline that has transmitted from the supply side to the demand side [3]. - The Consumer Price Index (CPI) target was lowered from 3% to 2% in the government work report, reflecting a shift from a restrictive to a more result-oriented target [4]. Group 2: Supply-Side Reform Necessity - There is a consensus among policymakers and market investors that a new round of supply-side reforms is imperative, yet the definition of this reform remains vague among analysts [6]. - The previous supply-side reform was initiated in response to significant economic pressures and aimed at addressing structural issues, but the current context requires a more nuanced approach to reform [6][7]. Group 3: Real Estate Market Dynamics - The article highlights the urgent need to accelerate the de-inventory process in the real estate sector to prevent a potential deflationary trap, which could dampen consumption and investment [11]. - The real estate market is still in a phase of adjustment, with significant inventory levels persisting despite government efforts to stabilize the market [13][14]. - The challenges of de-inventory are compounded by the high proportion of real estate in household assets, which is significantly higher than in developed economies [15]. Group 4: Structural Overcapacity and Competition - The article discusses the issue of structural overcapacity and the phenomenon of "involution" in various industries, which has led to intensified competition and reduced profitability [18][19]. - The government is increasingly focused on addressing "involution" through regulatory measures to maintain fair competition and prevent market distortions [22][21]. Group 5: Policy Recommendations - The article suggests that the new supply-side reform should not merely replicate previous efforts but should adapt to the current economic landscape, emphasizing green transformation and technological innovation [28][29]. - It advocates for the establishment of a unified national market to eliminate local protectionism and enhance resource allocation efficiency [32][33]. - The article also highlights the importance of supporting enterprises in expanding into international markets to mitigate domestic competition pressures [34][35].

Core Viewpoint - The increasing competition in the domestic market, particularly in the booming electric vehicle sector, has led to a price war that benefits consumers in the short term but poses long-term risks to companies, employees, and the overall economic ecosystem [1][3][21] Group 1: Impact on Labor - Intense competition has severely affected workers' income and working conditions, with companies often resorting to cost-cutting measures that exploit labor [3][4] - For instance, a leading battery manufacturer has been reported to implement an "896" work schedule, which translates to working from 8 AM to 9 PM, six days a week, with periods of continuous work lasting up to 100 days [4][6] - Despite the impressive growth in the electric vehicle sector, with production and sales reaching 12.888 million and 12.866 million units respectively in 2024, this growth has not translated into better conditions or pay for frontline workers [3][4] Group 2: Profitability Issues - The internal competition has resulted in generally low profit margins for manufacturing companies, with the total profit for large-scale industrial enterprises in China declining by 3.9% in 2024, totaling 55,141.1 billion yuan [6][10] - The operating income profit margin for the manufacturing sector was reported at 4.64% in 2024, indicating a challenging environment for profitability [6][10] Group 3: Consequences of Internal Competition - The phenomenon of "internal competition" has led to a reliance on low-cost labor, which is not sustainable in the long run and undermines the quality and technological advancement of products [6][12] - Companies are increasingly seeking "off-balance-sheet profits," engaging in activities that do not directly reflect their core business, which can lead to financial instability [13][14] - The rise of "supply chain finance" has become a common practice, where companies focus on capital operations rather than product quality, further exacerbating the issue of internal competition [14][15] Group 4: Regulatory Responses - Recent actions have been taken to address the issue of internal competition, such as halting below-cost bidding in the photovoltaic sector and encouraging mergers and resource consolidation in the semiconductor industry [21] - Major electric vehicle manufacturers have committed to reducing payment terms to suppliers to mitigate risks associated with supply chain finance, which could help stabilize the industry [21]

Core Viewpoint - The Chinese food delivery market is experiencing "involutionary" competition, where platforms and merchants are increasing investments without significant improvements in overall market efficiency, leading to resource misallocation and waste [1][2]. Group 1: Market Dynamics - The food delivery industry exhibits typical network economy characteristics, where larger platforms can reduce average delivery costs through increased order and rider density, but this leads to a "subsidy arms race" among competitors [2][3]. - Recent estimates indicate that daily order volume in the food delivery market has peaked at 140 million, significantly up from 100 million year-on-year, with a notable shift towards lower-priced items like beverages [3][4]. Group 2: Economic Theories - The "lemon market" theory explains how information asymmetry leads consumers to rely on price as a primary decision factor, resulting in a market distortion where low-quality offerings prevail [4][5]. - The "disease of cost disease" theory highlights how excessive reliance on subsidies distorts market competition, leading to resource misallocation and inhibiting innovation and quality improvements [6][7]. Group 3: Challenges for Small Merchants - Small merchants face a "prisoner's dilemma" in the price war, where participating may yield short-term sales but create long-term low-price expectations, making it difficult to return to reasonable pricing [7][8]. - The competitive pressure forces small merchants to cut costs, often compromising quality and service, which can damage brand reputation and customer loyalty over time [7][8]. Group 4: Social Costs - The negative impacts of "involutionary" competition extend beyond business, leading to irrational consumption patterns and potential health issues due to increased intake of sugary beverages [9]. - Employment quality is declining as businesses reduce labor costs, affecting workers' rights and job security, while overall market resources are wasted in unproductive competition [9][10]. Group 5: Path to Resolution - To break the cycle of "involutionary" competition, the industry needs to focus on infrastructure improvements and regulatory frameworks that promote sustainable practices rather than relying solely on price subsidies [10][11]. - Enhancing operational efficiency through better logistics and inventory management, along with fostering innovation and quality service, is essential for long-term industry health [10][11].

Group 1 - The phenomenon of "involution" in competition is squeezing normal profit margins and damaging the healthy development of industries [1] - In industries with slowing demand growth and relative overcapacity, companies tend to imitate rather than innovate, leading to homogeneous low-price competition and irrational market share grabbing [1] - To resolve "involution" competition, it is necessary to optimize and expand market space while effectively governing market order through collaboration among enterprises, industry associations, and government departments [1] Group 2 - Promoting inclusive industry development requires innovation leadership, encouraging companies to increase innovation investment and leveraging the role of industry associations [2] - Industry associations should facilitate communication and cooperation among companies, enhance the sense of responsibility for maintaining industry health, and share industry development trends [2] - Establishing self-regulatory rules within industries can help eliminate violations, protect intellectual property, and encourage latecomers to learn from leading companies [2] Group 3 - Regions should strengthen research on industry life cycles, value chains, and organizational forms to create regional industrial brand characteristics and alleviate "involution" competition among enterprises [3] - Local industries should be developed based on resource endowments, avoiding blind expansion and focusing on cultivating industries with comparative advantages [3] - Promoting advanced industrial organization involves effective collaboration between large "chain leader" enterprises and supporting small and medium-sized enterprises to avoid low-level competition [3]

Group 1 - The discussion at the "2025 China Automotive Chongqing Forum" focused on how to address "involutionary" competition in the automotive industry [1] - Chery Automobile emphasizes a user-centric transformation, aiming to understand consumer needs better and innovate in design [3] - Chery has exported nearly 5 million passenger vehicles and established over 30 subsidiaries in 115 countries, highlighting its global strategy [3] Group 2 - BYD's strategy to counter "involution" is centered on technological innovation, with a commitment to building a world-class automotive brand through technology [5] - BYD has over 120,000 technical personnel and invested 54.2 billion yuan in R&D over the past year, resulting in numerous patents and advanced technologies [5] - The company believes that technology is the best form of branding and aims to create a strong identity for Chinese new energy vehicles [5] Group 3 - Continental Group warns that price wars in the automotive industry lead to more losers than winners, suggesting that such competition harms the entire automotive ecosystem [7] - The company advocates for a return to healthy competition, where the best products are offered at reasonable prices rather than the lowest prices for unsafe products [7] - Continental is undergoing significant changes to adapt to the shift from fuel vehicles to smart cars that integrate driving enjoyment, entertainment systems, and intelligent driving [7]

Core Viewpoint - The automotive industry is facing concerns over high leverage expansion and chaotic competition, with a call for regulatory measures to address "involution" in the sector [2][8] Group 1: Industry Concerns - Weijianjun's statement about the automotive industry having a "Hengda" reflects worries about high leverage and disordered competition [2] - The Ministry of Industry and Information Technology has announced plans to intensify efforts to regulate "involution" in the automotive sector [2] - The term "next Hengda" is seen as a sensationalist narrative, while the real issue is the involutionary competition affecting the automotive and other industries [2][8] Group 2: Financial Comparisons - Li Yunfei from BYD refuted the "car circle Hengda" claim by comparing financial metrics of domestic and international car manufacturers, emphasizing the differences in financial structures [3] - The financial reports of car manufacturers and real estate companies are fundamentally different, making direct comparisons unprofessional [4][6] - The automotive industry operates on a cash flow model primarily from vehicle sales, contrasting with the high-leverage financing model of real estate [6][7] Group 3: Price Wars and Profitability - The automotive industry is experiencing a price war, leading to a decline in industry profit margins from 4.3% in 2024 to 3.9% in Q1 2025, below the average for manufacturing [8] - The prevalence of price wars has resulted in a significant number of models being sold at reduced prices, with 70% of over 60 discounted models being driven by homogenous competition [8] - The ongoing price competition is reminiscent of the solar industry, which faced similar challenges leading to widespread losses [8][9] Group 4: Innovation and Market Dynamics - The rapid diffusion of technology in the automotive sector is creating an "innovator's dilemma," where advancements are quickly replicated, undermining competitive advantages [9][10] - The automotive industry must shift from price competition to value competition to build sustainable competitive advantages and avoid overcapacity [10] - Protecting innovation and moving away from involution is increasingly recognized as essential for the industry's future [10]

Core Viewpoint - The article discusses the challenges posed by "involutionary" competition in the platform economy, particularly in the food delivery sector, highlighting the need for regulatory intervention to promote healthy competition and sustainable development [2][3][4]. Group 1: Current State of Competition - The rapid expansion of the platform economy has led to practices such as "choose one from two" and price wars, resulting in resource waste and unhealthy competition [2]. - Since April 2025, a new round of subsidy and price wars has emerged in the food delivery sector, affecting over 10 million delivery riders and involving millions of restaurants, making it a priority for regulatory action against "involution" [2][3]. Group 2: Impact on Industry Stakeholders - The reliance on high subsidies among platform companies has created a competitive environment that negatively impacts merchants, consumers, and delivery riders, leading to economic fluctuations and resource waste [4][5]. - Large brand merchants can absorb short-term low margins to gain market share, while small merchants face a dilemma of either matching subsidies or risking loss of visibility on platforms, potentially leading to closures [5][6]. Group 3: Long-term Sustainability Challenges - The current competition has led to irrational and homogeneous expansion in supply, particularly in the beverage sector, with a 37.5% increase in new openings in May 2025 compared to April [6]. - Continuous high subsidies are altering consumer price perceptions, leading to a cycle of low-price and low-quality offerings, which could harm the overall market and consumer trust [7][8]. Group 4: Recommendations for Healthy Development - Regulatory bodies are encouraged to implement measures to halt unfair competition driven by high subsidies, including penalties for platforms engaging in such practices [8][9]. - Strengthening the regulatory environment to combat false advertising and other market-distorting behaviors is essential for maintaining fair competition [9]. - Encouraging platforms to focus on innovation and global expansion rather than low-quality competition is vital for the long-term stability of the industry [9].