记者丨 董静怡 编辑丨朱益民 站在2025下半年的起点回看国内电商行业，"618"大促早已结束，但留给行业的追问却依然亟待解答。在用户流量红利减少、竞争环境日趋激 烈等诸多挑战下，电商行业已进入关键转型期，平台高质量发展之路向何方？如何更好地推动行业转型？ 6月25日，"2025电商消费新生态：高质量发展路径探索"研讨会在上海举办。本次研讨会由南方财经全媒体集团指导，21世纪经济报道主办， 与多位电商、消费领域专家探讨：新形势下消费的最新趋势，以及如何促进电商行业的高质量发展。 知名电商专家邵明这些年主要研究农村电商，常年奔走在田间地头的他也认为，这些年在电商平台的帮助下，尤其农产品的销售半径迅速扩 大，这不只意味着有销路，还起到了稳定价格的作用，让农户有了稳定、可预期的收入，"有一年洛川苹果减产了，产值却上来了，因为他们 以前从未将苹果卖到海南，现在通过平台卖到那里，而且价格也不错。" 邵明表示，拼多多等新电商平台的出现，让很多偏远地区的农产品突破了供应半径，延伸了服务半径，改善了工业品下行和农产品上行的双向 过程。他认为，随着新消费的涌现，在平台新技术和新服务的赋能下，农村电商仍然大有可为，新电商与实体经 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the "anti-involution" policy in China, focusing on structural adjustments aimed at increasing the proportion of high-quality supply to achieve industrial upgrades, contrasting with the 2016 policies targeting cyclical supply-demand imbalances in the steel and coal industries [1][6][10]. Core Insights and Arguments - **Anti-Involution Policy Goals**: The policy aims to regulate low-price disorderly competition among enterprises, enhance product quality, and facilitate the orderly exit of outdated production capacity to achieve high-quality development through technological upgrades [2][5]. - **Electricity Consumption vs. Industrial Value Added**: In 2023-2024, China's industrial electricity consumption is expected to grow faster than industrial value added, indicating a slowdown in investment and a necessary capacity clearance [11]. - **Wind Power Sector**: The wind power sector is benefiting from stabilized bidding prices and increased demand, with private companies showing significant profit recovery potential if strict cost control measures are implemented [3][21]. - **Copper Smelting Industry Challenges**: The copper smelting industry faces severe raw material shortages, with over 80% reliance on imports. The TC price is currently negative, indicating unsustainable conditions that may improve with industry consolidation [34]. - **Pig Farming Industry**: The pig farming sector is under pressure from CPI and capacity recovery issues, with policies aimed at controlling sow inventory to stabilize prices [3][39]. Additional Important Content - **New Anti-Unfair Competition Law**: The revised law includes provisions to combat involution-style competition, prohibiting illegal subsidies from local governments and enhancing regulation of low-quality products [7]. - **Differences from Previous Policies**: The current anti-involution policy differs from the 2016 supply-side reforms by focusing on structural quality improvements rather than merely reducing total capacity [6][15]. - **Investment Opportunities**: The conference highlights potential investment opportunities in sectors like wind power, where companies like Goldwind Technology and Yunda shares are recommended due to their cost advantages and recovery potential [21]. - **Challenges in the Photovoltaic Industry**: The photovoltaic sector faces challenges such as oversupply in the silicon material segment and financial pressures on companies, necessitating regulatory measures against low-cost sales [16][17]. - **Future of the Construction Materials Sector**: The construction materials sector, particularly in waterproofing and cement, is expected to see consolidation and price increases as inefficient players exit the market [26][29]. Conclusion - The anti-involution policy is set to reshape various industries in China, focusing on quality and efficiency rather than sheer output. Key sectors such as wind power, copper smelting, and the pig farming industry are highlighted for their unique challenges and opportunities in this evolving landscape.

Core Viewpoint - The publication of "Xi Jinping's Economic Works" Volume 1 summarizes 74 articles by General Secretary Xi Jinping, focusing on the comprehensive advancement of Chinese-style modernization and the Party's leadership in economic work, emphasizing a people-centered approach and addressing key issues for high-quality development [1]. Group 1: New Development Pattern - The new development pattern is a strategic decision made by the Party Central Committee based on changes in China's development stage and comparative advantages, aiming for a domestic circulation-led economy to enhance stability and security [3][4]. - Articles in the "Works" provide comprehensive insights into the significance, core essence, and focal points of accelerating the construction of the new development pattern [4]. Group 2: New Quality Productive Forces - The emphasis on cultivating new quality productive forces highlights the importance of innovation as a driving force for high-quality development, moving away from traditional economic growth models [4][5]. - The "Works" discuss the significance and practical requirements for developing new quality productive forces, which are essential for economic structure transformation and gaining a competitive edge in international markets [4]. Group 3: Government-Market Relationship - The relationship between government and market is a critical issue for high-quality development, requiring a balance between effective markets and proactive government intervention [5]. - The "Works" provide insights into the dialectical relationship between government and market, offering Chinese wisdom and solutions to address this global economic challenge [5]. Group 4: Enhancing People's Well-Being - The fundamental purpose of development is to enhance people's well-being, aligning with the Marxist political economy's core stance that development should benefit the people [6]. - The "Works" elaborate on the necessity of a people-centered development approach, addressing social contradictions and ensuring that modernization benefits all citizens [6]. Group 5: Coordinating Development and Security - The coordination of development and security is essential for high-quality development, emphasizing that security is a prerequisite for development [7]. - The "Works" discuss the interdependence of development and security, advocating for a balanced approach to enhance national security while fostering economic growth [7].

专题报告 2025-07-09 "反内卷"及其对黑色板块影响 报告要点： 我们认为本轮"反内卷"并非是简单的再来一次"供给侧改革"，其与 2016 年附近的"供给侧 改革"在面临的主要矛盾上存在显著差异。前者主要解决的是无序价格战、不正当竞争、地方 保护主义等问题，为的是"高质量发展"；后者则主要聚焦上游原材料的"过剩产能"问题。 此外，二者在聚焦的产业上也明显不同。前者聚焦光伏、锂电池、新能源汽车、电商平台等新 兴行业；后者则着力于钢铁、煤炭等传统的上游行业。 对于黑色板块而言，我们认为当前阶段，"反内卷"情绪的影响大于实质。后续影响是否会出 现实质化，取决于需求端政策的发力情况。但在短期预期难以证伪的情况下，叠加 7 月份宏观 事件的频繁扰动，预计盘面价格波动将加剧，建议谨慎参与。 陈张滢 黑色研究员 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 黑色金属研究 | 黑色 "反内卷"及其对黑色板块影响 2025 年 7 月 1 日，中央财经委员会第六次会议在京召开，会议研究了纵深推进全国统一大市 场建设、海洋经济高质量发展等问题。 " ...

Core Insights - The "6.18" shopping festival marks a critical turning point for e-commerce platforms, shifting towards value-based competition and sustainable development [1] - The relationship between platforms, merchants, and consumers is crucial for the industry's future, with a focus on balancing interests and fostering a high-quality development path [1] Group 1: E-commerce Strategies - Pinduoduo has launched a "100 billion support" plan, committing over 100 billion RMB in resources over the next three years to enhance the e-commerce ecosystem [1] - The emphasis on supporting merchants reflects a strategic pivot from consumer subsidies to merchant empowerment, indicating a balanced relationship among platforms, merchants, and consumers [1] Group 2: Market Dynamics - The county-level market is gaining attention, with projections indicating that the GDP of this market will reach 109.9 trillion RMB this year, contributing over two-thirds of future consumption growth [2] - Data from the "6.18" event shows that county and rural markets have demonstrated strong consumption momentum, with order volume increasing by over 130% and user scale growing by over 140% year-on-year [2] Group 3: Logistics and Regional Development - Pinduoduo's "e-commerce westward" initiative aims to reduce logistics costs by covering the logistics transfer fees for merchants in remote areas like Tibet and Gansu [3] - To unlock the potential of the western market, a comprehensive logistics system and talent development are essential, which will drive sustainable high-quality growth in the e-commerce sector [3]

省政协副主席李兴旺、杨冠军、张晓光、孙科、范九伦和秘书长王刚出席会议。西安市政协主席王 吉德列席会议。（记者：刘曌琼） 徐新荣表示，推进教育科技人才体制机制一体改革，是建设教育强省、科技强省、人才强省的重要 路径，对于谱写中国式现代化建设的陕西新篇章具有重大意义。要坚持问题导向，强化政策设计，构 建"三位一体"协同发展机制；要推进产教融合，建立产业需求导向的学科专业调整机制，完善引才体 系，推动科技创新和产业创新加速融合；要发挥企业主体作用，完善企业出题、产学研协同解题机制， 突出重点产业链开展联合攻关；要深化"三项改革"，提高政府引导基金统筹效能，完善科技成果转 化"免申即享"机制，更好塑造高质量发展现代化建设新动能新优势。 徐新荣表示，下半年，常委会组成人员和机关各部门、各专门委员会要坚持改革创新、提质增效的 主基调，进一步提振精神状态，改进工作作风，以高质量履职促进政协工作高质量发展。要把学习贯彻 习近平新时代中国特色社会主义思想作为首要政治任务，善始善终抓好学习教育，在思想政治引领上提 质增效。要强化质量意识、责任意识，加快推进既定改革任务落实，在健全制度体系上提质增效。要聚 焦科学编制"十五五"规划 ...

Core Viewpoint - The article emphasizes the importance of reform and innovation in promoting high-quality development in grassroots civil affairs, particularly in Shandong Province's Xincheng County, as a response to new demands from the public for precise assistance, quality elderly care, and efficient services [1][2]. Summary by Relevant Sections Reform Directions - The civil affairs bureau in Xincheng County is aligning its reform efforts with political, developmental, and practical dimensions to address the high-quality development of civil affairs [1]. - Political dimension focuses on transforming the advantages of party building into governance effectiveness to address public pain points [1]. - Development dimension identifies existing barriers in civil affairs as targets for reform and innovation, exemplified by the integration of multiple assistance programs into a simplified approval process [2]. - Practical dimension emphasizes the need for institutional innovation and modernization of governance capabilities, with specific reform tasks outlined for 2025 [2]. Key Initiatives - The civil affairs bureau has established a "red engine" mechanism led by party leadership to drive reform projects, including a model that integrates local culture with distinctive industries [3]. - A collaborative mechanism involving 14 departments has been created to enhance social assistance, ensuring effective resource allocation and information sharing [3]. - A focus on integrated services for marriage and childbirth registration has been implemented, benefiting numerous couples [4]. Mechanisms for Long-term Development - A results transformation mechanism has been established to enhance the effectiveness of social assistance programs, including insurance initiatives for vulnerable populations [5]. - An iterative upgrade mechanism is in place to continuously innovate child welfare programs, significantly improving the well-being of left-behind children [6]. - A long-term guarantee mechanism is being developed to cultivate professional talent within the civil affairs sector, enhancing the overall capability of the workforce [7].

Group 1 - The current consensus in the market is to combat "involutionary" competition through legal and market measures, stabilizing market prices and promoting the orderly exit of backward production capacity [1] - The complex causes of "involutionary" competition include local governments using industrial policies for inter-regional capacity investment competition, leading to overcapacity and price competition in related industries [1] - The shift to high-quality development emphasizes the importance of the real economy, with a focus on developing emerging industries and promoting the transformation and upgrading of manufacturing [1] Group 2 - Industrial policies and competition policies have coexisted in China, with industrial policies being necessary for promoting technological innovation and industrial upgrading, but they should be based on competitive policies [2] - The experience of Japan suggests that an overemphasis on industrial policies can lead to low growth, highlighting the need for a balance between industrial and competition policies during different growth phases [2] - During the high-quality development phase, the main drivers of economic growth are innovation and the market's ability to shift resources from low productivity to high productivity sectors [3] Group 3 - The need for a coordinated approach between industrial policies and macroeconomic policies is crucial to avoid asset bubbles and ensure effective resource allocation [3] - When industrial policies are misused by local governments for quantity-based expansion, it can lead to "involutionary" competition, reducing corporate profits and hindering innovation investment [3] - Establishing a unified national market is essential for ensuring fair competition and effective resource allocation [4] Group 4 - There is an urgent need to establish a system and institutional guarantees for achieving high-quality development, with central government-led industrial policies to promote innovation and industrial upgrading [4] - A well-coordinated relationship between industrial and competition policies is necessary to prevent local governments from undermining fair competition rules [4] - Improving the assessment systems for high-quality development and local government performance can help avoid the distortion of industrial policies into tools for regional competition [4]

Group 1 - The core viewpoint of the news is the introduction of guidelines to enhance the quality of internal auditing in Rongcheng, focusing on leadership mechanisms, institutional personnel, responsibilities, and the application of audit results [1][2] Group 2 - The guidelines emphasize the establishment of a leadership mechanism for internal auditing, where the party organization and board of directors are responsible for formulating audit plans and reporting significant issues [1] - It is required that each unit set up a dedicated internal audit institution or designate an internal department to ensure independent auditing activities, prohibiting audit personnel from engaging in activities that may compromise their objectivity [1][2] Group 3 - The guidelines stress the importance of strengthening internal audit supervision, focusing on areas with concentrated power, funds, and resources, and enhancing oversight of budget execution, financial income and expenditure, economic decision-making, internal controls, and risk management [2] - A long-term mechanism for audit rectification is to be established, assigning responsibility for rectification to the audited units and their leaders, while ensuring that audit findings are utilized in performance evaluations and decision-making processes [2]

Group 1 - The core objective of the training session is to enhance the service capabilities of futures institutions in Beijing, thereby promoting high-quality development of the capital's futures market [1] - Zhengzhou Commodity Exchange (ZCE) aims to strengthen product, service, and regulatory supply to improve market operation quality, focusing on four key areas: optimizing product offerings, market cultivation, enhancing member service quality, and strengthening regulation [1][2] - The training emphasized the importance of team building in futures companies, highlighting that a strong team is essential for achieving sustainable growth and competitiveness [2] Group 2 - The trading consulting business is identified as a crucial direction for differentiation and specialization among futures companies, providing tailored services to meet enterprise needs [3] - Challenges faced by the trading consulting business include significant demand variability among enterprises, low efficiency in point-to-point services, and insufficient comprehensive talent [3] - Future developments in trading consulting should leverage technology and data, with a focus on building intelligent research platforms and digital risk management tools to enhance service efficiency and integration with the real economy [3]