竞争，是市场经济的常态。然而一段时间以来，"内卷式"竞争令众多行业和企业深陷其中，其影响面之 广、破坏力之强、危害性之深，已经到了非整治不行的地步。 （文章来源：经济日报） 更深层次看，"内卷式"竞争不符合经济高质量发展的要求，与发展新质生产力背道而驰。低价、低质、 低水平竞争之下，一些商家不惜以次充好、跟风抄袭，以抢占市场份额，对创新者产生了挤出效应。优 胜劣汰是市场正常现象，逆向淘汰则不然。"内卷式"竞争已经走到高质量发展对立面，成为企业向"微 笑曲线"两端攀升、走创新发展道路的阻碍。 综合整治"内卷式"竞争，需要加快建立健全基础制度规则，破除地方保护和市场分割，打通制约经济循 环的卡点堵点。从短期看，应进一步规范地方招商引资行为，严格落实《全国统一大市场建设指引（试 行）》中的相关要求；从长期看，还需完善财税体制、优化政绩考核，促使各地在错位竞争中谋发展， 破解低水平重复建设屡禁不止的难题。 连日来，本报以《"内卷"之困》《"内卷"之因》《"内卷"之治》为题，刊发系列深度调研报道，深入分 析了"内卷式"竞争的有关问题，受到社会各界广泛关注。 发展中的问题，最终要靠发展来解决。只有技术革新、产业转型升级才 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has criticized certain car manufacturers for engaging in disorderly competition, emphasizing the need to rectify market chaos and maintain fair competition in the automotive industry [1] Group 1: Industry Competition - The automotive industry is experiencing significant "involution" competition, characterized by companies sacrificing profits to capture market share, leading to a rise in false advertising and malicious smear campaigns [1] - In 2024, the number of discounted car models in China reached 227, significantly higher than 148 in 2023 and 95 in 2022, while the industry's profit margin fell to 4.3%, remaining below the overall industrial profit margin for three consecutive years [1] - The "theater effect" in economics illustrates that involution competition results in a zero-sum game, where no winners emerge, and all participants face increased costs and diminished experiences [1] Group 2: Industry Self-Regulation - The China Automobile Industry Association has called for car manufacturers to cease publishing weekly sales rankings, which has been positively received and may help break the cycle of "sales volume obsession" [2] - Other industries, such as solar energy and cement, have also initiated self-regulatory agreements to control production capacity and resist malicious low-price competition, indicating a trend towards establishing standards and rules within industries [1][2] Group 3: Market Regulation - The NDRC and the State Administration for Market Regulation have intensified efforts to address involution competition, including enhanced price monitoring in the automotive market and strict checks on substandard products [2] - Public opinion plays a crucial role, as car manufacturers are particularly sensitive to their reputation and public image, suggesting that a strong negative sentiment against involution competition could compel companies to avoid such practices [2]

Core Viewpoint - The government work report emphasizes the need to comprehensively address "involutionary" competition, aiming to eliminate local protectionism and market segmentation, thereby facilitating smoother economic circulation [1][3]. Group 1: Government Actions and Policies - The National Development and Reform Commission and the State Administration for Market Regulation have been actively addressing "involutionary" competition since 2025, focusing on resolving supply-demand imbalances in certain industries [2]. - The government work report includes measures to strengthen standards, regulation, and industry self-discipline, ensuring that prices reflect quality and preventing the phenomenon of "bad money driving out good" [3]. Group 2: Industry Concerns and Recommendations - Representatives express concerns about the destructive nature of "involutionary" competition, highlighting issues such as price wars and talent poaching that squeeze profit margins and destabilize the market environment [1][4]. - It is recommended that local governments establish strict regulations for investment attraction, improve performance assessments, and eliminate local protectionism to foster a fair competitive environment [4]. - Companies are advised to avoid blindly following trends or relying on local subsidies, instead focusing on their core business and assessing market conditions to manage risks effectively [5].

Core Viewpoint - The rapid increase in internet-related civil and commercial disputes, particularly in areas like live streaming sales and paid content, poses challenges in balancing user rights protection and platform development [1] Group 1: Trends in Internet Disputes - The number of internet-related civil and commercial disputes has significantly increased, with cases rising from over 200 in 2022 to around 700 in the following year [3] - Common types of disputes include information network sales contract disputes, product liability disputes, and network service contract disputes, often arising from issues like fraud, product quality, and service cancellations [3] Group 2: Responsibilities of Platforms - Platforms are expected to actively assume both platform and social responsibilities, ensuring consumer protection through rigorous vetting of merchants and maintaining adequate compensation funds for high-risk products [4] - The courts aim to balance user rights and platform development by correctly applying laws such as the Civil Code and the E-commerce Law, while considering the unique characteristics of the digital platform industry [4] Group 3: Live Streaming Sales Disputes - The number of consumer disputes related to live streaming sales is on the rise, with a diverse range of products involved, reflecting an increasing consumer demand in this sector [7] - In live streaming sales, merchants have a heightened duty of care, and platforms must adhere to a fault liability principle to determine responsibility [8] Group 4: Regulation of Digital Platforms - Courts can regulate digital platform operations by properly adjudicating cases related to new transaction models, combating infringement, and providing judicial guidance through typical case publications [11] - The judiciary aims to establish clear rules for new types of disputes arising from digital platforms, such as data ownership and algorithm regulation [11] Group 5: Competition and Legal Framework - "Involution" competition can lead to resource waste and a focus on short-term results over long-term innovation, necessitating judicial oversight to ensure fair competition [12] - Courts should apply laws like the Anti-Monopoly Law and the Anti-Unfair Competition Law to maintain fairness in competitive practices [12]

Core Viewpoint - The article emphasizes that the rule of law is the best business environment, highlighting the ongoing legislative process of the Private Economy Promotion Law, which aims to enhance the legal status and protection of the private economy in China [1][2]. Summary by Sections Legislative Progress - The Private Economy Promotion Law draft is undergoing its second review, with improvements noted in its execution and specificity regarding various issues faced by private enterprises [1][3]. Key Highlights of the Law - The law establishes fundamental principles such as equal treatment, fair competition, and equal protection, affirming the legal status of the private economy as a vital component of the socialist market economy [3]. - It includes detailed provisions addressing specific challenges faced by private enterprises, enhancing its enforceability and protective measures [3][4]. Legal and Regulatory Recommendations - There is a suggestion to further refine the legal responsibilities concerning accountability for violations, enhancing the law's deterrent effect [4]. - The principle of "law permits what is not prohibited" should guide private enterprises in their innovative business practices, ensuring they do not fear legal repercussions as long as they operate within legal boundaries [5]. Addressing Enforcement Issues - Recommendations include strictly limiting the authority to freeze corporate bank accounts, ensuring that such measures are necessary, reasonable, and proportionate [8]. - There is a call for clearer regulations regarding the restriction of personal freedom for corporate leaders to prevent operational disruptions [9]. Tackling "Involution" Competition - "Involution" competition is identified as a form of unfair competition, primarily driven by leading companies abusing their market dominance, which threatens the survival of smaller enterprises and harms consumer interests [13]. - A multi-faceted approach is suggested to combat "involution" competition, including strict enforcement of antitrust laws and enhancing corporate credit evaluation systems [14]. Bankruptcy Law Revisions - The article highlights the need for improvements in the bankruptcy law, particularly in the areas of bankruptcy liquidation and reorganization, to better protect creditor and consumer rights while promoting economic development [15].

Group 1 - The core viewpoint of the article emphasizes the shift in the government's economic policy focus from macro policy consistency to a stronger emphasis on people's livelihood, particularly in promoting consumption and expanding domestic demand [5][10]. - The GDP target remains around 5%, but its implications have changed due to ongoing economic structural adjustments and a more challenging external environment [10][12]. - The report indicates an increase in the fiscal deficit rate to 4%, reflecting a more proactive fiscal policy, with general budget expenditures expected to grow by 4.2% [12][13]. Group 2 - The report highlights the importance of enhancing consumer capacity and willingness through fiscal subsidies and improving social security systems [14][15]. - It suggests that the government should focus on optimizing supply structures and increasing the proportion of high-end manufacturing to meet demand [17]. - The report also emphasizes the need for a stable market environment for foreign trade and investment, with specific measures to support cross-border e-commerce and financial services [23][24]. Group 3 - The legislative process in China is outlined, detailing the stages from proposing legal drafts to their approval and publication [26][28]. - The report indicates potential improvements in financial regulations, green finance, and AI supervision, which may lead to new laws and regulations [29][30]. - It stresses the need for a transparent legal framework to protect investors' rights and improve the business environment [31][32]. Group 4 - The real estate sector is identified as a key area for risk mitigation in 2025, with a focus on compliance financing and optimizing resource allocation [34][35]. - The concept of "good housing" is introduced, indicating a shift towards a new development model in real estate that emphasizes safety, comfort, and sustainability [36][37]. - The report highlights the importance of stabilizing the housing market and improving demand through various supportive measures [39][42]. Group 5 - The report underscores the significance of addressing issues related to private enterprises and the relationship between government and market dynamics [44][45]. - It emphasizes the need for equal treatment of private enterprises in government procurement and market access [50][51]. - The report suggests that improving the business environment for private enterprises is crucial for economic growth [48][49]. Group 6 - The report identifies key sectors for investment, including biotechnology, quantum technology, and artificial intelligence, which are expected to drive stock market activity [53][55]. - It mentions the potential establishment of a market stabilization fund to support the stock market amid ongoing uncertainties [54][56]. - The overall outlook for Chinese assets remains positive, with expectations of continued recovery despite short-term market fluctuations [56].

投资摘要： 行 每周一谈：光伏组件涨价 上游产品价格有望随之上行 据第一财经消息，近日，隆基、晶澳、天合等一线光伏企业上调组件价格，涨价 的原因可以归结为： 此外，2 月 25 日，市场监管总局召开部分企业公平竞争座谈会，总局党组成员、 副局长孟扬主持会议，与天合光能、晶澳科技、隆基绿能等企业有关负责人围绕 整治"内卷式"竞争进行深入交流，听取意见建议。 参会企业结合实际，介绍面临的市场环境、竞争状况和存在的困难，并从反垄断 反不正当竞争、公平竞争审查、企业合规指导等方面提出具体建议。孟扬向参会 企业介绍了总局整治"内卷式"竞争、维护公平竞争市场秩序有关工作情况。 我们认为，在政策导向、行业自律、成本压力、供需格局等因素影响下，随着产 业链下游组件涨价，产业链上游硅片、硅料等也有望随之涨价，产业链企业盈利 情况有望迎来好转。 投资策略： 国内不断出台相关政策，助力淘汰落后产能、防止供给端"无序扩张"，光伏行业 有望加速筑底。随着技术进步，颗粒硅应用规模有望扩大，带动多晶硅成本下降。 硅片/电池片/组件成本将降低，盈利空间有望修复及扩展。建议关注一体化龙头： 隆基绿能，以及 BC 电池技术与产能方面布局较为领先 ...

Core Viewpoints - The photovoltaic industry is experiencing positive signals, with a focus on promoting independent innovation and original technology development [1][2][3] Group 1: Industry Initiatives - A joint initiative was launched by over 20 industry organizations to promote independent innovation and original technology in the energy storage sector [2] - The initiative emphasizes enhancing innovation capabilities, collaboration between enterprises and research institutions, knowledge sharing, and regulatory support for original technology [2] Group 2: Market Dynamics - The photovoltaic manufacturing sector is still facing issues of "involution" competition, prompting the National Energy Administration to work on policy improvements [3][4] - Recent meetings with major companies aimed to address fair competition and gather feedback on market conditions and challenges [4] Group 3: Price Trends and Market Recovery - The photovoltaic supply chain is showing signs of price increases, with N-type battery prices rising by 1.8% and double-sided N-type module prices increasing by 0.7% [5] - Analysts suggest that the worst profitability phase for photovoltaic companies has passed, with expectations of demand recovery and improved market sentiment [5][6] Group 4: Future Outlook - The photovoltaic industry is anticipated to enter a price-upward cycle, with a stable bottoming out of the fundamental market conditions [6] - There is speculation about potential capital flow into the renewable energy sector as it shows signs of recovery, contrasting with declines in other tech sectors [6]

Core Viewpoint - The article discusses the challenges faced by Mercedes-Benz in the Chinese market, highlighting the impact of aggressive competition and the company's response to malicious marketing tactics from rival brands [2][4][5]. Group 1: Market Competition - Mercedes-Benz has experienced a decline in sales in China, with a projected 7% drop in 2024, resulting in a total of 683,600 vehicles sold [5]. - The competitive landscape has intensified, with domestic brands leveraging the rapid development of new energy and smart technologies to challenge established luxury brands like Mercedes-Benz [5][10]. - The term "involution" is used to describe the current competitive environment, indicating a situation where efforts yield diminishing returns, leading to irrational decisions among local competitors [9]. Group 2: Financial Performance - In the 2024 fiscal year, Mercedes-Benz reported a revenue of €145.594 billion, a decrease of 4.5% compared to 2023 [6]. - Earnings before interest and taxes (EBIT) fell by 30.8% to €13.599 billion, while net profit decreased by 28.4% to €10.409 billion [6][10]. - The decline in profitability is attributed to reduced sales, price cuts, and a product mix that is not well-received in the market [10]. Group 3: Strategic Response - To address the current market challenges, Mercedes-Benz plans to implement cost-cutting measures and launch a significant product and technology offensive [12]. - The company aims to reduce production costs by 10% by 2027, with a target of saving €5 billion through various efficiency measures [12][13]. - Mercedes-Benz will introduce 36 new models by 2027, including a focus on electric vehicles, with a goal of achieving over 30% of global sales from new energy vehicles by that year [13][14].

Core Viewpoint - The State Administration for Market Regulation (SAMR) is actively addressing "involution" competition and promoting fair competition in the market through regular dialogues with enterprises, aiming to enhance the market environment and support high-quality development [2]. Group 1: Meeting Overview - On February 25, SAMR held a discussion with representatives from seven companies, including Trina Solar, JA Solar, Longi Green Energy, Alibaba Group, JD Group, BAIC Group, and Mercedes-Benz Group, to exchange views on "involution" competition and related challenges [1]. - The participating companies shared their market conditions, competitive situations, and difficulties, providing specific suggestions on antitrust measures, unfair competition, and compliance guidance [1]. Group 2: SAMR's Initiatives - Meng Yang, a member of SAMR's Party Group and Deputy Director, highlighted the importance of regular meetings to address enterprise concerns and foster a more vibrant market environment [2]. - SAMR is committed to implementing the spirit of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference, focusing on strengthening antitrust enforcement and fair competition reviews [2]. - The agency aims to build a unified national market and actively resolve issues faced by enterprises in maintaining fair competition [2].