Core Viewpoint - Guangdong's financial regulatory authorities are taking a strong stance against "involutionary" competition in the financial sector, aiming to promote healthy industry development and establish a more regulated environment [1][2]. Group 1: Regulatory Actions - Guangdong Financial Regulatory Bureau has issued a negative list for "involutionary" competition in the banking and insurance sectors, guiding industry associations to formulate self-regulatory agreements against unfair competition [1][2]. - A comprehensive action plan is being implemented in Guangdong, which includes a regulatory framework referred to as "1+3+N" to address "involutionary" competition [2]. - The newly released "Self-Regulatory Convention Against Unfair Competition in Guangdong Banking Industry (2025 Edition)" outlines both advocacy and prohibition clauses across eight areas, including rational pricing and strict management of rebates [2][3]. Group 2: Market Conditions - The phenomenon of price wars and customer poaching has been observed in the financial sector, particularly in consumer loans, where rates dropped to as low as 2.58% before regulatory intervention [3]. - As of June, the weighted average interest rate for newly issued corporate loans in Guangdong was 2.79%, a decrease of 41 basis points year-on-year [3]. - The regulatory measures have led to a narrowing of the decline in net interest margins for banks, with a reported 5% reduction in the scale of commissions and fees in the insurance sector compared to the same period in 2024 [3]. Group 3: Industry Response - The banking sector has shown a positive response to the regulatory measures, with institutions like Ping An Bank's Guangzhou branch actively participating in the anti-"involution" campaign [5]. - There is a growing consensus among banks in regions like Jiangsu and Zhejiang to shift focus from price competition to providing comprehensive financial services [5]. - The insurance industry is also expected to develop self-regulatory agreements for specific insurance products, aiming for sustainable industry development [5].

Core Viewpoint - Guangdong has released the "Self-Regulatory Convention on Preventing Unfair Competition in the Banking and Insurance Industry (2025 Edition)" to address "involution-style" competition in the sector [1] Group 1: Key Provisions of the Self-Regulatory Convention - The convention includes both advocacy and prohibition clauses across eight areas [1] - It emphasizes rational pricing, urging banking institutions to maintain a self-regulatory mechanism for deposit rates and to determine loan rates based on risk pricing principles [1] - The convention mandates that banks conduct bond underwriting in compliance with laws and regulations [1] Group 2: Management of Commissions and Rebates - Strict management of commissions and rebates is highlighted, with banks required to base payments on their operational costs and market conditions [1] - The convention prohibits the use of excessive commissions and rebates as unfair competition methods to capture market share [1]

针对近期"外卖大战"，7月23日，有媒体报道称，上海市市场监管部门同步约谈饿了么等平台。相关平 台已执行三项整改，包括全面下线"零元购"类促销活动；大幅收缩免单营销范围；成立专项工作组加强 活动监测、价格管控及骑手权益保障，并强化社会监督与信息透明度建设。当天下午，记者从上海市场 监管局获悉，市场监管部门只是向有关平台同步了解具体情况。新修订的《反不正当竞争法》将于10月 15日正式实施。为确保新法有效实施，上海市市场监管局已组织开展针对相关平台企业的法律宣贯工 作，要求其积极自查自纠，防范不正当竞争行为，营造公平有序的营商环境。(智通财经) ...

Regulatory Compliance - Market regulators engage with Ele.me, Meituan, and JD, emphasizing adherence to laws and regulations including the "E-Commerce Law of the People's Republic of China", "Anti-Unfair Competition Law of the People's Republic of China", and "Food Safety Law of the People's Republic of China" [1] - Platforms are required to strictly fulfill their responsibilities, further standardize promotional activities, and participate in competition rationally [1]

Group 1 - The article discusses the challenges in stimulating consumer spending, highlighting various economic factors that contribute to the current situation [1] - It emphasizes the impact of market conditions on consumer confidence and spending behavior, suggesting that external economic pressures are hindering growth [1] - The piece also touches on the historical context of market fluctuations, referencing past events that have shaped current consumer sentiment [1] Group 2 - The article mentions the importance of addressing unfair competition and internal competition within industries to foster a healthier economic environment [1] - It raises concerns about the current state of convertible bonds, indicating that they may be at a high point and prompting discussions on future investment strategies [1]

Group 1 - The core viewpoint emphasizes the need to protect and embrace normal market competition while combating "involution" and eliminating policies that distort market incentives [1][4] - The ongoing battle in the food delivery sector, particularly between Taobao and Meituan, highlights a competitive landscape where platforms are engaging in aggressive subsidy strategies, benefiting consumers and enhancing the value of digital assets [2][3] - The market is witnessing a systematic upgrade in consumption transactions, with platforms leveraging their diverse profit channels and operational models to support competitive subsidies [2][3] Group 2 - Recent cases compiled by the market regulatory authority illustrate the characteristics of "involution" in competition, which involves illegal and unfair practices that harm market order [3][4] - Effective protection of normal market competition requires clear definitions and standards for intervention against "involution," ensuring that regulatory actions do not interfere with legitimate competition [3][4] - The regulatory framework must establish mechanisms for correction and compensation to enhance the cost of regulatory capture and prevent exploitative enforcement practices [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **photovoltaic (PV) industry** and its current market dynamics, particularly focusing on **silicon materials** and **glass segments** [1][3][10]. Core Insights and Arguments - The **National Development and Reform Commission (NDRC)** emphasizes the need for a modern industrial system, aiming to eliminate excessive competition and create a fair market environment, which is expected to support supply-side reforms in the PV industry [1][2]. - The **utilization rate** in the PV industry is currently low, especially in the silicon material segment, indicating an urgent need for supply-side reforms [1][3]. - The **valuation of the PV sector** is at historical lows, presenting potential trading opportunities, particularly in the silicon material and inverter segments [1][4]. - Recent policies, including a **30% reduction in glass production**, are expected to drive price increases in both silicon and glass segments, although high inventory levels remain a challenge [5][9]. - The **supply-side reform** for silicon materials involves two main steps: acquiring outdated production capacity and controlling utilization rates among leading companies to achieve a balance between supply and demand [6][10]. - Investment opportunities in the silicon material segment are significant, with companies like **Daqo and Tongwei** showing notable price increases, although investors are advised to wait for a market correction before entering [7][10]. Additional Important Content - The **high inventory levels** of polysilicon have persisted since Q4 of the previous year, necessitating policy-driven inventory reduction and strict production controls [8]. - The **glass industry** is expected to experience price increases, but this will depend on successful inventory reduction processes [9]. - The **PV sector** is anticipated to benefit from supply-side reforms, particularly in the silicon and glass segments, with a focus on waiting for market corrections before investing [10]. - The **battery cell sector**, especially **BC cells**, presents additional investment opportunities, with companies like **Aiko** showing potential for significant performance improvements [11]. - The **European industrial storage market** has exceeded expectations, with **Aero Energy** reporting shipment data of **490 million** in June, indicating strong demand [13][14]. - The **supply-side reforms** in the second half of the year are expected to focus on price rationalization and the elimination of excessive competition, with the PV industry remaining a core focus [15][16]. - The **future outlook** for the PV industry suggests a potential market rally similar to that seen in the lithium battery sector, driven by increased demand for green electricity amid global energy constraints [17][18].

Core Viewpoint - The newly revised Anti-Unfair Competition Law of the People's Republic of China, effective from October 15, 2025, aims to strengthen platform responsibilities and address "involution" competition within the platform economy [1] Group 1: Legislative Changes - The revised law prohibits platform operators from forcing or indirectly forcing internal operators to sell goods below cost, disrupting market competition [1] - The law mandates platforms to establish mechanisms for reporting and resolving unfair competition complaints and to take necessary actions upon discovering such behaviors [1][3] Group 2: Market Dynamics - The government emphasizes the importance of regulating "involution" competition, particularly in the internet platform sector, which has seen intense competition and price wars in areas like food delivery and local services [1][2] - The internal competition among platforms is exacerbated by price transparency, leading to rapid imitation among small businesses and resulting in product homogeneity and intensified price competition [3] Group 3: Economic Implications - The law aims to create a stable regulatory environment that encourages healthy competition rather than destructive price wars, allowing companies to focus on value creation and innovation [3][4] - By regulating competition, the law seeks to protect the rights of consumers, platform operators, and gig workers, ensuring a fair and orderly competitive landscape [2][3]

中华人民共和国反不正当竞争法 （1993年9月2日第八届全国人民代表大会常务委员会第三次会议通过 2017年11月4日第十二届全国人 民代表大会常务委员会第三十次会议第一次修订 根据2019年4月23日第十三届全国人民代表大会常务 委员会第十次会议《关于修改〈中华人民共和国建筑法〉等八部法律的决定》修正 2025年6月27日第 十四届全国人民代表大会常务委员会第十六次会议第二次修订） 第一条 为了促进社会主义市场经济健康发展，鼓励和保护公平竞争，预防和制止不正当竞争行为，保 护经营者和消费者的合法权益，制定本法。 第二条 经营者在生产经营活动中，应当遵循自愿、平等、公平、诚信的原则，遵守法律和商业道德， 公平参与市场竞争。 本法所称的不正当竞争行为，是指经营者在生产经营活动中，违反本法规定，扰乱市场竞争秩序，损害 其他经营者或者消费者的合法权益的行为。 本法所称的经营者，是指从事商品生产、经营或者提供服务（以下所称商品包括服务）的自然人、法人 和非法人组织。 第三条 反不正当竞争工作坚持中国共产党的领导。 国家健全完善反不正当竞争规则制度，加强反不正当竞争执法司法，维护市场竞争秩序，健全统一、开 放、竞争、有 ...

其中提出，平台经营者应当在平台服务协议和交易规则中明确平台内公平竞争规则，建立不正当竞争举 报投诉和纠纷处置机制，引导、规范平台内经营者依法公平竞争；发现平台内经营者实施不正当竞争行 为的，应当及时依法采取必要的处置措施，保存有关记录，并按规定向平台经营者住所地县级以上人民 政府监督检查部门报告。 ...