新华社北京12月26日电（记者赵文君）市场监管总局26日表示，对光伏行业开展价格竞争秩序合规 指导。 市场监管总局表示，全行业要充分认识整治光伏行业"内卷式"竞争的重要性。光伏企业要依法依规 开展生产经营，严禁价格串通、价格欺诈等不正当价格行为；坚决杜绝虚假宣传、商业贿赂等不正当竞 争行为。发电企业要切实承担起应负责任，在光伏项目招标中坚持优质优价，加强对产品质量的要求。 行业协会要切实履行自律职能，引导企业通过创新提升、质量优化和服务升级实现共赢，共同推动形成 健康有序、可持续发展的行业生态。 市场监管总局将通过加大产品质量监督力度、加强价格和反不正当竞争执法等手段，严厉查处违法 违规行为，切实维护市场公平竞争秩序，推动光伏行业规范健康可持续发展。 【纠错】 【责任编辑:邱丽芳】 据介绍，当前光伏行业存在的低质竞争、同质化重复建设等"内卷式"竞争行为，让企业普遍面临盈 利困境，扭曲了市场资源配置，抑制了企业在技术创新与产品升级上的投入意愿，形成"劣币驱逐良 币"效应。 ...

【冠通期货研究报告】 玻璃日报：短期震荡 发布日期：2025 年 12 月 26 日 一、市场行情回顾 1，期货市场：玻璃主力低开高走，日内偏强。120 分钟布林带走紧口喇叭， 偏震荡信号，短线关注上轨线附近压力。成交量较昨日增 61.5 万手，持仓量较 昨日增 9426 手；日内最高 1066，最低 1026，收盘 1057，（较昨日结算价）涨 7 元/吨，涨幅 0.67%。 2，现货市场：华北市场成交灵活，价格窄幅波动，部分小板价格下跌；华 中、华东市场变化不大，企业多稳价出货；西北市场交投偏淡，加工厂零星放假， 产销受限；西南市场价格暂稳，个别企业存提涨计划。 3，基差：华北现货价格 1010，基差-47 元/吨。 二、基本面数据 利润方面，据隆众资讯统计，截止 12 月 25 日，天然气制利润-186.4（环比 -5 元/吨）、石油焦利润-7.2 元/吨（环比-7.14 元/吨）、煤制气利润-21.88 元/吨（环比-14.26 元/吨）。 三、主要逻辑总结 供应方面以天然气为燃料的产线长期亏损，以煤炭、石油焦为燃料的产线也 处于亏损状态，可能会加速部分企业产能出清。今日工信部再提整治"内卷式" 竞争 ...

市场监管总局通报了光伏行业价格违法问题和风险，并指出，当前光伏行业存在的低质竞争、同质化重 复建设等"内卷式"竞争行为，让企业普遍面临盈利困境，扭曲了市场资源配置，抑制了企业在技术创新 与产品升级上的投入意愿，形成"劣币驱逐良币"效应。 12月26日，市场监管总局在安徽合肥对光伏行业开展价格竞争秩序合规指导。 市场监管总局、国家发展改革委、工业和信息化部、商务部相关司局同志，江苏、浙江、安徽、青海等 地市场监管部门同志，以及发电集团、光伏企业、行业协会代表参加活动。 市场监管总局强调，全行业要充分认识整治光伏行业"内卷式"竞争的重要性。光伏企业要依法依规开展 生产经营，严禁价格串通、价格欺诈等不正当价格行为；坚决杜绝虚假宣传、商业贿赂等不正当竞争行 为。发电企业要切实承担起应负责任，在光伏项目招标中坚持优质优价，加强对产品质量的要求。行业 协会要切实履行自律职能，引导企业通过创新提升、质量优化和服务升级实现共赢，共同推动形成健康 有序、可持续发展的行业生态。 市场监管总局将通过加大产品质量监督力度、加强价格和反不正当竞争执法等手段，严厉查处违法违规 行为，切实维护市场公平竞争秩序，推动光伏行业规范健康可持续发 ...

Core Insights - The article emphasizes the significant achievements in the development of traditional industries during the "14th Five-Year Plan" period and outlines the focus areas for optimization and enhancement in the "15th Five-Year Plan" period [1] Group 1: New Industries - The "new three types" industries, including new energy vehicles, lithium batteries, and photovoltaics, are highlighted as advantageous sectors for China, contributing to high-quality foreign trade development and showcasing China's strength in the global green industry transformation [4] - Challenges such as disorderly market competition and the need for stronger core advantages are acknowledged, with a call for comprehensive measures to address "involution" competition and enhance industry concentration [4] Group 2: Smart Manufacturing - China has established over 30,000 basic-level smart factories, more than 7,000 advanced-level smart factories, and over 500 excellent-level smart factories, with excellent-level factories achieving an average product development cycle reduction of 28.4% and a production efficiency increase of 22.3% [4] - The number of lighthouse factories in China accounts for over 40% of the global total, ranking first worldwide, and the installation of industrial robots has exceeded 250,000 units annually since the "14th Five-Year Plan," representing over 50% of the global share [4] Group 3: High-End Manufacturing - The high-end CNC machine tool and high-end shipbuilding industries face challenges in key core areas, highlighting the urgency of enhancing the resilience and safety of the industrial supply chain [5] - The "15th Five-Year Plan" aims to accelerate breakthroughs in critical core technologies, transform industrial models, and ensure the autonomy and reliability of the industrial chain system [5] Group 4: Market Regulation and Innovation - The article stresses the importance of regulating market competition, implementing fair competition review systems, and enhancing price monitoring and quality checks to prevent disorderly low-price competition [6] - Strengthening supply chain governance and ensuring timely payments to small and medium-sized enterprises are essential for creating a mutually beneficial industry ecosystem [6] - There is a call for increased technological innovation efforts to maintain a leading technological advantage and for macro-control measures to promote the exit of inefficient production capacities [6]

作者简介： 赵 伟， 经济学博士，申万宏源证券首席经济学家，上海申银万国证券研究所有限公司副总经 理，中国证券业协会首席经济学家委员会委员，中国首席经济学家论坛理事 侯倩楠 （通信作者），管理学博士，申万宏源研究所宏观分析师 屠 强， 申万宏源研究所资深高级宏观分析师 摘要 ： 本文立足纵深推进全国统一大市场背景，系统探讨眼下"内卷"现象的成因、影响与 政策应对。研究指出，本轮"内卷"核心表现为PPI长期负增长及中下游产能利用率偏低，挤压企 业盈利、阻碍产业升级。深层根源是经济转型期新旧动能分化，叠加地方政府为追求GDP和财 政收入的同质化无序竞争。破解困境的对策包括：供给侧通过产量调控、淘汰落后产能优化产业 结构，提升产品质量以修复价格、增强竞争力；需求侧大力发展居民服务消费，借财政补贴与社 保完善释放消费潜力，同时引导就业从制造业向服务业转移，实现供需结构适配。本文贡献在 于，系统论证"反内卷"政策与经济高质量发展的内在联系，为相关部门优化产业结构、激发市 场活力提供理论依据与实践方向。 本文来源《新金融》2025年第12期 全文内容 综合整治"内卷式"竞争： 背景、成因、影响及应对 一 引言 近年来，" ...

利润同比下降53.7% 亏损额同比增加34.1% 中化新网讯 12月19日，中国氮肥工业协会七届十次理事会在西安召开。会议传达的消息显示：2025年 氮肥行业经济运行压力较大，大部分氮肥生产企业销售困难、亏损严重。1—10月份行业规上企业利润 总额为40.4亿元，同比下降53.7%;亏损企业亏损额达53.7亿元，同比增加34.1%。 总体来看，供应增加、原料价格上涨以及产品价格下跌等综合因素，导致氮肥企业效益大幅下滑。据统 计，1—10月份行业规上企业利润总额为40.4亿元，同比下降53.7%;亏损企业亏损额53.7亿元，同比增加 34.1%。尽管近期尿素价格有所回升，但行业整体运行压力仍然较大。 顾宗勤表示，为化解供给侧结构性矛盾，国家正在加速推进针对"内卷式"竞争的整治政策，包括加强石 化产业重大项目管理等方面的政策。煤制合成氨、尿素也很有可能纳入严格项目审批范围。各企业要积 极响应国家最新政策要求，充分考虑国内外供需情况，避免大面积产能扩张，防止"内卷式"竞争进一步 恶化。 顾宗勤介绍说，从行业运行情况看，首先，氮肥产量增加显著。据协会统计，1—10月全国累计生产合 成氨6464万吨，同比增长6.5%; ...

Core Viewpoint - PVC futures prices experienced a significant increase, with the main contract V2605 closing up by 3.02%, primarily driven by macroeconomic expectations [2][8]. Macroeconomic Factors - The State Council, led by Li Qiang, emphasized the planning of major projects to stimulate the economy, interpreted by the market as positive for infrastructure and boosting PVC demand expectations [2][8]. - The National Housing and Urban-Rural Construction Work Conference highlighted the need to stabilize the real estate market, further enhancing market sentiment [2][8]. - Recent statements from the Financial Regulatory Bureau and the State-owned Assets Supervision and Administration Commission regarding debt risk management and competition have contributed to a stronger macroeconomic atmosphere [2][8]. Fundamental Factors - The PVC market has shown slight improvement, characterized by low valuations and sensitivity to macroeconomic sentiment [3][9]. - The supply side is experiencing a marginal decrease as some calcium carbide method enterprises reduce output, although a surplus is expected by 2025 due to new production [3][9]. - Seasonal impacts have led to a slight decline in downstream operating rates, but low-price procurement is occurring, resulting in a rebound in trading volume [3][9]. - Export orders remain resilient ahead of the upcoming holidays, and the PVC caustic soda comprehensive profit has seen a minor recovery, although it remains low year-on-year [3][9]. - There are indications of reduced overseas supply, with Westlake Chemical approving the closure of a 450,000-ton PVC plant by December 2025, and Vynova filing for bankruptcy for its 320,000-ton PVC plant, providing slight support to market sentiment [3][9]. Overall Market Outlook - While the PVC supply-demand improvement potential is limited, the recent strong macroeconomic expectations and overseas supply disruptions have jointly driven the price rebound [3][9]. - The market is expected to continue fluctuating in line with macroeconomic sentiment in the future [3][9].

Core Viewpoint - The article discusses the phenomenon of "involution" in the Chinese economy, highlighting its causes, impacts, and policy responses, emphasizing the need for structural reforms to enhance economic quality and stability [3][5][6]. Group 1: Causes and Impacts of Involution - The current "involution" is characterized by long-term negative growth in the Producer Price Index (PPI) and low capacity utilization rates in mid- and downstream industries, which squeeze corporate profits and hinder industrial upgrades [3][5]. - The deep-rooted causes of this "involution" include the differentiation of old and new economic drivers during the economic transition period and the chaotic competition among local governments pursuing GDP and fiscal revenue [5][6]. - The "involution" phenomenon has created a spiral contraction cycle of "price-income-consumption," severely restricting healthy economic development and transformation [5][6]. Group 2: Policy Responses and Recommendations - To address the "involution," policies should focus on both supply and demand sides, combining growth stabilization with reform promotion, which benefits both the present and the long term [6][11]. - Supply-side measures include production adjustment, elimination of backward production capacity, and improving product quality to restore prices and enhance competitiveness [6][11]. - Demand-side strategies should promote resident service consumption through fiscal subsidies and social security improvements to unleash consumption potential, while guiding employment from manufacturing to services [6][11]. Group 3: Evolution of Anti-Involution Policies - Since mid-2024, high-level meetings have consistently addressed the need to combat "involutionary" competition, with significant policy decisions made to regulate local government and corporate behaviors [7][8]. - The 2025 government work report outlined specific actions to establish a unified national market and comprehensively address "involutionary" competition [8][11]. - The current anti-involution policies are characterized by a higher stance, broader coverage, and stronger synergy compared to previous supply-side reforms, with a focus on both local governments and enterprises [11][12]. Group 4: Macroeconomic Context and Industry Characteristics - The macroeconomic environment is under pressure from continuously declining prices, with the PPI experiencing negative growth for 33 consecutive months, and industrial capacity utilization rates at historical lows [14][16]. - The profitability of industrial enterprises is under significant pressure, with many industries, particularly in the mid- and downstream sectors, experiencing negative profit growth [16][19]. - The "involution" is more pronounced in mid- and downstream industries, where the competition has intensified, leading to a decline in profitability and increased cost pressures [19][21]. Group 5: Structural Issues and Future Directions - The article emphasizes the need for structural reforms to break the cycle of "price-income-consumption" contraction, advocating for a shift from an investment-driven to an innovation-driven economy [20][42]. - The service sector is identified as a key area for absorbing employment and addressing structural unemployment, with significant potential for growth in service consumption [42][43]. - Policies should focus on enhancing service sector development, improving social security systems, and optimizing service industry regulations to stimulate demand and support economic transformation [37][42].

"十四五"收官之年，中国汽车行业3个3000万辆令人振奋！ 今年10月，一汽-大众迎来第3000万辆整车下线；截至11月，我国汽车产销全年双双突破3100万辆，同比增长均超10%；12月，长安汽车第3000万辆中国 品牌汽车下线。这足以证明，在中国这一兼具活力和潜力的市场，无论是合资企业还是中国品牌，都能持续发展壮大，实现价值提升。 技术创新领域同样捷报频传。今年以来，全固态电池研发取得关键进展，多家整车企业、电池企业明确落地时间表，产业化前景广阔。智能网联汽车也发 展迅猛。前三季度，具备组合驾驶辅助功能的乘用车新车渗透率已达64%，首批L3级有条件自动驾驶车型获得准入许可。 不过，我们也要认识到，在市场、技术高歌猛进之时，新旧动能转换也催生了诸多矛盾，如行业内"价格战""口水战"等非理性竞争时有发生，行业利润率 连年下滑。更为严峻的是，"内卷式"竞争问题在汽车产业存留已久，长此以往不仅侵蚀企业研发投入能力，更可能损害品牌长期价值，影响产业可持续发 展。 鲜花与荆棘交织，在"十五五"规划开局的关键节点，中国汽车产业必须尽快明确发展方向。日前召开的中央经济工作会议，部署了8项重点任务，其中有6 项与汽车业息息相 ...

"十四五"收官之年，中国汽车行业3个3000万辆令人振奋！ 今年10月，一汽-大众迎来第3000万辆整车下线；截至11月，我国汽车产销全年双双突破3100万辆，同比增长均超10%；12月，长安汽车第3000万辆 中国品牌汽车下线。这足以证明，在中国这一兼具活力和潜力的市场，无论是合资企业还是中国品牌，都能持续发展壮大，实现价值提升。 技术创新领域同样捷报频传。今年以来，全固态电池研发取得关键进展，多家整车企业、电池企业明确落地时间表，产业化前景广阔。智能网联汽车 也发展迅猛。前三季度，具备组合驾驶辅助功能的乘用车新车渗透率已达64%，首批L3级有条件自动驾驶车型获得准入许可。 不过，我们也要认识到，在市场、技术高歌猛进之时，新旧动能转换也催生了诸多矛盾，如行业内"价格战""口水战"等非理性竞争时有发生，行业利 润率连年下滑。更为严峻的是，"内卷式"竞争问题在汽车产业存留已久，长此以往不仅侵蚀企业研发投入能力，更可能损害品牌长期价值，影响产业可持 续发展。 鲜花与荆棘交织，在"十五五"规划开局的关键节点，中国汽车产业必须尽快明确发展方向。日前召开的中央经济工作会议，部署了8项重点任务，其 中有6项与汽车业息息相 ...