Core Points - The Beijing Consumer Association has introduced a self-discipline convention for the shared power bank industry, focusing on transparency in pricing, convenience in borrowing and returning, and efficiency in complaint response [1] - Eight companies, including Monster, Meituan, and Street Electric, which cover 95% of the city's operational points, have signed the convention, committing to service improvements through technology upgrades and staff training [1] Pricing and Transparency - The convention proposes to optimize the pricing model, with rental fees calculated in units not exceeding 15 minutes, charging for the first unit if usage exceeds 5 minutes [1] - Clear pricing rules must be displayed prominently on online rental pages, including free usage duration, billing standards, cap prices, and deposit policies [1] Consumer Rights and Service - The convention aims to eliminate unfair contract terms by establishing a fair and transparent contract management system, clearly defining service responsibilities [1] - Shared power banks must maintain high battery levels and inform consumers of the remaining battery percentage at the time of lending [2] Operational Efficiency - Companies should ensure sufficient space in power bank cabinets to allow timely returns by consumers [3] - A mechanism for pausing billing should be established for consumers unable to return due to a lack of available return points or cabinets [3] - Customer service must be improved, with contact numbers displayed on power banks and official pages, ensuring timely responses [3] Maintenance and Complaint Handling - Regular maintenance and an exception recovery mechanism should be established to inspect and withdraw malfunctioning devices [4] - Consumer complaints must be addressed within 48 hours, with practical solutions provided [5]

《公约》提到，应杜绝不公平格式条款。建立公平透明的合同管理体系，明确服务责任边界，杜绝单方 面加重消费者责任的条款。应保持高电量出借。共享充电宝出借时应保持高电量，且明确告知消费者剩 余电量百分比。 《公约》指出，应合理控制空置率。共享充电宝机柜应保证足够空位，确保消费者能及时现场归还。应 建立暂停计费、免费计费机制。消费者因所在地归还网点少，机柜无空位等原因难以及时归还共享充电 宝时，企业核实后应暂停计费。因共享充电宝产品自身原因或者其他不可抗力因素导致的消费者无法归 还的情况，应免除消费者本次使用费用。 中新网北京8月20日电 (记者吕少威)记者20日从北京市消费者协会获悉，为进一步规范共享充电宝行业 发展，该协会推出《北京共享充电宝行业自律公约》(下称《公约》)，围绕收费计价透明化、借出归还 便利化、投诉响应高效化等方面提出九项措施。怪兽、美团、街电等8家覆盖全市95%运营点位的企业 目前已经签署《公约》，承诺通过技术逐步升级、人员培训等措施保障服务落地。 《公约》提出，应明示收费规则。在线上租借页面醒目位置明确公示收费规则，包括免费时长、计费标 准、封顶价格及押金政策。应优化计价模式。租借费用计时单位 ...

Macroeconomic News - National public budget revenue for January to July reached 135839 billion yuan, a year-on-year increase of 0.1%, with tax revenue at 110933 billion yuan, down 0.3% year-on-year, and non-tax revenue at 24906 billion yuan, up 2% [1] - Stamp duty revenue for January to July was 2559 billion yuan, a year-on-year increase of 20.7%, with securities transaction stamp duty at 936 billion yuan, up 62.5% year-on-year [1] Industry News - The Ministry of Industry and Information Technology held a meeting on the photovoltaic industry, emphasizing the importance of regulating competition for high-quality development and promoting the orderly exit of backward production capacity [2] - Guangdong Province announced policies to promote high-quality development in commercial aerospace from 2025 to 2028, encouraging the purchase of domestic satellite data and products [2] - The Ministry of Commerce emphasized the need to advance the work of replacing old consumer goods in a steady manner to foster new growth points in the consumer market [2] - Apple’s iPhone 17 has entered large-scale production, with Foxconn ramping up hiring in its Zhengzhou factory [2] Company News - Yara International announced that its chairman was arrested for embezzlement and abuse of power [6] - A rumor involving the CEO of New Oriental Education led to a significant drop in the stock price of Oriental Selection, which issued a statement denying the rumors and initiating legal proceedings [6] - Dameng Data announced that its director and general manager has been detained [7] Global Market - US stock markets showed mixed results, with the Dow Jones reaching a historical high during the session, while the Nasdaq fell by 1.46% [8] - International crude oil futures prices fell by over 1%, with WTI down 1.69% and Brent down 1.22% [10] - COMEX gold futures fell by 0.56%, while silver futures dropped by 1.81% [11] Investment Opportunities - The global DRAM market size reached a historical high in Q2 2025, growing by 20% quarter-on-quarter to 32.101 billion USD, driven by AI demand and price increases in traditional DDR4/LPDDR4X [13] - The first low-altitude route connecting Kunshan and Shanghai has officially opened, with expectations for the low-altitude economy market to reach 859.17 billion yuan by 2025 [14] - The photovoltaic industry is experiencing price increases across the supply chain, with expectations for improved supply-demand dynamics and profitability recovery [15] - The foldable smartphone market is projected to grow significantly, with a compound annual growth rate of 49.48% from 2021 to 2027, driven by innovations in hinge technology and flexible screens [16]

Core Viewpoint - The rise of "group broadcasting" as a new form of online live streaming has attracted many young people, but the reality behind the glamorous facade reveals numerous pitfalls and challenges in the industry [1][2]. Group Broadcasting Trends - Group broadcasting has gained popularity, showcasing a professional and high-quality trend, with many state-owned cultural troupes participating in innovative artistic performances [2]. - However, the influx of numerous institutions into this sector has led to a mix of quality, with many misleading recruitment advertisements promising high salaries and quick fame [2]. Recruitment Practices - Many group broadcasting companies use enticing slogans like "high salary" to attract recruits, but investigations reveal hidden traps behind these claims [3]. - Promises of "free training" often come with hidden costs, such as training fees that must be paid upfront, and no guaranteed income during trial periods [4]. - Contracts often contain vague terms regarding profit sharing and may include "unfair clauses" that impose hefty penalties for early termination [5]. Work Conditions - The work intensity in group broadcasting is reported to be excessively high, with live streams lasting 4 to 6 hours, alongside additional responsibilities like dance practice and data analysis [7]. - Many broadcasters experience significant psychological pressure due to performance-based competition, where only those with high viewer engagement receive more exposure and income [7]. Regulatory Environment - The industry is subject to regulations, such as the "Internet Live Streaming Service Management Regulations," which require compliance with legal standards and content moderation [8]. - Despite regulations, some companies exploit loopholes, and there are reports of inadequate enforcement against violations, particularly concerning underage participation and inappropriate content [8][9]. Industry Response - Platforms like Douyin have taken steps to regulate the industry by banning organizations involved in illegal activities and improving management standards for live streaming institutions [9]. - Industry associations are also promoting self-regulation and establishing benchmarks for quality, while experts suggest enhancing legal frameworks to hold both broadcasters and companies accountable [9].

Core Viewpoint - The rise of platform economy has led to increased efficiency in resource allocation and consumption upgrades, but it has also resulted in frequent disputes, difficulties in rights protection, and delayed after-sales responses, necessitating platforms to enhance internal governance mechanisms through self-regulation [2][3][4]. Group 1: Platform Challenges - In 2024, the e-commerce return rate in China reached 35%, with certain women's clothing categories experiencing return rates as high as 80% [2]. - Traditional government regulation is insufficient to cover the complex and rapidly changing online transaction scenarios, highlighting the need for platforms to improve their internal governance [2][3]. - The "involution" competition in the food delivery sector has led to price pressures on products, resulting in decreased merchant profits and increased consumer dissatisfaction, prompting regulatory intervention [3][4]. Group 2: Regulatory Measures - The implementation of the Consumer Rights Protection Law in July 2024 specifically addresses issues related to automatic renewals, such as default selections and lack of reminders, which infringe on consumer rights [4][10]. - The government aims to clarify the boundaries of right and wrong, establish bottom lines, and promote a fair competitive market environment through legal frameworks [4][10]. Group 3: Importance of Platform Autonomy - Given the complexity and immediacy of disputes, government regulation lacks the capacity to intervene in every micro-transaction, necessitating a "white space" for platform innovation and self-regulation [5][6]. - Platforms have an inherent motivation to maintain their reputation and ecosystem, as a platform filled with fraud and disputes will ultimately lose user trust [5][6]. - Self-regulation can enhance governance efficiency, reduce costs, and alleviate regulatory pressure, supporting high-quality macroeconomic development [6]. Group 4: Innovations in Dispute Resolution - Traditional after-sales dispute resolution mechanisms are inadequate for the complexities introduced by new models like live-streaming and second-hand e-commerce [7][11]. - Platforms like Xianyu have introduced innovative mechanisms such as the "Xianyu Small Court," allowing users to participate in dispute resolution, thereby enhancing community engagement and trust in platform rules [11][12]. - The "Small Court" mechanism improves dispute resolution efficiency and addresses issues of user perception and trust, as peer reviewers can provide more relatable judgments than automated systems [12][13]. Group 5: Future Directions - The trend towards user participation and community governance in platform autonomy is expected to become a significant direction for platform governance [13][14]. - Platforms are transitioning from being mere arbiters to facilitators of community-driven governance, while government roles evolve from regulators to enablers [13][14]. - Establishing a collaborative governance community can enhance dispute resolution efficiency and foster a healthier online transaction ecosystem [14].

Core Viewpoint - The China Writing Brush Association has initiated a self-discipline commitment to promote high-quality development in the writing brush industry, emphasizing integrity and industry norms [1][2]. Group 1: Industry Initiative - On July 11, the China Writing Brush Association called for enterprises to sign the "Self-Discipline Commitment of the Writing Brush Industry" to uphold the spirit of the Central Eight Regulations [1]. - As of July 31, 67 enterprises in the writing brush industry have signed the commitment, indicating a strong response to the initiative [1]. - The commitment aims to rectify market chaos, standardize business practices, and enhance industry self-discipline, marking a shift from "extensive development" to "standardized operation" [1][2]. Group 2: Commitment Content - The "Self-Discipline Commitment" includes ten specific guidelines, such as prohibiting false advertising, ensuring product quality, advocating for green packaging, and protecting intangible cultural heritage [3]. - Companies signing the commitment are expected to accept supervision from society and regulatory bodies, promoting industry norms and safeguarding the reputation of the writing brush industry [3]. Group 3: Industry Development - The commitment encourages a collective effort among diverse enterprises, from century-old brands to innovative newcomers, fostering a culture of integrity and responsibility [2]. - The industry is seen as a cultural symbol and a carrier of craftsmanship, with a focus on sustainable and reliable value creation for consumers [3]. - The association plans to implement supervision mechanisms and standards to facilitate positive changes in the industry ecosystem [4].

智通财经获悉，航空股早盘走高，截至发稿，东方航空(00670)涨4.73%，报3.1港元；南方航空(01055) 涨3.66%，报3.96港元；中国国航(00753)涨3.15%，报5.57港元；国泰航空(00293)涨0.65%，报10.79港 元。 国泰海通证券指出，暑运客流客座率维持高位，扣油票价继续持平，暑运大额盈利可期。该行指出，近 期中国民航局部署综合整治"内卷式"竞争，预计短期将减少过度低价；中期或政策引导收益管理改善； 长期将保障机队规划继续低增。提示短期需求波动不改长逻辑，关注公商务需求恢复与反内卷，建议逆 向布局。 本文源自智通财经网 消息面上，中国航空运输协会正式发布《中国航空运输协会航空客运自律公约》。公约重点提出，加强 行业自律，维护市场秩序，强化反垄断和反不正当竞争措施。倡导各企业严格遵守价格法、反不正当竞 争法等相关法律规定，杜绝以排挤竞争对手为目的的恶意竞争行为，包括低价倾销、虚假宣传等。自律 条款同时还提出，对航空销售网络平台以及销售代理人执行的航司票价、退改签规则等，中航协要加强 监督管理，严禁违规捆绑销售、价外加价。 ...

Group 1 - Trina Solar announced a downward adjustment of the conversion price for its "T23" convertible bonds from 25.00 CNY/share to 16.00 CNY/share, effective from August 18, 2025 [1] - The adjustment reflects the company's strategy to optimize its capital structure, which is expected to impact both the company's stock price and the bond market [1] Group 2 - The China Chemical and Physical Power Industry Association has initiated a proposal to maintain fair competition and promote healthy development in the energy storage industry, receiving support from 152 companies across various sectors, including lithium-ion and sodium-ion batteries [2] - The widespread response from industry players indicates a strong consensus on the need for self-regulation and standardization within the energy storage sector, which could lay a solid foundation for long-term industry growth [2] Group 3 - China Shenhua responded to investor inquiries regarding the recent capacity checks by the energy bureau, stating that it expects limited impact on its coal production due to compliance with production arrangements [3] - The company's emphasis on compliance and stable production capacity is likely to support its performance stability despite recent increases in commodity futures prices [3]

Core Viewpoint - The energy storage industry is actively promoting a "anti-involution" initiative, with 149 companies participating in a proposal aimed at maintaining fair competition and promoting healthy development within the sector [1][2] Group 1: Industry Participation - The initiative has garnered significant support, with participation from major players across various segments of the energy storage supply chain, including lithium-ion batteries, flow batteries, sodium-ion batteries, and more [1] - Notably, nine out of the top ten lithium-ion battery manufacturers and eight out of the top ten energy storage system integrators have actively engaged in this initiative, indicating strong industry consensus [1] Group 2: Proposal Structure - The proposal consists of six chapters, including general principles and appendices, with specific sections addressing cost pricing behavior, product and service fulfillment, technological innovation, green development, and industry coordination mechanisms [2] - The cost pricing behavior section encourages members to compete based on technology, service, reputation, and fulfillment capabilities, advising against irrational low pricing practices to prevent "bad money driving out good" [2] Group 3: Future Actions - The China Chemical and Physical Power Industry Association is currently in the process of soliciting feedback on the initiative and welcomes more companies to join in order to refine and implement the proposal [2] - The association plans to regularly publish the list of participating companies and the progress of the initiative's implementation, while also updating the content based on industry developments and feedback to ensure its long-term effectiveness [2]

Core Viewpoint - The "Self-Discipline Convention for Air Passenger Transport" published by the China Air Transport Association aims to enhance industry self-discipline, improve service quality, and maintain market order in the aviation sector [1][2]. Group 1: Self-Discipline and Market Order - The convention emphasizes adherence to market rules and the strengthening of anti-monopoly and anti-unfair competition measures [1]. - It encourages airlines to improve operational efficiency and optimize resource allocation to provide high-value services to passengers [1]. - The convention advocates for strict compliance with laws such as the Price Law and the Anti-Unfair Competition Law to eliminate malicious competition practices [1]. Group 2: Supervision and Compliance - The convention calls for increased supervision and management of airline sales network operators and agents to ensure adherence to published fare levels and service conditions [2]. - It prohibits unregistered sales agents from engaging in sales activities and mandates compliance with national invoicing regulations [2]. - The implementation of the convention is expected to curb market irregularities in the short term and drive industry transformation and upgrading in the long term [2].