Core Insights - As of the end of July, Anhui has registered 1.224 million online business entities and 1.103 million individual online stores, with annual growth rates of 43.1% and 44.5% respectively since the start of the 14th Five-Year Plan [1] Group 1: Regulatory and Development Initiatives - Anhui has emphasized a dual approach of regulation and development, focusing on innovative online and offline integrated regulatory models [1] - The province is actively promoting the legislation of the "Anhui Province Network Transaction Supervision and Management Regulations" to address legal gaps in online transaction regulation [1] - Measures have been implemented to support platform enterprises in reducing costs, mitigating risks, and enhancing vitality [1] Group 2: Engagement and Communication - The government has organized forums for private entrepreneurs in the platform economy sector to gather feedback and strengthen communication between government and enterprises [1]

Market Performance - The Hong Kong stock market showed strong performance on August 25, with the Hang Seng Index and Hang Seng Tech Index rising by 1.94% and 3.14% respectively, led by major tech companies [1] - Notable gainers included Kuaishou-W and Alibaba-W, both increasing over 5%, while Meituan-W rose by more than 3% and Tencent Holdings increased by over 2% [1] ETF and Fund Performance - The Hong Kong Internet ETF (513770) opened strongly and closed up 3.39%, reaching a historical high with a trading volume of 671 million yuan, indicating increased market activity [2] - The ETF has seen a net inflow of 448 million yuan over the past five days, bringing its total fund size to 8.289 billion yuan, also a record high [5] Influencing Factors - The market rally is attributed to several key factors, including expectations of a potential interest rate cut by the Federal Reserve, as indicated by Chairman Powell's comments on employment risks and inflation [4] - New regulations aimed at curbing "malicious competition" among internet platforms are expected to promote healthier market conditions [4] - Alibaba's restructuring of its business model to focus on four main segments is also seen as a positive catalyst for market sentiment [4] Sector Outlook - Analysts suggest that the internet sector is showing signs of valuation recovery, with leading companies experiencing significant market cap increases driven by profit recovery [4] - The positive earnings outlook for Hong Kong stocks, particularly in the "new economy" sector, is expected to improve ahead of A-shares [5] Index Performance - The China Securities Hong Kong Internet Index has outperformed the Hang Seng Tech Index, with a cumulative increase of over 35% year-to-date [7] - The top four holdings in the Hong Kong Internet ETF include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund [8]

Economic News - The central bank conducted a reverse repurchase operation of 361.2 billion yuan at a fixed rate of 1.40% for a 7-day term, with the same amount maturing today [1] - The State Council approved the "Three Norths" project, emphasizing its importance for ecological security and sustainable development in China [1] - New regulations on rare earth mining and smelting have been introduced, imposing penalties for non-compliance and emphasizing the importance of supervision [1] - A new mandatory national standard for harmful substances in electrical and electronic products will be implemented in 2027, aiming to enhance environmental protection and consumer health [1] - Federal Reserve Chairman Powell indicated potential interest rate cuts in September due to rising employment market risks, with major US stock indices showing gains [1] Company News - China Railway announced a tragic accident during construction, resulting in 12 fatalities and 4 missing, but stated it would not significantly impact the company's operations [6] - Cha Yan Yue Se faced plagiarism allegations regarding a new product, which has been taken down, and the company is conducting an internal review [6] - China National Machinery announced a contract worth approximately 51.3 million yuan for road construction related to an airport project in Nicaragua, expected to positively impact future earnings [6] - Innovent Biologics received FDA approval for a global Phase III clinical trial of its PD-1/IL-2 α-bias dual-specific antibody for treating non-small cell lung cancer [6] - Alibaba restructured its business into four main categories, focusing on e-commerce and cloud + AI [6] Industry Insights - The natural gas market is experiencing a decline in prices, with domestic LNG prices dropping by 4.63% month-on-month [7] - China's natural gas production saw a significant decrease of 10.89% in July compared to the previous month, while European gas inventories increased by 15.90% [8] - The import of natural gas in China rose slightly in July, indicating a potential shift in demand dynamics [9] - The pipeline industry is expected to see stable growth, driven by the increasing penetration of new energy vehicles and the expansion into new business areas such as liquid cooling systems [12][15]

明确平台经营者、平台内经营者依法自主定价的基本要求。规范平台经营者收费行为。提出保护平台内 经营者自主定价权的细化规定，特别是要求平台经营者不得采取限制流量、屏蔽店铺、下架商品或者服 务等措施，对平台内经营者的价格行为进行不合理限制。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥了 积极作用。平台经济领域涉及的经营者众多，其价格行为关系消费者切身利益，特别是价格标示、大数 据定价等受到广泛关注。为营造有序竞争、公平竞争的市场环境，保护经营者和消费者合法权益，现行 法律法规对经营者价格行为作出一般性规定，但在平台经济领域如何更好落实，还需要进一步细化实化 监管要求，引导经营者依法合规经营。为此，国家发展改革委、市场监管总局、国家网信办在征求有关 部门、地方、平台经营者和平台内经营者、经济和法律领域专家、消费者、社会团体意见基础上，研究 起草了《互联网平台价格行为规则（征求意见稿）》（以下简称《行为规则》）。 《行为规则》主要包括四方面内容： 1.引导经营者依法自主定价。 2.明确经营者价格标示要求。 细化平台经营者、平台内经营者明码标价的规定，明确销售商品、提供服务需 ...

本周（8月25日—8月31日），国内方面，7月规上工业企业利润及8月PMI数据将出炉，2025中国国际大数据产业博览会（简称"数博会"）将举办。国际方 面，欧洲央行将公布7月货币政策会议纪要，美国将发布7月PCE物价指数，纽约联储主席威廉姆斯将发表演讲。本周有一只上证主板新股申购，近千亿元市 值限售股解禁。 07:30 日本7月失业率 15:55 德国8月失业率 20:30 美国7月PCE物价指数同比 20:30 美国7月商品贸易帐(亿美元) 8月25日（周一） 00:00 英国-伦敦证券交易所因夏季银行假日休市一日 10:00 国新办举行新闻发布会，介绍"十四五"时期海关守护国门安全、促进高质量发展成就 20:30 美国7月芝加哥联储全国活动指数 22:00 美国7月新屋销售环比 22:00 美国7月新屋销售(万户) 22:30 美国8月达拉斯联储商业活动指数 8月26日（周二) 国内成品油将开启新一轮调价窗口 07:15 FOMC永久票委、纽约联储主席威廉姆斯在墨西哥央行成立100年纪念会议上发表主旨演讲 10:00 国新办举行新闻发布会，介绍"十四五"时期能源高质量发展成就 20:30 美国7月耐用品订 ...

《行为规则》明确指出，平台经营者、平台内经营者依法行使自主定价权，合理制定价格。平台内经营 者在不同平台提供商品或者服务的，依法自主定价。平台经营者不得违反电子商务法第三十五条规定， 采取限制流量、屏蔽店铺、下架商品或者服务等措施，对平台内经营者的价格行为进行不合理限制或者 附加不合理条件。 对平台内经营者不合理的价格限制包括：强制或者变相强制平台内经营者降价或者以让利、返现等方式 进行促销；强制或者变相强制平台内经营者在该平台销售商品或者提供服务不得高于在其他平台的价 格；强制或者变相强制平台内经营者开通自动跟价、自动降价或者类似系统等。 业内人士表示，《行为规则》将"经营者自主定价"置于首要位置，鼓励平台经营者、平台内经营者创新 技术和商业模式，提升产品和服务质量，惠及广大消费者，并合法获得利润，为平台经济创新发展打开 空间。针对部分平台经营者通过限制流量等技术手段干预平台内经营者交易价格的问题，《行为规则》 提出了禁止性规定。 北京商报综合报道 8月23日，国家发展改革委、市场监管总局、国家网信办联合起草的《互联网平台价格行为规则（征求 意见稿）》（以下简称《行为规则》）对外公开征求意见，征求意见时间为 ...

Core Viewpoint - The Chinese government is focusing on high-quality development of market regulation during the "14th Five-Year Plan" period, emphasizing the construction of a unified national market to facilitate domestic circulation and eliminate local protectionism [1][2]. Group 1: Market Regulation Achievements - The State Administration for Market Regulation has taken significant actions to combat administrative monopolies, with 239 cases of administrative monopoly investigated and over 8,000 local standards eliminated [1][3]. - A series of effective mechanisms have been established to enhance domestic circulation, including the first major revision of the Anti-Monopoly Law in 15 years and the third revision of the Anti-Unfair Competition Law [2][3]. - The establishment of a fair competition review mechanism has led to the review of 42,200 important policy measures, with 11,400 receiving modification suggestions to prevent adverse policies from being enacted [3][4]. Group 2: Focus on Key Sectors - Continuous anti-monopoly enforcement actions in the livelihood sector have led to the investigation of monopolistic practices in pharmaceuticals, utilities, and construction materials, effectively reducing public living costs [3][4]. - The market regulation department has reviewed 3,400 cases of operator concentration and addressed 145 illegal cases, maintaining fair competition in the market [3][4]. Group 3: Platform Economy Regulation - The rapid development of the platform economy has prompted the need for balanced regulation, with new rules established to enhance regulatory effectiveness while promoting healthy industry growth [6][7]. - Significant actions have been taken against online market irregularities, including the removal of 4.541 million illegal product listings and the investigation of 105,000 internet-related cases [7]. - The market regulation department is committed to improving compliance management mechanisms for platforms and enhancing communication with various stakeholders to ensure a supportive regulatory environment [7].

Group 1 - The A-share market showed positive performance last week, with the Shanghai Composite Index rising by 3.49%, the Shenzhen Component Index by 4.57%, and the ChiNext Index by 5.85, indicating a bullish sentiment in the market [2] - Federal Reserve Chairman Jerome Powell hinted at a potential interest rate cut in September, contributing to a rally in U.S. stock indices, with the Dow Jones Industrial Average reaching a new high [3] - The Ministry of Industry and Information Technology emphasized the need to accelerate breakthroughs in key technologies such as GPU chips, aiming to enhance the quality of computing power resources [4] Group 2 - Nvidia requested some suppliers to halt production of the H20 chip, reflecting ongoing supply chain dynamics in the semiconductor industry [5] - The National Development and Reform Commission introduced new rules for internet platform pricing behavior, aiming to enhance transparency and regulate competitive practices in the platform economy [6] - A new policy for the rare earth industry was released, implementing total control over rare earth mining and processing, which may impact supply and pricing in this critical sector [7] Group 3 - The China Photovoltaic Industry Association called for self-discipline within the industry to combat unhealthy competition and maintain fair market order [8] - Canada announced the cancellation of several retaliatory tariffs on U.S. goods, which may influence trade dynamics between the two countries [9] Group 4 - Various securities firms provided insights on market trends, with a consensus on the continuation of a "slow bull" market driven by long-term capital inflows and sector rotation [11][12][17] - The focus on technology and innovation sectors is highlighted, with recommendations to invest in areas such as AI, robotics, and new energy [17][18] - The overall market sentiment remains optimistic, supported by favorable economic indicators and potential easing of monetary policy by the Federal Reserve [19][20]

Core Viewpoint - The rapid development of the platform economy in China has played a positive role in empowering the real economy, developing new productive forces, and meeting people's needs, necessitating clearer regulations on pricing behavior in this sector [1] Group 1: Guiding Principles for Pricing Behavior - The draft "Internet Platform Pricing Behavior Rules" aims to guide operators in setting prices independently and legally, while regulating platform operators' charging behaviors [1] - It emphasizes the protection of platform operators' rights to set prices autonomously, prohibiting unreasonable restrictions on pricing behavior such as limiting traffic or delisting products [1] Group 2: Price Marking Requirements - The rules specify clear requirements for price marking, mandating that platform operators and internal operators adhere to pricing norms when selling goods or providing services [2] - Operators are required to publicly disclose pricing promotions, subsidies, differential pricing, dynamic pricing, and bidding ranking rules to allow for social oversight [2] Group 3: Price Competition Behavior - The rules provide specific standards and regulatory requirements to maintain price competition order and clarify price integrity requirements [3] - They aim to guide operators towards orderly and fair competition in pricing practices [3] Group 4: Collaborative Governance Mechanism - The rules advocate for enhanced collaboration among government departments to form a regulatory synergy [4] - They encourage industry associations to strengthen self-discipline and guide platform operators in standardizing pricing behavior [4] - The draft also promotes the establishment of internal compliance management systems within platform operators to foster a healthy platform ecosystem [4]

Core Viewpoint - The National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office have jointly drafted the "Internet Platform Pricing Behavior Rules (Draft for Comments)" to promote the healthy development of the platform economy [1] Summary by Relevant Sections Pricing Behavior Rules - The rules focus on four main areas: guiding operators to set prices independently according to the law, clarifying price labeling requirements, regulating price competition behavior, and establishing a collaborative governance mechanism [1] Regulatory Approach - The rules aim to protect operators' rights to set prices independently while balancing development promotion and regulatory norms, combining proactive guidance and real-time supervision to create a transparent and predictable pricing regulatory mechanism [1] Legal Framework - The rules provide clear behavioral guidelines for operators based on existing laws such as the Price Law, Anti-Unfair Competition Law, E-commerce Law, and Consumer Rights Protection Law, encouraging operators to self-regulate their pricing behavior [1] Public Consultation - The public consultation period for the draft is set for one month [1]