近日，国家市场监管总局公布了《互联网平台反垄断合规指引(征求意见稿)》(以下简称《指 引》)，向社会公开征求意见。由此，该《指引》与一些公司股票市场波动的关联解读，受到社会关 注。 说了这么多，都是关于企业的。那么这份文件和我们普通用户有什么关系？ 你有没有遇到过在同一家平台购物，老用户反而比新用户价格高的情况？点外卖时，发现常点的那 家店突然从搜索结果前列消失了？或者想在某平台分享一个链接，却只有一堆乱码……《指引》正是要 治理这些我们日常吐槽的套路和乱象。对用户而言，这意味着未来可能享受到更优质的服务、更公平的 价格、更开放的网络环境。 股价的短期波动有很多原因，有的源于对政策意图的误读与情绪的放大，有的是市场在信息不对称 下的本能反应，还有的是企业经营状况有重大调整。但若因此误读了政策的初衷，则可能错失其长期价 值。这份《指引》的出台，看似是给平台戴上了"紧箍咒"，实则是为其铺设了通往未来的"快车道"。它 不是收紧缰绳，而是铺平赛道；也不是限制奔跑，而是照亮前路。一个规则清晰、公平竞争的环境，正 是国家对创新者最坚定的支持，也是对消费者最有力的守护。(本文来源：经济日报 作者：佘颖) 明确规则、稳定预期 ...

Core Viewpoint - The newly released "Antitrust Compliance Guidelines for Internet Platforms" aims to support platform operators in effectively preventing antitrust compliance risks and promoting innovation and healthy development in the platform economy [2][3]. Group 1: Regulatory Intent and Impact - The guidelines serve as a compliance manual to help companies avoid pitfalls, providing clear rules and stabilizing expectations, which are seen as valuable policy dividends [2]. - The guidelines translate enforcement experiences into clear compliance standards, listing eight typical risk scenarios such as below-cost sales and exclusive agreements, allowing businesses to operate within a defined framework [2]. Group 2: Shift in Competitive Landscape - The guidelines encourage a transition from "barbaric growth" to high-quality innovation, enabling companies to redirect resources from chaotic competition to genuine innovation in technology, services, and business models [3]. - Compliance is becoming a new competitive advantage, as consumers, partners, and investors increasingly favor well-governed and responsible companies, which can enhance market reputation and capital recognition [3]. Group 3: User Experience and Market Dynamics - The guidelines aim to address common consumer grievances, potentially leading to better services, fairer prices, and a more open online environment for users [4]. - Misinterpretation of policy intentions can lead to short-term stock price fluctuations, but understanding the long-term value of the guidelines is crucial for companies [4].

上周五标普500指数盘中反弹失利收跌；比特币周一亚市盘初一度跌破9.3万美元，抹平今年内涨幅。 《求是》杂志发表中共中央总书记重要文章《因地制宜发展新质生产力》。韩文秀《求是》署名文章： 深刻领会因地制宜发展新质生产力的重要论述和决策部署。 李强主持召开国务院常务会议，部署增强 消费品供需适配性进一步促进消费政策措施。 针对高市早苗发表台湾问题挑衅言论，央视玉渊谭天称 中方已做好对日实质反制准备，首次在中日外交场合提出"迎头痛击"；文旅部提醒中国游客近期避免前 往日本；教育部发布赴日留学预警。 美国重磅数据时间表确定：11月20日发布9月非农，美联储偏爱指 标PCE于11月26日发布。 民众不满生活成本，特朗普政府将部分农产品移出"对等关税"清单，包括牛 肉、咖啡和水果等数十种常见商品。 美联储鹰派系抢眼、今明年票委均反对12月降息，米兰再呼吁降 息，截至上周五，市场对12月降息预期概率已跌至四成。 中国财政部：有力有效实施积极的财政政 策，坚持扩大内需，支持建设强大国内市场。 中国市场监管总局公布《互联网平台反垄断合规指引 （征求意见稿）》，提出八类新型垄断风险场景。 大空头Burry质疑美国科技巨头会计操 ...

15、南下资金大肆净买入阿里和腾讯； 格隆汇11月17日｜国际要闻： 16、公告精选︱璞泰来：拟投资25亿元开展基膜涂覆一体化项目；合富中国：股票将停牌核查； 大中华区要闻： 1、吴清：抓紧研究谋划"十五五"时期资本市场战略任务和重大举措，着力推动市场更具韧性、更加稳 健，制度更加包容、更具吸引力' 17、A股投资避雷针︱*ST大晟：股东周镇科所持0.81%股份拟被司法强制卖出；东百集团：无免税品经 营资质，不涉及免税商品经营。 1、本周大事提醒：英伟达财报、美国9月非农报告将补发等； 2、上周五美股三大指数收盘涨跌不一，奈飞跌超3%，中概指数跌1.6%； 3、WTI 12月原油期货收报60.09美元，现货黄金跌2.2%； 4、加密货币熊市加剧背景下 比特币抹去年内涨幅； 5、苹果将自2026年起改为春秋两季发布iPhone； 6、伯克希尔，买入谷歌！ 7、桥水三季度减持英伟达； 8、高盛集团三季度增持英伟达、苹果、微软、谷歌等； 9、高瓴HHLR披露三季度美股持仓：持股总市值暴增70亿 持续加大中国资产配置； 10、9月非农报告下周四公布； 11、美政府将部分农产品移出"对等关税"清单； 12、航运巨头达飞 ...

Group 1: Semiconductor Industry - The Chinese Ministry of Commerce expressed hope that the Netherlands would bring constructive proposals to resolve the semiconductor issue with ASML, emphasizing the need for genuine cooperation [2] Group 2: Financial Market Operations - The People's Bank of China announced an 800 billion yuan reverse repurchase operation scheduled for November 17, with a term of six months, aimed at maintaining ample liquidity in the banking system [4] Group 3: Capital Market Developments - The China Securities Regulatory Commission (CSRC) is focusing on enhancing market resilience and stability, promoting a more inclusive and attractive regulatory framework, and improving the quality and value of listed companies [5] - The IPO guidance for Yushut Technology has been completed, indicating ongoing activity in the capital markets [7] Group 4: Regulatory Changes - The State Administration for Market Regulation released a draft for public consultation on antitrust compliance guidelines for internet platforms, aiming to address new types of monopoly risks in the platform economy [8] Group 5: Airline Industry - Several airlines, including China Southern Airlines, Air China, and Eastern Airlines, announced free ticket changes and refunds for flights to Japan due to safety concerns for Chinese citizens [9] Group 6: Stock Market Insights - A total of 56 companies will have their restricted shares unlocked this week, with a total market value of approximately 983.46 billion yuan, highlighting significant market movements [10] - CITIC Securities remains bullish on gold and notes an increase in institutional interest in various sectors, including basic chemicals and defense [10][11]

Group 1 - The Chinese Ministry of Commerce emphasizes the need for constructive proposals from the Netherlands regarding the ASML semiconductor issue, aiming to resolve the current crisis while maintaining global semiconductor supply chain stability [1] - The Chinese government has agreed to discussions with Dutch representatives to address the semiconductor supply chain concerns [1] Group 2 - The Chinese Ministry of Foreign Affairs and consulates in Japan have advised Chinese citizens to avoid traveling to Japan due to rising safety concerns and incidents involving Chinese nationals [2] - The warning follows provocative remarks from Japanese leaders that have strained Sino-Japanese relations, further endangering the safety of Chinese citizens in Japan [2] Group 3 - The European Union member states have agreed to eliminate the tax exemption on small packages, primarily targeting the influx of inexpensive Chinese goods into the EU [3] - The Chinese Ministry of Foreign Affairs calls for the EU to uphold market economy principles and provide a fair and transparent business environment for all companies, including those from China [3] Group 4 - The People's Bank of China will conduct an 800 billion yuan reverse repurchase operation on November 17, 2025, to maintain liquidity in the banking system, with a term of six months [5] - This operation is part of the central bank's strategy to ensure sufficient liquidity in the financial system [5] Group 5 - The China Securities Regulatory Commission (CSRC) is focusing on enhancing market resilience and stability, promoting a more inclusive and attractive regulatory framework during the 14th Five-Year Plan period [6] - The CSRC aims to improve the quality and value of listed companies and strengthen regulatory enforcement to support the capital market's contribution to national goals [6] Group 6 - The former deputy general manager of China Merchants Group, Li Baian, is under investigation for serious violations of discipline and law [7][8] - This investigation reflects ongoing scrutiny within state-owned enterprises regarding governance and compliance [7][8] Group 7 - Yushutech has completed its IPO counseling, indicating progress in its plans to go public [9] - This development may attract investor interest and enhance the company's market position [9] Group 8 - Contemporary Amperex Technology Co., Ltd. (CATL) shareholder Huang Shilin plans to transfer 1% of his shares, valued at approximately 18.44 billion yuan based on the current stock price [10] - This transfer could impact the company's stock dynamics and investor sentiment [10] Group 9 - The State Administration for Market Regulation has released a draft for the "Antitrust Compliance Guidelines for Internet Platforms," aiming to address new monopolistic risks in the platform economy [11] - The guidelines encourage platform operators to enhance compliance management and algorithm scrutiny [11] Group 10 - Several airlines, including major Chinese carriers, have announced free ticket refunds and changes for flights to Japan due to safety concerns [12] - This move reflects the broader impact of geopolitical tensions on travel and tourism [12] Group 11 - This week, two new stocks will be available for subscription in the A-share market, indicating ongoing capital market activity [13] - The upcoming subscriptions are for Jingchu Electric and China Uranium Industry, highlighting investor interest in new offerings [13] Group 12 - A total of 56 companies will have their restricted shares released this week, with a total market value of approximately 98.3 billion yuan [14] - The companies with the highest release values include Ruijie Networks and Innovation New Materials, which may influence market liquidity [14] Group 13 - CITIC Securities maintains a bullish outlook on gold and notes an increase in sentiment for Hong Kong stocks, while highlighting sector-specific investment opportunities [15] - The report suggests a focus on basic chemicals, defense, automotive, and textile industries, indicating a strategic investment approach [15] Group 14 - Shenyin Wanguo Securities discusses the potential for a "bull market 2.0" driven by structural changes in technology and economic cycles, projecting significant market movements by mid-2026 [16] - The analysis emphasizes the importance of policy and market bottoms in shaping future investment strategies [16]

新华社音视频部制作 记者：赵文君 编导：唐子晔 【纠错】 【责任编辑:王萌萌】 ...

Core Viewpoint - The State Administration for Market Regulation has drafted the "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" to help platform operators identify antitrust compliance risks and enhance the readability and vividness of the regulations [1] Summary by Relevant Sections Antitrust Compliance Risks - The guidelines list eight specific risk examples to assist platform operators in recognizing antitrust compliance risks, including algorithm collusion between platforms, facilitating monopolistic agreements among platform operators, unfair high pricing, selling below cost, blocking or shielding competitors, "choose one from two" practices, "lowest price on the entire network," and differential treatment by platforms [1][1][1] - These risks pertain to various operational activities of internet platforms, such as data transmission, algorithm application, service pricing, search ranking, recommendation display, traffic distribution, and subsidy offers [1][1][1] Encouragement for Self-Assessment - Platform operators are encouraged to proactively conduct risk assessments and self-inspections based on the risk examples provided in the guidelines to avoid antitrust compliance risks mentioned [1][1][1] Legal Framework - Determining whether a behavior constitutes a monopolistic act prohibited by the Antitrust Law requires investigation, evidence collection, and analytical reasoning in accordance with the Antitrust Law and related regulations [1][1][1]

人民财讯11月15日电，市场监管总局起草了《互联网平台反垄断合规指引（征求意见稿）》，现向社会 公开征求意见，意见反馈截止日期为2025年11月29日。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 市场监管总局研究起草了《互联网平台反垄断合规指引（征求意见稿）》，于11月15日面向社会公开征 求意见。为了帮助平台经营者更好识别反垄断合规风险，增强条文可读性、生动性，《指引》结合反垄 断监管执法经验，以示例方式为平台经营者列举了8种风险：平台间算法共谋、组织帮助平台内经营者 达成垄断协议、平台不公平高价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全网最低价"和平台 差别待遇。这8个风险示例是对互联网平台具体场景中垄断风险的明确提示，涉及数据传输、算法适 用、服务定价、搜索排序、推荐展示、流量分配、补贴优惠等多种平台经营活动。鼓励平台经营者结合 《指引》列举的风险示例，主动开展风险评估自查，避免发生示例中提及的反垄断合规风险。但认定一 项行为是否构成《反垄断法》禁止的垄断行为，需要依据《反垄断法》及相关法规规章，经过调查取证 和分析论证方能得出结论。 ...