不断健全平台经济常态化监管制度，持续提升预防式、穿透式监管能力和水平，促进平台经济持续健康发展。 平台经济的常态化监管备受市场关注。 国家市场监管总局还出台《关于推动网络交易平台企业落实合规管理主体责任的指导意见》，引导平台完善合规管理机制。围绕重大活动 及"6·18""双十一"等重要时段，发布合规提示，引导平台规范促销经营行为。试点向平台提供政务数据比对服务，帮助平台有效拦截、及时清 退违规主体。常态化开展与平台、商户、外卖骑手、主播等各方主体的沟通交流，听诉求、给指导，让监管更有温度。 今年7月召开的中央财经委员会第六次会议强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价无序竞争，引导企 业提升产品品质，推动落后产能有序退出。 8月22日，国务院新闻办举行高质量完成"十四五"规划系列主题新闻发布会。国家市场监督管理总局介绍"十四五"时期市场监管高质量发展成 就。 国家市场监督管理总局副局长邓志勇表示，将继续坚持监管规范和促进发展并重的原则，不断健全平台经济常态化监管制度，持续提升预防 式、穿透式监管能力和水平，促进平台经济持续健康发展。 邓志勇介绍，我国平台经济正处于转型发展的关键时 ...

破除"内卷式"竞争 迈向高质量发展（人民眼·建设全国统一大市场） 前一段时间，各大电商平台宣布对"仅退款"机制调整优化，未来平台不再主动介入消费者收货后"退款 不退货"申请。 反"内卷"，平台不能当旁观者。快手电商中小商家业务负责人覃天表示，平台要兼顾商家和消费者权益 保护，营造良好消费生态。 "再不能卷价格了！"浙江台州一家眼镜生产企业负责人李岳生深有感触，"过去，台州太阳镜'论斤卖'， 现在靠创新撕掉低端、廉价标签。" "原先，招商拼优惠政策，引发一系列问题；如今，拼营商环境，拼干部作风！"河南焦作市商务局局长 任立宏感慨。 ——纵深推进全国统一大市场建设观察之三 本报记者 方 敏 李建广 窦瀚洋 引 子 2024年12月举行的中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业行为。今年7 月召开的中央财经委员会第六次会议强调，"纵深推进全国统一大市场建设，要聚焦重点难点，依法依 规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引资"。 近日，记者走进北京市、浙江台州市、河南焦作市，透过一个行业、一个产业、一个地方的发展之变， 探寻如何在破除"内卷式"竞争中 ...

反"内卷"，平台不能当旁观者。快手电商中小商家业务负责人覃天表示，平台要兼顾商家和消费者权益 保护，营造良好消费生态。 引子 前一段时间，各大电商平台宣布对"仅退款"机制调整优化，未来平台不再主动介入消费者收货后"退款 不退货"申请。 "再不能卷价格了！"浙江台州一家眼镜生产企业负责人李岳生深有感触，"过去，台州太阳镜'论斤卖'， 现在靠创新撕掉低端、廉价标签。" "原先，招商拼优惠政策，引发一系列问题；如今，拼营商环境，拼干部作风！"河南焦作市商务局局长 任立宏感慨。 2024年12月举行的中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业行为。今年7 月召开的中央财经委员会第六次会议强调，"纵深推进全国统一大市场建设，要聚焦重点难点，依法依 规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引资"。 近日，记者走进北京市、浙江台州市、河南焦作市，透过一个行业、一个产业、一个地方的发展之变， 探寻如何在破除"内卷式"竞争中实现高质量发展。 从一个行业看规则优化 变"价格内卷"为"价值创造"，调整优化"仅退款"规则，拓展行业发展空间，实现多方共赢 一组数据，见证变 ...

Investment Rating - The report maintains a "Buy" rating for the company [13][15]. Core Viewpoints - The company has experienced a prolonged decline in stock price since February 2021, with earnings expected to fluctuate downwards from 2022 to 2024, and a projected 25.1% year-on-year decline in the first half of 2025. Currently, the company is at a low point in both performance and valuation. However, there are positive changes anticipated in the global and Chinese market environments, with the main products MDI/TDI expected to see an upturn in demand. The company has established a competitive moat in its petrochemical business, and a slowdown in capital expenditure may lead to sustained cash flow improvements. The company is focusing on a strategy of "focusing" and "operating" to solidify its advantages and promote a recovery [3][6][22]. Summary by Sections Market Environment Changes - The global and Chinese chemical industry leaders are facing a challenging period, but there are signs of positive changes in supply dynamics. Increased operational pressures have led foreign companies like Shell and Dow to exit certain capacities, resulting in a continuous optimization of supply [7][33]. MDI Market Outlook - MDI, primarily used in home appliances and real estate insulation, is expected to see improved supply-demand dynamics. The demand for MDI in China is supported by the home appliance sector, and potential interest rate cuts in the US may boost real estate demand. The global MDI market is characterized by oligopoly, with significant barriers to entry and a projected recovery in demand [8][51][59]. TDI Market Outlook - TDI, used in the production of foams and curing agents, is experiencing a supply shortage, leading to significant price increases. The domestic furniture industry's strong demand is expected to further drive TDI consumption [9][72]. Petrochemical Business - The company is enhancing its competitive edge through raw material advantages, with a successful launch of a new ethylene facility. The integration of the entire industrial chain is expected to significantly improve profitability in the petrochemical sector [10][12]. Fine Chemicals and New Materials - The company is focusing on its fine chemicals and new materials segment, which includes various high-value-added business units. The acceleration of self-developed technologies is expected to yield promising future growth [11][12]. Management and Cost Control - The company is implementing cost reduction and capital expenditure control measures, with a focus on improving operational efficiency. A planned investment of 25.24 billion yuan in 2025 indicates a significant reduction in overall investment scale, which may lead to improved cash flow and a decrease in the debt-to-asset ratio [12][46].

Core Points - The implementation of the "Regulations on Tax Reporting for Internet Platform Enterprises" has been positively received by various internet platform companies since its introduction in June this year [1] - The regulations aim to ensure fair competition among domestic and foreign platform enterprises and to promote a unified and fair execution across the country [1][2] - The tax authorities are actively providing guidance and support to platform enterprises to ensure compliance with the reporting requirements [2] Group 1 - The basic information reporting by platform enterprises, including domain names, business types, and operational主体 names, has progressed smoothly since July [1] - Tax authorities will conduct promotional guidance and reminders for those platform enterprises that have not yet submitted their basic information [1] - The regulations are part of broader efforts to curb disordered competition and promote the construction of a unified national market [1] Group 2 - By October, internet platform enterprises are required to report identity information of operators and employees, as well as income information from the previous quarter [2] - The tax department has upgraded its information systems and optimized service measures to ensure a smooth first tax information reporting [2] - Future efforts will focus on strict, standardized, and fair law enforcement to promote high-quality economic development and address issues related to improper use of platforms for investment attraction [2]

Market Potential - The structural advantages of China's super-large market are accelerating, with the number of registered business entities reaching 189 million by the end of 2024, a 3.1% increase from 2023, indicating strong economic resilience and market potential [2] - The number of private enterprises has grown from 10.857 million in 2012 to 56.707 million by the end of January 2025, a 5.2-fold increase, highlighting the significant role of private enterprises in technology development and innovation [4] Changes in Circulation System - The index for the development of small and medium-sized enterprises reached 89.5 in the first quarter of 2025, the highest since 2020, due to the relaxation of market access restrictions [5] - The national social logistics total reached 36.06 trillion yuan in 2024, a 5.8% increase year-on-year, with logistics costs as a percentage of GDP decreasing from 18% in 2012 to 14.4% in 2023 [11][15] Fair Competition in the Market - The implementation of the Fair Competition Review Regulations in August 2024 has led to a 2.78 percentage point decrease in identified issues, with an average processing time for simplified cases reduced by 5.7 days [19] - In the first half of the year, market regulators investigated 11 cases of monopoly agreements and abuse of market dominance, imposing fines totaling 632 million yuan [19] Consumer Environment - In 2024, the national market regulatory authorities received 39.239 million consumer complaints, with 18.625 million being complaints, resulting in a recovery of 5.16 billion yuan for consumers [20] - The retail sales of consumer goods reached 24.5458 trillion yuan in the first half of 2025, a 5.0% year-on-year increase, with 19 provinces exceeding the national average growth rate [6]

8月18日，省人大常委会党组召开会议，传达学习习近平总书记近期重要讲话和重要指示精神，传 达学习中央及省委有关会议、文件精神，研究贯彻落实工作。省人大常委会党组书记、副主任陈向群主 持会议并讲话。 会议还研究了其他事项。 会议要求，要深入学习贯彻习近平总书记关于加强党的作风建设的重要论述，认真落实省委关于进 一步加强作风建设有关要求，把作风建设摆在更加突出的位置，巩固深化深入贯彻中央八项规定精神学 习教育成果，持续整治形式主义为基层减负，以作风建设新成效推动人大工作高质量发展。 会议强调，要坚决把思想和行动统一到党中央对经济形势的科学判断和对经济工作的决策部署上 来，在省委领导下，聚焦三年行动决战决胜，助力辽宁全面融入全国统一大市场建设、海洋经济高质量 发展，扎实做好"十五五"规划纲要编制准备情况专题调研，推动实现我省全年经济社会发展目标。要全 面学习贯彻习近平总书记关于城市工作的重要论述，深刻把握建设现代化人民城市的目标定位，以法治 方式助力提升辽宁城市发展质量。 ...

备受关注的2025中国（郑州）国际期货论坛（下称国际期货论坛）将于今日开启，对外开放分论坛和产 业企业风险管理分论坛今日下午同步举行。 跟随湛蓝色的导视牌，前来参加国际期货论坛对外开放分论坛和产业企业风险管理分论坛的嘉宾陆续到 场，签到处的工作人员忙碌而有序，为嘉宾分发会议资料和参会证件。 郑州到银川，将近1000公里的路程，刘黎明已不知往返了多少次。作为宁夏浩瑞森事业有限公司总经 理，他与铁合金期货打交道多年，深刻认识到期货工具对企业生产经营的重要性。 上述聚酯产业人士表示，期望能听到更多来自海外市场的经验分享，特别是在全球经济不确定因素较多 的当下，了解中国期货市场的国际化进程，拓展国际视野，这能为企业带来更多的发展机遇。 郑州，交通网络通达四方，连接全国主要经济区域，8月19日—20日全国乃至全球产业企业的目光将汇 聚于此。同时，国际期货论坛作为连接现货与期货的交流平台，以及全球期货市场交流合作的重要窗 口，欢迎来自世界各地的朋友在这里碰撞思想、分享经验。 刘黎明告诉期货日报记者，国际期货论坛是一个重要的行业交流平台，今年已是他第四次参加。回顾过 往参会经历，他最大的收获是：以国际视野更直观深刻地理解期 ...

广发证券首席经济学家 郭磊 guolei@gf.com.cn 摘要 8月18日国务院第九次全体会议召开。关于会议精神，我们学习理解如下： 第一， 7月30日政治局会议已在分析研究当前经济形势的基础上，对下半年经济工作做出部署；8月18日的 国务院全体会议是年中政治局会议精神的贯彻和落地。同时，上周刚公布了最新的7月经济数据，数据有些新 的苗头性趋势性问题，如统计局所指出，"国内市场供强需弱，一些结构性矛盾仍在显现，经济回升向好基础 还需巩固" [2] ，本次会议也是下一阶段经济政策的指引。 第二， 会议强调要坚持全面、辩证地把握经济形势，"既看到来之不易的发展成绩，看到我国经济所具有的强 大韧性和活力，进一步坚定信心"，"又看到经济运行中面临的风险挑战，看到外部环境的严峻复杂，始终保 持冷静清醒，积极应对各种不确定性"、"增强政策针对性有效性"。从这一表述结构来看，政策对进一步稳定 短期经济走势，特别是面对的困难和挑战依旧重视。会议指出"下大力气抓好确定的事"、"用实实在在的行动 争取最好的结果"。 第三， 从会议对政策的阐述看，"服务消费"和"两重"是当前阶段宏观总量政策的两大抓手。这一框架是匹配 短期经济 ...

Core Viewpoint - The Chinese government is focusing on enhancing macro policy effectiveness and stimulating domestic demand through various measures, including urban renewal and housing renovation to release improvement demand [1] Group 1: Macro Policy Implementation - The government aims to improve the effectiveness of macro policy implementation and enhance the targeting and effectiveness of these policies [1] - There is a commitment to timely respond to market concerns and stabilize market expectations [1] Group 2: Domestic Circulation and Consumption - Emphasis is placed on strengthening domestic circulation to counteract uncertainties in international circulation [1] - The government plans to stimulate consumption potential by removing restrictive measures in the consumption sector and fostering new growth points in service and new consumption [1] Group 3: Investment and Infrastructure - There is a push to expand effective investment, particularly in major projects that can lead and drive economic growth [1] - The focus will be on adapting investments to meet changing demands, particularly in human resources and public services [1] Group 4: Real Estate Market Stabilization - Measures will be taken to consolidate the stabilization of the real estate market and promote urban renewal, specifically targeting the renovation of urban villages and dilapidated housing [1] - The approach is multi-faceted to effectively release improvement demand in the housing sector [1]