Core Viewpoint - The construction of a unified national market is essential for establishing a high-level socialist market economy, with a focus on the unification of systems and rules [1][3]. Summary by Relevant Sections National Unified Market Construction - The central government has outlined the goal of building a "highly efficient, standardized, and fair competition" national unified market, emphasizing the unification of systems and rules [3]. - The basic requirements for this construction can be summarized as "five unifications and one openness," which include unifying market basic systems, infrastructure, government behavior standards, market supervision and law enforcement, and resource markets, while continuously expanding both domestic and foreign openness [3]. Achievements and Actions - Multiple actions have been taken to eliminate market barriers, addressing significant issues of local protectionism and market segmentation, with 115 typical cases reported publicly [3][4]. - A system has been established for rectifying improper interventions in the construction of the national unified market, with over 1,100 problem leads collected, and more than 90% of valid issues have been rectified by local authorities [3][4]. Key Tasks and Developments - Significant progress has been made in tasks aimed at enhancing market connectivity, including the revision of the negative list for market access and the implementation of various regulatory documents [4]. - Nearly 90% of national highway service areas have been equipped with reserved charging parking spaces, and an online trading service platform for the secondary land market has been launched [4]. - The establishment of a fair competition review system has been initiated, achieving coverage at national, provincial, municipal, and county levels, and has been integrated into government document processes [4]. Market Access Improvement - The central government has issued opinions on improving market access systems, aiming to create a more open, transparent, and competitive market environment [5]. - The dynamic revision of the negative list for market access is part of efforts to foster a fair and predictable development environment for enterprises, promoting the free flow of resources and advancing the construction of a unified national market [5].

Core Points - The central theme of the articles is the commitment to eliminate obstacles in the construction of a unified national market in China over the next five years, as outlined in the recent guidelines from the Central Committee [1][2]. Group 1: National Market Construction - The guidelines emphasize the need to standardize local government economic promotion behaviors and address "involution" competition, aiming to create a fair and competitive market environment [1][2]. - Specific measures include improving foundational institutional rules for the unified market, enhancing property rights protection, market access, information disclosure, social credit, mergers and acquisitions, and market exit systems [1][2]. - The focus is on eliminating barriers related to resource acquisition, qualification recognition, bidding, and government procurement, as well as regulating local government economic promotion behaviors to dismantle local protectionism and market segmentation [1][2]. Group 2: Competition Policy and Local Government Behavior - The guidelines link competition policy with the construction of a unified national market, indicating that deficiencies in existing fiscal and assessment systems may hinder market development [2][4]. - There is a historical context where local governments have provided tax incentives and subsidies to attract investment, which, while beneficial in some aspects, disrupts market order and fair competition [2][3]. - The need for effective regulation of local government economic promotion behaviors is highlighted, as past neglect has led to issues such as "involution" competition, where local governments' financial incentives encourage unhealthy price competition among businesses [4][5]. Group 3: Regulatory Framework and Future Directions - The articles reference previous attempts to regulate tax incentives, noting that a 2014 directive aimed to clean up such policies but was ultimately postponed [3][4]. - The guidelines call for a comprehensive review and elimination of policies that promote local protectionism and market fragmentation, with a focus on ensuring fair competition [5][6]. - The introduction of the Fair Competition Review System is seen as a critical step in preventing local governments from issuing preferential policies that distort competition [6][7].

Core Viewpoint - The article emphasizes the importance of breaking down barriers to the construction of a unified national market in China over the next five years, as outlined in the recent guidelines from the Central Committee [3][8]. Summary by Sections National Unified Market Construction - The recent guidelines highlight the need to standardize local government economic promotion behaviors and address "involutionary" competition, aiming to create a more unified market environment [3][4]. - The guidelines call for the establishment of unified market foundational systems, including property rights protection, market access, information disclosure, social credit, mergers and acquisitions, and market exit regulations [3][5]. Local Government Economic Promotion - There is a focus on regulating local government economic promotion behaviors, which have historically led to market disorder and hindered the establishment of a unified market system [5][6]. - The article discusses the past issues with local governments providing tax incentives and subsidies to attract investment, which, while beneficial in the short term, disrupts fair competition [6][7]. Involutionary Competition - The article addresses the phenomenon of "involutionary" competition, where local governments' financial incentives lead to unhealthy price competition among businesses [7][8]. - The guidelines aim to rectify this by promoting fair competition and eliminating local protectionism and market fragmentation [8][9]. Future Directions - The article outlines four key areas for addressing involution: controlling local government subsidies, ensuring product and service quality, encouraging bankruptcy restructuring, and enhancing antitrust enforcement [9][10]. - The introduction of the Fair Competition Review System is highlighted as a crucial step in preventing local protectionism and ensuring a level playing field for all businesses [9][10].

同时，要综合整治"内卷式"竞争。统一市场监管执法，加强质量监管，完善行政裁量权基准制度，强化 反垄断和反不正当竞争执法司法，形成优质优价、良性竞争的市场秩序。 面向"十五五"，应认识到反内卷并非简单地涨价。 未来五年，"坚决破除阻碍全国统一大市场建设卡点堵点"将成为重要任务。 近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）全文公 开，其中在全国统一大市场建设方面，提到要"规范地方政府经济促进行为""综合整治'内卷式'竞争""完 善有利于统一大市场建设的统计、财税、考核制度"等，中国纵深推进全国统一大市场建设的决心显 著。 "十四五"规划曾提出"加快构建国内统一大市场"的目标，要求对标国际先进规则和最佳实践优化市场环 境，促进不同地区和行业标准、规则、政策协调统一，有效破除地方保护、行业垄断和市场分割。 对比上述表述，《建议》则针对阻碍全国统一大市场建设的卡点堵点，提出了更具体的要求与规划：统 一市场基础制度规则，完善产权保护、市场准入、信息披露、社会信用、兼并重组、市场退出等制度， 消除要素获取、资质认定、招标投标、政府采购等方面壁垒，规范地方政府经济促进行为，破除地方保 ...

Core Points - The newly revised Anti-Unfair Competition Law will take effect from October 15, aiming to enhance market competition rules and optimize the business environment [1][3] - The law targets "involution-style" competition, particularly in the platform economy, to promote healthy market practices and prevent low-quality competition [2][4] - The law emphasizes the protection of small and medium-sized enterprises (SMEs) from unfair practices by larger companies, ensuring fair competition opportunities [4][5] Group 1 - The revised law establishes a fair competition review system to ensure all market participants can compete fairly [2][3] - It prohibits platform operators from forcing internal operators to sell below cost, addressing the issue of "involution-style" competition [2][4] - The law aims to break down industry barriers and market entry restrictions, fostering a more vibrant market environment [3][5] Group 2 - The law provides specific protections for SMEs against the abuse of power by larger enterprises, ensuring reasonable payment terms and conditions [4][5] - It aims to create a comprehensive legal framework for fair competition, enhancing resource allocation and promoting innovation [5] - The law addresses challenges in regulating unfair competition in the digital market, including data misuse and malicious transactions [6][7]

Regulatory Developments - The new Anti-Unfair Competition Law has been implemented, strengthening the legal framework for the industry to recover from downturns [1] - Article 3 establishes a fair competition review system to ensure equal access to production factors for all operators [1] - Article 14 prohibits platform operators from forcing or indirectly forcing platform operators to sell goods below cost, disrupting market competition [1] Solar Industry Insights - Current growth logic in the photovoltaic industry includes: 1. Multicrystalline silicon as a key lever to control industry chain prices by regulating silicon material [2] 2. Central government's intention to govern low-price disorderly competition and promote product quality improvement by July 1, 2025 [2] 3. Legal support from the Anti-Unfair Competition Law effective October 15, 2025, ensuring that companies do not quote prices below costs [2] Market Performance - As of October 15, 2025, the Zhongzheng Photovoltaic Industry Index (931151) has shown strong performance, with notable increases in constituent stocks such as: - Dongliang Energy (600481) up 9.94% - Kehua Data (002335) up 5.49% - Tongwei Co., Ltd. (600438) up 5.02% [2] - The Photovoltaic ETF Fund (159863) rose by 0.81%, with the latest price at 0.63 yuan [2] Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index (931151) include: - Sunshine Power (300274) - Longi Green Energy (601012) - TBEA (600089) - TCL Technology (000100) - Tongwei Co., Ltd. (600438) - Chint Electric (601877) - Jingcheng Machinery (300316) - Deye Shares (605117) - TCL Zhonghuan (002129) - Jiejia Weichuang (300724) - These top ten stocks account for 58.02% of the index [3]

Core Viewpoint - The article emphasizes the importance of fair competition policies in promoting a unified market and ensuring a fair competitive environment for future economic development [1]. Summary by Sections Fair Competition Review System - The fair competition review system requires government departments to consider the impact of policies on market competition, preventing exclusionary or restrictive measures [4]. - Establishing this system helps regulate government behavior, ensuring that market resources are allocated effectively and enhancing market vitality [5]. Fair Competition Review Regulations - The regulations define the scope of review, requiring relevant administrative bodies to conduct reviews on policies affecting economic activities, thus maintaining market order [7]. - Clear review standards are set to prevent policies that limit market entry or exit and ensure free movement of goods and factors [7]. - A coordinated review mechanism is established involving various government levels to ensure effective implementation of fair competition reviews [7]. Consumer Rights Protection - The review process promotes fair competition, allowing consumers to choose among various providers and preventing monopolistic practices that could lead to high prices and low-quality goods [9]. - An optimized business environment attracts more enterprises, enhancing product and service quality while benefiting consumers through better choices [9]. Economic Development - The review process aids in building a unified national market by breaking regional barriers and promoting the free flow of goods and resources, which is crucial for economic health [11]. - By eliminating unreasonable policies, the review reduces institutional transaction costs for businesses, fostering a fair and transparent market environment that stimulates economic growth [11]. Review Targets and Methods - The review targets include regulations and policies affecting market participants, such as market access, industry development, and government procurement [12]. - Review methods involve self-assessment by policy-making bodies, social oversight, and joint reviews led by market regulatory authorities [13]. Review Standards - Standards for review include criteria for market entry and exit, free movement of goods, and impacts on production costs and behaviors [14]. - Policies that may restrict competition must have no less harmful alternatives and must be justified under specific circumstances [16].

Group 1 - The article emphasizes the transition of China's competition policy from a basic framework to a more robust governance tool during the "14th Five-Year Plan" period, highlighting the need for a shift from merely having competition policies to ensuring their strength and effectiveness [1][2][3]. - It outlines the systematic integration of the legal framework for competition policy, noting significant developments such as the first revision of the Anti-Monopoly Law in 2022, which included the establishment of a fair competition review system [3][4]. - The article discusses the ongoing reforms in industries with natural monopoly characteristics, such as telecommunications and energy, showcasing specific achievements like the 90% sharing rate of 5G base stations and the introduction of market mechanisms in electricity pricing [4][5]. Group 2 - The article identifies the challenges of "involutionary" competition, where excessive competition leads to price drops and reduced profitability, particularly in sectors like solar energy and new energy vehicles, where government subsidies have distorted market dynamics [6][7]. - It highlights the misalignment between industrial policies and competition policies, particularly in the AI sector, where aggressive subsidies have led to market saturation and reduced R&D investment among companies [8][9]. - The article warns of the implications of international trade rules, such as the EU's Foreign Subsidies Regulation and the US Inflation Reduction Act, which pose challenges for Chinese companies seeking to compete globally [9][10]. Group 3 - The article outlines the vision for the "15th Five-Year Plan," advocating for a stronger foundational role for competition policy in economic governance, emphasizing the need for coordination between competition and industrial policies [10][11]. - It suggests enhancing the implementation framework for competition policy, including mandatory competition impact assessments for industrial planning and fiscal policies [12][13]. - The article calls for a robust legal framework to support competition principles, particularly in emerging sectors like digital economy and AI, to ensure fair competition and innovation [14][15]. Group 4 - The article stresses the importance of aligning with high-standard international trade rules, such as the CPTPP, to enhance China's competitive position in the global market [15][16]. - It concludes that the focus of competition policy should shift from merely preventing monopolies to fostering a competitive environment that encourages innovation and sustainable growth [16].

Group 1 - The core viewpoint emphasizes the need for China's competition policy to evolve from merely existing to being robust and effective, especially in the context of increasing domestic and international competition [1][2] - The revised Anti-Monopoly Law in 2022 highlights the importance of competition policy, with nearly 200 million policy measures reviewed and around 100,000 measures that restricted competition abolished or amended [2][3] - The ongoing competition reform in industries with natural monopolies, such as railways and energy, is being complemented by international agreements like CPTPP and DEPA, which aim to enhance fair competition [2][3] Group 2 - The phenomenon of "involution" in industries like solar energy and electric vehicles indicates systemic issues, where excessive low-end capacity expansion could lead to missed opportunities due to foreign technology export controls [3][4] - The AI sector is experiencing a "hundred model battle," leading to homogenization and price wars, with local governments competing on subsidy policies, resulting in resource misallocation [4][5] - International trade rules, such as the EU's Foreign Subsidies Regulation and the US Inflation Reduction Act, impose strict conditions on state-owned enterprises, requiring transparency and prohibiting non-commercial assistance [5][6] Group 3 - The upcoming "15th Five-Year Plan" aims to strengthen the foundational role of competition policy, ensuring it is integrated into the top-level design of the national economic system [6][7] - There is a need for a rigid framework to manage the relationship between government and market, allowing for diverse technological paths and innovation [8][9] - High-level alignment with international trade rules is essential for transforming China's economic focus from scale expansion to quality competition, fostering world-class enterprises through effective competition policies [9][10]

Group 1: Market Environment Improvement - The establishment of a unified national market has led to clearer rules, more efficient circulation, fairer competition, and better resource allocation [1] - The "negative list" for market access has been reduced from 117 items in 2022 to 106 items, with national management measures decreasing from 486 to 469 [2] - The optimization of the business environment has been felt by enterprises, with significant improvements in operational efficiency reported by leading companies like Juhua Home [2][3] Group 2: Infrastructure and Logistics Enhancement - The construction of a comprehensive infrastructure network has been a focus during the "14th Five-Year Plan," resulting in the world's largest high-speed rail, highway, and postal networks [4] - Logistics costs are projected to decrease by over 400 billion yuan, with transportation costs alone reduced by approximately 280 billion yuan [4] - The opening of special trains has significantly shortened transportation times and reduced logistics costs, leading to a more than 30% increase in foreign trade orders for some companies [4] Group 3: Fair Competition and Regulatory Framework - The implementation of the "Fair Competition Review Regulations" aims to eliminate behaviors that hinder fair competition, with a comprehensive framework established for oversight [6] - Local governments, such as Zhejiang Province, have actively responded to these regulations, reviewing over 2,000 major policy measures to ensure fairness in competition [6][7] - The continuous improvement of regulatory enforcement is expected to further enhance the unified market, facilitating economic circulation and supporting high-quality development [7]