市场监管总局介绍"内卷式"竞争7类典型违法违规行为包括：商业宣传违法行为、商业诋毁行为、不正当价格行为、质量不合格行为、平 台制定不合理规则行为、滥用市场支配地位行为、不当干预市场竞争行为。 市场监管总局竞争政策协调司二级巡视员刘凤双称："比如，通过组织虚假交易等方式，帮助其他经营者进行虚假或者引人误解的商业宣 传，就属于商业宣传违法行为。比如编造、传播虚假信息或者误导性信息，损害竞争对手的商业信誉、商品声誉，就是典型的商业诋毁行 为。" 此外，市场监管总局明确，伪造或者冒用认证标志等质量标志；伪造产品产地，伪造或者冒用他人的厂名、厂址等质量不合格行为；为了 排挤竞争对手或者独占市场，以低于成本的价格倾销，扰乱正常的生产经营秩序等不当价格行为；具有市场支配地位的经营者以不公平的低价 购买商品，或者没有正当理由、以低于成本的价格销售商品等滥用市场支配地位行为，均属于可能导致"内卷式"竞争的典型违法违规行为。 央视网消息：市场监管总局部署综合整治"内卷式"竞争，维护公平竞争市场秩序。立足市场监管职责，市场监管总局梳理了可能导致"内 卷式"竞争的7类典型违法违规行为，增强监管执法针对性，强化整治成效。 市场监管总局 ...

Group 1 - The express delivery industry in China continues to maintain high growth, with the volume of express deliveries exceeding 100 billion pieces by July 9, 2023, 35 days earlier than expected for 2024 [2] - The rapid growth is attributed to policies aimed at expanding domestic demand and promoting consumption, particularly the "old-for-new" replacement policy for consumer goods [2][3] - The express delivery sector has achieved a significant scale economy effect, enhancing its ability to drive industrial and economic growth [2] Group 2 - The integration of the express delivery industry with manufacturing and other sectors has expanded its service scope and development space, with over 1,600 key projects generating more than 1 million yuan in revenue [2] - The widespread application of technologies such as 5G, IoT, and AI is accelerating the intelligent upgrade of the express delivery industry [3] - The industry is facing intense competition, leading to ongoing price wars that have affected service quality [3][4] Group 3 - In the first five months of 2025, the average price of express delivery services was 7.5 yuan, a year-on-year decrease of 8.2%, with the first quarter seeing an average price of 7.7 yuan, down 8.8% [4] - Despite calls to avoid price wars, companies are compelled to lower prices to gain market share, significantly impacting firms like SF Express, which reported a 3.4% decline in average revenue per ticket [4] Group 4 - Recent government initiatives aim to combat "involutionary" competition in the express delivery sector, emphasizing the need for improved industry regulation and service quality [5]

智通财经7月10日电，国家邮政局党组7月8日召开会议。会议强调，进一步加强行业监管，完善邮政快 递领域市场制度规则，旗帜鲜明反对"内卷式"竞争，依法依规整治末端服务质量问题，为建设全国统一 大市场贡献行业力量。 国家邮政局：反对"内卷式"竞争 依法依规整治末端服务质量问题 ...

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] PPI 降幅扩大，"反内卷"势在必行 ——6 月通胀数据点评 报告要点 [Table_Summary] 6 月 CPI 同比转涨，核心 CPI 同比涨幅扩大、为 2024 年 5 月以来新高，油价、金价等工业消 费品价格回升是主要拉动。6 月 PPI 同比降幅扩大、创 2023 年 8 月以来新低，其中，国内需 求疲弱、部分行业产能过剩，煤炭、钢材、水泥降幅扩大是主要拖累。往前看，猪价或维持窄 幅震荡、能源价格面临一定下行压力，CPI 同比回升的关键仍在于居民消费需求的回升；7 月 中央财经委员会直指"内卷式"竞争治理，多行业积极响应，或提振部分行业价格回升，除了 供给侧的优化，加大对国内基建、地产投资以及居民消费等领域支持的需求侧政策同样重要。 分析师及联系人 [Table_Author] 于博 蒋佳榛 SAC：S0490520090001 SAC：S0490524080005 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title PPI 降幅扩大，"反 ...

Inflation Data - June CPI year-on-year growth rate is 0.1%, an improvement from the previous value of -0.1%, exceeding market expectations of 0%[3] - June PPI year-on-year growth rate recorded at -3.6%, lower than market expectations of -3.2%[7] - Core CPI, excluding food and energy, increased by 0.7% year-on-year, marking a 14-month high[5] Price Movements - Industrial consumer goods prices saw a narrowing decline from -1.0% in May to -0.5% in June, contributing less to CPI decline by approximately 0.18 percentage points[3] - Gasoline prices shifted from a 3.8% decline to a 0.4% increase in June, influenced by international oil price movements[4] - Platinum jewelry prices surged by 12.6% in June, the largest monthly increase in nearly a decade[3] Economic Outlook - The market is expected to exhibit a dual bull structure in stocks and bonds in the second half of the year, supported by improving US-China trade relations and risk-averse funds[2] - Fixed income yields, particularly the 10-year government bond rate, are projected to decline to around 1.5% amid low domestic demand stimulus probability[2] Consumer Demand - Consumer demand is in a critical recovery phase, with incremental counter-cyclical policies expected to enhance demand and gradually improve CPI levels[7] - The demand for high-quality living is increasing, leading to price recoveries in related industries[9]

Group 1: CPI Marginal Improvement - In June, the CPI showed a marginal improvement with a year-on-year increase of 0.1%, reversing a three-month trend of -0.1%, primarily driven by rising domestic fuel prices and a rebound in durable goods prices [2] - Food prices performed better than seasonal averages, with fresh vegetable prices increasing by 0.7% month-on-month, compared to a historical average decline of -3.9% [2] - Energy prices saw a month-on-month increase of 0.1% in June, recovering from a previous decline of -1.7%, influenced by rising international oil prices due to geopolitical tensions [2][3] Group 2: PPI Continued Pressure - The PPI decreased by 0.4% month-on-month in June, marking the seventh consecutive month of negative growth, with a year-on-year decline of 3.6%, the largest drop since August 2023 [4] - The decline in production material prices was a significant factor, with a month-on-month decrease of 0.6%, compared to a historical average of -0.1% [4] - Life goods prices remained sluggish, with a month-on-month decrease of 0.1%, reflecting weak seasonal performance [4] Group 3: Future Price Outlook - CPI is expected to show a mild recovery, with an annual increase projected around 0%, higher than the first half's average of -0.1% [5] - Core CPI is anticipated to rise by approximately 0.6% for the year, supported by policies aimed at improving supply-demand structures [6] - PPI is expected to remain under pressure, with an annual decline projected at around -2.3%, an improvement from the first half's -2.8% [6] Group 4: International and Domestic Commodity Trends - Internationally, commodity prices are expected to show increased divergence and reduced volatility, with oil prices likely to continue declining due to OPEC+ production increases and weakening global demand [7] - Domestically, weak internal demand persists, particularly in real estate and infrastructure investments, which are not expected to drive resource prices upward [7] - The manufacturing sector is facing challenges with low capacity utilization, indicating a phase of oversupply in certain industries [7]

Group 1 - The current consensus in the market is to combat "involutionary" competition through legal and market measures, stabilizing market prices and promoting the orderly exit of backward production capacity [1] - The complex causes of "involutionary" competition include local governments using industrial policies for inter-regional capacity investment competition, leading to overcapacity and price competition in related industries [1] - The shift to high-quality development emphasizes the importance of the real economy, with a focus on developing emerging industries and promoting the transformation and upgrading of manufacturing [1] Group 2 - Industrial policies and competition policies have coexisted in China, with industrial policies being necessary for promoting technological innovation and industrial upgrading, but they should be based on competitive policies [2] - The experience of Japan suggests that an overemphasis on industrial policies can lead to low growth, highlighting the need for a balance between industrial and competition policies during different growth phases [2] - During the high-quality development phase, the main drivers of economic growth are innovation and the market's ability to shift resources from low productivity to high productivity sectors [3] Group 3 - The need for a coordinated approach between industrial policies and macroeconomic policies is crucial to avoid asset bubbles and ensure effective resource allocation [3] - When industrial policies are misused by local governments for quantity-based expansion, it can lead to "involutionary" competition, reducing corporate profits and hindering innovation investment [3] - Establishing a unified national market is essential for ensuring fair competition and effective resource allocation [4] Group 4 - There is an urgent need to establish a system and institutional guarantees for achieving high-quality development, with central government-led industrial policies to promote innovation and industrial upgrading [4] - A well-coordinated relationship between industrial and competition policies is necessary to prevent local governments from undermining fair competition rules [4] - Improving the assessment systems for high-quality development and local government performance can help avoid the distortion of industrial policies into tools for regional competition [4]

投资咨询业务资格：证监许可【2011】1778 号 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 黑色金属 | 日报 2025 年 7 月 8 日 煤焦日报 专业研究·创造价值 多空因素交织，煤焦区间震荡 核心观点 焦炭：7 月 8 日，焦炭主力合约报收于 1424.5 元/吨，日内录得 0.14%的 涨幅。截至收盘，主力合约持仓量为 4.81 万手，较前一交易日仓差为-18 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1220 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1210 元/吨，周环比 上涨 3.42%。近期市场逻辑再次由基本面博弈转向预期博弈。7 月 1 日， 中央财经委员会第六次会议提到要整治 ...

截至2025年7月8日午间收盘，光伏ETF(159857)收涨5.19%，换手8.22%，半日成交1.92亿元。跟踪指数中证光伏产业指数(931151)强势上涨5.08%，成分股大 全能源(688303)上涨15.30%，阳光电源(300274)上涨10.49%，通威股份(600438)上涨10.00%，钧达股份(002865)，弘元绿能(603185)等个股跟涨。 拉长时间看，截至7月7日，光伏ETF(159857)近1周规模增长6487.18万元，近2周份额增长1.90亿份，均实现显著增长，新增规模、份额均居深市同类产品第 一。值得一提的是，该基金年初至今，份额暴增超9.5亿份。 资金流入方面，光伏ETF(159857)近5个交易日合计"吸金"2006.74万元，近10日净流入8853万元，居深市同类产品第一。 消息面上，7月3日，中国工业和信息化部召开第十五次制造业企业座谈会，聚焦加快推动光伏产业高质量发展。会议强调，依法依规、综合治理光伏行业低 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，实现健康、可持续发展。加强国际合作，加快塑造我国下一代光伏产品的竞争优势，努力成 为全球光伏产业的技术 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 07 月 08 日） 一、研究观点 | 品种 | 点评 7 月 1 日，中央财经委召开第六次会议，强调："纵深推进全国统一大市场 | 观点 | | --- | --- | --- | | | 建设，基本要求是"五统一、一开放"，即统一市场基础制度、统一市场基 | | | | 础设施、统一政府行为尺度、统一市场监管执法、统一要素资源市场，持续 | | | | 扩大对内对外开放"。同日，《求是》杂志发布《深刻认识和综合整治"内卷 | | | 股指 | 式"竞争》。该政策的制定有助于促进企业技术创新、推动新质生产力产业 | 震荡 | | | 升级，防止低水平同质化竞争，长期看有助于企业盈利能力的修复，提升 A | | | | 股的投资回报率。但在落后产能出清期，相关板块可能面临一定压力，尤其 | | | | 是短期资金流压力值得关注。在政策聚焦"反内卷"的背景下，A 股板块间 | | | | Alpha 可能比此前更加明显，股指期货基差贴水可能走扩。 | | | | 国债期货收盘，30 年期主力合约跌 0.04%，5 年期主力合约跌 0.02%，2 年期 | ...