"内卷式"竞争作为一种低效率的不公平竞争，已成为制约我国经济高质量发展的瓶颈。党的二十届四中全会明确 提出，"坚决破除阻碍全国统一大市场建设卡点堵点"，"综合整治'内卷式'竞争"。刚刚召开的中央经济工作会议 把"深入整治'内卷式'竞争"作为明年经济工作的重点任务。深入整治"内卷式"竞争，先要厘清其理论渊源与运行逻 辑。 经济学中"内卷"一词来源于美国人类学家克利福德·格尔茨的著作《农业的内卷化》，作者通过实证研究发现，爪 哇岛在荷兰殖民者主导下不断地进行农业的精密化生产，虽然填充了大量劳动力，但人均产出并没有增加，人民 生活水平长期停滞。今天我们讲的"内卷式"竞争，指的是经营主体为了维持市场地位或争夺有限市场，不断投入 大量精力和资源，却没有带来整体收益增长的恶性竞争现象。"内卷式"竞争给一国经济发展带来的是资源配置的 扭曲与效率的损失。 "内卷式"竞争有其理论根源。从博弈论的角度看，"内卷式"竞争可以被视为一种"囚徒困境"，即由于缺乏信任， 即使合作是总收益最优化的策略，合作也难以实现，最终参与竞争的各方都受到伤害。在无序竞争中，每个企业 都作出了看似理性的选择，不断压低价格，期望通过低价占领更多市场份额、 ...

Group 1 - The recent news about the Zhejiang Jin Center product failure highlights the liquidity issues faced by the financing entities behind these products, which are currently unable to meet redemption demands [1] - Investors should have a rational understanding of the current risk-free interest rate environment, as exemplified by the near-zero annualized yield of Yu'ebao [2] - For pure debt financial products, expectations should be adjusted accordingly, with money market funds likely yielding below 1.5% and pure debt funds around 2.5% after fees [3][4] Group 2 - In the unprecedented low interest rate environment, investors should establish a benchmark for expected returns; anything significantly above this benchmark may indicate higher risk [5] - It is crucial to control concentration in investments to avoid significant losses, emphasizing the importance of diversification [6][8] - The analogy of lending money to a friend versus investing in high-yield products illustrates the need for cautious investment practices, particularly in high-risk products [7] Group 3 - The importance of having a professional and trustworthy investment advisor is emphasized, as many products advertised with high returns may not be sustainable [9][10] - Investors should be wary of advisors who promote high-yield products without understanding the underlying risks, as this could limit potential returns [11] - Institutional investors face similar challenges as individual investors, particularly in a low interest rate environment, which necessitates careful asset allocation [12][13] Group 4 - The current market conditions show a decline in both A-shares and Hong Kong stocks, with the latter experiencing a more significant drop [16][17] - Factors affecting the market include the rebalancing of funds between A-shares and Hong Kong stocks, as well as rising yields on Japanese and U.S. bonds impacting valuations [18][19] - Long-term concerns for the market include the sustainability of the Federal Reserve's interest rate cycle, the persistence of low domestic interest rates, and the profitability of major technology companies in Hong Kong [23][24]

Core Viewpoint - The phenomenon of "involution" is spreading in the financial sector, leading to excessive competition among banks, which has prompted regulatory actions to restore a healthy market order [3][10]. Group 1: Definition and Characteristics of Involution - Involution refers to a situation where individual entities continuously invest resources without achieving systemic efficiency improvements, resulting in diminishing returns and overall inefficiency [5]. - In the banking sector, involution manifests as irrational market behaviors, including price wars, homogenized business models, and ineffective assessment systems [7]. Group 2: Causes of Banking Involution - The mismatch between supply and demand, along with the deepening of interest rate marketization, contributes to banking involution. There is a structural contrast between accumulating deposits and shrinking credit demand [8]. - The Loan Market Quotation Rate (LPR) mechanism has led to a market-driven pricing system, but the simultaneous decline in credit demand and LPR has pressured banks' net interest margins, pushing them into irrational price competition [8]. Group 3: Consequences of Involution - Involution is eroding the operational safety margins of banks, compressing interest margin revenues, and potentially weakening the ability to accumulate capital internally. The average net interest margin of commercial banks fell to 1.43% in Q1 2025, down 75 basis points from historical highs [9]. - The intensification of scale-driven competition has led to a relaxation of risk management standards, increasing the likelihood of asset quality deterioration and higher non-performing loan rates [9]. Group 4: Responses to Involution - Following the central government's call to regulate irrational price competition, various banking associations have implemented measures to curb involution, such as establishing governance frameworks and self-regulatory agreements [11]. - Banks are encouraged to adopt differentiated operational strategies and enhance service value to regain competitive advantages, focusing on product innovation and customized solutions [13]. Group 5: Future Directions - Strengthening the legal and regulatory framework is essential to address irrational competition, with a focus on enhancing enforcement and establishing rapid response mechanisms for competitive misconduct [13]. - Optimizing internal assessment mechanisms and fostering innovation talent are crucial for banks to transition from scale-based evaluations to multidimensional performance metrics, thereby enhancing service quality and customer satisfaction [14].

Core Viewpoint - The article discusses the anxiety faced by parents regarding their children's education and the pressure to succeed in a competitive academic environment, highlighting the emotional struggles and societal influences that contribute to this anxiety [3][4]. Group 1: Parental Anxiety - A mother expresses her overwhelming anxiety about her child's academic performance and future opportunities, feeling the need to constantly push for better results [1][2]. - The mother feels conflicted between wanting her child to excel academically and recognizing the importance of a well-rounded upbringing, leading to confusion about the right approach to education [2][3]. Group 2: Societal Pressure - The phenomenon of "theater effect" is described, where parents feel compelled to follow the crowd in educational choices, fearing that not participating will result in their child falling behind [4]. - The competitive environment is likened to a collective hysteria, where the actions of others influence individual decisions, creating a cycle of anxiety and pressure [4]. Group 3: Solutions and Strategies - The article suggests that parents should reflect on their anxieties and differentiate between their child's actual needs and external pressures [4][5]. - It encourages parents to "loosen the reins" on educational goals, allowing children to explore their interests beyond academics, which can foster a more balanced development [5]. - Engaging in open dialogues with children about their feelings and aspirations is recommended, along with involving partners in parenting discussions to create a supportive environment [5].

Core Viewpoint - The National Development and Reform Commission (NDRC) has criticized certain car manufacturers for engaging in disorderly competition, emphasizing the need to rectify market chaos and maintain fair competition in the automotive industry [1] Group 1: Industry Competition - The automotive industry is experiencing significant "involution" competition, characterized by companies sacrificing profits to capture market share, leading to a rise in false advertising and malicious smear campaigns [1] - In 2024, the number of discounted car models in China reached 227, significantly higher than 148 in 2023 and 95 in 2022, while the industry's profit margin fell to 4.3%, remaining below the overall industrial profit margin for three consecutive years [1] - The "theater effect" in economics illustrates that involution competition results in a zero-sum game, where no winners emerge, and all participants face increased costs and diminished experiences [1] Group 2: Industry Self-Regulation - The China Automobile Industry Association has called for car manufacturers to cease publishing weekly sales rankings, which has been positively received and may help break the cycle of "sales volume obsession" [2] - Other industries, such as solar energy and cement, have also initiated self-regulatory agreements to control production capacity and resist malicious low-price competition, indicating a trend towards establishing standards and rules within industries [1][2] Group 3: Market Regulation - The NDRC and the State Administration for Market Regulation have intensified efforts to address involution competition, including enhanced price monitoring in the automotive market and strict checks on substandard products [2] - Public opinion plays a crucial role, as car manufacturers are particularly sensitive to their reputation and public image, suggesting that a strong negative sentiment against involution competition could compel companies to avoid such practices [2]