Core Viewpoint - The article discusses the ongoing antitrust case against Google in the digital advertising market, highlighting the potential for a landmark ruling that could lead to the forced breakup of the tech giant's advertising business [1][2]. Group 1: Antitrust Case Developments - The U.S. Department of Justice (DOJ) and Google recently concluded a three-hour hearing regarding remedies for Google's alleged monopoly in the digital advertising market [1]. - Federal Judge Leonie Brinkema is expected to make a final ruling next year on whether Google should be split up, which could set a precedent for breaking up tech giants in the internet era [1][2]. - The DOJ is advocating for the divestiture of Google's core advertising trading platform and the public disclosure of certain advertising tool source codes [1]. Group 2: Google's Response and Legal Arguments - Google is willing to open more auction data and make some business model adjustments to facilitate competition but firmly opposes asset divestiture, arguing that the government's demands are extreme and lack sufficient legal precedent [1][2]. - Judge Brinkema raised concerns about the potential delays in the divestiture process, noting that Google would likely appeal any breakup decision, which could prolong the timeline and alter the competitive landscape [2]. Group 3: Timeline and Industry Implications - DOJ attorney Matthew Hooper stated that the sale of Google's advertising trading platform could be completed within two years, which he believes would not hinder the restoration of competition [2]. - In contrast, Google's chief litigation attorney, Karen Dunn, argued that the timeline proposed by the DOJ is overly optimistic, citing the complexities of data and technology migration [2]. - The article notes that Google recently avoided divestiture in a separate antitrust case related to online search, where only limited data sharing and business adjustments were mandated [2].

随着美国司法部(DOJ)反垄断诉讼接近尾声，Alphabet旗下谷歌(GOOGL.US)将于周五在美国法庭进行最 终辩护，力求避免其广告技术业务被拆分。 此前，在两党政府针对大型科技公司垄断地位的法律打击中(这一行动始于美国总统唐纳德·特朗普第一 任期)，谷歌基本未受影响。 周五的最终辩论标志着谷歌与美国司法部之间长达数年的诉讼案结束了证据听证阶段，双方争议核心围 绕谷歌在在线广告和搜索领域的垄断地位展开。 接下来，诉讼将进入上诉法院审理阶段，这一过程可能耗时数年。 谷歌已明确表示将对布林克马法官作出的垄断裁决提起上诉。此外，该公司还计划挑战华盛顿特区一名 法官此前的裁决，该裁决认定谷歌在在线搜索及相关广告领域存在非法垄断行为。在那起案件中，谷歌 虽避免了Chrome浏览器被强制出售的结果，但被责令向竞争对手共享数据。 目前，美国针对Meta Platforms(META.US)、亚马逊(AMZN.US)和苹果(AAPL.US)的反垄断诉讼仍在审 理中。 但这一局面可能发生改变，最终取决于弗吉尼亚州亚历山德里亚市美国地区法院法官莱奥妮·布林克马 (Leonie Brinkema)的裁决。 布林克马法官已于4月 ...

2025年的"双十一"刚刚结束，国家市场监督管理总局就在11月16日发布了《互联网平台反垄断合规指南 （征求意见稿）》（以下简称《新指南》），意见反馈截止日期为2025年11月29日。 《新指南》与今年8月发布的《互联网平台价格行为规则》（以下简称《价格规则》）构成了中国平台 经济监管不断深化的"组合拳"，既有协同聚焦，更有层级上的突破。而与2021年的《国务院反垄断委员 会关于平台经济领域的反垄断指南》（以下简称《2021年指南》）相比，《新指南》在深度、广度和精 度上实现了显著升级，尤其对"双十一"期间暴露出的新型竞争问题发出了明确警示。 一、监管定位之辨：《新指南》与《价格规则》的协同与分层 理解《新指南》的新意，首先需厘清其与《价格规则》的关系。二者在规范价格行为上形成合力，但定 位和层级截然不同，形成从普遍规范到重点风险防控的立体监管体系。 从规范的目标来说，《价格规则》规范所有经营者的"普遍法"，而《新指南》针对市场力量的"重点 法"。 《价格规则》核心目标是维护基础价格秩序，适用于所有平台和平台内经营者，聚焦于明码标价、促销 透明、禁止价格欺诈等底线要求。它确保价格竞争的基本公平和透明度。《新指 ...

Core Viewpoint - Matter has achieved a significant legal victory against the Federal Trade Commission (FTC), which had alleged that the company's acquisitions of Instagram and WhatsApp violated antitrust laws. The judge ruled in favor of Matter, indicating that the competitive landscape has changed significantly since the lawsuit was initiated five years ago [1][2]. Legal Reasoning - The judge's decision was based on the current competitive environment, noting that the social media landscape has evolved dramatically since the FTC's initial lawsuit [2]. - The FTC's argument centered around the competition from MIUI and Snap, with the judge acknowledging the fierce competition in the market, particularly from TikTok [3]. Implications for Matter - This ruling means that Matter is not required to divest Instagram or WhatsApp, which had been a significant concern for the company. Analysts had anticipated this outcome, suggesting it was already priced into the market [6]. - However, the judge's comments indicate that Matter must address the perception that it is not differentiated from its competitors and that TikTok is impacting its market share [4]. Future Considerations - While the current legal challenges appear to be resolved, there is uncertainty regarding potential future legal issues. Analysts do not expect an appeal process to proceed, but the situation remains under observation [5].

判决指出，美国社交媒体市场发生重大变革，用户大量转向短视频和YouTube等平台，Meta受到激烈竞 争压力。FTC未能证明Meta通过收购Instagram和WhatsApp持续保持垄断。 法官引用行业内证据显示，YouTube等短视频平台已成为Meta的强大竞争对手，消费者也在不同服务间 频繁切换。 （文章来源：证券时报网） 美国华盛顿特区地区法院法官裁定，Meta公司在当前社交媒体市场中并未构成非法垄断，因此驳回美 国联邦贸易委员会（FTC）针对Meta的反垄断诉讼。 ...

Meta方面对裁决表示欢迎，称法院认可了公司所处的激烈竞争环境。Meta首席法务官Jennifer Newstead 在声明中强调，公司产品为用户与企业创造价值，是美国创新的代表。与之形成鲜明对比的是FTC的强 烈不满。FTC公共事务主管Joe Simonson在公开声明中直言"对此决定深感失望"，并罕见地批评法官 Boasberg，称从一开始"牌局就对我们不利"，甚至提及法官正面临弹劾文章，引发外界关注。 这已是今年第二起因行业格局变化过快，而最终对科技巨头有利的反垄断判决。在此前美国司法部对谷 歌(GOOG.US,GOOGL.US)的诉讼中，虽然法院判定谷歌在搜索业务中违法，随着AI搜索工具崛起，对 谷歌优势地位形成挑战，法官最终在处罚上采取了较"轻"的处理方式。此类案例显示，法院在处理科技 行业反垄断案件时，正更多考虑行业动态竞争，而非仅以静态市场份额作为裁决依据。 案件的核心争议在于如何界定Meta所"垄断"的市场。FTC主张将"个人社交网络"作为一个狭窄的市场范 围，从而将YouTube、TikTok等巨头排除在竞争者名单之外，以强调Meta的支配地位。但Boasberg法官 认为，即使这种界定在案 ...

BREAKING: Nvidia Drives Futures Higher Meta Platforms (META) scored a big legal victory Tuesday after a federal judge ruled that the Facebook parent company's acquisition of Instagram and WhatsApp did not violate federal antitrust laws. Meta stock got a boost from the news, but remained in the red. U.S. District Judge James Boasberg found that the Federal Trade Commission failed to prove Meta has monopolized… Related news What's Driving The Mood Shift In Market Models? 10:50 AM ETIt's more than just a feeli ...

Meta’s decade-old spending spree just survived the government’s biggest swing at it. A federal judge ruled Tuesday that the company’s purchases of Instagram (in 2012) and WhatsApp (in 2014) didn’t stifle competition, killing the Federal Trade Commission’s attempts to unwind the deals years later. The ruling is a decisive win for Meta, as U.S. District Judge James Boasberg said the FTC failed to prove that Meta holds monopoly power in the “personal social networking” space today or that the two acquisition ...

Core Insights - The article emphasizes the need for a comprehensive enhancement of regulatory concepts, systems, capabilities, and tools to adapt to the evolving market competition landscape, particularly focusing on antitrust and unfair competition regulations [1] Regulatory Developments - Significant progress has been made in antitrust and unfair competition efforts under the leadership of the central government, including a major revision of the Antitrust Law and continuous improvement of supporting regulations, enhancing the scientificity, transparency, and predictability of the regulatory framework [2] - The enforcement of regulations has intensified, with notable cases in key sectors such as pharmaceuticals and platform economies, effectively deterring illegal practices like false advertising and exclusive agreements [2] - The regulatory enforcement system has been optimized, with clearer division of responsibilities between central and local authorities, leading to improved consistency and authority in enforcement [2] Challenges in Regulatory Framework - The rise of digital technologies and innovative business models poses challenges to traditional regulatory tools, as monopolistic behaviors become more sophisticated and harder to detect [3] - The complexity of digital platforms blurs competitive boundaries, making market definitions and assessments of competitive harm more complicated [3] Issues Affecting Regulatory Effectiveness - "Involution" competition in certain sectors has deteriorated the fairness of the market, with companies resorting to excessive subsidies and unfair practices, complicating regulatory oversight [4] - Regulatory capacity struggles to meet the demands of monitoring complex and technologically advanced monopolistic behaviors, with a shortage of skilled professionals in local regulatory bodies [5] - Insufficient policy coordination undermines the effectiveness of antitrust laws, as local interests may conflict with national market unity goals [6] Recommendations for Improvement - Enhancing regulatory enforcement capabilities through professional training and the introduction of advanced technologies like big data and AI to create intelligent regulatory platforms [7] - Establishing a coordinated mechanism among various departments to improve communication and collaboration in regulatory efforts [8] - Developing industry-specific compliance guidelines to address the unique challenges posed by emerging sectors such as e-commerce and digital finance [9] - Implementing a compliance incentive system for businesses to encourage proactive compliance management and reduce reliance on reactive enforcement [10]

野村发布研报称，行业中期加强自律，将可维持较高利用率、推动价格复苏及提升盈利水平，不过短期 内则仍要面临库存偏高及下游季节性需求疲软，导致产品价格趋弱的问题，目前预计11月份多晶硅产量 将按月下降约2万吨至12万吨，硅片产量按月降5%至57GW，电池产量按月降2%至57GW。 智通财经APP获悉，光伏股集体走低，截至发稿，凯盛新能(01108)跌3.94%，报4.15港元；新特能源 (01799)跌3.14%，报8.03港元；信义能源(03868)跌3.88%，报1.24港元；福莱特玻璃(06865)跌2.77%，报 11.93港元；信义光能(00968)跌2.72%，报3.57港元。 消息面上，据澎湃报道，通威集团董事局主席刘汉元称，推动"硅料收储"：一是要解决观念和理念问 题，在"反内卷"和反垄断问题上形成共识；二是全行业需要适当自律，留存一部分冗余产能，以应对需 求的动态变化。刘汉元认为，硅料收储不会触及反垄断，这也不应成为质疑上游整合的理由。 ...