从光伏到汽车，从电池到餐饮，现阶段很多行业都在进行残酷的价格战，一些行业简直是杀疯了，价格低到了严重不合理的地步。 《华为基本法》里是这样讲自己的经营模式的： 抓住机遇，靠研究开发的高投入获得产品技术和性能价格比的领先优势，通过大规模的席卷式的市场营销，在最短的时间里形成正反馈的良性循 环，充分获取"机会窗"的超额利润。不断优化成熟产品，驾驭市场上的价格竞争，扩大和巩固在战略市场上的主导地位。我们将按照这一经营模 式的要求建立我们的组织结构和人才队伍，不断提高公司的整体运作能力。 比如一盘炒草鸡的合理价格应该是在一二百元，但价格要是低到了四五十元就是不合理的，质量难免让人担心。毕竟一只小草鸡18元左右/斤，四五斤的鸡 怎么可能卖那么便宜呢。 比如外卖，一杯奶茶1分钱的话，怎么赚钱？ 比如新能源汽车，一台车成本就要20多万，价格却只有十来万，有的品牌甚至堪称"卖一辆赔一辆"，这样的做法都违背商业规律的。 市场是客观，但充满了不确定性，因为人经常是非理性的。 那么，老板们要如何应对这种局面呢？ 竞争残酷，价格战惨烈，咋办？让任正非告诉你：如何驾驭价格竞争 华为公司在创业早期就面临国内外同行的竞争，这就需要有好的经 ...

今年的天气不太寻常，全国温度直逼40度，热得像把人放在火上炙烤。 上半年，电商平台接连高调入局外卖，短短数月向市场投放超800亿补贴。市场硝烟再起，"补贴大 战"席卷整个行业。 早上才刚到店，打印机就开始疯狂吐单，当日销量突破1600单！但老板在扣除各项成本后，实在哭笑不 得，忙到凌晨两点，当日利润却仅剩400元，这是杭州一奶茶店的真实境遇。 湖南，某知名连锁快餐品牌，单店日均订单量从200单增至800单，但综合利润率却从15%跌至6%。 河南螺蛳粉店爆单后每单毛利仅0.49 元，最后资金链断裂停业，遵义米粉店，单碗成本8元的米粉售价5 元，在扣除3元平台佣金后，每单亏损6元月亏2 万被迫关店…... 这场百亿、千亿补贴浪潮，最开始都以为是泼天的富贵，结果到头来，惊觉是平台强制要求商家补贴， 成为中小餐饮商户的"生死劫"。 一、餐饮行业"秃鹫" ，默默"送"走无数餐饮人 有死亡的地方就有秃鹫，在餐饮行业里也有这样一位"秃鹫"，也被称为餐饮行业的"收尸人"——狗哥。 狗哥，从2018年开始做餐饮的二手设备回收，见证了无数餐饮店的生与死，尤其是最近两个月，不光是 小店、单店，就连老店出清和倒闭的数量在上半年已达到 ...

Core Viewpoint - The Chinese express delivery industry, despite its rapid growth, is facing challenges due to a price war leading to "involution" and a call for a shift from low-cost competition to high-quality development [1][3][7] Industry Growth and Challenges - The express delivery industry in China has been growing at an average annual rate of 30%, making it the largest express market globally [1] - In July, the postal industry reported a revenue of 1,449.8 billion yuan, with express delivery revenue reaching 1,206.4 billion yuan, reflecting an 8.9% year-on-year growth [3] - However, there is a mismatch between the growth in business volume and revenue, with some companies experiencing a decline in per-package revenue [3][5] Price War and Its Implications - The industry is experiencing a "volume increase, profit decrease" phenomenon, known as "price inversion," where companies are forced to lower prices to gain market share [3][5] - The average price of express delivery has dropped to around 1 yuan, with extreme cases of prices as low as 0.8 yuan for nationwide delivery [3][5] - The competition is characterized by high levels of service homogeneity, leading to price being the primary competitive factor [5] Response to Involution - Industry associations are advocating for a transition to high-quality development, emphasizing that price increases should be accompanied by service improvements [1][6][7] - Technological upgrades, such as the introduction of unmanned delivery vehicles, are seen as key to enhancing service quality and reducing costs [6] - Service innovations, including scheduled deliveries and optimized cash-on-delivery services, are being introduced to differentiate offerings and improve customer retention [6] Policy Support and Future Outlook - Recent government policies, such as a unified 6% VAT rate for express services, aim to reduce tax burdens and support quality improvements [6] - The industry is also witnessing consolidation through mergers and acquisitions, which may help companies achieve profitability [6][7] - The ultimate challenge lies in balancing price increases with enhanced service quality to retain customers and achieve sustainable growth [7]

Core Viewpoint - The article discusses the challenges and societal implications of electric scooters (referred to as "电鸡") in urban environments, particularly in Guangzhou, highlighting the tension between pedestrians and scooter riders due to safety and parking issues [5][10][71]. Group 1: Electric Scooter Prevalence - As of the end of 2024, the social ownership of electric two-wheelers in China is approximately 425 million, surpassing the number of cars at 353 million, making them the most common short-distance travel tool [56]. - In 2023, China accounted for nearly 6 million electric two-wheeler sales, representing 78% of global sales, establishing it as the largest market for electric scooters [56]. - The rapid urbanization and the lack of efficient public transport options have created a significant demand for electric scooters as a cost-effective and efficient means of transportation [58][60]. Group 2: Urban Planning and Policy Impact - The ban on motorcycles in cities has led to a policy vacuum, where electric scooters have filled the gap, but without designated lanes, leading to conflicts with pedestrians and vehicles [60][67]. - Guangzhou's infrastructure is particularly inadequate for electric scooters, with only 32% of main and secondary roads having non-motorized vehicle lanes, compared to 90% in cities like Beijing and Shanghai [64][67]. - The historical context of urban planning in Guangzhou, which prioritized public transport over two-wheeled vehicles, has contributed to the current challenges faced by electric scooter users [67][70]. Group 3: Safety and Social Dynamics - Electric scooters are involved in a significant percentage of traffic injuries, with data indicating they account for 60%-80% of trauma cases in major hospitals in Guangzhou [72]. - The article notes a growing resentment towards electric scooters, with some advocating for their outright ban, reflecting a societal struggle to balance convenience and safety [73][75]. - The dynamics between pedestrians, scooter riders, and vehicle drivers create a competitive environment for road space, leading to a cycle of frustration and conflict among all parties involved [80][81].

Group 1 - The concept of "involution" refers to a process where internal complexity increases under external constraints, leading to ineffective competition and diminishing returns on effort [1][8][14] - The "anti-involution" policy aims to address excessive competition and improve resource allocation efficiency, particularly in industries like steel and agriculture, where profit margins have been severely compressed [3][14][21] - The current economic structure in China shows a mismatch between supply and demand, with overcapacity in traditional industries and insufficient consumer demand, necessitating a shift towards high-quality development [20][25][30] Group 2 - The central government has established a comprehensive policy framework to combat "involution," which includes legal reforms, industry regulations, and measures to enhance labor rights [2][31][34] - Specific industries such as non-ferrous metals, photovoltaics, and automobiles are experiencing heightened scrutiny and regulatory measures to curb "involution" and promote sustainable growth [2][36][38] - The automotive industry is particularly affected by price wars, which threaten profitability and product quality, prompting calls for adherence to fair competition principles [43] Group 3 - The "anti-involution" measures are expected to stabilize industrial product prices and improve industry concentration, as seen in previous supply-side reforms that led to significant profit recovery in sectors like steel [3][4][14] - The photovoltaic industry faces challenges from low-cost competition, which has led to a decline in profit margins and necessitates a focus on innovation and quality improvement [38][42] - The non-ferrous metals sector is undergoing adjustments to address overcapacity and ensure sustainable development, with new regulations aimed at balancing supply and demand [36][37] Group 4 - Future policies will focus on creating a unified national market and optimizing competition order, with an emphasis on preventing price dumping and promoting industry self-regulation [4][31] - The relationship between "anti-involution" and the establishment of a unified market is crucial for addressing market distortions and fostering a fair competitive environment [4][31] - The ongoing adjustments in various industries highlight the need for a coordinated approach to manage capacity and enhance overall market efficiency [2][36][38]

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].

查理·芒格先生有一句广为流传的话："我这一生当中，未曾见过不读书就智慧满满的人。没有。一个都没有。沃伦（巴菲 特）的阅读量之大可能会让你感到吃惊。我和他一样。我的孩子们打趣我说，我就是一本长着两条腿的书。" 熟悉重阳的朋友们一定知道，阅读，一直是我们非常推崇的成长路径。 现在，我们希望和你一起，把阅读这件事坚持下去。 重阳说 每一期专栏，我们依旧聊书，可能是书评、书单或者书摘。 每一期会有一个交流主题，希望你通过留言与我们互动。 我们精选优质好书，根据留言质量不定量送出。 世界莽莽，时间荒荒，阅读生出思考的力量，愿你感受到自己的思想有厚度且有方向，四通八达，尽情徜徉。 提示：本公众号所发布的内容仅供参考，不构成任何投资建议和销售要约。如您对重阳产品感兴趣，欢迎 扫码 咨询。 【好书】第297期：《出乎意料的经济学》 [美]蒂莫西·泰勒 著 杨静娴 译 中信出版集团 推荐人 营销编辑潘宁 2025年7月 互动话题： 结合本书和 自己的经历，谈谈"经济学在生活中的妙用" 。 留言时间：2024年8月13 日 - 2025年 8月20日 （鼓励原创，只要你的内容足够优秀，期期选中也有可能哦） 筛选及书籍（单本）寄送 ...

Core Viewpoint - The article discusses the challenges and societal implications of electric scooters (referred to as "电鸡") in urban environments, highlighting the conflict between pedestrians and scooter riders, and the need for better urban planning and regulations to address these issues [1][4][72]. Group 1: Electric Scooter Prevalence - As of the end of 2024, the number of electric scooters in China is approximately 425 million, surpassing the number of cars at 353 million, making them the most common short-distance transportation tool [58][60]. - In 2023, China accounted for nearly 6 million electric scooter sales, representing 78% of global sales, establishing it as the largest market for electric scooters [60][62]. - The urban structure in China, characterized by low-density suburbs and industrial areas, has created a significant demand for short-distance commuting solutions, which electric scooters fulfill [61][67]. Group 2: Urban Planning and Policy Impact - The ban on motorcycles in cities has led to a policy vacuum, where electric scooters have filled the gap, despite lacking dedicated lanes, resulting in increased congestion and safety issues [62][74]. - Guangzhou has a low non-motorized vehicle lane rate of only 32%, compared to 95% in Beijing and 90% in Shanghai, contributing to the difficulties faced by electric scooter riders [64][67]. - The approach to motorcycle bans in cities like Guangzhou has created a mismatch between road design and commuting needs, leading to chaotic traffic conditions [71][74]. Group 3: Safety and Social Dynamics - Electric scooters are involved in a significant percentage of traffic accidents, with data indicating they account for 60%-80% of trauma cases in major hospitals [72]. - The societal perception of electric scooters is polarized, with some advocating for their ban while others argue they are essential for urban mobility [78]. - The article highlights a growing resentment between pedestrians and scooter riders, leading to a cycle of mutual disdain and conflict [45][83]. Group 4: Solutions and Future Directions - The article suggests that simply banning electric scooters will not resolve the underlying issues, as demand for efficient transportation will persist [77][81]. - Recommendations include optimizing road design, managing delivery services, and enhancing enforcement and public education to create a more harmonious coexistence between different road users [81][83].

Group 1 - The competition among food delivery platforms in China has intensified, leading to a "subsidy war" characterized by extremely low prices, such as 0 RMB milk tea and 1 RMB hamburgers, but recent regulatory actions have started to cool this competition [1][3] - Delivery riders and merchants are experiencing increased pressure; while order volumes and incomes have surged temporarily, the intense workload is causing physical strain, and the exit of subsidies may lead to challenges for new riders [3] - A medium-tier fast food company's management reported a 12%-15% decline in dine-in customer traffic due to delivery subsidies, with delivery orders increasing from 15% to 22% of total sales, resulting in losses of approximately 8 RMB per order [3] Group 2 - The phenomenon of "involution" in platform economics is twofold: platforms compete for user traffic through substantial subsidies, while merchants are compelled to offer discounts to gain visibility on these platforms [4] - Experts emphasize the need for regulatory measures to prevent "involution" in competition, suggesting that the government should utilize existing laws to regulate predatory pricing and promote fair competition [4] - Recommendations for companies include avoiding short-sighted subsidy wars and instead focusing on differentiated development through improved service quality and technological innovation to gain competitive advantages [4]

Core Viewpoint - The article discusses the challenges faced by AI companies in balancing subscription pricing and operational costs, highlighting a potential "prisoner's dilemma" where companies struggle between offering unlimited subscriptions and usage-based pricing, leading to unsustainable business models [3][45][46]. Group 1 - DeepSeek's emergence in the AI space was marked by its impressive training cost of over $5 million, which contributed to its popularity [1]. - The training costs for AI models have decreased significantly, with Deep Cogito reportedly achieving a competitive model for under $3.5 million [2]. - Despite the decreasing training costs, operational costs, particularly for inference, are rising sharply, creating a dilemma for AI companies [3][15]. Group 2 - Companies are adopting low-cost subscription models, such as $20 per month, to attract users, banking on future cost reductions in model training [7][12]. - The expectation that model costs will decrease by tenfold does not alleviate the pressure on subscription services, as operational costs continue to rise [5][13]. - The reality is that even with cheaper models, profit margins are declining, as evidenced by the experiences of companies like Windsurf and Claude Code [14][15]. Group 3 - Users are increasingly demanding the latest and most powerful models, leading to a rapid shift in demand towards new releases, regardless of previous models' cost reductions [17][21]. - The pricing history of leading models shows that while initial costs may drop, the demand for the latest technology keeps prices stable [20][22]. - The consumption of tokens has increased dramatically, with the number of tokens used per task doubling every six months, leading to unexpected cost increases [28][29]. Group 4 - Companies like Anthropic have attempted to address cost pressures by implementing strategies such as increasing subscription prices and optimizing model usage based on load [38][40]. - Despite these efforts, the consumption of tokens continues to rise exponentially, making it difficult to maintain sustainable pricing models [41][44]. - The article suggests that a fixed subscription model is no longer viable in the current landscape, as companies face a fundamental shift in pricing dynamics [44][60]. Group 5 - The article outlines three potential strategies for AI companies to navigate the cost pressures: adopting usage-based pricing from the start, targeting high-margin enterprise clients, and vertically integrating to capture value across the tech stack [51][52][57]. - Companies that continue to rely on fixed-rate subscription models are likely to face significant challenges and potential failure [60][62]. - The expectation that future model costs will decrease significantly may not align with the increasing user expectations for performance and capabilities [61][64].