2月13日，市场监管总局正式发布《互联网平台反垄断合规指引》（以下简称《指引》）。这是继此前 征求意见稿公开后，该文件以正式版本落地，针对平台经济领域的垄断风险划定了清晰的行为边界。 来源：市场资讯 值得注意的是，《指引》对算法治理着墨较多。在横向垄断协议的风险示例中，文件列举了具有竞争关 系的平台经营者通过算法共谋统一定价机制、抽佣比例等行为；在纵向垄断协议方面，则提示平台应避 免利用大数据分析、人工智能等技术手段对转售价格进行自动化设定或间接限定。 此前2025年12月，市场监管总局反垄断执法一司副司长刘健曾在新闻发布会上介绍，征求意见稿中的8 个风险示例涉及数据传输、算法适用、服务定价、搜索排序、推荐展示、流量分配、补贴优惠等多种平 台经营活动，旨在为平台企业提供务实管用的合规指导。 《指引》的发布，是我国平台经济反垄断常态化监管制度建设的又一步，将《反垄断法》的核心条款转 化为平台经营者可识别、可操作的行为规范。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 《指引》依据《中华人民共和国反垄断法》制定，重点覆盖垄断协议、滥用市场支配地位、经营者集中 以及滥 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The rebound space of the black sector is limited, and attention should be paid to the spot-futures positive arbitrage opportunities. The coal and coke sectors are expected to fluctuate, and short-term trading is recommended for iron ore. [4][5] 3. Summary by Relevant Catalogs 01 Black Sector Trend Comparison - Last week, the black sector strengthened collectively, with coking coal leading the rise. In terms of index涨跌幅度, the strength relationship among varieties was coking coal > coke > iron ore > rebar > hot-rolled coil. [4] 02 Futures Market Rise and Fall Comparison - The overall atmosphere in the futures market was warm, with commodity prices generally rising, and the non-ferrous sector being the strongest. [4] 03 Spot Prices - Spot prices were stable with a slight upward trend, and iron ore had the largest increase. [13] 04 Profit and Valuation - Steel mill profitability remained stable, and the valuation of rebar futures was neutral. [14] 05 Steel Supply and Demand - Last week, steel production increased, demand decreased, and inventories began to accumulate, showing a seasonal weakening in the supply-demand pattern. [4][5] 06 Iron Ore Supply and Demand - Port iron ore inventories continued to increase significantly, while steel mill iron ore inventories increased slightly. Steel mill restocking before the Spring Festival was not obvious. Iron ore shipments declined from the high level, but arrivals were still at a high level. With the resumption of steel mill production in January, pig iron production rebounded slightly from the low level, and it was expected to be in a pattern of inventory accumulation in the short term. [5] 07 Coking Coal Supply and Demand - Last week, raw coal production rebounded, and coking coal inventories continued to accumulate. However, the news of coal mine capacity reduction boosted the market, and the near-month coking coal strengthened. [5] 08 Coke Supply and Demand - Coke production increased slightly month-on-month, and inventories changed little. The spot price of coke remained stable last week, and the profit of coking plants was already low, with limited room for further compression. However, the premium of coke futures was already large. [5] 09 Variety Spreads - The mill's disk profit deteriorated, and the rebar-iron ore price ratio declined. [32] 10 Key Data/Policy/Information - There were various domestic and international policies, news, and events, including geopolitical events, production plans of OPEC+, regulatory adjustments of the futures exchange, and industry regulations. The EU carbon tariff was officially implemented at the beginning of 2026, which would significantly increase the cost of steel exports to the EU. [37]

Group 1 - The core viewpoint of the news is that the Hong Kong solar stocks have collectively declined due to regulatory scrutiny from the market supervision authority regarding potential monopoly risks in the solar industry [1] - GCL-Poly Energy has seen a drop of over 7%, while other companies like Sunshine Energy and Xinte Energy have also experienced declines of 3.5% [1][2] - The market supervision authority has held discussions with several key players in the solar industry, including the China Photovoltaic Industry Association and major companies, to address issues related to market manipulation and has mandated corrective actions by January 20 [1] Group 2 - The market supervision authority has prohibited the discussed companies from agreeing on production capacity, utilization rates, sales volumes, and pricing [1] - Companies are also restricted from dividing markets, production volumes, and profits through any form of investment ratio [1] - The authority has required the companies to submit written corrective measures by January 20 [1]

Report Summary 1. Hot News - Gold has officially surpassed US Treasuries to become the world's largest reserve asset for the first time in thirty years. As of the end of 2025, the value of global official gold reserves held overseas by the US reached $3.93 trillion, exceeding the value of overseas official US Treasuries, which was nearly $3.88 trillion as of October last year [2]. - US President Trump has agreed to promote a bill to strengthen sanctions against Russia. The Chinese Foreign Ministry spokesperson stated that normal economic and energy cooperation between China and Russia does not target third - parties and should not be interfered with [2]. - The State Administration for Market Regulation recently约谈 the China Photovoltaic Industry Association and six leading polysilicon enterprises, warning of monopoly risks and setting restrictions on production and price - related agreements [2]. - Indonesia may approve about 600 million tons of coal production quotas in 2026 and adjust its nickel quotas according to industry demand. The domestic demand for nickel ore in Indonesian smelters is expected to rise from about 300 million tons in 2025 to about 340 - 350 million tons in 2026 [2]. - CME announced on January 8 (local time) that it will raise the performance bond for precious metal varieties after the market on January 9, which is the third such notice in the past month [3]. 2. Key Focus - The key commodities to focus on are urea, lithium carbonate, polysilicon, crude oil, and plastic [4]. 3. Night - session Performance - **Plate Performance**: The night - session price changes of different commodity futures sectors are as follows: non - metallic building materials 2.17%, precious metals 30.68%, oilseeds 8.01%, non - ferrous metals 28.17%, soft commodities 3.26%, coal, coking, and steel 10.67%, energy 2.41%, chemicals 10.22%, grains 1.16%, and agricultural and sideline products 3.25% [4]. - **Plate Position**: The document shows the position changes of commodity futures sectors in the past five days [5]. 4. Performance of Major Asset Classes - **Equity**: The daily, monthly, and annual percentage changes of major stock indices are provided. For example, the Shanghai Composite Index had a daily change of - 0.07%, a monthly change of 2.88%, and an annual change of 2.88% [6]. - **Fixed - income**: The daily, monthly, and annual changes of different - term treasury bond futures are presented. For instance, the 10 - year treasury bond futures had a daily change of 0.15%, a monthly change of - 0.06%, and an annual change of - 0.06% [6]. - **Commodity**: The performance of commodities such as the CRB commodity index, WTI crude oil, London spot gold, LME copper, and the Wind commodity index is shown. For example, WTI crude oil had a daily change of 4.27%, a monthly change of 1.53%, and an annual change of 1.53% [6]. - **Other**: The daily, monthly, and annual changes of the US dollar index and the CBOE volatility index are given. The US dollar index had a daily change of 0.12%, a monthly change of 0.60%, and an annual change of 0.60% [6]. 5. Trends of Major Commodities - The document presents the trends of various commodities including the Baltic Dry Index (BDI), CRB spot index, WTI crude oil, London spot gold, London spot silver, LME 3 - month copper, and agricultural products such as CBOT soybeans and CBOT corn, as well as relevant ratios like the gold - oil ratio and copper - gold ratio, and stock market risk premiums [7].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market's concern about potential monopoly risks during the polysilicon capacity integration process has intensified, causing the polysilicon futures to hit the daily limit down. In the short - term, prices may decline due to emotional impacts. In the long - term, the process of eliminating backward production capacity will continue, and policy trends and the progress of solving monopoly issues need to be further observed [1][2][4]. 3. Summary by Related Catalogs Latest Dynamics and Reasons - Polysilicon futures significantly corrected, with the main contract price dropping to 53,610 yuan/ton. The market is still digesting the expectation of state reserve purchases. After the exchange restricted liquidity, the open interest of the polysilicon futures has been decreasing, dragging down the market. Discussions around "self - discipline" and "integration" in the polysilicon industry have increased, raising concerns about compliance boundaries and competition sufficiency [2]. Fundamental Situation - Supply - demand of polysilicon remains relatively loose. In the supply side, production in Southwest China decreased after entering the dry season, and the domestic polysilicon output in December was below 120,000 tons. Silicon material enterprises may adopt a strategy of reducing production and lightening sales in the first - quarter off - season, and supply may further decline. In the demand side, the output of downstream industries decreased significantly in December and January, and the support from the demand side to the upstream is still limited. Recently, the spot prices of polysilicon have risen. The average transaction price of polysilicon lump - material was 59,200 yuan/ton, a week - on - week increase of 9.83%, and that of n - type granular silicon was 55,800 yuan/ton, a week - on - week increase of 10.5%. It is expected that inventory may accumulate slightly in January [3]. Summary and Strategy - For upstream industry investors, hedging operations can be considered when prices are high. For institutional investors, due to large short - term fluctuations, they can choose to wait and see [4].

Core Viewpoint - The State Administration for Market Regulation (SAMR) has conducted discussions with several major companies in the Chinese photovoltaic industry regarding monopoly risks and has issued clear rectification requirements [1] Group 1: Regulatory Actions - SAMR has required the China Photovoltaic Industry Association and the companies involved not to agree on production capacity, capacity utilization rates, production volumes, and sales prices [1] - The companies are prohibited from market division, production allocation, and profit distribution through any form of investment ratio [1] - SAMR has mandated that the association and the companies submit written rectification measures by January 20 [1]

Core Viewpoint - TikTok Shop and Tokopedia are responding to potential monopoly behavior and unfair competition risks identified by Indonesia's Business Competition Supervisory Commission (KPPU), indicating their willingness to cooperate with the ongoing investigation [1][2] Group 1: Acquisition and Market Impact - TikTok acquired 75.01% of Tokopedia at the end of 2023, with the transaction completed in January 2024, leading to the integration of their businesses under PT Tokopedia, making TikTok the controlling shareholder [1] - KPPU's assessment indicates that the merger of two significant players in Indonesia's physical goods e-commerce market could significantly increase market concentration, potentially leading to price hikes due to unilateral effects [1] Group 2: KPPU's Concerns and Conditions - KPPU highlighted strong network effects from the transaction, which could unfairly harm various stakeholders, including small and medium enterprises (SMEs) and consumers [2] - KPPU has proposed several conditions to mitigate potential risks, including maintaining open payment methods and logistics options, prohibiting the abuse of market dominance, and ensuring that TikTok account holders can promote products from other e-commerce platforms freely [2] - A hearing is scheduled for June 10 to address the assessment results and proposed conditions, along with clarifying the implementation timeline [2]