Group 1 - The core viewpoint of the articles highlights the proactive measures taken by labor unions in China to promote algorithm negotiations with platform companies, aiming to cover over 20 million new employment form workers this year [1][2] - The national trade union system has initiated a concentrated action for collective negotiations in 2025, focusing on algorithm negotiations with major platform companies, with 15 leading companies already included in the initiative [1] - Seven companies, including T3 Travel, Jitu, and Didi, have successfully signed special agreements on algorithms and labor rules, with all remaining companies expected to complete negotiations by the end of September [1] Group 2 - The algorithm negotiations focus on labor rights such as remuneration, rest, labor safety, and transparency in algorithmic processes, leading to clearer understanding of labor conditions for workers [2] - In the ride-hailing industry, there are agreements to publicly disclose pricing rules and reduce commission rates, alongside enhancements in fatigue prevention measures and features for intercepting abnormal orders [2] - Several platforms have established regular negotiation systems with labor unions and workers, committing to hold periodic algorithm negotiation meetings and provide advance notice of algorithm changes [2]

Group 1 - The core viewpoint of the articles highlights the proactive measures taken by labor unions in China to promote algorithm negotiations within platform companies, aiming to cover over 20 million new employment form workers this year [2][3] - The national labor union has initiated a concentrated action for collective negotiations in 2025, focusing on algorithm negotiations with major platform companies, with 15 leading companies already included in the initiative [2] - Seven companies, including T3 Travel, Jitu, and Didi, have successfully signed special agreements on algorithms and labor rules, with all remaining companies expected to complete negotiations by the end of September [2] Group 2 - The algorithm negotiations focus on workers' rights related to labor remuneration, rest periods, labor safety, and transparency in algorithmic processes, leading to clearer understanding of earnings for workers [3] - In the ride-hailing industry, there are agreements to publicly disclose pricing rules and reduce commission rates, alongside enhancements to fatigue prevention measures and features for intercepting abnormal orders [3] - Several platforms have established regular negotiation systems with labor unions and workers, committing to hold periodic algorithm negotiation meetings and provide advance notice of algorithm changes [3]

Report Industry Investment Rating - No relevant information provided Core View of the Report - In 2025, domestic liquidity is expected to remain loose, and it is in a policy window period. More incremental policies may be introduced in Q4 to boost the real economy. External risks are gradually easing, and the increasing probability of the Fed cutting interest rates in September further enhances the attractiveness of RMB assets. The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but it is necessary to adapt to the accelerating sector rotation and structural differentiation. The CSI 500 and CSI 1000 indices, which have more technology - growth components, are more offensive, with larger fluctuations but potentially higher returns. The SSE 50 and CSI 300, which have more dividend - blue - chip components, are more defensive, with smaller fluctuations but relatively weaker price elasticity. Since July, the stock index has continued to rise with a large increase, with short - term fluctuations and consolidations, but the probability of a medium - to - long - term upward trend is high [2] Summary by Relevant Catalogs I. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (IF当月, IF下月, IF下季, IF隔季) were 4562.00, 4554.40, 4530.20, and 4507.20 respectively, with increases of 117.40, 117.20, 115.00, and 113.20, and increases of 2.64%, 2.64%, 2.60%, and 2.58% respectively. The trading volumes were 96412.00, 11604.00, 47652.00, and 13945.00 respectively, and the open interests were 115085.00, 18038.00, 108324.00, and 40692.00 respectively, with changes of 1600.00, 2953.00, 1872.00, and 239.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts (IH当月, IH下月, IH下季, IH隔季) were 2990.20, 2988.60, 2988.40, and 2991.20 respectively, with increases of 46.00, 45.20, 45.20, and 45.40, and increases of 1.56%, 1.54%, 1.54%, and 1.54% respectively. The trading volumes were 42028.00, 4349.00, 19781.00, and 4837.00 respectively, and the open interests were 50570.00, 7175.00, 36302.00, and 10351.00 respectively, with changes of 2315.00, 1502.00, 3653.00, and 1041.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts (IC当月, IC下月, IC下季, IC隔季) were 7124.60, 7073.00, 6969.20, and 6823.20 respectively, with increases of 236.80, 247.20, 259.20, and 266.60, and increases of 3.44%, 3.62%, 3.86%, and 4.07% respectively. The trading volumes were 103556.00, 16823.00, 55990.00, and 19426.00 respectively, and the open interests were 105917.00, 22720.00, 96364.00, and 41335.00 respectively, with changes of 623.00, 7285.00, 7632.00, and 3408.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts (IM当月, IM下月, IM下季, IM隔季) were 7387.80, 7326.00, 7183.60, and 6994.00 respectively, with increases of 211.20, 213.60, 218.60, and 216.60, and increases of 2.94%, 3.00%, 3.14%, and 3.20% respectively. The trading volumes were 181199.00, 20631.00, 87901.00, and 28376.00 respectively, and the open interests were 147845.00, 34852.00, 136366.00, and 69269.00 respectively, with changes of - 6657.00, 4743.00, 3831.00, and 2712.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF下月 - IF当月, IH下月 - IH当月, IC下月 - IC当月, and IM下月 - IM当月 were - 7.60, - 1.60, - 51.60, and - 61.80 respectively, compared with the previous values of - 9.60, - 1.60, - 60.40, and - 62.40 respectively [1] II. Stock Index Spot Market - **Major Indexes**: The previous value of the CSI 300 index was 4548.03, with a trading volume of 6931.57 billion yuan and a trading volume of 253.26 billion hands, and a previous two - day value of 4445.36, with a rise of 2.31%. The previous value of the SSE 50 index was 2983.08, with a trading volume of 1884.95 billion yuan and a trading volume of 68.33 billion hands, and a previous two - day value of 2939.59, with a rise of 1.48%. The previous value of the CSI 500 index was 7122.71, with a trading volume of 4694.98 billion yuan and a trading volume of 243.95 billion hands, and a previous two - day value of 6932.11, with a rise of 2.75%. The previous value of the CSI 1000 index was 7399.89, with a trading volume of 4862.37 billion yuan and a trading volume of 293.98 billion hands, and a previous two - day value of 7230.17, with a rise of 2.35% [1] - **Industry Indexes**: Among different industries, the energy, raw materials, industry, and optional consumption sectors had increases of 0.28%, 1.64%, 1.43%, and 0.69% respectively. The main consumption, medical and health, real - estate finance, and information technology sectors had increases of 0.96%, - 0.40%, 1.36%, and 6.34% respectively. The telecommunications business and public utilities sectors had increases of 8.27% and 0.10% respectively [1] III. Futures - Spot Basis - **IF Contracts**: The previous values of IF当月 - CSI 300, IF下月 - CSI 300, IF下季 - CSI 300, and IF隔季 - CSI 300 were 13.97, 6.37, - 17.83, and - 40.83 respectively, compared with the previous two - day values of - 12.96, - 22.56, - 44.76, and - 67.16 respectively [1] - **IH Contracts**: The previous values of IH当月 - SSE 50, IH下月 - SSE 50, IH下季 - SSE 50, and IH隔季 - SSE 50 were 7.12, 5.52, 5.32, and 8.12 respectively, compared with the previous two - day values of - 1.79, - 3.39, - 2.79, and 0.21 respectively [1] - **IC Contracts**: The previous values of IC当月 - CSI 500, IC下月 - CSI 500, IC下季 - CSI 500, and IC隔季 - CSI 500 were 1.89, - 49.71, - 153.51, and - 299.51 respectively, compared with the previous two - day values of - 68.71, - 129.11, - 249.31, and - 400.91 respectively [1] - **IM Contracts**: The previous values of IM当月 - CSI 1000, IM下月 - CSI 1000, IM下季 - CSI 1000, and IM隔季 - CSI 1000 were - 12.09, - 73.89, - 216.29, and - 405.89 respectively, compared with the previous two - day values of - 79.17, - 141.57, - 291.97, and - 480.17 respectively [1] IV. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous value of the Shanghai Composite Index was 3875.31, with a previous two - day value of 3812.22 and a rise of 1.65%. The previous value of the Shenzhen Component Index was 12979.89, with a previous two - day value of 12557.68 and a rise of 3.36%. The previous value of the Small and Medium - sized Board Index was 7923.26, with a previous two - day value of 7686.96 and a rise of 3.07%. The previous value of the ChiNext Index was 3053.75, with a previous two - day value of 2904.27 and a rise of 5.15% [1] - **Overseas Indexes**: The previous value of the Hang Seng Index was 26086.32, with a previous two - day value of 26200.26 and a decline of 0.43%. The previous value of the Nikkei 225 was 44372.50, with a previous two - day value of 43837.67 and a rise of 1.22%. The previous value of the S&P 500 was 6587.47, with a previous two - day value of 6532.04 and a rise of 0.85%. The previous value of the DAX Index was 23703.65, with a previous two - day value of 23632.95 and a rise of 0.30% [1] V. Macroeconomic Information - **Domestic**: The State Council approved a two - year pilot program for comprehensive reform of factor market allocation in 10 regions including the Beijing Sub - center and key cities in southern Jiangsu, covering traditional factors such as land, labor, and capital, as well as innovative factors such as technology and data, aiming to remove institutional obstacles to factor flow and efficient allocation. The People's Bank of China and the Central Bank of Indonesia launched a bilateral local - currency settlement framework and a QR - code interconnection cooperation project [2] - **International**: The US Bureau of Labor Statistics reported that the US CPI in August rose 2.9% year - on - year, in line with expectations, and 0.4% month - on - month, slightly higher than the expected 0.3%. The core CPI rose 3.1% year - on - year and 0.3% month - on - month, in line with expectations and the previous value. The number of initial jobless claims in the US last week increased by 27,000 to 263,000, the highest since October 2021. After the data release, traders fully priced in three Fed rate cuts by the end of the year. Mexico plans to raise import tariffs on some trading partners, and China's Ministry of Commerce said it would closely monitor the situation and take necessary measures to safeguard its legitimate rights and interests [2] VI. Industry Information - **Automobile Industry**: In 2026 and 2027, the purchase tax on new - energy vehicles will be halved to 5%. In August, China's automobile production and sales were 2.815 million and 2.857 million respectively, up 13% and 16.4% year - on - year. New - energy vehicle production and sales were 1.391 million and 1.395 million respectively, up 27.4% and 26.8% year - on - year. From January to August, China's automobile production and sales exceeded 20 million for the first time [2] - **Internet Industry**: The National Internet Information Office shut down or restricted multiple illegal accounts such as "券业行家" and "国际投行研究报告" [2] - **Labor Union**: The All - China Federation of Trade Unions held a meeting on platform algorithm and labor rule negotiation. As of now, 15 leading platform companies have been included in the scope of work, 7 of which have signed special agreements on algorithms and labor rules, and the rest are expected to complete negotiations and sign agreements by the end of September, covering over 20 million new - form workers [2]

Group 1 - The core viewpoint is that national trade unions are actively promoting algorithm negotiations among platform companies, with expected coverage of over 20 million new employment form workers [1][2] - As of now, 15 leading platform companies have been included in the initiative, with 7 companies, including T3 Travel and Didi, having signed special agreements on algorithms and labor rules [1] - The agreements stipulate that labor remuneration will not be lower than the local minimum wage, and measures such as the gradual elimination of "overtime deductions" are being implemented [1][2] Group 2 - The focus of the algorithm negotiations includes core worker rights such as labor remuneration, rest rights, labor safety, and algorithm transparency [2] - In the ride-hailing industry, agreements have been made to publicly disclose pricing rules and reduce commission rates, along with enhancements to fatigue prevention rules [2] - New features such as abnormal order interception and mandatory rest reminders have been introduced to improve worker safety and well-being [2]

（文章来源：经济日报） 全总有关负责人介绍，今年以来，全国工会系统以开展2025年度集体协商"集中要约行动"为抓手，重点 推动平台企业开展算法协商。截至目前，已将15家头部平台企业纳入工作范围。T3出行、极兔、UU跑 腿、满帮、滴滴、圆通、饿了么7家企业已签订算法与劳动规则专项协议，其余企业将于9月底前全部完 成协商并签订算法协议。北京、河北、吉林、上海等15个省（市）积极指导平台企业本地分支机构开展 省域协商，共召开33场省域协商会或意见征询会。 本报北京9月11日讯（记者康琼艳）从全国总工会获悉，今年以来，全国各级工会积极推动平台企业开 展算法协商，协商成果预计覆盖新就业形态劳动者逾2000万人。其中，多家平台算法协议明确劳动报酬 不低于当地小时最低工资、逐步取消"超时扣款"。 平台算法协商聚焦劳动报酬、休息权、劳动安全、算法知情与参与等劳动者核心权利，围绕订单价格、 抽成比例、派单方式、时间预估、路线规划等核心算法规则开展并取得积极成效。多家平台算法协议明 确劳动报酬不低于当地小时最低工资、设立恶劣天气补贴、逐步取消"超时扣款"。在网约车行业，约定 公开计价规则并降低抽成比例，全面升级防疲劳规则，推出异 ...

Group 1 - The core viewpoint is that by the end of September 2023, all 15 major platform companies in China are expected to sign algorithm agreements, focusing on labor rights and algorithm transparency [1][3] - The national trade union system has prioritized algorithm negotiations with platform companies this year, with 7 out of the 15 companies already signing agreements, which will cover over 20 million new employment form workers [3] - The algorithm negotiations focus on key labor rights such as remuneration, rest rights, labor safety, and participation in algorithm decision-making, with agreements ensuring that labor remuneration is not lower than the local minimum wage [5][9] Group 2 - In the ride-hailing industry, companies are adopting transparent pricing rules and reducing commission rates, while also enhancing fatigue prevention measures and introducing features like abnormal order interception and mandatory rest reminders [7] - Several platforms are establishing regular negotiation systems with trade unions and workers, committing to hold algorithm negotiation meetings regularly, publicly announce algorithm changes in advance, and create quick response channels for worker demands [9]

Core Points - The article highlights the proactive measures taken by labor unions in China to promote algorithm negotiations with platform companies, aiming to cover over 20 million new employment form workers this year [1][2] - Several major platform companies have signed agreements that ensure labor compensation is not less than the local minimum wage, along with other benefits [1][2] Group 1 - Labor unions have initiated a "concentrated offer action" for collective negotiations in 2025, focusing on algorithm negotiations with platform companies [1] - As of now, 15 leading platform companies have been included in this initiative, with 7 companies successfully signing special agreements regarding algorithms and labor rules [1][2] - The agreements cover key labor rights such as compensation, rest rights, labor safety, and algorithm transparency, leading to improved clarity for workers regarding their rights [2] Group 2 - The agreements include provisions for minimum wage guarantees, bad weather subsidies, and the gradual elimination of "overtime deductions" [2] - In the ride-hailing industry, there are commitments to public pricing rules and reduced commission rates, along with enhanced fatigue prevention measures [2] - Many platforms are establishing regular negotiation systems with labor unions and workers, committing to hold algorithm negotiation meetings and provide advance notice of algorithm changes [2]

Core Insights - The National Trade Union has initiated discussions on platform algorithms and labor rules, involving 15 major platform companies, with agreements already signed by 7 of them, impacting over 20 million new employment form workers [1] Group 1: Agreements and Coverage - Seven companies, including T3 Mobility, Jitu, UU Runner, Manbang, Didi, YTO Express, and Ele.me, have successfully signed special agreements on algorithms and labor rules [1] - All remaining companies are expected to complete negotiations and sign agreements by the end of September [1] Group 2: Focus Areas of Negotiation - The negotiations focus on core worker rights such as labor remuneration, rest rights, labor safety, and algorithm transparency [1] - Key algorithm rules discussed include order pricing, commission rates, dispatch methods, time estimation, and route planning [1] Group 3: Improvements and Commitments - Agreements stipulate that labor remuneration will not be lower than the local minimum wage, with provisions for adverse weather subsidies and the gradual elimination of "overtime deductions" [1] - In the ride-hailing industry, there are commitments to public pricing rules and reduced commission rates, alongside enhanced fatigue prevention measures [1] Group 4: Ongoing Collaboration - Several platforms have established regular negotiation systems with unions and workers, committing to periodic algorithm negotiation meetings and quick response channels for worker demands [1]

Group 1 - The National Trade Union Council held a meeting in Shanghai to summarize the progress of algorithm negotiation and outline the next steps, focusing on platform enterprises [1] - As of now, 15 leading platform companies have been included in the negotiation process, with 7 companies successfully signing special agreements on algorithms and labor rules, expected to cover over 20 million new employment form workers [1][2] - Provinces such as Beijing, Hebei, Jilin, and Shanghai have actively guided local branches of platform companies to conduct regional negotiations, holding 33 regional negotiation or opinion consultation meetings [1] Group 2 - The algorithm negotiations focus on core labor rights such as remuneration, rest rights, labor safety, and algorithm transparency, leading to clearer understanding of labor rights for workers [2] - Several platform agreements stipulate that labor remuneration will not be lower than the local minimum wage, establish bad weather subsidies, and gradually eliminate "overtime deductions" [2] - Many platforms have established regular negotiation systems with trade unions and workers, committing to hold algorithm negotiation meetings regularly and provide advance notice of algorithm changes [2]