Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The precious metals market experienced a significant decline on Monday, with silver prices first surging and then plummeting, dragging down other precious metals. The domestic precious metals market also saw sharp drops [9]. - China will be the first economy to pay interest on central bank digital currency, and the new - generation digital RMB system will be launched on January 1, 2026 [9]. - The Chinese People's Liberation Army Eastern Theater Command organized military exercises, and the State Council Tariff Commission announced the 2026 tariff adjustment plan [10]. - The market regulatory总局 deployed key tasks for 2026 and introduced new regulations on food production supervision [11]. - In the futures market, different varieties showed various trends. Some agricultural products and energy - chemical products had price fluctuations, and the stock index futures and options market also had its own characteristics [6][13][18]. Summary by Relevant Catalogs 1. Chemical Industry - On December 30, 2025, among chemical products, the prices of coking coal, coke, asphalt, methanol, etc. rose, while the prices of natural rubber, 20 - number rubber, etc. fell. For example, coking coal rose 20.50 to 1,108.50, with a 1.884% increase; natural rubber fell 65.0 to 15,600.00, with a - 0.415% decrease [6]. 2. Agricultural Products - On December 29, 2025, the prices of some agricultural products showed different trends. Sugar prices were in a low - level range, with cost support but limited upside due to supply pressure. Corn prices rebounded, and peanuts were under pressure below 8000 yuan. The pig market showed signs of stabilization, and the egg market had a strong price - increase expectation. Cotton prices had a short - term correction after rising, but the fundamentals remained strong [13]. 3. Energy - Chemical Products - For caustic soda, the market is expected to continue its weak trend due to supply - demand contradictions. Coking coal and coke markets are in a weak and volatile state. Log prices are in a narrow - range shock, and pulp prices have a greater downward risk. Double - offset paper prices have broken through the previous resistance level, and copper and aluminum prices continue to run at a high level. Alumina is in an oversupply situation, and steel prices are in a range - bound state. Ferroalloys are currently treated with a bullish short - term view, and lithium carbonate prices have reversed their previous upward trend [14][15][16]. 4. Option Finance - On December 29, 2025, the three major A - share indexes showed different trends, with more stocks falling than rising. The trading volume exceeded 2 trillion for two consecutive days. The stock index futures and options market had different performance in terms of positions, spreads, and implied volatility. The short - term market may fluctuate, and investors are advised to pay attention to the trading rhythm and moderately increase positions on dips [18][19][20].

Group 1 - The core viewpoint of the news is the deployment of eight key tasks by the State Administration for Market Regulation for 2026, focusing on improving the quality of business entities and enforcing platform companies' responsibilities as "gatekeepers" [1] - The meeting emphasizes enhancing the quality of business entities by improving market access and exit systems, elevating credit levels, and strengthening the protection of intellectual property and trade secrets [1] - There is a commitment to deepen international cooperation and enhance the interconnectivity of rules and standards, actively supporting Chinese enterprises in going global and participating in international organizations [1] Group 2 - The meeting outlines the need for safety in market regulation, including the implementation of safety supervision measures, innovative food safety monitoring, and enhanced risk prevention for pharmaceuticals [2] - It stresses the importance of maintaining market order and consumer environment during the upcoming New Year and Spring Festival, ensuring the stability and quality of essential goods [2] - The meeting calls for a proactive approach to risk assessment and emergency response preparations for various unexpected events [2]

Core Viewpoint - The State Administration for Market Regulation has outlined key tasks for 2026, focusing on enhancing fair competition, improving market quality, and strengthening regulatory frameworks across various sectors [1] Group 1: Fair Competition and Market Regulation - Continuous deepening of fair competition governance to eliminate administrative monopolies and enhance enforcement against anti-competitive practices [1] - Strengthening the responsibilities of platform enterprises as "gatekeepers" and improving platform rule governance [1] Group 2: Quality and Development - Promoting the improvement of operational quality among business entities and enhancing the market entry and exit system [1] - Accelerating the construction of high-level quality infrastructure to support enterprise growth and sustainable urban development [1] Group 3: Safety and Innovation in Regulation - Implementing detailed safety supervision measures in market regulation, innovating food safety oversight, and enhancing drug safety risk prevention [1] - Advancing smart regulation to improve non-site and penetrating regulatory capabilities [1] Group 4: International Cooperation - Deepening international exchanges and cooperation, enhancing connectivity of rules and standards, and actively supporting domestic enterprises in international markets [1]

Core Viewpoint - The national market supervision work conference held on December 28-29 emphasizes the importance of planning and implementing the "14th Five-Year" market supervision plan to enhance comprehensive regulatory capabilities and promote a unified national market [1][3] Group 1: Key Tasks for 2026 - Continuous deepening of fair competition governance, strengthening anti-monopoly and anti-unfair competition enforcement, and addressing "involution" competition [2][4] - Promotion of the quality of business entities, improvement of market access and exit systems, enhancement of business credit levels, and strengthening of intellectual property and trade secret protection [2][4] - Reinforcement of regular supervision of the platform economy, ensuring platform enterprises fulfill their "gatekeeper" responsibilities, and accelerating the construction of a unified platform regulatory system [2][4] Group 2: Quality and Safety Measures - Advancement of quality-driven enterprise, chain, and regional development, leveraging quality to support enterprise growth, industrial chain strengthening, and sustainable urban development [5] - Implementation of detailed safety supervision measures in market regulation, innovation in food safety supervision, enhancement of drug safety risk prevention, and improvement of industrial product supervision methods [5] - Continuous deepening of international exchanges and cooperation, strengthening the interconnection of rules and standards, and actively supporting Chinese enterprises in going global [5] Group 3: Institutional and Cultural Development - Strengthening the foundational aspects of market regulation, improving basic regulatory systems, enhancing technical support capabilities, and promoting smart regulation to improve non-site and penetrating regulatory capabilities [5] - Focus on the construction of the regulatory workforce, launching a special education and rectification campaign for market regulation enforcement teams, and initiating cultural development within the market regulation system [5]

Core Viewpoint - The National Market Supervision Work Conference emphasizes the need for comprehensive market regulation reforms and the implementation of key tasks for 2026 to enhance fair competition, improve business quality, and strengthen regulatory frameworks [2][3]. Group 1: Key Tasks for 2026 - Continuous deepening of fair competition governance, focusing on eliminating administrative monopolies and enhancing anti-monopoly enforcement [2] - Promotion of business quality improvement, including refining market entry and exit systems and enhancing credit levels of business entities [2] - Strengthening regular supervision of the platform economy, ensuring platform companies fulfill their responsibilities, and accelerating the construction of a unified regulatory system [2] Group 2: Quality and Safety Measures - Advancing quality initiatives to support enterprise growth and sustainable urban development, while establishing high-level quality infrastructure [2] - Implementing detailed safety supervision measures in market regulation, innovating food safety oversight, and enhancing drug safety risk prevention [2] - Ensuring the stability and quality of essential consumer goods during the upcoming holiday season, maintaining market order and consumer environment [3] Group 3: Governance and Leadership - Reinforcing the Party's leadership in market regulation and adhering to higher standards for strict governance [3] - Promoting a culture of practical performance and addressing issues of formalism and bureaucratism within regulatory bodies [3] - Preparing for emergency responses to unexpected events and ensuring safety during peak periods [3]

（文章来源：央视新闻客户端） 持续深化公平竞争治理，加力破除行政性垄断，加强反垄断反不正当竞争执法，深入整治"内卷 式"竞争； 推动提高经营主体发展质量，完善市场准入退出制度，提升经营主体信用水平，强化知识产权和 商业秘密保护； 强化平台经济常态化监管，压实平台企业"守门人"责任，突出抓好平台规则治理，加快平台监 管"一库一码一系统"建设； 深入推进质量强企、强链、强县（区、镇）建设，充分发挥质量在促进企业做大做强、支撑产业 建圈强链、推动城市可持续发展中的作用，加快构建高水平质量基础设施； 落实落细市场监管领域安全监管措施，创新食品安全监管方式，强化药品安全风险防控，丰富工 业产品监管手段，狠抓特种设备行业治理； 不断深化国际交流合作，强化规则标准互联互通，主动服务我国企业出海，深度参与国际组织工 作； 夯实市场监管基层基础，加快完善市场监管基础制度，强化技术机构支撑保障水平，大力推进智 慧监管，提升非现场、穿透式监管能力。 记者今天了解到，市场监管总局部署2026年重点任务： ...

2025.12. 22 本文字数：3457，阅读时长大约6分钟 作者 | 第一财经 祝嫣然 为推动平台经济健康发展、规范价格竞争秩序，互联网平台"反内卷"迈出重要一步。 国家发改委、市场监管总局、国家网信办近日联合发布《互联网平台价格行为规则》（下称《行为规 则》），规范平台价格行为，保护消费者和经营者合法权益。 第一财经记者注意到，除了平台企业，近期光伏、汽车、动力电池等多个领域"反内卷"都取得了积 极进展，且在持续"深入"。比如，光伏行业酝酿已久的"多晶硅产能整合收购平台"正式落地；磷酸 铁锂正极材料生产厂家集体提价；《汽车行业价格行为合规指南（征求意见稿）》正向社会公开征求 意见。 平台不得对价格进行不合理限制 价格行为是平台经营活动中的关键行为，也是平台经济常态化监管的重要环节。 《行为规则》共计7章29条，规定了平台经营者、平台内经营者实施价格行为应当遵守的规范。新规 将低价倾销、价格歧视、串通涨价、价格欺诈、哄抬价格等行为一律列入禁止清单，划清了竞争 的"红线"和"底线"。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥 了积极作用。平台经济领域涉及的经营 ...

会议要求，要切实把思想和行动统一到党中央对形势的科学判断上来，既把握大势、坚定信心，又正视 挑战、保持清醒，全力以赴确保党中央决策部署在市场监管领域落地见效。要加力推进全国统一大市场 建设，强化公平竞争治理，推动经济循环畅通。要综合整治"内卷式"竞争，推动形成优质优价、良性竞 争的市场秩序。要持续优化营商环境，大力激发各类经营主体活力，增强市场内生动力。要持续提升平 台经济常态化监管能力，推动平台经济创新和健康发展。要守牢食品、药品、工业产品、特种设备安全 底线，及时防范化解重大风险隐患。同时，要做好岁末年初安全生产、重要民生商品稳价保质等工作， 保障人民群众生命财产安全。 总局领导班子成员出席会议。总局反垄断总监，驻总局纪检监察组负责同志，各司局主要负责同志列席 会议。 新华财经北京12月18日电据国家市场监督管理总局网站18日消息，近日，市场监管总局党组书记、局长 罗文主持召开总局党组扩大会议，传达学习中央经济工作会议精神，研究部署贯彻落实工作。 （文章来源：新华财经） ...

市场监管总局党组召开扩大会议 传达学习中央经济工作会议精神 智通财经APP获悉，近日，市场监管总局党组召开扩大会议，传达学习中央经济工作会议精神。会议要 求，要加力推进全国统一大市场建设，强化公平竞争治理，推动经济循环畅通。要综合整治"内卷式"竞 争，推动形成优质优价、良性竞争的市场秩序。要持续优化营商环境，大力激发各类经营主体活力，增 强市场内生动力。要持续提升平台经济常态化监管能力，推动平台经济创新和健康发展。要守牢食品、 药品、工业产品、特种设备安全底线，及时防范化解重大风险隐患。同时，要做好岁末年初安全生产、 重要民生商品稳价保质等工作，保障人民群众生命财产安全。 原文如下： 会议要求，要切实把思想和行动统一到党中央对形势的科学判断上来，既把握大势、坚定信心，又正视 挑战、保持清醒，全力以赴确保党中央决策部署在市场监管领域落地见效。要加力推进全国统一大市场 建设，强化公平竞争治理，推动经济循环畅通。要综合整治"内卷式"竞争，推动形成优质优价、良性竞 争的市场秩序。要持续优化营商环境，大力激发各类经营主体活力，增强市场内生动力。要持续提升平 台经济常态化监管能力，推动平台经济创新和健康发展。要守牢食品、 ...

会议强调，习近平总书记深刻阐释了做好新形势下经济工作"五个必须"的规律性认识，深入分析了当前 国内国际经济形势，科学提出了明年工作的总体要求、政策取向和重点任务，为全党在理论上和实践上 凝聚了思想共识，为我们做好当前和今后一个时期的经济工作指明了前进方向、提供了根本遵循。 会议要求，要切实把思想和行动统一到党中央对形势的科学判断上来，既把握大势、坚定信心，又正视 挑战、保持清醒，全力以赴确保党中央决策部署在市场监管领域落地见效。要加力推进全国统一大市场 建设，强化公平竞争治理，推动经济循环畅通。要综合整治"内卷式"竞争，推动形成优质优价、良性竞 争的市场秩序。要持续优化营商环境，大力激发各类经营主体活力，增强市场内生动力。要持续提升平 台经济常态化监管能力，推动平台经济创新和健康发展。要守牢食品、药品、工业产品、特种设备安全 底线，及时防范化解重大风险隐患。同时，要做好岁末年初安全生产、重要民生商品稳价保质等工作， 保障人民群众生命财产安全。 总局领导班子成员出席会议。总局反垄断总监，驻总局纪检监察组负责同志，各司局主要负责同志列席 会议。 国家市场监督管理总局 近日，市场监管总局党组书记、局长罗文主持召开总 ...