对数字经济领域新型不正当竞争行为进行"靶向治疗"，正是新修订的反不正当竞争法的鲜明特色。其 中，围绕虚假交易、数据权益保护、平台责任三大问题的规制，是公众热议之所在，也是新法最大亮 点。 新法对虚假交易亮剑，旨在斩断刷单炒信灰色产业链。此前刷单炒信已成为电商、直播等行业的潜规 则，虚假的销量和好评不仅误导消费者决策，更推动形成了"劣币驱逐良币"的恶性循环。新法明确将虚 构交易、编造用户评价等虚假交易行为列为不正当竞争，并提高处罚力度，从根源上打击数据造假，这 一规定直击行业痛点，既是对消费者知情权的保护，也是对诚信经营的呵护，有助于让市场回归以质量 取胜的正轨。 十四届全国人大常委会第十六次会议表决通过新修订的《中华人民共和国反不正当竞争法》，自10月15 日起施行。 公平竞争是市场经济的基石。在数字经济浪潮奔涌的当下，市场竞争格局日新月异，呈现出一系列新的 特点。 一方面平台经济、共享经济等新业态快速发展，数据成为关键要素，算法、人工智能等技术的应用日趋 深广；另一方面，市场集中度提高，规模效应越来越显著，头部平台往往更容易形成市场主导地位。 这些特点也意味着反不正当竞争面临诸多新挑战。 新的市场格局中，新 ...

Core Viewpoint - The article discusses the concept of parallel industries in China and the U.S., highlighting their respective strengths and challenges, particularly in the context of geopolitical economic power and the need for China to enhance its domestic demand and international competitiveness in sectors like AI, platform economy, innovative pharmaceuticals, and commercial aerospace [3][5][10]. Summary by Sections 1. Parallel Industries and Geopolitical Economic Power - Parallel industries are defined as sectors where both China and the U.S. have their strengths and are developing concurrently, such as AI, platform economy, innovative pharmaceuticals, and commercial aerospace [3][5]. - From a geopolitical economic perspective, competition in these industries is not just about business rivalry but also about enhancing national economic power [10]. 2. Challenges Facing China's Parallel Industries - China's parallel industries face challenges including weak domestic demand, limited external market expansion, significant financing constraints, and a need to improve its influence over technical standards [3][10]. - The primary contradiction is insufficient demand, necessitating strategies to expand market demand, especially for small and medium-sized enterprises [3][10]. 3. Sector-Specific Analysis AI - AI is viewed as a critical technology for national competitiveness, with significant potential to enhance productivity [11]. - The U.S. has established a strong military application for AI, emphasizing the need to maintain leadership in this field [11]. Platform Economy - The platform economy is crucial in the digital age, influencing information dissemination and resource allocation [12]. - Chinese platforms like Alipay and WeChat are leading domestically but face challenges in international expansion due to reliance on the SWIFT system [12]. Innovative Pharmaceuticals - The COVID-19 pandemic highlighted the strategic value of pharmaceutical innovation, with countries that control vaccines and treatments gaining significant geopolitical power [13]. - China's pharmaceutical market is growing, but it still lags behind the U.S. in terms of innovation and market share [23]. Commercial Aerospace - The rise of commercial aerospace has lowered entry barriers, allowing private companies to participate in satellite manufacturing and launching [14]. - The global space economy is projected to reach $1.8 trillion by 2035, with significant military applications [14]. 4. Demand-Side Challenges - Insufficient demand is a key constraint on the development of China's parallel industries, with factors such as market saturation and low payment willingness among consumers [31][33]. - The platform economy faces user saturation, while commercial aerospace relies heavily on public sector orders, limiting private sector growth [33][34]. 5. Supply-Side Issues - The lack of vibrant capital markets and insufficient technical standard influence are significant challenges for innovation in parallel industries [52][53]. - The number of new unicorns in sectors like AI and innovative pharmaceuticals has declined, indicating reduced market vitality [55].

Core Insights - The platform economy in China has evolved from an "emerging phenomenon" to a "core driving force" over the past two decades, significantly impacting various industries and connecting millions of merchants, flexible workers, and a large consumer base [1] - The "China Inclusive Finance Development Report (2025)" highlights that the core value of the platform economy lies in its ability to reshape resource allocation efficiency through digital technology, reducing transaction costs and enhancing matching efficiency [1][2] - The report emphasizes the importance of transitioning from a "zero-sum game" mindset to building a "win-win ecosystem" to address the challenges posed by the platform economy [3] Summary by Sections Platform Economy Impact - The platform economy has become a fundamental operational mode in the national economy, enabling significant online economic activities such as shopping, transportation, and dining, while also fostering new business models like digital marketing and smart logistics [1] - It has played a crucial role in empowering small and micro businesses, promoting rural development, and facilitating entrepreneurship and employment [1] Financial Sector Exploration - Platforms have emerged as valuable complements to traditional financial institutions, leveraging their traffic, technology, and data advantages [2] - In the payment sector, the digital payment usage rate among adults in China has surged from 49% to 89% over the past decade, marking a significant upgrade from cash to mobile payments [2] - In the credit sector, the proportion of adults obtaining credit from formal financial institutions has increased from 20% to 41% due to innovations in digital risk control and alternative data applications [2] - Platforms have also enhanced consumer access to insurance and wealth management products through innovative channel strategies and embedded services [2] Challenges and Solutions - The report identifies new challenges arising from the platform economy's growth, advocating for a shift towards a collaborative ecosystem rather than a confrontational approach [3] - It highlights the need for addressing consumer concerns regarding data privacy and price discrimination, shifting the focus from mere availability to appropriateness of services [3] - The recognition of flexible workers as "ecosystem partners" is essential, along with efforts to improve social security coverage for this group [3]

Group 1: Macroeconomic Expectations - Global inflation and tightening monetary policy have led to increased concerns about liquidity, putting pressure on risk assets such as stocks and bonds, indirectly affecting fund performance [3] - Domestic CPI data for March fell below expectations, raising doubts about the strength of economic recovery and leading to downward adjustments in profit expectations for certain industries [3] Group 2: Geopolitical Conflicts - Recent tensions in the Middle East and ongoing Russia-Ukraine conflict have driven up prices of commodities like oil, increasing global supply chain uncertainties and heightening investor risk aversion [5] Group 3: Industry and Policy Adjustments - Regulatory changes have intensified scrutiny on certain sectors, such as real estate and platform economy, causing significant declines in related sectors like Chinese concept stocks and real estate bonds, which in turn drag down the net value of related thematic funds [6] - Rumors of a "fund fee reform" could further compress management fee income, raising concerns about the industry's profit model [6] - High-performing sectors in Q1, such as technology and new energy, have experienced profit-taking, leading to a shift of funds towards defensive assets like consumer goods and utilities, putting short-term pressure on growth-oriented funds [6] Group 4: Market Sentiment and Fund Flows - A wave of redemptions triggered by net value declines has forced fund managers to sell holdings, exacerbating market downturns, particularly in small-cap stocks and less liquid bonds [8] - Since March, foreign capital has continuously reduced holdings in A-shares, with a cumulative net outflow exceeding 20 billion, negatively impacting the performance of blue-chip stocks and the overall market index [8] Group 5: Short-term Technical Factors - The end of the quarter has led to portfolio adjustments by institutions, amplifying market volatility [8] - The derivatives market has seen a chain reaction with expanded index futures discounts and soaring options volatility, intensifying market panic [8]

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, is experiencing a significant upward trend, driven by factors such as continuous inflow of southbound funds and the potential initiation of a new interest rate cut cycle in the U.S. [1] Group 1: Market Performance - On September 12, the three major indices of the Hong Kong stock market opened higher, with the Hang Seng Technology Index rising over 2% at one point [1] - The Hang Seng Technology Index ETF (513180) followed suit, with major holdings like Alibaba, Baidu, and Tencent seeing substantial gains, including Alibaba's rise of nearly 7% [1] Group 2: Investment Opportunities - The Hang Seng Technology Index is currently considered to be in a historically undervalued range, suggesting potential for a "catch-up" rally due to external liquidity sensitivity and previous market pressures [1] - The ongoing anti-involution policies, coupled with Alibaba's better-than-expected earnings report and rapid iterations in AI large models, indicate a shift back to AI narratives, which could lead to a valuation reconstruction for the Hang Seng Technology Index [1] Group 3: ETF and Sector Composition - The Hang Seng Technology Index ETF (513180) includes leading companies across sectors such as artificial intelligence, smart driving, gaming media, semiconductor manufacturing, consumer electronics, and platform economy [1] - Major holdings in the ETF include Alibaba, Tencent, Xiaomi, NetEase, and SMIC, providing investors without a Hong Kong Stock Connect account an opportunity to access core Chinese AI assets [1]

Core Viewpoint - The platform economy is currently facing challenges such as "low-price competition" and "subsidy wars," necessitating a comprehensive investigation to promote healthy development in the sector [1]. Group 1: Investigation and Analysis - The "anti-involution" investigation action initiated by the Digital Economy New Media & Think Tank aims to address the issues within the platform economy [1]. - The investigation involves collaboration with experts from various fields, including professors, analysts, and investors, to deeply analyze the "involution-style" competition in the platform economy [8][24]. Group 2: Characteristics of Involution in Platform Economy - Involution in the platform economy manifests in three main aspects: 1. Homogeneous price wars leading to a sharp decline in industry profit margins, creating a dilemma for merchants [13]. 2. Rising customer acquisition costs, with some sellers spending up to 35% of sales on advertising while conversion rates decline [13]. 3. Loss of brand value due to over-reliance on low-price strategies, resulting in poor supply chain quality and insufficient innovation [13]. Group 3: Solutions to Break the Involution - The platform economy must shift from a "traffic algorithm" to an "industry algorithm," focusing on digitalizing industry capabilities and improving supply chain efficiency [15]. - The proposed solutions include: 1. **Technical Drive**: Emphasizing innovation and increasing investment in emerging technologies like big data and AI [16]. 2. **Integrated Development**: Enabling platforms to empower small and medium-sized enterprises by lowering digitalization barriers and fostering collaborative models [17]. 3. **Global Openness**: Expanding international markets and establishing trade standards to facilitate cross-border data flow and compliance [19]. Group 4: Focus Areas of the Investigation - The investigation will focus on various types of platforms, including: 1. Retail e-commerce platforms such as JD.com, Taobao, Pinduoduo, and Douyin [30]. 2. Local life (instant retail) platforms like Meituan and Ele.me [30]. 3. Cross-border e-commerce platforms including Amazon and SHEIN [30]. 4. Ride-hailing platforms such as Didi and Cao Cao [30]. 5. Online travel platforms like Ctrip and Qunar [30].

Core Viewpoint - The event in Huzhou aims to promote the deep integration of the digital economy and the real economy through a "platform + industry" dual empowerment strategy, focusing on upgrading traditional industries and enhancing economic quality [1][3]. Group 1: Economic Development - Huzhou's platform economy has become a significant force in driving high-quality economic development, with 79,900 online business entities expected by the end of 2024, representing a year-on-year growth of 20.6% [1]. - From January to June 2025, Huzhou's online retail sales reached 39.19 billion yuan, marking a year-on-year increase of 10.7%, ranking fourth in Zhejiang Province [1]. - The cross-border e-commerce sector is thriving, with Huzhou achieving a cross-border e-commerce export value of 20.74 billion yuan in 2024, exceeding the provincial average by 8.1 percentage points [1]. Group 2: Dual Empowerment Strategy - The "platform + industry" dual empowerment initiative focuses on five key industries: children's clothing, beauty products, specialty agricultural products, Anji white tea, and food and beverage, implementing tailored development plans for each [1][3]. - The event serves as a collaborative model involving government, platforms, and enterprises to accelerate the digital transformation of local industries [3]. Group 3: Partnerships and Agreements - Huzhou's market regulatory bureau signed a cooperation agreement with Alibaba to enhance the quality of platform economy development, focusing on six core areas including credit system building and consumer rights protection [3]. - Over 3,600 merchants in Huzhou are currently collaborating with the 1688 platform, with more than 200 super factories established [4].

Group 1 - The core viewpoint highlights the recent initiatives by major platform companies, such as Meituan's decision to eliminate overtime penalties for delivery riders by the end of 2025 and establish a points-based incentive system, and JD's commitment to pay full social insurance for full-time delivery riders, reflecting a growing emphasis on protecting the rights of new employment form workers [1] - The platform economy is thriving, with 84 million individuals employed through internet platforms as delivery riders, drivers, and couriers, indicating the significant role these workers play in societal development [1] - Strengthening the rights protection of new employment form workers is both a new challenge and a necessary task for economic and social development [1] Group 2 - New employment forms present complex challenges for labor rights protection due to their flexible employment methods and loose organizational structures, with over 80,000 civil cases related to new employment forms adjudicated in 2024, covering issues like social insurance disputes and traffic accident liabilities [2] - Some companies attempt to evade labor relations by signing contracts that misclassify workers, which undermines the protection of workers' rights and affects the healthy development of the platform economy [2] - Judicial rulings play a crucial role in guiding labor rights protection, with authoritative cases clarifying rules and establishing a framework for protecting workers' rights in new employment forms [2] Group 3 - To better protect the rights of new employment form workers, it is essential to enforce responsibilities across various sectors, including increased efforts by law enforcement to combat violations and providing accessible legal services for workers [3] - Platform companies must take on primary responsibility by optimizing platform rules and algorithms to ensure dignified labor for workers [3] - Community initiatives, such as warm stations set up in neighborhoods, aim to address urgent issues faced by new employment groups, facilitating better social governance [3]

Core Viewpoint - The article discusses the introduction of the "Internet Platform Pricing Behavior Rules" aimed at regulating pricing behaviors in the platform economy, promoting healthy development, and ensuring compliance among operators [3][4][5]. Group 1: Regulatory Framework - The National Development and Reform Commission (NDRC) is accelerating the revision of pricing laws and establishing rules for internet platform pricing behavior to address issues like predatory pricing and false advertising [3][4]. - The new rules are seen as a significant step towards improving the regulatory framework for platform pricing behavior, marking an advancement in China's platform economy regulatory policy [4][5]. - The rules will work in conjunction with revised laws on unfair competition and pricing to provide institutional support for addressing "involution" in platform competition [4][5]. Group 2: Importance of Pricing Behavior - The platform economy has rapidly developed in China, playing a positive role in empowering the real economy and meeting consumer needs, making the regulation of pricing behavior crucial [4][5]. - Pricing is described as a "signal light" for market resource allocation and a tool for competition, highlighting the unique characteristics of pricing behavior in the internet platform sector [5][6]. Group 3: Key Provisions of the Rules - The "Behavior Rules" consist of 30 articles focusing on aspects such as autonomous pricing by operators, pricing display behavior, competitive pricing behavior, consumer price rights protection, and supervision mechanisms [7][8]. - The rules emphasize the protection of operators' rights to set prices autonomously, encouraging innovation and quality improvement in products and services [8][9]. - Specific requirements for price marking, promotional activities, and fair competition practices are outlined, including prohibitions against false advertising and predatory pricing [8][9]. Group 4: Implementation and Impact - The rules are expected to guide operators towards lawful and compliant business practices, thereby maintaining market order and promoting high-quality development of the platform economy [7][9]. - The implementation of these rules is anticipated to lead to a more regulated and law-abiding platform ecosystem, enhancing the overall health of the platform economy [9].

Core Insights - The platform economy in Sichuan is rapidly rising, driven by the integration of digital and real economies, with significant emphasis on e-commerce and industry chain collaboration [1][2][3] Group 1: Economic Growth and Development - Sichuan aims to achieve a network retail sales target of over 1.1 trillion yuan by 2027, with the number of online businesses exceeding 2 million [1] - In the first seven months of 2025, Sichuan's online retail sales reached 630.79 billion yuan, a year-on-year increase of 10.3%, with physical goods sales growing by 9.9% and service sales by 11.2% [4] - The total scale of Sichuan's platform economy reached 4.9 trillion yuan, ranking sixth nationally and first in the central and western regions [5] Group 2: Industry Chain and Ecosystem - Sichuan is focusing on building a comprehensive industry chain for the platform economy, which includes technology sharing and industry collaboration [2][3] - The province has established a collaborative mechanism involving various government departments to promote the platform economy as one of its 15 key industrial chains [9] - The platform economy is evolving from being e-commerce driven to a more integrated "platform + industry + service + cross-border + innovation" ecosystem [4][9] Group 3: Market Dynamics and Trends - The number of online businesses in Sichuan has reached 1.88 million, with over 80 large businesses generating over 100 million yuan in online retail sales [8] - The rise of local brands and the shift towards self-branded products in industries like women's footwear are notable trends, with significant sales growth reported [11] - Sichuan's cross-border e-commerce transactions exceeded 150 billion yuan last year, tripling from the end of the 13th Five-Year Plan period, indicating a strong growth trajectory [16] Group 4: Future Outlook - The platform economy is seen as a "super hub" for modern industrial development and rural revitalization in Sichuan, facilitating digital transformation across various sectors [12] - Companies like JD.com are planning to collaborate with Sichuan to build a provincial-level industrial supply and demand platform, enhancing local industrial connectivity [17] - The next growth phase for the platform economy is anticipated to focus on expanding service scenarios and integrating production processes, driving overall value chain upgrades [16]