为贯彻落实党中央、国务院决策部署，支持和引导平台经营者有效防范反垄断合规风险，健全反垄断合规管理机制，保护相关主体合法权益， 维护市场公平竞争秩序，促进平台经济健康发展，根据《中华人民共和国反垄断法》（以下简称《反垄断法》）等法律规定，市场监管总局研 究起草了《互联网平台反垄断合规指引（征求意见稿）》（以下简称《指引》），于11月15日面向社会公开征求意见。现就相关内容解读如 下： 一、制定《指引》的主要背景是什么？ 党的二十大对完善公平竞争市场经济基础制度，加强反垄断作出决策部署。党的二十届三中全会指出，促进平台经济创新发展，健全平台经济 常态化监管制度。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》强调，完善监管，推动平台经济创新和健康发展。2025 年《政府工作报告》明确，制定重点领域公平竞争合规指引。制定《指引》是贯彻落实党中央、国务院决策部署的具体举措，有利于完善平台 经济反垄断规则体系，提升平台经营者竞争合规水平，充分激发经营主体内生动力和创新活力。 近年来，我国平台经济快速发展，在提高社会资源配置效率、推动技术创新和产业变革、促进经济社会发展等方面发挥着重要作用。同时，互 联网平台 ...

Core Points - The article discusses the draft of the "Antitrust Compliance Guidelines for Internet Platforms" released by the State Administration for Market Regulation, aimed at guiding platform operators to effectively prevent antitrust compliance risks and promote healthy development of the platform economy [1][2] Group 1: Purpose and Objectives - The draft aims to promote innovation and healthy development in the platform economy, emphasizing the need for a fair competitive market environment [1] - It details potential antitrust compliance risks that internet platforms may face, guiding operators to strengthen their antitrust compliance management [1] Group 2: Nature and Implementation - The draft is a non-binding guideline intended to reduce uncertainty costs for platform operators, providing general guidance for antitrust compliance [2] - It is an innovative measure for enhancing comprehensive regulation, helping platform operators to accurately identify, assess, and prevent antitrust compliance risks [2] Group 3: Specific Content - The draft focuses on enhancing the relevance and effectiveness of antitrust compliance management, summarizing enforcement experiences and identifying new types of monopoly risks in eight specific scenarios [2] - It encourages platform operators to review platform rules and algorithms, establishing a comprehensive compliance management system [2]

Core Viewpoint - The article discusses the ongoing "Clear and Bright" campaign by the Central Cyberspace Administration of China, which targets misinformation, malicious marketing in short videos, and the misuse of AI technology, highlighting the challenges of content regulation on digital platforms [2][3]. Group 1: Responsibility and Governance - The article emphasizes the need to clarify responsibility attribution in digital spaces, particularly in content review, where different platforms have varying responsibilities [4][5]. - Major internet platforms have faced legal scrutiny for allowing false information and inflammatory content to proliferate, indicating a need for stricter content governance [4][6]. - The distinction between e-commerce platforms and content platforms is highlighted, with e-commerce platforms having clearer responsibility structures compared to content platforms, which face challenges due to the decentralized nature of user-generated content [6][7]. Group 2: Challenges in Content Regulation - Content platforms struggle with the sheer volume and diversity of information, making it nearly impossible to pre-screen all content effectively [9][10]. - The low cost of individual user violations leads to a lack of accountability, as users can easily create new accounts to continue posting harmful content after being banned [10][11]. - There is a significant asymmetry between the responsibilities placed on platforms and the powers they possess to enforce compliance, leading to platforms often being blamed for user misconduct [11][12]. Group 3: The Dilemma of Content Review - Platforms face a dilemma in content review, where overly strict measures may alienate users, while lenient policies can lead to the spread of harmful information [13][14]. - Public expectations for platforms to swiftly identify and remove harmful content often exceed the technical capabilities of these platforms, creating a gap between societal demands and operational realities [14][15]. Group 4: Pathways to Resolution - The article suggests a shift from a model of "single-point accountability" to a "layered responsibility" approach, distributing accountability among individuals, platforms, and society [17][18]. - Increasing the cost of individual violations and enhancing traceability of user actions are proposed as methods to improve accountability [18][19]. - The need for algorithmic transparency and the development of multi-objective algorithms that balance user engagement with social responsibility is emphasized [20]. - A proactive approach to content regulation, focusing on prevention rather than reaction, is recommended to mitigate the spread of harmful content [21][22]. - Finally, fostering a healthy discourse ecosystem where platforms actively promote quality content rather than merely reacting to violations is deemed essential for long-term governance success [22].

Core Insights - The Hong Kong stock market has reached a new milestone with a net inflow of 66.54 billion HKD from southbound funds on November 10, pushing the total net buying amount for the year to over 1.3 trillion HKD and cumulative net inflow since the launch of the Stock Connect to over 5 trillion HKD, setting a new record since the mechanism's inception [1] Group 1: Market Performance - The Hong Kong stock market has shown significant activity this year, with major indices such as the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index each rising approximately 30%, ranking among the top in global markets [1] - The influx of southbound funds has been particularly strong in the first half of the year, with 57 trading days recording net inflows exceeding 10 billion HKD, 30 of which occurred in the first half [2] Group 2: Factors Driving Inflows - Five key factors are driving the continuous inflow of southbound funds into the Hong Kong stock market: valuation discount compared to A-shares, ongoing demand for technology leaders and high-dividend assets in a declining domestic interest rate environment, optimized connectivity mechanisms, long-term investment needs from domestic insurance and public funds, and enhanced global liquidity expectations due to anticipated interest rate cuts [3] - The presence of unique assets in the Hong Kong market, such as Tencent, Meituan, and Alibaba, along with new consumer companies like Pop Mart and Mixue Ice City, has diversified investment options and attracted more southbound capital [3] Group 3: Asset Scarcity - The influx of southbound funds is also indicative of an "asset scarcity" phenomenon, where ample liquidity exists but quality assets are limited, prompting domestic funds to seek effective allocation opportunities in the Hong Kong market, which offers both stable dividend returns and growth potential in new economic sectors [4]

Group 1 - The core initiative "Rider Service Relay Action" will provide unique support for the successful hosting of the events, with Meituan riders acting as "city guides" to offer precise route guidance for citizens and tourists [1] - The "Information Lightning Hero" team will utilize their familiarity with city traffic conditions to report on the micro-circulation around the event venues, aiding in navigation optimization and congestion relief [1] - Meituan will distribute the "Bay Area Event Civilization Guide" and initiate the "Silver Harbor" special delivery service, while also reporting damaged public facilities and piloting a "Community Emergency Pioneer" mechanism to create a positive event atmosphere [1] Group 2 - Meituan has launched the "Consumption Ecosystem Support Plan" to address the potential surge in local life service demand during the events, investing millions in the "Little Yellow Light" consumption subsidy plan and conducting nationwide live broadcasts in Guangzhou and Shenzhen [2] - The travel sector of Meituan has initiated the "Ice and Snow Hot Spring Season" activity, integrating AI assistant features to meet the consumption needs for scenic spots and hotels [2] - Meituan's Vice President Zhang Hongwei emphasized the company's commitment to corporate social responsibility, aiming to contribute to a "wonderful, excellent, and extraordinary" sports event through intelligent services, while promoting the integration of culture, commerce, tourism, and sports [2]

Group 1: Aerospace and Technology - The successful launch of the Shenzhou 21 manned spacecraft was supported by various sensor and monitoring systems developed by Nanjing Gaohua Technology Co., Ltd, ensuring the mission's success [1][2] - Gaohua Technology has a strong presence in aerospace, having participated in key projects such as manned spaceflight, lunar exploration, and the BeiDou project, showcasing its technological capabilities [2][3] - The aerospace industry in Nanjing is a key focus area, with policies aimed at creating a nationally influential aerospace research and manufacturing hub, leading to significant growth in high-tech manufacturing [3] Group 2: Medical Equipment - Nanjing Puhui Medical Equipment Co., Ltd has become the second-largest supplier of medical X-ray imaging systems in China, with a strong market presence in mobile C-arms [4] - The company recently received FDA approval for its large flat-panel C-arm product, marking a significant step in its global expansion strategy [4] Group 3: Internet and Modern Services - The rise of internet platforms in Nanjing is enhancing the modern service industry, with companies like Huitongda Network leveraging AI to improve retail operations for small businesses [5][6] - China Manufacturing Network, a core platform under Focus Technology, has seen significant growth, with a 35% increase in site traffic and a strong presence in emerging markets [6] Group 4: Innovation and Industry Development - Nanjing is fostering a modern industrial system through innovation, with companies like Tianchuang Intelligent Technology showcasing advanced robotics at international expos [8] - The city is also focusing on high-end manufacturing and digital transformation, with significant investments in R&D and technology innovation across various sectors [9]

Group 1 - The city's high-tech manufacturing industry added value increased by 8.3% year-on-year in the first three quarters, with aerospace and equipment manufacturing growing by 17.9% and medical equipment manufacturing by 12.6% [1][5] - The modern service industry is also experiencing rapid growth, with internet access and related services revenue increasing by 62.4%, internet production service platforms by 12.7%, and internet technology innovation platforms by 20.5% from January to August [6][7] - Nanjing's focus on building a trillion-level software industry and a 500 billion-level smart grid industry aims to enhance industrial innovation through technological advancements [2][10] Group 2 - High-tech manufacturing companies like Nanjing Gaohua Technology Co., Ltd. are contributing to significant aerospace projects, providing various sensor systems that ensure the success of missions like the Shenzhou 21 manned spacecraft launch [3][4] - Nanjing Puhui Medical Equipment Co., Ltd. has successfully passed FDA approval for its C-arm product, marking a significant step in its global strategy and expanding its market presence [5] - The city has established a robust aerospace industry cluster, focusing on key areas such as aircraft engines, onboard systems, and drone manufacturing, supported by various policy initiatives [4][10] Group 3 - The rise of internet platforms in Nanjing is facilitating the digital transformation of traditional industries, with companies like Huitongda Network leveraging AI to enhance retail operations for small businesses [6][7] - China Manufacturing Network, a key platform under Focus Technology, has seen a 35% increase in traffic, with significant growth in emerging markets, indicating a strong demand for Chinese suppliers [7] - Nanjing Tianchuang Intelligent Technology Co., Ltd. has gained attention for its innovative robots, including the world's first explosion-proof humanoid robot, showcasing the city's advancements in robotics [8][9]

Group 1 - The article discusses the proactive measures taken by the tax authority in Anshun Economic and Technological Development Zone to assist internet platform enterprises in improving their tax information reporting processes and data quality [1][3]. - A specific focus is on Guizhou Sanliujiuming Technology Co., Ltd., where the tax authority provided detailed explanations of the tax information reporting regulations, including reporting scope, data standards, and deadlines [3][5]. - The tax authority conducted hands-on training for the company's financial staff, addressing common reporting issues and demonstrating key processes such as data collection and error checking, which significantly improved the accuracy of tax information submissions [3][5]. Group 2 - The tax authority plans to implement a "door-to-door service + long-term tracking" mechanism to regularly review the progress of the enterprises they have assisted, ensuring compliance with tax reporting requirements [5]. - Feedback from enterprises will be used to dynamically update training content and communicate changes in tax policies and reporting reminders, aiming for more precise and efficient tax services [5].

Core Points - The 2025 Food Safety Publicity Week in Foshan, Guangdong, emphasizes the theme "Integrity and Lawfulness, Sharing Food Safety," promoting collective efforts in building a food safety defense line [1] - A cooperation agreement was signed between local market regulation departments and Meituan to enhance food safety governance through data sharing and collaborative actions [1] - The initiative includes the "Internet + Bright Kitchen" project, allowing consumers to view real-time kitchen conditions via the Meituan app, enhancing transparency and consumer oversight [1] Group 1 - Nearly 800 restaurants in Foshan have joined the "Internet + Bright Kitchen" initiative on Meituan [2] - The Shunde Cuisine Development Promotion Association introduced the "Star-rated Kitchen Certification Standards" and awarded certificates to qualified chefs [2] - Shunde District has been improving its food safety governance mechanisms, promoting industry self-discipline, and guiding food producers to comply with safety regulations [2] Group 2 - Various local food industry associations have actively participated in food safety management, releasing multiple food safety management standards [2] - The standards include the "Shunde Fish Raw Chain Management Norms" and "Foshan Rural Collective Dining Food Safety Management Norms," aimed at ensuring high safety levels in local food products [2] - The initiatives are designed to promote high-quality development in the food industry while enhancing consumer trust and safety [2]

Group 1: Puma - Puma reported a 10.4% decline in sales to €1.9557 billion for Q3 2025, with a net loss of €62.3 million and earnings per share of -€0.42 [1] - The company plans to cut approximately 900 white-collar jobs globally by the end of 2026 due to anticipated significant sales declines and high operational costs [1] - Puma is facing challenges such as weak brand momentum, high inventory levels across channels, and low distribution quality, but still has potential to rank among the top three global sports brands if reforms are successful [1] Group 2: Douyin - Douyin announced ongoing efforts to combat the improper use of minors' images for profit, highlighting the need for continuous protection of minors online [2] - The platform has removed 37,000 videos and penalized 3,651 accounts for violations related to the exploitation of minors in the past month [2] - Douyin emphasizes the importance of cultivating a healthy online ecosystem through legal, technological, and familial support [2] Group 3: Snack Industry - The snack industry, particularly the braised food segment, is experiencing a slowdown in growth and significant adjustments, with major players like ST Juewei and Huangshanghuang reporting revenue declines [3] - Experts indicate that high prices and insufficient value-for-money in the braised food sector are facing substantial challenges amid changing consumer willingness [3] Group 4: Starbucks - Starbucks reported a revenue of $3.105 billion in China for the full fiscal year 2025, marking a 5% year-over-year increase [4] - The company has achieved continuous revenue growth for the fourth consecutive quarter and positive same-store sales growth for the second consecutive quarter [4] - Starbucks' performance indicates that it has successfully built a competitive advantage through product differentiation in a highly competitive coffee market [4]