Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - Mid - stream construction starts have slightly increased. Upstream energy prices show a mixed trend with a slight decline in international crude oil and rising prices of certain non - ferrous metals. Mid - stream chemical and energy sectors see positive indicators, and downstream real estate and service industries show signs of recovery [1][3][4] 3. Summary by Related Catalogs A. Mid - stream and Upstream Industry Events - **Production Industry** - On January 8, Sinopec Group and China National Aviation Fuel Group were approved to restructure, which is expected to enhance the resilience of the aviation kerosene industry chain and improve competitiveness [1] - Four government departments held a symposium on the power and energy - storage battery industry to regulate competition order due to issues like blind construction and low - price competition [1] - **Service Industry** - OpenAI launched ChatGPT Health on January 8, indicating a large demand in the medical and health market as over 230 million people globally ask health - related questions weekly [2] B. Industry Overview - **Upstream** - **Energy**: International crude oil prices have slightly declined [3] - **Non - ferrous Metals**: Aluminum and nickel prices are rising [3] - **Mid - stream** - **Chemical**: PX and urea operating rates are at high levels [4] - **Energy**: Coal consumption of power plants has increased [4] - **Infrastructure**: Road asphalt construction starts are at a high level compared to the same period [4] - **Downstream** - **Real Estate**: The sales of commercial housing in first - and second - tier cities have increased [4] - **Service**: The number of domestic flights has increased [4] C. Key Industry Price Indicators | Industry | Indicator | Price (as of 1/8) | YoY Change | | --- | --- | --- | --- | | Agriculture | Corn (spot price) | 2248.6 yuan/ton | 0.00% | | | Eggs (spot price) | 6.7 yuan/kg | 3.89% | | | Palm oil (spot price) | 8600.0 yuan/ton | 1.42% | | | Cotton (spot price) | 15995.0 yuan/ton | 2.51% | | | Pork (average wholesale price) | 17.9 yuan/kg | 0.73% | | | Copper (spot price) | 102418.3 yuan/ton | 4.86% | | | Zinc (spot price) | 24158.0 yuan/ton | 3.79% | | Non - ferrous Metals | Aluminum (spot price) | 24031.7 yuan/ton | 8.28% | | | Nickel (spot price) | 149350.0 yuan/ton | 8.43% | | | Aluminum (spot price) | 17400.0 yuan/ton | 1.05% | | Ferrous Metals | Rebar (spot price) | 3255.0 yuan/ton | 0.55% | | | Iron ore (spot price) | 834.4 yuan/ton | 1.24% | | | Wire rod (spot price) | 3500.0 yuan/ton | 0.07% | | | Glass (spot price) | 12.8 yuan/sq.m | 0.63% | | Non - Metals | Natural rubber (spot price) | 15850.0 yuan/ton | 1.77% | | | China Plastics City Price Index | 756.3 | 0.48% | | Energy | WTI crude oil (spot price) | 56.0 dollars/barrel | - 3.38% | | | Brent crude oil (spot price) | 60.0 dollars/barrel | - 2.23% | | | Liquefied natural gas (spot price) | 3256.0 yuan/ton | - 1.39% | | | Coal price | 796.0 yuan/ton | - 0.25% | | | PTA (spot price) | 5089.3 yuan/ton | 0.13% | | Chemical | Polyethylene (spot price) | 6573.3 yuan/ton | 2.47% | | | Urea (spot price) | 1730.0 yuan/ton | 0.29% | | | Soda ash (spot price) | 1218.6 yuan/ton | - 0.58% | | | National cement price index | 135.6 | - 0.04% | | Real Estate | Building materials composite index | 116.3 points | 0.63% | | | National concrete price index | 90.4 points | 0.00% | [39]

Core Viewpoint - The meeting held by the Ministry of Industry and Information Technology, along with other departments, aims to regulate the competitive order in the power and energy storage battery industry, addressing irrational competition and ensuring sustainable development [1][2]. Group 1: Industry Development - The power and energy storage battery industry in China has developed rapidly and achieved a competitive advantage globally [1]. - There are issues such as blind construction and irrational price competition that disrupt the normal market order and weaken the industry's sustainable development capacity [1]. Group 2: Regulatory Measures - Strengthening market supervision and increasing enforcement of price regulations are essential to combat low-price competition and ensure product quality [1]. - The establishment of a capacity management system, including monitoring and early warning mechanisms, is necessary to prevent overcapacity risks [1]. Group 3: Industry Self-Regulation - Supporting industry self-discipline and leveraging the role of industry associations can guide enterprises in scientific capacity layout and promote a fair competitive market order [1]. - Emphasizing regional collaboration and coordination between central and local governments is crucial for guiding local enterprises and controlling redundant construction [1].

多部门密集出手的背后，是对中央经济工作会议精神的精准落实。会议明确要制定全国统一大市场建设 条例，并将深入整治"内卷式"竞争作为2026年改革攻坚重点任务。 从工信部在全国工作会议上部署"坚决遏制低价低质量竞争"，到市场监管总局将"持续深化公平竞争治 理"作为年度重点，再到国家发改委推动出台妨碍全国统一大市场建设事项清单……各部门聚焦深入整 治"内卷式"竞争，形成政策合力。治理逻辑更趋成熟，即坚持市场化、法治化原则，兼顾"治乱 象"与"促发展"，既要"放得活"，又要"管得好"。 深入整治"内卷式"竞争，既要破立并举，更要标本兼治。从出台的措施来看，各部门的治理已呈现多维 度发力特征。在监管层面，强化跨部门协同与全链条执法，实现"查处一案、警示一片"；在产业层面， 通过产能监测、标准引领，引导企业科学布局、有序竞争，如动力和储能电池行业的分级预警机制、直 播电商行业的主体责任清单，均为行业设立了清晰的行为边界；在制度层面，依托《反不正当竞争法》 《价格法》等法律法规，完善"反内卷"法律保障，同时发挥行业协会作用，强化自律约束。 （原标题：时报观察丨协同攻坚"内卷式"竞争 为高质量发展注入持久动能） 新年伊始，围 ...

Core Viewpoint - The article emphasizes the need for regulatory actions to address "involutionary" competition in various industries, aiming to establish a fair market environment and promote sustainable development [1][2]. Group 1: Regulatory Actions - On January 8, multiple government departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission, jointly issued a document targeting irrational behaviors such as blind construction and low-price competition in the power and energy storage battery industry [1]. - The State Administration for Market Regulation and the National Internet Information Office have released guidelines to regulate online trading platforms and live e-commerce, focusing on issues like counterfeit goods and false marketing [1]. - The central economic work conference has set the goal of formulating a unified national market construction regulation and prioritizing the rectification of "involutionary" competition as a key reform task for 2026 [1]. Group 2: Multi-Dimensional Governance - The governance approach involves breaking and establishing systems simultaneously, with a focus on both regulatory and industrial dimensions [2]. - Regulatory measures include enhanced inter-departmental collaboration and comprehensive law enforcement to ensure that violations are addressed effectively [2]. - The establishment of clear behavioral boundaries for industries, such as a tiered early warning mechanism for the battery sector and a responsibility list for live e-commerce, aims to guide enterprises towards orderly competition [2]. Group 3: Importance of Addressing Involution - The article highlights that addressing "involutionary" competition is particularly significant as China’s industries transition towards high-end, intelligent, and green development [2]. - The coordinated actions by multiple departments at the beginning of the year are intended to safeguard sustainable industrial development and clear obstacles for the cultivation of new productive forces [2]. - By eliminating market barriers and standardizing competition, companies can allocate more resources to technological research and quality improvement, thereby gaining a competitive edge globally [2].

Group 1 - The Ministry of Industry and Information Technology, along with other regulatory bodies, is focusing on regulating the competition order in the power and energy battery industry, emphasizing market supervision and quality control [2] - The commercial aerospace industry is entering a rapid development phase, supported by policies aimed at advancing reusable rocket technology and enhancing launch capabilities [4] - The water conservancy engineering construction industry is expected to maintain high growth, with a projected annual compound growth rate of 8.5% from 2025 to 2030, driven by increasing demand for water resources [7] - The implementation of the Atomic Energy Law is set to encourage research and development in controlled nuclear fusion, with significant long-term growth potential anticipated in the fusion market [8] Group 2 - Companies like Mengsheng Electronics and Changjiang Communication are involved in satellite navigation and communication, indicating a focus on the satellite industry [5] - Companies such as Aerospace Electric and others are actively participating in the commercial aerospace sector, with significant investments in new technologies and projects [12][13] - The sales performance of Cai Bai Co. has shown improvement, driven by cultural product sales and effective inventory management strategies [14]

Group 1 - The article discusses the coordinated efforts by multiple government departments to address "involution" competition in various industries, aiming to establish a more rational market environment [1][2] - On January 8, the Ministry of Industry and Information Technology, National Development and Reform Commission, State Administration for Market Regulation, and National Energy Administration jointly issued a document targeting irrational behaviors such as blind construction and low-price competition in the power and energy battery industry [1] - The central economic work conference emphasized the need for a unified national market construction regulation and identified the deep rectification of "involution" competition as a key reform task for 2026 [1] Group 2 - The measures taken by various departments reflect a multi-dimensional approach to governance, including enhanced cross-departmental collaboration and comprehensive law enforcement [2] - The article highlights the importance of addressing "involution" competition as China’s industries transition towards high-end, intelligent, and green development, noting that vicious competition hinders innovation and slows down transformation [2] - Future governance measures are expected to further improve the market environment for fair competition, thereby enhancing corporate innovation and contributing to sustainable economic growth [2]

Core Insights - The meeting highlighted the rapid development of China's power and energy storage battery industry, achieving a competitive advantage globally [1] - The industry faces challenges such as irrational competition and blind construction, which disrupt market order and weaken sustainable development [1] Regulatory Measures - Strengthening market supervision and enhancing price enforcement checks are essential to regulate the industry [1] - Increased oversight on production consistency and product quality is necessary to combat intellectual property violations [1] Capacity Management - Optimizing capacity management and establishing capacity monitoring and early warning mechanisms are crucial to prevent overcapacity risks [1] - Support for industry self-discipline and the role of industry associations is emphasized to guide enterprises in scientific capacity layout [1] Regional Coordination - Strengthening central-local coordination and comprehensive policy measures is vital for guiding local enterprises [1] - Controlling redundant construction and promoting healthy and orderly industry development is a priority [1]

Core Viewpoint - The meeting highlighted the rapid development of China's power and energy storage battery industry, which has achieved a competitive advantage globally, but also faces challenges such as irrational competition and blind construction that disrupt market order and sustainability [1] Industry Development - China's power and energy storage battery industry is developing rapidly and has gained a competitive edge on a global scale [1] Market Regulation - There is a need to strengthen market regulation, enhance price enforcement inspections, and increase supervision of production consistency and product quality [1] - The government aims to combat intellectual property violations within the industry [1] Capacity Management - The meeting emphasized the importance of optimizing capacity management and establishing capacity monitoring and early warning mechanisms to prevent overcapacity risks [1] Industry Self-Regulation - Support for industry self-regulation was discussed, with a focus on the role of industry associations in guiding companies to layout capacities scientifically and promote a fair market order with quality and price considerations [1] Regional Coordination - The need for enhanced regional collaboration and coordination between central and local governments was stressed, along with comprehensive policy measures to guide local enterprises and control redundant construction [1]

会议提出，要强化市场监管，加强价格执法检查，加大生产一致性和产品质量监督检查力度，打击涉知 识产权违法行为；要优化产能管理，健全产能监测和分级预警机制，加强宏观调控，防范产能过剩风 险；要支持行业自律，发挥行业协会作用，引导企业科学布局产能，推动构建优质优价、公平竞争的市 场秩序；要加强区域协同，强化央地协同联动、综合施策，加强对本地企业指导，严控重复建设，推动 行业健康有序发展。 新华社北京1月8日电 （记者 唐诗凝 周圆） 记者8日获悉，工业和信息化部等部门日前联合召开动力和 储能电池行业座谈会，部署进一步规范产业竞争秩序工作。提出加强价格执法检查，优化产能管理，健 全产能监测和分级预警机制。 据悉，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素影 响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持续 发展能力，必须予以规范治理。 ...

Group 1 - The core viewpoint of the articles emphasizes the need for regulatory actions to address "involutionary" competition in various industries, particularly in the battery and e-commerce sectors [1][2] - Multiple government departments, including the Ministry of Industry and Information Technology, National Development and Reform Commission, State Administration for Market Regulation, and National Energy Administration, are collaborating to combat irrational behaviors such as blind construction and price competition [1][2] - The central economic work conference has highlighted the importance of establishing a unified national market and addressing "involutionary" competition as a key reform task for 2026 [1][2] Group 2 - The measures taken by the government reflect a multi-dimensional approach to governance, focusing on cross-departmental collaboration and comprehensive law enforcement [2] - The introduction of capacity monitoring and standard-setting in industries like power and energy storage batteries aims to guide enterprises towards orderly competition and scientific layout [2] - The ongoing efforts to eliminate "involutionary" competition are crucial as the industry transitions towards high-end, intelligent, and green development, ensuring sustainable growth and fostering innovation [2]