Group 1 - The core argument is that the subsidy model of platforms like Taobao Flash Purchase aligns with the trend of consumption upgrading and contributes to high-quality economic development while alleviating intense price competition among merchants [1][3] - The current economic recovery in China relies on boosting domestic demand, particularly through expanding consumer spending, which has been hindered by uncertainty in the economic environment [1][2] - The large-scale subsidies initiated by major internet platforms, in conjunction with national consumption promotion policies, create a positive interaction that enhances consumer vitality and promotes healthy market competition [1][2] Group 2 - The platform subsidy model helps alleviate the previous intense "involution" price competition among merchants, allowing them to maintain reasonable profit margins and improve product and service quality [1][3] - The subsidies have significantly activated consumer willingness to spend, especially in new consumption scenarios like food delivery and instant retail, with over 500 billion yuan in subsidies leading to a rapid increase in order volume [2] - The subsidy model not only boosts short-term consumer activity but also provides a new pathway for the integration of e-commerce and service industries, resulting in substantial sales growth for traditional offline stores collaborating with online platforms [2][3] Group 3 - From a macro policy perspective, the synergy between platform subsidies and national consumption promotion policies serves as a model for stimulating consumer spending through income enhancement and cost reduction [2][3] - The platform subsidy mechanism effectively curbs the previous price-cutting competition, allowing merchants and platforms to focus on improving quality and service, thus fostering overall market health [3] - The current interaction between platform subsidies and national policies is seen as a practical example that can stimulate new consumer demand, enhance market competition, and support sustainable economic development [3]

政策动态点评 [Table_Author] 分析师：陶川 分析师：张云杰 研究助理：钟渝梅 执业证号：S0100524060005 执业证号：S0100525020002 执业证号：S0100124080017 邮箱：taochuan@mszq.com 邮箱：zhangyunjie@mszq.com 邮箱：zhongyumei@mszq.com "反内卷"的下一步 2025 年 07 月 03 日 ➢ 当下恰逢中央首提"反内卷"一周年，从财经委会议前瞻即将召开的 7 月政 治局会议，"反内卷"可能会进入一个新的阶段。去年 7 月政治局会议首提"防 止'内卷式'恶性竞争"，一周年之际财经委开会再提"治理企业低价无序竞争"， 意味着在今年 7 月政治局会议的准备过程中，"反内卷"也将进入一个新的阶段。 ➢ 如何理解"反内卷"可能进入新阶段？今年的年中经济回顾具有特殊意义， 一方面是决策层"例行"审视上半年经济运行中出现的问题，另一方面也是为了 更好与"十五五"规划相衔接。预计"十五五"规划《建议》将于下半年公布， "十五五"规划的战略之举在于做强国内大循环，其内在要求是加快推进全国统 一大市场建设，"反内卷"自然 ...

618前夜，广州程序员林浩像往常一样刷着购物软件，想为家里囤些日用品。 作为"价格敏感型"消费者，他习惯性地在多个平台比价，直到被淘宝国货严选的一款东北大米吸引——页面上醒目地标注着"符合五常大米标准""符合5U管理标 准"，甚至能追溯到具体产区。 "以前总觉得大米能吃就行，但看到检测报告和产地溯源，突然觉得'好价'和'好货'或许能兼得。"他抱着试一试的心态下单。 三天后，拆开包裹的瞬间，林浩被米粒的均匀光泽和淡淡的米香打动。煮饭时，厨房弥漫的香气让他决定复购，并在社交平台写下评价："原来不是所有商品在兼 顾价格的时候都要牺牲品质，国货严选让我重新定义了'质价比'。" 林浩的购物车变迁，恰是618消费趋势的微观缩影。在价格竞争依旧激烈的表象下，一场静默的变革正在发生：消费者不再盲目追逐"极致低价"，而是用钱包为"质 价比"投票——他们期待在合理预算内，获得品质、设计与情感的全方位满足。商家亦悄然转身，从单纯比拼价格，到深耕产品力、打造品牌力，谋求长期健康发 展。 这场革命的破局者之一，就是淘宝国货严选。 据首席商业评论观察，作为淘天集团旗下聚焦产业带优质新国货的平台， 国货严选 正在重新定义"高质价比生活方式 ...

Group 1 - The core theme of the meeting was "Building a Connected Ecosystem through Compliance and Collaboration between Direct Selling Enterprises and E-commerce Platforms" [1] - A memorandum of cooperation was signed by five direct selling companies and five e-commerce platforms, aiming for mutual benefits and win-win outcomes [1] - The memorandum focuses on three main areas: ensuring genuine products in Shanghai, protecting consumer rights, and opposing "low-price competition" in the direct selling sector [1] Group 2 - The rise of counterfeit direct selling products and malicious defamation of direct selling brands has harmed the industry and consumer rights, highlighting the need for better communication between e-commerce platforms and direct selling companies [1] - Under the guidance of the Shanghai Market Supervision Administration, 277 e-commerce stores involved in "black market" activities have been closed, and 4,970 product links have been removed to protect legitimate direct selling enterprises [1] - The memorandum is seen as a starting point for collaboration, with six direct selling companies already establishing 18 official accounts on various e-commerce platforms to enhance brand building [2] Group 3 - Future plans include exploring information sharing and establishing regular communication channels between direct selling enterprises and e-commerce platforms [2] - Direct selling companies will actively seek deeper cooperation with e-commerce platforms to leverage platform traffic and technology for business development [2]

Core Insights - Vietnam's population reached 100.3 million in 2023, with a GDP of $476.3 billion and a GDP growth rate of 7.09% in 2024, making it an attractive market for consumer finance [1][2][3] Group 1: Market Potential - The large population and rapid economic growth position Vietnam as a suitable market for consumer finance, particularly cash loans [1] - Previous attempts by Chinese financial companies to enter the Vietnamese market in 2017 and 2018 ended in failure around 2020 due to regulatory issues and high bad debt rates [2][3][4] - Recent changes in the Vietnamese market, including the introduction of a "regulatory sandbox" for fintech, have renewed interest among Chinese financial companies [5][6] Group 2: Regulatory Developments - The Vietnamese government issued Decree No. 94/2025/ND-CP on April 29, 2023, which will take effect on July 1, 2025, aimed at establishing a regulatory sandbox for fintech innovation [9][10] - The regulatory sandbox allows P2P lending service providers to participate, indicating a potential easing of regulations in this area [12][13] - The sandbox will enable the accumulation of data for the State Bank of Vietnam, which will help in managing risks and developing a national credit information database [15][16] Group 3: Participation Requirements - P2P lending companies must meet strict requirements, including local registration, a qualified management team, and no foreign investment [18] - The application process involves submitting detailed plans and undergoing a review by the State Bank of Vietnam and other relevant departments [19][20] - The regulatory framework includes provisions for consumer protection, requiring companies to disclose risks and establish complaint mechanisms [25] Group 4: Market Landscape - Vietnam has a growing mobile payment and e-commerce sector, with major players like MoMo, ZaloPay, and ViettelPay already established [29][31] - MoMo, a leading fintech company, has over 60 million users, capturing 70% of the e-wallet market [31] - The e-commerce sector is also expanding rapidly, with significant growth in transaction volumes reported in early 2023 [32] Group 5: Competitive Landscape - Various mainstream lending products are available in Vietnam, including cash loans from MoMo, FE Credit, and Home Credit, each with different terms and conditions [35] - Despite the presence of mainstream players, there are still non-mainstream or "black market" lenders operating in the background [36] - The Vietnamese youth population is increasingly familiar with loans, indicating a potential market for consumer finance products [37]

Group 1 - The core announcement is the launch of RecGPT, a self-developed recommendation model with 100 billion parameters, which will enhance the "You Might Also Like" feature on the mobile Taobao homepage using AIGR (Generative Recommendation) technology [1] - Testing data indicates that the recommendation information flow powered by RecGPT has achieved a double-digit increase in user click-through rates, with over 5% improvements in both user add-to-cart actions and time spent on the platform [1] - RecGPT is built on the Taobao Star LLM model and utilizes reinforcement learning on user behavior data from over ten years, enhancing its reasoning capabilities in the e-commerce sector [1] Group 2 - The upgrade of the recommendation information flow represents the practical application of Taobao's AIGR technology, which is part of the broader AIGX technology system that encompasses various aspects of e-commerce operations [2] - The AIGX system includes components for indexing (AIGI), recommendation (AIGR), bidding (AIGB), auctioning (AIGA), creative generation (AIGC), and data management (AIGD), covering all necessary scenarios for e-commerce business operations [2]

转机出现在他接触TikTok之后。他发现，TikTok上年轻人对新奇饰品的兴趣极高，于是决定放手一搏。小王精心策划视频内容，拍摄饰品搭配不同风格服装 的短视频，展示饰品在不同场景下的魅力。他还发起创意挑战，邀请用户用他的饰品进行穿搭创作并 他的账号。这些有趣又有参与感的内容，很快在 TikTok上引发关注。一个展示复古风饰品搭配连衣裙的视频，短短几天播放量就突破百万，评论区不少用户询问购买链接。小王顺势在视频简介中引导用户 前往亚马逊店铺，那一周，他的店铺流量暴涨，订单量比之前一个月的总和还多。 新手卖家小王，主营时尚饰品。初入亚马逊，他满心期待，可现实却给了他沉重一击。站内广告投入不少，曝光量却少得可怜，产品淹没在海量商品中无人 问津。尝试站外推广，无论是论坛发帖还是社群分享，效果都微乎其微，店铺销量始终不见起色，小王一度心灰意冷。 但要在TikTok上获取有效流量并非易事。怎样让视频内容既有趣又能突出产品卖点？如何把握用户喜好，创作符合平台调性的内容？怎样与用户互动，将 TikTok的流量稳定引流到亚马逊店铺？这些问题都需要卖家们深入研究和实践。不知道各位亚马逊卖家，有没有在TikTok上寻找流量提升的突 ...

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Group 1 - The article discusses the potential of stablecoins in the internationalization of the RMB, suggesting investment opportunities in companies like New Guodu, Lakala, and Newland due to the expected increase in cross-border payment scale [4] - Ant Group is highlighted for its competitive advantages in compliance, technology, and market penetration, with recommendations to focus on related companies such as Hengsheng Electronics and Langxin Group [4] Group 2 - Akole announced a restricted stock incentive plan aimed at motivating core team members, with expectations for its COC/COP products to achieve mass sales in 2025 [9] - The report notes a significant drop in exports to North America in May, while the engineering machinery sector remains robust, with excavators and tractors showing double-digit growth [14] Group 3 - E-commerce platforms saw a 15.2% increase in sales during the recent promotional period, with a notable rise in instant retail sales by 18.7% [20] - The land market in key cities shows a 24% increase in average transaction prices, indicating a recovery in high-capacity urban real estate [25] Group 4 - The medical imaging equipment company maintains a positive outlook with projected net profits of 19.66 billion, 22.81 billion, and 28.17 billion for 2025-2027 [30] - The gaming industry is experiencing high demand, with several key product launches expected during the summer, recommending companies like Tencent and NetEase [35] Group 5 - Shanxi Lu'an Chemical's major shareholder has initiated a share buyback plan, and the company is changing its name to reflect its technological transformation [41] - Kingdee International is adjusting its revenue forecasts slightly downward but maintains a "buy" rating due to enhanced product capabilities driven by AI [46]

Core Insights - Uzbekistan is emerging as a new market for e-commerce and cross-border trade, driven by economic integration in Central Asia and a shift from a planned to a market economy [1][3] - The country is expected to be recognized as the "Digital Economy Year of Central Asia" by 2025, with e-commerce acting as a new economic engine attracting major players and policy support [1][3] Market Growth - Local sellers on the Wildberries platform have achieved over $1 billion in sales in the past two years, with strong performance in categories like clothing, home textiles, cosmetics, and small appliances [3] - Exports from Uzbekistan have seen rapid growth, with cross-border shipments to Russia, Belarus, Kazakhstan, and Kyrgyzstan doubling year-on-year, and a 63% increase in exports to Russia projected for 2024 [3][4] Infrastructure Upgrades - Wildberries announced a $150 million investment to build an 180,000 square meter flagship warehouse in Tashkent, marking a significant step in modernizing the e-commerce supply chain [4] - The new cargo terminal at Tashkent International Airport and the regular rail container route from Xi'an, China to Tashkent have greatly improved customs efficiency and transportation capacity [4] Local E-commerce Ecosystem - Wildberries is launching a "Growth Platform" in Uzbekistan to support around 100 local businesses in branding and e-commerce operations, providing access to digital advertising systems and training [5] - The establishment of over 130 logistics centers and 70,000 pickup points in Russian-speaking countries by Wildberries indicates a robust e-commerce ecosystem [5] Strategic Recommendations for Chinese Enterprises - Chinese exporters and manufacturers are advised to leverage the "first warehouse, then sales" strategy by utilizing Wildberries' warehousing services in Tashkent for faster delivery [6] - Companies should consider light brand operations using the Growth Platform for quick local user engagement and explore joint operations with local sellers [6] Conclusion - The e-commerce sector in Uzbekistan is entering a phase of rapid growth, presenting significant opportunities for Chinese manufacturers and exporters [6] - The period from 2025 to 2030 is identified as a strategic window for establishing a presence in the Uzbek market, which may offer a more controllable and replicable environment for expansion compared to previous markets [6]