图源：市场监管总局 编辑 樊一婧 校对 张彦君 《指引》核心章节围绕垄断协议、滥用市场支配地位、经营者集中及滥用行政权力排除限制竞争四类行 为，逐一细化风险识别框架。 其中，滥用市场支配地位部分细化考量因素，并配6个示例；垄断协议部分明确分析路径，配2个示例。 8个风险示例整体覆盖平台间算法共谋、组织帮助平台内经营者达成垄断协议、平台不公平高价、低于 成本销售、"封禁屏蔽""二选一""全网最低价"、差别待遇等典型行为。 《指引》明确，上述示例仅为风险提示，是否构成违法需经调查取证、分析论证后依法认定，但鼓励平 台主动对照评估、及时自查整改。 新京报讯（记者陈琳）为帮助平台企业精准识别反垄断合规"红线"，市场监管总局近日编制发布《互联 网平台反垄断合规指引》（以下简称《指引》）。《指引》共5章38条，首次以"条文+示例"形式系统梳 理平台经济领域垄断风险，并针对算法共谋、"封禁屏蔽""二选一""全网最低价"等8类典型场景作出明 示。 《指引》在开篇即点明，平台经营者兼具"管理者"属性，可能通过数据、算法、技术、资本及平台规则 等影响竞争生态。一旦实施排除、限制竞争行为，将损害多方主体利益。为此，《指引》强调平台 ...

记者从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合规风险，促进平台经济 创新和健康发展， 《互联网平台反垄断合规指引》今天发布 。 互联网平台涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营者能够通过平台 规则、数据、算法、技术手段等影响平台竞争生态，一旦平台经营者从事排除、限制竞争行为，将会损 害多方主体利益。执法实践显示，互联网平台具有独特的竞争特点和规律，在垄断行为类型、表现、损 害等方面与传统领域存在一定差异，平台经济新业态新模式不断涌现，竞争行为纷繁复杂，平台经营者 对识别垄断风险、明晰行为边界充满期待。 制定《指引》是对反垄断合规制度规则的进一步细化，有 利于回应平台经营者关切，支持、引导其精准识别、评估、防范垄断风险。 指引要求，平台经营者应遵循针对性、全面性、穿透性和持续性四大原则，开展反垄断合规管理工作， 实现规则公平、算法向善、竞争合规，切实承担反垄断合规主体责任，健全反垄断合规制度，加强反垄 断合规管理，依法竞争、合规经营，不得利用数据和算法、技术、资本优势、平台规则等从事《中华人 民共和国反垄断法》禁止的垄断行为。 《指引》重点规定了 垄断协议、滥 ...

记者从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合规风险，促进 平台经济创新和健康发展，《互联网平台反垄断合规指引》今天发布。 互联网平台涉及平台经营者、平台内经营者、消费者和从业人员等多方主体。平台经营者能够 通过平台规则、数据、算法、技术手段等影响平台竞争生态，一旦平台经营者从事排除、限制 竞争行为，将会损害多方主体利益。执法实践显示，互联网平台具有独特的竞争特点和规律， 在垄断行为类型、表现、损害等方面与传统领域存在一定差异，平台经济新业态新模式不断涌 现，竞争行为纷繁复杂，平台经营者对识别垄断风险、明晰行为边界充满期待。 制定《指 引》是对反垄断合规制度规则的进一步细化，有利于回应平台经营者关切，支持、引导其精准 识别、评估、防范垄断风险。 《指引》将《中华人民共和国反垄断法》的系列核心条款转化为具体可识别的行为边界。根据 平台经济行业特点、经营模式、竞争规律等，指引提出了8个场景中的新型垄断风险，包括： 平台间算法共谋、组织帮助平台内经营者达成垄断协议、平台不公平高价、平台低于成本销 售、封禁屏蔽、"二选一"行为、"全网最低价"、平台差别待遇， 为平台经营者加强反垄断合 规管理提 ...

指引要求，平台经营者应遵循针对性、全面性、穿透性和持续性四大原则，开展反垄断合规管理工作， 实现规则公平、算法向善、竞争合规，切实承担反垄断合规主体责任，健全反垄断合规制度，加强反垄 断合规管理，依法竞争、合规经营，不得利用数据和算法、技术、资本优势、平台规则等从事《反垄断 法》禁止的垄断行为。 《指引》重点规定了垄断协议、滥用市场支配地位、经营者集中和滥用行政权力排除、限制竞争等4类 垄断风险。为平台经营者划出清晰明确的"红线"。 《指引》将我国《反垄断法》的系列核心条款，转化为具体可识别的行为边界。根据平台经济行业特 点、经营模式、竞争规律等，指引提出了8个场景中的新型垄断风险，包括：平台间算法共谋、组织帮 助平台内经营者达成垄断协议、平台不公平高价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全 网最低价"、平台差别待遇，为平台经营者加强反垄断合规管理提供可操作性强的指导建议。(总台央视 记者汪君) 据央视新闻微博消息，记者从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合 规风险，促进平台经济创新和健康发展，《互联网平台反垄断合规指引》今天发布。 互联网平台涉及平台经营者、平台内经营 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 从市场监管总局了解到，为支持和引导互联网平台经营者有效防范反垄断合规风险，促进平台经济创新 和健康发展，《互联网平台反垄断合规指引》今天发布。 互联网平台涉及平台经营者、平台内经营 者、消费者和从业人员等多方主体。平台经营者能够通过平台规则、数据、算法、技术手段等影响平台 竞争生态，一旦平台经营者从事排除、限制竞争行为，将会损害多方主体利益。执法实践显示，互联网 平台具有独特的竞争特点和规律，在垄断行为类型、表现、损害等方面与传统领域存在一定差异，平台 经济新业态新模式不断涌现，竞争行为纷繁复杂，平台经营者对识别垄断风险、明晰行为边界充满期 待。制定《指引》是对反垄断合规制度规则的进一步细化，有利于回应平台经营者关切，支持、引导其 精准识别、评估、防范垄断风险。 指引要求，平台经营者应遵循针对性、全面性、穿透性和持续性四 大原则，开展反垄断合规管理工作，实现规则公平、算法向善、竞争合规，切实承担反垄断合规主体责 ...

Group 1 - The core viewpoint of the articles highlights the significant progress in antitrust reviews and the promotion of fair competition in China's market, with a focus on the efficiency of merger and acquisition (M&A) approvals [1][2] - In 2025, the State Administration for Market Regulation (SAMR) concluded 706 cases of operator concentration, marking a year-on-year increase of 9.8%, indicating a robust competitive market environment [1] - The average acceptance time for M&A cases was 17.9 days, and the average review time was 6.8 days, maintaining a leading position among major global jurisdictions [1] Group 2 - During the "14th Five-Year Plan" period, a total of 3,667 cases of operator concentration were concluded, involving transaction amounts of approximately 17.4 trillion yuan, with over 99% of concentrations being quickly approved [2] - The SAMR's approval of significant transactions, such as the conditional approval of the acquisition of Dole's equity by an American company, demonstrates its commitment to maintaining stability in the automotive supply chain [2] - The SAMR aims to create a fair and vibrant market environment through high-quality regulatory enforcement, promoting investment and M&A activities to strengthen the national unified market [2]

Core Viewpoint - The article discusses the importance of protecting the rights of new employment form workers in China, highlighting government actions to regulate labor practices in companies like Meituan, Taobao, and JD.com [2][4]. Group 1: Government Actions and Regulations - The Ministry of Human Resources and Social Security, along with five other departments, has initiated administrative guidance for 16 companies to ensure compliance with labor management and protect the rights of new employment form workers [2]. - A special action was launched to enhance labor rights protection for new employment form workers, resulting in inspections of 79,000 companies and addressing 14,000 violations [3]. - The government aims to strengthen collaborative governance and establish a regular regulatory mechanism to maintain labor rights [4]. Group 2: Labor Market Statistics - As of August 2025, there are 84 million new employment form workers in China, accounting for 21% of the total workforce. Including flexible employment, this group reaches approximately 200 million [2]. - The number of flexible and new employment form workers continues to grow, with issues of income instability and insufficient labor protection still prevalent [2]. Group 3: Legislative Developments - The government plans to draft the "Basic Rights Protection Measures for New Employment Form Workers" to clarify labor standards and corporate responsibilities, building on previous guidelines issued in July 2021 [5]. - The focus on legislative enhancement is crucial due to the evolving nature of employment forms in the platform economy, which has outpaced existing labor laws [5]. Group 4: Key Focus Areas for Future Guidance - Future administrative guidance will emphasize algorithm regulation, ensuring fair income for workers and addressing issues related to payment rules and commission rates [6]. - The government aims to expand occupational injury insurance coverage and improve social security measures for new employment form workers over the next three years [6]. - Enhanced supervision through big data will be implemented to monitor employment scales, forms, responsibilities, and income changes [6]. Group 5: Collaborative Efforts and Legal Framework - Strengthening administrative guidance is part of a broader strategy that includes collaboration with public prosecution for effective supervision of new employment forms [7]. - Continuous improvement of legal frameworks and clear focus areas are essential for the governance of new employment forms [8].

Core Viewpoint - The government is enhancing administrative guidance and rigid supervision measures to protect the rights of new employment form workers, focusing on companies like Meituan, Taobao, and JD [1][2]. Group 1: Administrative Guidance and Supervision - The Ministry of Human Resources and Social Security, along with six other departments, is conducting administrative guidance for 16 companies to ensure they fulfill their employment responsibilities and improve labor management [1]. - A special action to enhance labor rights protection for new employment form workers was launched, resulting in inspections of 79,000 companies and addressing 14,000 violations [2]. - The collaborative approach among seven departments reflects a commitment to strengthen governance and establish a regular supervision mechanism [2]. Group 2: Legislative and Regulatory Framework - There is a need to strengthen legislation to keep pace with the evolving employment forms in the platform economy, as current labor laws are lagging [3]. - The government plans to establish a "Basic Rights Protection Method for New Employment Form Workers" to clarify labor standards and corporate responsibilities [3]. Group 3: Focus Areas for Administrative Guidance - Key focus areas for administrative guidance include regulating algorithms that affect worker compensation and ensuring social security measures are effectively implemented [4]. - The government aims to expand occupational injury insurance coverage and improve participation in basic pension and medical insurance for flexible and new employment form workers [4]. Group 4: Data-Driven Supervision - Utilizing big data to enhance supervision over employment scale, forms, responsibilities, working hours, and income changes is essential for effective administrative guidance [5]. - The collaboration between administrative guidance and rigid supervision measures, such as public interest litigation by procuratorial organs, is crucial for regulating new employment forms [5].

资本集团股票投资总监Andy Budden表示，目前市场表现强劲，但同时充斥着大量变量与波动，预期市 场最终总会回归长期基本面，故认为现时仍是投资良机，呼吁投资者坚守三大投资原则。该行同时指 出，只持有美国科技股并非现阶段最佳投资策略，配置宜变得多元化。 Andy Budden认为，随着人工智能(AI)急速发展，经济增长过往依赖劳动力增加，但随着人口结构改 变，劳动力正在萎缩，预期经济增长动力会由人口红利变成AI变革，直言AI现时正以前所未有的速度 取代劳工，预期AI对生产力的推动将是最初预期的两倍。他补充，虽然AI会取代部分劳动力，但企业 正创造更高效的新职位，整体对经济仍持乐观态度。 该行股票投资总监李乐鸣指出，虽然市场基本面乐观，但认为今年股票市场或可能因成熟市场AI板块 估值及预期偏高、以及地缘政治因素等出现回调。但指市场复苏时间通常比预期长，所以关键不在 于"预测时机"，而是"留在市场内的时间"。 投资者以往会锁定增长股，特别是美国科技股，但未来将并非一个理想组合。投资组合需要变得均衡 (Balanced)、具全球视野(Global)以及主动管理(Active)，又指盈利增长正从美国扩散到全球其他地 ...

近日，人社部会同中央社会工作部、中央网信办等七部门，对美团、淘宝闪购、京东秒送、顺丰同城、 滴滴、货拉拉等16家平台企业开展用工行政指导。会议要求有关企业全面落实用工主体责任，持续改进 劳动管理，切实保障好新就业形态劳动者权益。这条新闻没上热搜，但影响的人超过8400万。 新就业形态劳动者，就是那些骑着电动车送外卖的，开着车跑网约车的，骑着三轮车送快递的，在直播 间里卖货的，还有给货运平台开车的等。2023年第九次全国职工队伍状况调查结果显示，全国新就业形 态劳动者已达8400万人，占职工总数的21%。如果算上灵活就业人员，这个数字超过2.4亿。你身边一 定有这样的人。可能是你刚毕业暂时没找到工作的表弟，可能是你辞职后过渡期的同学，可能是你退休 后想再赚点钱的父亲，也可能是你那个说"先跑两年外卖再说"的室友。 这些人支撑起了城市的基本运转。没有他们，你点的外卖不会准时送到，你网购的包裹不会当天到达， 你深夜加班后打不到车回家。特殊时期，他们是"保供"的重要力量。平时，他们是"即时满足"消费习惯 的底层支撑。他们的劳动价值不需要论证，没有他们，平台经济就是空中楼阁。 但现实中，他们的处境并不太好。首先是劳动关系 ...