国读懂 2025年综合整治"内卷式"竞争十大制度建设成 "内卷式"竞争是一种低价、低质、低水平 争，不仅扰乱市场信号、降低市场资源配置 率,侵蚀企业长期竞争力,更影响产业结构优 升级与高质量发展。市场监管总局于2025年 定、发布了一批针对性、操作性强的制度标准 系统构建了覆盖全面、衔接有序的规则体系， 力完善长效治理机制，引导企业从同质化低效 竞争转向高质量高水平竞争。 新修订的反不正当竞争法 进一步完善商业诋毁行为的认定规则,将平台 经营者强迫平台内经营者以低于成本的价格销 售商品、滥用平台规则实施虚假交易等典型 "内卷式" 恶性竞争行为纳入规制范围，为综 合整治"内卷式"竞争提供有利依据。 《强制注销公司登记制度实施办法》 通过规范强制注销公司登记程序,有序清理失 信主体,通过畅通市场退出渠道，有效提高市 场退出质量和效率,推动提升经营主体发展质 量。 to leil Park of the see 124 完美甲首余例头批小公/ ri 督促和指导各地区、各部门对拟出台的涉及产 业发展、招商引资、政府采购、招标投标等方 面的政策措施落实公平竞争审查责任,防止违 规出台政策措施干预市场公平竞争。 《关于提 ...

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为深入贯彻落实国家碳达峰碳中和目标，充分发挥行业组织在绿色低碳发展中的桥梁纽带作 用，中国开发区协会碳中和专业委员会、中国能源报中国能源经济研究院零碳园区专委会拟联 合发起搭建"零碳建设研究平台"（下简称"研究平台"），整合"政产学研用"多方资源，汇聚行 业力量推进零碳园区领域标准建设、技术创新与产业协同，全面提升零碳园区、零碳工厂建设 综合服务能力。 现诚邀各有关单位作为发起单位参与研究平台建设，具体事项通知如下： | 直连经济分析课题研究,整合零碳技术与解决方案、金融资本、专业 | | --- | | 服务、高端人才等全链条资源,建立供需对接与项目招引机制,为园 | | 区提供一站式综合服务。 | | (四)强化行业交流与品牌传播。定期组织零碳园区考察调研、 | | 高端论坛交流活动,促进前沿理念与实践经验互鉴共融;依托权威媒 | | 体渠道提升联合体及成员单位品牌影响力。 | | 二、征集范围 | | 研究平台征集范围覆盖园区零碳转型价值链关键主体,包括但不 | | 限于以下类型单位: | | (一)国家及各省、自治区、直辖市、发展改革委、能源局、工 | | 业和信息化厅(局)、园区管委会、住房和城乡建 ...

为深入贯彻落实国家碳达峰碳中和目标，充分发挥行业组织在绿色低碳发展中的桥梁纽带作 用，中国开发区协会碳中和专业委员会、中国能源报中国能源经济研究院零碳园区专委会拟联 合发起搭建"零碳园区建设联合体"（以下简称"联合体"），整合"政产学研用"多方资源，汇聚 行业力量推进零碳园区领域标准建设、技术创新与产业协同，全面提升零碳园区、零碳工厂建 设综合服务能力。 现诚邀各有关单位作为发起单位参与联合体建设，具体事项通知如下： （四）开展试点示范与能力建设。遴选代表性园区设立联合创新示范基地，通过专业培训、经验 交流等方式赋能园区建设，形成可复制可推广的零碳园区建设模式与实施路径。 （五）强化行业交流与品牌传播。定期组织零碳园区考察调研、高端论坛交流活动，促进前沿理 念与实践经验互鉴共融；依托权威媒体渠道提升联合体及成员单位品牌影响力。 二、征集范围 2026-2030 一、联合体工作重点 联合体将以实地调研、课题研究、专题会议为重要载体，围绕"研究、服务、合作、传播"四大核 心方向开展工作： （一）组建高端专家智库。汇聚国内外零碳领域知名专家、企业家、技术骨干，为联合体各项工 作提供专业指导与智力支撑。 （二）构建标 ...

天眼查App显示，近日，中山市德利佳科技有限公司成立，注册资本5万人民币，经营范围为一般项 目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；照明器具制造；照明器具销 售；半导体照明器件制造；半导体照明器件销售；电气设备销售；电子元器件制造；电子元器件批发； 光伏设备及元器件制造；光伏设备及元器件销售；智能控制系统集成；塑料制品销售；专业设计服务； 电子产品销售；五金产品批发；五金产品制造；互联网销售（除销售需要许可的商品）；太阳能热利用 产品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；工艺美术品及礼仪用品制造（象牙及其 制品除外）；货物进出口；技术进出口。[上述经营范围涉及：货物或技术进出口（国家禁止或涉及行 政审批的货物和技术进出口除外）。]（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）许可项目：建设工程施工；建设工程设计。（依法须经批准的项目，经相关部门批准后方可开展经 营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，中山市钰熙科技有限公司成立，法定代表人为钟福军，注册资本50万人民币， 经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；光纤制造； 光纤销售；照明器具制造；照明器具销售；半导体照明器件制造；半导体照明器件销售；电气设备销 售；机械电气设备销售；光通信设备制造；光通信设备销售；太阳能发电技术服务；光伏设备及元器件 制造；光伏设备及元器件销售；配电开关控制设备销售；智能输配电及控制设备销售；五金产品制造； 五金产品批发；金属链条及其他金属制品制造；金属链条及其他金属制品销售；塑料制品销售；日用玻 璃制品销售；货物进出口；技术进出口。[上述经营范围涉及：货物或技术进出口（国家禁止或涉及行 政审批的货物和技术进出口除外）。]（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Group 1 - Morgan Stanley strategists predict that the Chinese stock market will experience multiple incremental support factors leading to a higher probability of significant gains rather than severe downturns, thus upgrading the A-share rating to "overweight" [1] - The report highlights that the Asian stock market is likely to achieve moderate to strong gains driven by policy support, loose liquidity, and governance reforms [1] - The outlook for AI-related stocks is somewhat binary but overall positive, with the MSCI Asia (excluding Japan) index target set at 1025 points, indicating a potential increase of approximately 15% from Wednesday's closing price [1] Group 2 - The report indicates an "overweight" position on mainland China, Hong Kong, South Korea, and India, while maintaining a neutral stance on Taiwan and an underweight position on Southeast Asia [2] - The Chinese stock market has retraced some of its excess gains from this year, creating an attractive entry point, with multiple support factors expected next year, including AI applications, consumption measures, and governance reforms [2] - The J.P. Morgan China equity strategy team maintains a constructive view on the CSI 300, projecting a target of 5200 points by the end of 2026 under the baseline scenario [2] Group 3 - The four major investment themes for 2026 identified by the J.P. Morgan China equity strategy team include the execution of "anti-involution" policies, growth in domestic and international AI infrastructure/monetization, favorable macroeconomic conditions in developed markets benefiting overseas sales, and a K-shaped consumption recovery, along with potential new real estate policies [2] - The team has selected leading A-share companies in sectors such as automotive, battery materials, lithium, photovoltaics, cement, chemicals, coal, steel, dairy, pork, liquor, and logistics that are poised to benefit from the anti-involution trend, indicating a shift from price/scale competition to quality competition over a decade [3]

Market Review - The report highlights a "deposit migration" phenomenon in July, indicating that residents are increasing their allocation to risk assets, which should be considered when interpreting capital market statistics [1] - In September, despite technical indicators showing signs of divergence, major indices did not experience significant adjustments but instead consolidated at high levels, with residents buying risk assets on dips, effectively limiting the downside of indices [1] - The market exhibited structural differentiation, with strong performance in technology innovation sectors, particularly semiconductors and photovoltaics, while low valuation and dividend styles underperformed, and the financial sector saw a significant decline [1] Economic Environment - In August, investment, consumption, and export growth rates showed a downward trend, but monetary data remained positive; PPI year-on-year growth continued to decline but narrowed significantly compared to July [2] - From January to August, industrial enterprise profits turned positive year-on-year, with a slight recovery in operating income profit margins [2] - By the end of August, the year-on-year growth rate of non-financial enterprises' RMB demand deposits increased by 6.7%, up 2.3 percentage points from the previous month, aligning with the stabilization of M1 growth [2] Policy Environment - The policy focus in the third quarter continued to emphasize technological innovation while significantly strengthening the directions of "anti-involution" and "promoting consumption," with supply-side optimization combined with demand-side guidance [3] - An important article published in "Qiushi" magazine emphasized the need to build a unified national market, which is crucial for constructing a new development pattern and gaining international competitive advantages [3] Investment Strategy - Over the past year, policies have gradually advanced various reform and innovation measures, with effects being released and results becoming evident [4] - The report suggests that investors who believe in policies have already experienced the transition of the securities market from bearish to bullish; the market is now entering a new phase driven by performance recovery and deposit activation [6] - The report recommends maintaining a "barbell" allocation strategy focusing on dividend assets and technological innovation, while avoiding chasing highs and lows during the index consolidation period [6] Market Performance - As of September 26, major indices such as the London Gold and Ho Chi Minh Index led the performance among major asset classes, with London Gold reaching a historical high of $3758.78 per ounce, up 43.2% year-to-date [10] - The A-share market saw significant gains, with the total return of the entire A-share market at 24.0% year-to-date, and the ChiNext Index and Sci-Tech 50 leading with gains of 47.2% and 46.7%, respectively [11] - The report notes that 87.1% of the 27 Shenwan first-level industries have risen year-to-date, with the communication sector leading with a cumulative increase of 63.6% [17] Fund Flow - Southbound capital inflows reached a new high, with a cumulative net inflow of 48,514.8 billion HKD as of September 26, marking a monthly net inflow of 1,746.9 billion HKD in September [25] - The margin financing balance reached a historical high of 24,273.7 billion CNY, with a significant increase compared to the previous month and year-end [27]

Core Insights - The report indicates that China's stock market has shown signs of recovery with a slight increase in revenue and profit for listed companies in the first half of 2025, reflecting a year-on-year growth of 0.16% in revenue and 2.54% in net profit [1] Group 1: Financial Performance - Nearly 60% of companies reported positive revenue growth, with over 75% achieving profitability; 2,475 companies saw net profit growth, and 1,943 companies experienced both revenue and net profit growth [2] - Excluding the financial sector, the revenue of real economy listed companies remained stable at 30.42 trillion yuan, while net profit increased by 0.94% to 1.59 trillion yuan [2] - The growth rates for companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange were notably higher, with revenue growth of 9.03%, 4.9%, and 6.08% respectively, and net profit growth of 11.18% for the ChiNext [2] Group 2: Industry Trends - The "old-for-new" subsidy policy has led to significant growth in the new energy vehicle sector, with listed companies in this area seeing net profit growth exceeding 30% [3] - The consumer electronics sector is experiencing accelerated domestic substitution, with revenue growth of 24.82% [3] - The logistics sector is also showing improvement, with a 10% revenue increase among five listed express delivery companies [3] Group 3: R&D and Innovation - Total R&D investment across the market exceeded 810 billion yuan, marking a year-on-year increase of 3.27% [4] - The R&D intensity for the ChiNext, STAR Market, and Beijing Stock Exchange was reported at 4.89%, 11.78%, and 4.63% respectively, indicating a strong emphasis on technology [4] - The issuance of technology innovation bonds has expanded rapidly, with 824 bonds issued and a financing scale exceeding 1.02 trillion yuan [4] Group 4: Shareholder Returns - A total of 818 companies announced cash dividend plans, with a total dividend payout of 649.7 billion yuan, reflecting a slight increase in the overall dividend payout ratio to 31.97% [6] - The trend of regular dividends and share buybacks is becoming normalized, with 79 companies maintaining mid-term dividends for three consecutive years [6] - State-owned enterprises contributed 71% of the total dividend amount, with 13 companies distributing over 10 billion yuan each [6] Group 5: Market Dynamics - The capital market is forming a virtuous cycle, with technology innovation companies expanding through financing and fostering new productive forces [7] - The interaction between production and consumption is driving high-quality development in the capital market [7]

Group 1 - The integration of green technology into daily life is showcased at the 2025 China International Fair for Trade in Services, featuring innovations such as solar-powered charging stations and biodegradable products made from citrus waste [1][2] - The orange processing industry chain presented by Beijing Light Industry Holdings demonstrates resource recycling, with by-products like orange peel being transformed into natural sweeteners and biodegradable materials [1] - The solar charging chair developed by BOE Technology Group features photovoltaic panels and wireless charging capabilities, enhancing charging efficiency with a maximum output of 250 kW [1][2] Group 2 - A "zero-carbon house" constructed with various photovoltaic materials has a capacity of 7 kW and can generate an annual output of 3,800 kWh, significantly reducing coal consumption and CO2 emissions [2] - Beijing Pure Lithium New Energy Technology Co. showcases solid-state batteries and smart battery swapping systems, enhancing safety and efficiency for electric bicycles [2] - Sinopec's exhibition highlights its green hydrogen production capabilities, including a project in Xinjiang with an annual output of 20,000 tons of green hydrogen, contributing to a total hydrogen production capacity of 4.45 million tons [3] Group 3 - The zero-carbon park solutions presented at the fair include comprehensive services for carbon management, energy efficiency, and renewable energy integration, with a focus on achieving carbon neutrality [3][4] - Hebei Huatong Technology Co. offers a one-stop service for zero-carbon park construction, featuring an energy management platform that has achieved an energy utilization rate of 86.8% and a reduction in carbon emissions by 31.5% [3] - Beijing Jingneng Technology Co. presents a model of a zero-carbon park, incorporating solar panels and mobile charging solutions, while promoting environmental sustainability through biodegradable seed cards [4]