在平台经济方面，《互联网平台反垄断合规指引（征求意见稿）》支持和引导平台企业加强反垄断合规 管理，对新型垄断风险作出明确提示，赋能平台企业更好识别防范垄断风险，保护市场公平竞争，促进 平台企业创新和健康发展。 在外卖领域，《外卖平台服务管理基本要求》规定了外卖平台服务管理的总体要求，包括商户管理、价 格行为、配送员权益保障、消费者权益保护，以及投诉、申诉及处置等要求，提升服务质量，减少无序 竞争。 本报记者 寇佳丽 1月9日，国家市场监督管理总局（以下简称"市场监管总局"）召开2025年综合整治"内卷式"竞争十大制 度建设成果专题新闻发布会。 会上，市场监管总局竞争协调司副司长赵春雷表示，"内卷式"竞争是一种低价、低质、低水平竞争，不 仅扰乱市场信号、降低市场资源配置效率，侵蚀企业长期竞争力，更影响产业结构优化升级与高质量发 展。为贯彻党中央、国务院关于综合整治"内卷式"竞争的重大决策部署，市场监管总局坚持问题导向、 结果导向、目标导向，于2025年制定、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，着力完善长效治理机制，引导企业从同质化低效能竞争转向高质量高水平竞 争。 具 ...

1月9日，市场监管总局竞争协调司副司长赵春雷在专题发布会上发布了2025年综合整治"内卷式"竞争方 面推出的十大制度建设成果： 一是新《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。 二是《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。 三是《公平竞争审查条例实施办法》。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。 四是《互联网平台反垄断合规指引（征求意见稿）》。支持和引导平台企业加强反垄断合规管理，对新 型垄断风险作出明确提示，赋能平台企业更好识别防范垄断风险，保护市场公平竞争，促进平台企业创 新和健康发展。 五是《关于提升网络交易平台产品和服务质量的指导意见》。聚焦产品创新和服务标准化，强化平台和 经营者的主体责任，优化 ...

张道阳说，畅通退出，绝不是让失信者"金蝉脱壳"。办法明确规定，公司被强制注销登记的，原公司股 东、清算义务人的责任不受影响，杜绝了部分人利用"被强制注销"来逃避债务的侥幸心理，强化了企业 守法诚信意识。 新华社北京1月9日电 题：综合整治"内卷式"竞争 2025年市场监管领域制度建设成果丰硕 对于创新活跃、模式复杂的领域，侧重合规指导，帮助平台企业建立健全内部合规机制。《公平竞争审 查条例实施办法》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。《互联网平台 反垄断合规指引（征求意见稿）》支持和引导平台企业加强反垄断合规管理，对新型垄断风险作出明确 提示，赋能平台企业更好识别防范垄断风险，保护市场公平竞争，促进平台企业创新和健康发展。 针对互联网平台"补贴大战"等现象，出台《外卖平台服务管理基本要求》。针对网络销售领域存在 的"重营销轻质量""低价低质"等现象，制定《关于提升网络交易平台产品和服务质量的指导意见》，为 推动实现"优质优价"的良性循环提供制度保障。 市场监管总局信用监管司副司长张道阳表示，综 ...

智通财经记者 | 张旭 截至2024年年末，我国60周岁以上人口达3.1亿，占总人口的22%。让所有老年人都能有一个幸福美满 的晚年，是家事，也是国事。 随着我国人口老龄化程度不断加深，养老服务需求日渐增长，养老服务体系建设也面临新的挑战。在此 背景下，1月7日，中办、国办发布《深化养老服务改革发展的意见》（以下简称：《意见》）。《意 见》明确，到2029年，我国养老服务网络基本建成；到2035年，养老服务网络更加健全，适合我国国情 的养老服务体系成熟定型。 《意见》提出17条清晰"路径"。从完善村（社区）养老服务设施站点、巩固居家养老基础作用，到加快 补齐农村养老服务短板、加强养老服务人才队伍建设等，均作出明确部署。 今年7月，民政部会同财政部组织开展向中度以上失能老年人发放养老服务消费补贴试点工作，在浙 江、山东、重庆市等地先行开展项目试点，切实惠及老年群体。与此同时，适老化改造持续推进，全国 同步开展消费品以旧换新补贴，截至今年9月，国家财政补贴资金近10亿元。 此外，居家社区养老服务持续深化，全国启动2025年居家和社区基本养老服务提升行动项目。中央财政 投入9亿元资金支持50个项目地区建设家庭养老床 ...

南都讯 随着新经济蓬勃发展，灵活就业群体规模持续扩大，已成为我国劳动力市场的重要组成部分。 近年来，政府部门也出台了多项指导性政策意见，推动平台企业探索灵活就业群体保障新模式。 针对近年来外卖配送员权益保障不足等问题，近日，市场监管总局发布实施推荐性国家标准《外卖平台 服务管理基本要求》。其中，聚焦平台用工管理，强化配送员权益保障。围绕劳动强度、职业关怀和社 会保障等方面，提出合理确定劳动时间、完善职业培训体系、探索多元保障方式等内容，助力健全配送 员权益保障机制。 随着灵活就业成为新经济下的重要就业形态，该群体的社会保障问题日益成为社会关注的焦点。日前， 一场有关灵活就业群体权益与福利保障的座谈会在广州市海珠区滨江街道江湾片区人大代表联络站举 行。专家学者、企业负责人以及网约车司机、网络主播、家政保洁等灵活就业群体代表齐聚一堂，围绕 社保缴纳、责任划分等核心议题展开深入探讨，为完善灵活就业群体社会保障体系凝聚共识、建言献 策。 灵活就业群体权益与福利保障调研座谈会在广州举行，专家学者、企业负责人以及灵活就业群体代表齐 聚一堂。 专家学者们指出，政府、平台、社会的多方合力，将为灵活就业群体织密一张更有温度、更 ...

Core Insights - Hummingbird Ventures, a London-based venture capital firm, focuses on supporting "outlier" founders, which has led to the recognition of its partners Barend Van den Brande and Firat Ileri in Forbes' Midas List Europe [2][3] - The firm successfully led a $15 million Series A funding round for BillionToOne, a medical diagnostics startup, which later went public with a market valuation reaching $4.4 billion [2][3] - Hummingbird's investment strategy emphasizes identifying founders with unique backgrounds and resilience, particularly those who have faced significant challenges in their lives [4][5] Investment Strategy - Hummingbird seeks "outlier" founders who possess a strong desire to succeed despite their unconventional backgrounds [4][5] - The firm has invested in various sectors, including biotechnology, cryptocurrency, artificial intelligence, and gaming, based on the shared traits of resilience among founders [3][4] - Hummingbird's approach diverges from traditional venture capital by focusing on fewer investments, often concentrating a significant portion of their funds into a single startup [9][12] Performance Metrics - Hummingbird's second fund, raised in 2012, has achieved a distribution to paid-in (DPI) ratio of 10x and an internal rate of return (IRR) of 46%, outperforming many peers [11][12] - The firm’s early funds rank among the top 10% of venture capital funds established since 2012, showcasing exceptional performance compared to industry averages [12] - Hummingbird's investment philosophy aligns with the pursuit of "cognitive arbitrage," similar to that of notable investors like Peter Thiel, but with a more aggressive and early-stage investment style [12][13] Team and Operations - Hummingbird's team consists of 14 members who actively search for promising founders globally, with a flexible approach to exploring opportunities in various regions [9][13] - The firm has established a talent team to assist founders in recruiting key management personnel, marking a rare alignment with traditional venture capital practices [11] - Hummingbird's headquarters in London is strategically located near other prominent venture capital firms, enhancing its networking and investment opportunities [13]

Group 1 - The core argument is that the traditional notion of "savings ethics" is being undermined in the U.S. due to structural economic changes, leading individuals to prioritize immediate gratification over long-term savings [2][3][13] - The pathway for savings to convert into significant assets, particularly housing, has narrowed, with the average home price now approximately 5.3 times the annual income, compared to 2.5 times half a century ago [6][7] - The stability of currency as a measure of value and a store of wealth has been shaken, with real wages stagnating since the 1970s while living costs continue to rise, eroding the purchasing power of savings [9][10] Group 2 - Future income expectations have become increasingly uncertain due to technological advancements, globalization, and the rise of the gig economy, making traditional career paths less reliable [11][12] - Young Americans are experiencing a shift in behavior, opting for immediate consumption over saving, as they perceive that their savings are being eroded by inflation and that long-term financial planning lacks a solid foundation [14][15] - A sense of financial nihilism is spreading among younger Americans, particularly those from lower socioeconomic backgrounds, who feel that traditional methods of earning and saving are no longer effective [17][21] Group 3 - The current economic landscape is characterized by a growing divide between asset owners and ordinary workers, with the former benefiting from rising asset prices while the latter face stagnant wages and increasing living costs [38][41] - The economy is increasingly driven by financial transactions and asset trading rather than manufacturing, with the manufacturing sector now comprising only about 10% of the economy [52][53] - The separation between asset and real economy pricing mechanisms has created a significant disparity in wealth creation, where asset holders benefit from market fluctuations while laborers rely solely on wages [60][63] Group 4 - Young people's consumption patterns are shifting towards immediate experiences, such as ordering takeout, as they prioritize time and social expression over traditional long-term investments like homeownership [77][81] - The perception of the future among young people is marked by uncertainty, leading them to focus on present enjoyment rather than long-term savings, as they view the future as fraught with risks [84][88] - Potential future scenarios for the U.S. economy include stagnation similar to Japan or severe social stratification akin to some Latin American countries, with a need for significant reforms to restore social mobility and address wealth inequality [89][91][96]

来源：海峡都市报 N海都全媒体记者 梁展豪 见习记者 张雅皇 文/图 12月4日，市场监管总局发布实施推荐性国家标准《外卖平台服务管理基本要求》。针对"幽灵外卖"问 题，标准提出，商户应提供带有门店定位的"一镜到底"视频，平台应根据视频核验定位信息与商户证照 的一致性，并校验配送员地址、对商户标识"堂食"标签等。 在高校周边，学生群体密集，外卖点单频繁。然而，记者调查发现，在福州高校周边，尽管不乏规范经 营、口碑良好的优质商家，但"虚假门头图""一店多用"的情况依然存在。更令人担忧的是，在淘宝、闲 鱼等交易平台上，无证经营的"幽灵外卖"通过中介包装，即可摇身一变成为"正规店铺"，入驻各大外卖 平台。 外卖平台店铺"照骗"泛滥 问题1： 平台登记地址唱"空城计" 连江县潘渡镇有两所高校——福建商学院（连江校区）和福州理工学院。尽管地处偏僻，周边多为农田 与村庄，但记者打开多个主流外卖平台后发现，除校园食堂外，平台上可选择品类繁多的餐饮商家。 以淘宝闪购平台上的"明哥烤肉拌饭"为例，该店月销量超200单，不少学生评价"好吃""碗大"。平台公 示的经营地址为"连江县潘渡镇潘渡村潘渡街101号"。然而，记者实地走访该 ...

货拉拉司机郑凯基坦言，之前担心准点率影响抢单，遇到堵车或客户临时调整时间时压力很大，如今知 道准点率与中单无关，"不用再拼命赶路，和用户沟通清楚就好"。 随着这些举措落地，新就业形态劳动者的"时间体验"正悄然改变。外卖骑手不用再为几分钟超时焦虑， 遇到商家出餐慢可上报异常获得补时；货车司机跑单时心里更有底，新司机能参考建议到达时间规划路 线，老司机也不必因意外情况担心收入受影响。司机刘圣说，平台给出的时间很合理，还会提前考虑货 车限行、高峰期堵车等因素，"只考核装货准点率，不牵扯卸货时间，对我们很公平"。 货拉拉司机管理部负责人汪晓兰表示，货拉拉持续公开算法规则，核心是推动平台规则透明化与司机体 验优化。本次公开的建议到达时间，科学地在导航基础时间上，基于距离、车型为司机额外延长更多时 间。同时，明确仅考核快车/特快订单的"装货地准点率"，且不影响司机中单，根本目的是尊重现实路 况复杂性，避免司机因时间压力产生不必要的赶路风险，将安全放在首位。这些举措，都是为了构建更 公平、更安全、更值得信赖的司机工作环境。 在业内人士看来，这场"时间松绑"的本质，是货拉拉等平台型企业的算法从"效率优先"向"人性化协 同"转 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - In the context of the mild recovery of the domestic economy and the increasing expectation of global liquidity easing, the policy resonance of the Fed's December interest - rate meeting and the Chinese Central Economic Work Conference will affect the A - share market rhythm in December and lay the foundation for the cross - year market and the investment mainline in 2026. Before the official implementation of the policies of the two meetings, funds may be more cautious, and the stock market is expected to be mainly volatile with funds preferring defensive allocations. After the meeting content is clear, the positive policy signals and the Fed's interest rate cuts may boost market risk appetite again [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and the quarter after next) were 4530.60, 4512.20, 4492.20, and 4441.60 respectively, with increases of 17.20, 14.20, 15.40, and 12.00 respectively, and increases of 0.38%, 0.32%, 0.34%, and 0.27% respectively. The trading volumes were 63708.00, 3708.00, 20155.00, and 5003.00 respectively, and the open interests were 136475.00, 8471.00, 90771.00, and 26187.00 respectively, with changes of - 5723.00, 505.00, 851.00, and 425.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and the quarter after next) were 2968.20, 2959.80, 2958.60, and 2943.80 respectively, with increases of 13.00, 10.00, 10.80, and 10.60 respectively, and increases of 0.44%, 0.34%, 0.37%, and 0.36% respectively. The trading volumes were 27688.00, 1268.00, 8640.00, and 1677.00 respectively, and the open interests were 53262.00, 2694.00, 23841.00, and 7797.00 respectively, with changes of - 2692.00, 228.00, - 354.00, and - 202.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and the quarter after next) were 6983.20, 6926.20, 6812.20, and 6605.00 respectively, with increases of 42.00, 37.80, 40.20, and 39.00 respectively, and increases of 0.61%, 0.55%, 0.59%, and 0.59% respectively. The trading volumes were 64721.00, 4034.00, 23747.00, and 7294.00 respectively, and the open interests were 123278.00, 11229.00, 76774.00, and 32908.00 respectively, with changes of - 10513.00, 789.00, 1096.00, and 52.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and the quarter after next) were 7213.40, 7137.20, 6987.80, and 6748.20 respectively, with increases of 28.00, 23.20, 26.60, and 27.40 respectively, and increases of 0.39%, 0.33%, 0.38%, and 0.41% respectively. The trading volumes were 116454.00, 7618.00, 35706.00, and 12279.00 respectively, and the open interests were 181088.00, 17229.00, 102333.00, and 56566.00 respectively, with changes of - 11986.00, 1137.00, - 1707.00, and - 1212.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 18.40, - 8.40, - 57.00, and - 76.20 respectively, compared with the previous values of - 16.00, - 6.60, - 56.60, and - 74.20 respectively [1] 2. Stock Index Spot Market - **CSI 300 Index**: The previous value was 4546.57, with an increase of 0.34%. The trading volume was 147.20 billion lots, and the total trading amount was 3487.67 billion yuan [1] - **SSE 50 Index**: The previous value was 2974.34, with an increase of 0.38%. The trading volume was 36.28 billion lots, and the total trading amount was 886.22 billion yuan [1] - **CSI 500 Index**: The previous value was 7012.81, with an increase of 0.24%. The trading volume was 141.04 billion lots, and the total trading amount was 2399.13 billion yuan [1] - **CSI 1000 Index**: The previous value was 7248.66, with an increase of 0.01%. The trading volume was 194.84 billion lots, and the total trading amount was 3113.16 billion yuan [1] - **Industry Indexes**: Among different industries, energy, raw materials, industry, and optional consumption had increases of 0.48%, 0.41%, 0.66%, and 0.25% respectively; main consumption, medical and health, real estate and finance, and information technology had changes of - 0.79%, 0.28%, - 0.08%, and 1.09% respectively; telecommunications and public utilities had changes of 0.94% and - 0.23% respectively [1] 3. Futures - Spot Basis - The previous values of the basis between IF contracts (current month, next month, next quarter, and the quarter after next) and the CSI 300 Index were - 15.97, - 34.37, - 54.37, and - 104.97 respectively, compared with the previous two - day values of - 12.85, - 28.85, - 48.65, and - 97.25 respectively [1] - The previous values of the basis between IH contracts (current month, next month, next quarter, and the quarter after next) and the SSE 50 Index were - 6.14, - 14.54, - 15.74, and - 30.54 respectively, compared with the previous two - day values of - 4.68, - 11.28, - 11.88, and - 26.08 respectively [1] - The previous values of the basis between IC contracts (current month, next month, next quarter, and the quarter after next) and the CSI 500 Index were - 29.61, - 86.61, - 200.61, and - 407.81 respectively, compared with the previous two - day values of - 45.96, - 102.56, - 214.96, and - 423.76 respectively [1] - The previous values of the basis between IM contracts (current month, next month, next quarter, and the quarter after next) and the CSI 1000 Index were - 35.26, - 111.46, - 260.86, and - 500.46 respectively, compared with the previous two - day values of - 52.87, - 127.07, - 280.07, and - 517.27 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3875.79, 13006.72, 7904.33, and 3067.48 respectively, with changes of - 0.06%, 0.40%, 0.26%, and 1.01% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 25935.90, 49864.68, 6857.12, and 23899.33 respectively, with changes of 0.68%, 1.14%, 0.87%, and 0.11% respectively [1] 5. Macroeconomic Information - Chinese President Xi Jinping held talks with French President Emmanuel Macron. The two sides emphasized mutual support on core interests and major concerns, exchanged views on the Ukraine crisis, and witnessed the signing of cooperation documents in multiple fields [2] - The China Council for the Promotion of International Trade organized Chinese entrepreneurs to communicate with US - China Business Council and its member enterprises in Washington, and the council's president also attended a seminar with the US Semiconductor Industry Association and its member enterprises to discuss cooperation in the semiconductor field [2] - The Chinese government conducts export control of rare - earth - related items in accordance with laws and regulations, and approves compliant export applications for civilian use in a timely manner. The Chinese side urges Japan to correct its wrong words and deeds on the Taiwan issue [2] - The EU has terminated the lawsuit against China's trade - restriction measures at the WTO. China believes the EU's decision to terminate the lawsuit is correct [2] - More than 15 regions have issued "15th Five - Year Plan" suggestions, with a focus on artificial intelligence and other cutting - edge industries, each with its own layout and development direction [2] 6. Industry Information - The Future Network Test Facility, the first national major scientific and technological infrastructure in the field of information and communication in China, has been officially put into operation, providing open - test support for multiple fields and carrying out demonstration applications in cutting - edge directions [2] - The State Administration for Market Regulation has issued a recommended national standard for food - delivery platforms, aiming to solve problems such as "ghost food - delivery" and promote the healthy development of the food - delivery industry [2] - In November, the number of second - hand housing transactions in first - tier cities reached 49,000, a seven - month high, with a month - on - month increase of 20%. In the first 11 months of this year, the cumulative number of second - hand housing transactions in first - tier cities reached 519,000, a year - on - year increase of about 5% [2] - In December, the supply of new housing is expected to be stable at a low level. The single - month supply of 28 cities is expected to decline by 12% month - on - month and 49% year - on - year, and the annual cumulative supply is expected to decline by 19% year - on - year. However, due to "quality improvement and quantity reduction" in supply and year - end discounts, the new - housing transactions in December are expected to have a pulse - like recovery [2] 7. Stock Index Views - The three major US stock indexes showed mixed performance. The previous trading day, the stock index fluctuated and recovered. The machinery and equipment sector led the gains, while the comprehensive sector led the losses. The market turnover was 1.56 trillion yuan. On December 3, the margin trading balance decreased by 3.713 billion yuan to 2.465189 trillion yuan [2] - In December 2025, the global financial market will face two "policy wind vanes": the Fed's December interest - rate meeting and the Chinese Central Economic Work Conference. Their policy resonance will affect the A - share market rhythm in December and the investment mainline in 2026 [2]