今年，反不正当竞争法重新修订，明确禁止平台经营者强制或变相强制平台内经营者以低于成本的 价格销售商品，释放了督促平台经济理性竞争的明确信号。相关政策加快出台，各平台强化自律，平台 经济正在共同营造良好的行业生态。 "营业额增加，利润率却下滑" 暮色四合，松花江畔，吉林省吉林市城区的一家餐馆内人声鼎沸。"刚出锅的饺子，热乎！"顾客陈 大爷一口咬开，皮薄馅大，很是满意。 店面不大，味道有口皆碑，客源多是附近的老主顾。门店负责人赵德胜和其他服务员正忙活，东北 的初秋已有些凉意，赵德胜却忙得满头大汗。这家小店，是赵德胜一家的主要收入来源。 人民日报海外版记者 赵昊 郑智文 1分钱买奶茶、免费晚餐、退货"仅退款"……你是否也曾为这些电商平台的优惠心动，加入"薅羊 毛"的行列？然而，这种将价格压到极致的行为，是平台经济"内卷式"竞争的表现，看似为消费者带来 实惠，实则是以牺牲行业发展为代价，最终可能会反噬消费者。 规范价格行为，推动公开透明 "赵德胜、刘洪洋面临的烦恼，正是由一段时间以来平台经济'内卷式'竞争造成的。"北京师范大学 湾区国际商学院营销学教授谢毅说。 与此同时，店内往来的还有外卖小哥。"过去主要做一家平台的 ...

Group 1 - The Korea E-Commerce Fair will take place from September 11 to 13, 2025, in Seoul, featuring three main areas: Korean Electronic Service Platform, Korean K-Life Style, and Product (Source Factory) [1] - The fair serves as a professional business service "think tank" for enterprises, providing comprehensive solutions including platform services, payment systems, logistics, warehousing, packaging design, and precise product selection [3] - The association plays a crucial role in promoting Sino-Korean trade cooperation, having established a long-term partnership with the China Daily Consumer Goods Trade Fair for resource sharing and business matching [3] Group 2 - Yiwu enterprises showcased their strengths at the fair through innovative participation models, with the "Good Merchants, Good Products" exhibition featuring 50 booths and over 100 participating Yiwu companies [5] - A dedicated exhibition hall was created by six leading jewelry manufacturers to present high-quality products and trends, serving as a key platform for Yiwu jewelry brands [6] - The fair is recognized as a significant opportunity for companies to expand into international markets and enhance global brand influence, with the next event scheduled for September 17 to 19, 2026 [6]

文丨陆弃 墨西哥政府干了件荒唐事。面对SHEIN、Temu这样的中国电商平台，它不是想着怎么合作、怎么搭上 全球消费快车，而是照抄美国剧本，把低值进口商品的关税一下子抬到33.5%。厄瓜多尔收固定20美 元，智利也要废除41美元以下免税，乌拉圭忙着讨论新方案。短短几个月，拉美多国一窝蜂，纷纷把小 额电商商品当作眼中钉。表面上是为了"保护本国零售业"，实际上是向特朗普献殷勤，展示一副"看， 我们听话"的姿态。 事实已经给出答案。即便政策再苛刻，Temu和SHEIN的用户仍然暴增。这说明，中国电商的崛起不是 靠免税，而是靠供应链、靠价格力、靠灵活适应本地市场。拉美政府今天可以跟风加税，但消费者明天 照样会继续下单。至于美国的掌声？一时的。代价？长久的。 可问题在于，这一刀下去，伤到的真是中国电商吗？未必。SHEIN和Temu的增长数据已经说明一切： 巴西用户2.5倍，阿根廷暴涨43倍，连在政策收紧后的巴西，用户数依然继续上升。电商平台反应很快 ——SHEIN在巴西疯狂建合作工厂，把本地生产拉进来；Temu也恢复了对美出口，证明平台有办法消 化政策冲击。被高税真正打击的，是拉美的消费者。几十块钱的衣服、生活用品，一 ...

Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]

Core Viewpoint - Pinduoduo's Q2 revenue growth has slowed to 7% year-on-year, influenced by increased investments in industry support through a "billion-dollar" initiative aimed at benefiting merchants and the industry [1] Group 1: Financial Performance - In Q2, Pinduoduo's revenue growth rate has continued to decline for several consecutive quarters, now at 7% year-on-year [1] Group 2: Strategic Initiatives - Pinduoduo has launched a "billion-level" initiative to support merchants, marking a significant move in the e-commerce sector [1] - The initiative includes direct financial support to millions of merchants, aimed at reducing commission fees and operational costs [1] - There is a focus on supporting small and medium-sized businesses, new quality merchants, and brand merchants to promote high-quality development across various agricultural regions and industrial belts [1]

Core Viewpoint - Pinduoduo (PDD.US) reported a 7% year-over-year revenue growth in Q2, marking a continued slowdown in growth over multiple quarters due to increased investments in industry support initiatives [1] Group 1: Financial Performance - Q2 revenue growth slowed to 7% year-over-year, indicating a trend of deceleration in growth [1] - The company has initiated a "trillion-level" support action in the e-commerce sector, aimed at providing financial assistance to merchants [1] Group 2: Strategic Initiatives - Pinduoduo's support actions include reducing commission fees and costs for millions of merchants [1] - The company is focusing on enhancing support for small and medium-sized businesses, new quality merchants, and brand merchants [1] - The initiatives aim to promote high-quality development across various agricultural regions and industrial belts [1]

Group 1: Tencent Holdings (00700) Analysis - Tencent achieved a revenue of 184.5 billion yuan in Q2 2025, a year-on-year increase of 15%, exceeding Bloomberg consensus by 3% [2][14] - Adjusted net profit attributable to shareholders was 63.1 billion yuan, up 10% year-on-year, also surpassing Bloomberg consensus by 2% [2][14] - The gaming segment showed strong performance, with international and domestic game revenues growing by 35% and 17% respectively in Q2 2025 [2][14] - Advertising revenue increased by 20% to 35.8 billion yuan, driven by AI enhancements that improved click-through rates [2][14] - Financial technology and enterprise services revenue grew by 10% to 55.5 billion yuan, marking a return to double-digit growth [3][14] - The company maintains a "buy" rating with an adjusted net profit forecast for 2025-2027 of 255.6 billion, 298 billion, and 336.8 billion yuan respectively [3][14] Group 2: Industry Trends and Insights - The wind power sector is experiencing a high growth period, with significant improvements in profitability reported by various companies [25] - The domestic wind power market is expected to see new installations reach 110 GW in 2025, with Q2 2025 showing a year-on-year increase of 255.61% in new installations [25] - The market for non-road wide-body dump trucks is projected to grow significantly, driven by trends towards larger, electric, and unmanned vehicles [15][18] - The liquid cooling technology for data centers is gaining traction, with a projected market space of approximately 10 billion yuan due to increasing power density and cooling needs [28][26] - The semiconductor industry is seeing a shift towards special integrated circuits, with demand driven by national defense and commercial satellite applications [21][29]

8月1日上午，美团、淘宝、饿了么、京东先后发布声明表示，坚决抵制恶性竞争，坚决规范促销行为， 杜绝不正当竞争行为，推动建立公平有序行业秩序，促进各方互利共赢。 美团在题为《繁荣行业生态，抵制无序竞争》中表示，承诺从自身做起，并积极呼吁行业共同构建良好 生态，促进餐饮服务行业规范健康持续发展。 美团承诺，一是开展补贴活动严格遵守《反垄断法》《反不正当竞争法》《电子商务法》《价格法》 《反食品浪费法》等法律法规，不以显著低于成本的价格销售商品和服务，严重扭曲价格信号，扰乱市 场竞争秩序，造成浪费。二是开展补贴活动依法向商家和消费者公示补贴信息，不对补贴总额进行夸大 宣传。三是不强制或变相强制商家参加补贴活动，切实保障商家自主定价权。四是对商家和消费者遵循 无歧视原则，确保促销补贴活动公平性，不通过选择性补贴伤害中小商户利益。五是积极构建消费者、 商家、外卖骑手和平台企业等多方共赢的良好生态。 淘宝、饿了么在题为《持续提升服务 推动良性竞争 激发消费烟火气》中表示，坚决抵制恶性竞争，合 作促进生态共赢，并承诺将进一步重点做好以下四项工作：一、从消费者和商家需求出发，合理规划发 放补贴。尊重并保障商家参与活动的知情权 ...

Core Viewpoint - The article emphasizes the need for companies to shift their focus from "price" to "value" and from "peers" to "users" to enhance innovation and market competitiveness, ultimately leading to efficiency improvements and technological advancements [1][3][4] Group 1: Market Competition Dynamics - Recent discussions have arisen regarding the "low-price for market share" and "price for traffic" behaviors on food delivery platforms, prompting regulatory attention [1] - There is a growing recognition that "involution" competition among platforms is detrimental to industry health and merchant growth, although some argue it benefits consumers [1][2] - Short-term consumer benefits from "involution" competition, such as refunds and price wars, may lead to long-term negative impacts on service quality and product standards [2][3] Group 2: Regulatory and Industry Responses - The Chinese Automotive Industry Association has called for an end to malicious competition through price-cutting and comparison tactics, advocating for a focus on value creation [3] - The Central Financial and Economic Committee has stressed the importance of legally regulating low-price disorderly competition, with new laws prohibiting platforms from forcing merchants to sell below cost [4] - The article suggests that fostering a healthy competitive environment requires companies to innovate and differentiate themselves rather than engage in price wars [3][4]

Group 1 - The core viewpoint of the article discusses the challenges faced by Jinjiang International in achieving profitability despite its ten years of international expansion efforts [2] - Jinjiang International is seeking to raise funds through its Hong Kong listing while pursuing a global strategy, particularly in Southeast Asia [2] - The company is confronted with issues such as cultural conflicts, management shortcomings, and resource dispersion, which hinder its growth and profitability [2] Group 2 - The article highlights the significance of the mutual visa exemption agreement between China and Malaysia, effective from July 17, 2025, facilitating travel for various purposes [6] - The potential impact of U.S. tariffs on imports from Canada, announced by President Trump, could affect trade dynamics and economic relations [6] - The article mentions the role of KrASIA in enhancing the global brand presence of Chinese companies through English media services [6]