（文章来源：证券日报） 证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，今年前三季度，公司持续发力标杆 商业打造，推进重点项目转型升级与优势业态拓展，积极聚焦供应链建设，提升营运质量，深化产融协 同。 ...

证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，"i百联"为控股股东百联集团打造 的一站式购物平台。公司近年来持续提升企业数智化能力，推进数字化与新消费场景的融合，通过加速 数智奥莱拓展，系统推进数据治理等举措，赋能传统零售转型升级。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，公司近年来持续提升企业数智化能 力，推进数字化与新消费场景的融合，通过加速数智奥莱拓展，系统推进数据治理等举措，赋能传统零 售转型升级。 ...

（文章来源：证券日报） 证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，公司严格按照上交所的相关规定履 行信息披露义务。下半年，将持续推进标杆商业打造、重点项目转型升级、供应链建设、提升营运质 量、深化产融协同等工作。通过提升经营质量，努力为投资者创造良好回报。 ...

证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，公司持续拓展供应链建设，通过实 施战略品牌联合生意计划与推进亿元销售品牌，并积极打响"首发上海"品牌，激活品牌增长新动能。 2025年上半年，21家品牌集团、44个品牌参与联合生意计划一期，引进全球首店3家，全国首店18家， 城市首店18家，其中上海首店12家。 （文章来源：证券日报） ...

证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，公司高度重视市值管理相关工作， 以提升经营质量与长期可持续发展作为市值管理的核心，高度重视维护全体股东的长远利益和公司价值 的稳健增长，力求以良好的业绩与稳健的分红回报广大投资者。 （文章来源：证券日报） ...

证券日报网讯百联股份11月14日在互动平台回答投资者提问时表示，投资者所述的机构股东数量锐减信 息不实，公司股东结构相对稳定。公司高度重视信息披露质量，严格按照相关法律、法规及时进行信息 披露，不存在应披露事项未按规定披露的情况。 （文章来源：证券日报） ...

Core Insights - The retail industry is transforming traditional commercial spaces into "urban cultural containers" through cultural IP operations and cross-border scene innovations to meet the rising demand for experiential consumption among younger consumers [1] Group 1: Company Strategies - Shanghai New World Co., Ltd. focuses on young consumers' cultural and consumption needs by introducing quality IP content and hosting multiple themed exhibitions and pop-up events each year, aiming to enrich the ecosystem of New World City [2] - Wangfujing Group is leveraging IP operations to create new consumption scenarios, integrating elements of national trend culture and youth art into immersive shopping experiences [3] - Shanghai Bailian Group is promoting the integration of commerce, travel, culture, and sports to enhance consumer vitality, exemplified by their successful summer sports season and various themed marketing activities [4] Group 2: Financial and Operational Developments - Bailian Group is actively advancing the construction of multiple outlet projects and enhancing standardization in product and expansion models to improve management value and operational performance [5]

Core Viewpoint - The company is actively creating a "balanced state" in the new consumption era by bridging global and local markets, leveraging technology while maintaining a human touch, and innovating business formats to serve diverse customer groups [15]. Group 1: Global and Local Balance - The Import Expo serves as a platform for introducing products and acts as a "super connector" for dual empowerment [3]. - The company showcased over 80 pieces of craftsmanship in collaboration with the UK, blending traditional and avant-garde designs [5]. - The procurement amount exceeded 90 million USD, marking a growth of over 10% compared to the previous year [5]. Group 2: Diverse Customer Engagement - The company has demonstrated precise insights into customer management, attracting Generation Z through innovative projects [6]. - The aging population in Shanghai is expected to surpass 40%, presenting a significant opportunity for the silver economy [6]. - A one-stop silver-age lifestyle space was launched, featuring over 1,000 SKUs and a membership system to link customers with products and services [10]. Group 3: Technology and Humanity Balance - An AI interactive installation showcased at the expo transforms audience emotions into dynamic visual scenes, enhancing the shopping experience [12]. - The company emphasizes the importance of data, experiential scenarios, and AI in the new consumption era, aiming to create a value network that benefits brands and consumers [14].

Investment Rating - The report rates the real estate industry as "Outperform the Market" [7] Core Views - The new housing transaction area has turned negative on a month-on-month basis, with a year-on-year decline expanding. The transaction area for new homes in 40 cities was 1.722 million square meters, down 34.8% month-on-month and down 47.0% year-on-year, with the year-on-year decline widening by 9.7 percentage points compared to the previous week [7][18] - The report highlights the implementation of a policy in Pingjiang County, Hunan, promoting the sale of completed homes, which is expected to enhance product quality and safety in the housing market [3][98] - The report expresses confidence in the future recovery of the real estate industry, suggesting that companies with strong liquidity, high market share in key cities, and innovative product offerings will have alpha attributes [7] Summary by Sections New Housing Market Tracking - In the week of November 1 to November 7, 2025, the new housing transaction area in 40 cities decreased significantly, with a year-on-year decline of 47.0% [17][18] - The inventory of new homes increased month-on-month but decreased year-on-year, with a depleting cycle of 18.7 months, indicating a mixed market condition [38][39] Second-Hand Housing Market Tracking - The transaction area for second-hand homes in 18 cities was 154.4 million square meters, down 6.6% month-on-month and down 31.9% year-on-year, reflecting ongoing market challenges [44][49] Land Market Tracking - The total area of land transactions in 100 cities was 27.091 million square meters, with a month-on-month increase of 29.4% but a year-on-year decrease of 9.0%. The total land transaction price was 65.34 billion yuan, up 29.1% month-on-month but down 10.9% year-on-year [61][66] - The average land price per square meter was 2,411.9 yuan, showing a slight decrease of 0.2% month-on-month and a decline of 2.1% year-on-year [61][66] Policy Overview - The report outlines several key policies aimed at stabilizing the real estate market, including promoting the sale of completed homes and optimizing housing supply mechanisms [3][98]