南方财经12月3日电，零售板块盘初调整，茂业商业触及跌停，东百集团跌超6%，国光连锁、步步高、 广百股份纷纷下跌。 ...

Core Viewpoint - The recent surge in the stock price of Maoye Commercial (600828.SH) has been accompanied by significant insider selling, raising concerns about valuation risks and the sustainability of its financial performance [2][8]. Stock Performance and Trading Activity - Maoye Commercial's stock price increased over 40% in five consecutive days, reaching a new high before the announcement of a share reduction by its controlling shareholder [2]. - On December 1, a large sell-off occurred with 224,300 shares being dumped, leading to a price drop of 3.41% after hitting a five-day limit-up [3]. - The trading volume on December 1 reached a historical high of 1.358 billion yuan, with a turnover rate of 90%, indicating extreme volatility and a rapid change in ownership of shares [5][7]. Shareholder Actions - The controlling shareholder's action involved reducing holdings by 25.1135 million shares, amounting to approximately 161 million yuan, which represents 1.45% of the total share capital [7]. - The average selling price was around 6.40 yuan per share, and the shareholding of Maoye International decreased from 86.45% to 85% post-reduction [7]. Financial Performance and Valuation - Maoye Commercial reported a 73% decline in net profit for the first three quarters, with a dynamic P/E ratio soaring to 304.46, significantly above the industry average of 49.33 [8]. - Revenue for 2024 is projected at 6.52 billion yuan, reflecting a 5.3% year-on-year decline, while net profit is expected to drop by 26.63% [8]. - The company has a high debt burden, with interest expenses reaching 211 million yuan in the first three quarters and an asset-liability ratio of 58% [10]. Operational Challenges - Despite investing over 200 million yuan in digital transformation, online business revenue remains below 5%, indicating limited success in this area [10]. - The company’s cash flow situation is precarious, with a cash balance of 207 million yuan and an average monthly cash outflow of 352 million yuan, leading to a significant operational funding gap [11].

茂业商业股份有限公司 简式权益变动报告书 (修订后) 上市公司名称： 茂业商业股份有限公司 上市地点： 上海证券交易所 股票简称： 茂业商业 股票代码： 600828 信息披露义务人：包头市茂业城市商业管理有限公司（曾用名：包头市茂业 东正房地产开发有限公司） 住所：内蒙古自治区包头市昆都仑区钢铁大街31号茂业天地五楼办公区 通讯地址：内蒙古自治区包头市昆都仑区钢铁大街31号茂业天地五楼办公区 权益变动性质： 减少 权益变动报告书签署日期： 2025年12月2日 1 信息披露义务人声明 信息披露义务人承诺本权益变动报告书不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 释 义 注：本报告书中部分合计数与各分项数值直接相加之和在尾数上存在差异， 均为四舍五入所致。 一、本报告书依据《中华人民共和国证券法》、《上市公司收购管理办法》、 《公开发行证券公司信息披露内容与格式准则第15号-权益变动报告书》及相 关的法律、法规和规范性文件编写； 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突； 三、 ...

Group 1: Strong Individual Stocks - As of December 2, the Shanghai Composite Index fell by 0.42% to 3897.71 points, the Shenzhen Component Index decreased by 0.68% to 13056.7 points, and the ChiNext Index dropped by 0.69% to 3071.15 points [1] - A total of 55 stocks in the A-share market hit the daily limit up, with the top three strong stocks being: - LeiKe Defense (002413) with 6 consecutive limit ups over 7 days and a turnover rate of 49.17% [1] - HaiXin Food (002702) with 5 consecutive limit ups and a turnover rate of 32.09% [1] - MaoYe Commercial (600828) with 5 consecutive limit ups over 6 days and a turnover rate of 7.92% [1] - Detailed data for the top 10 strong stocks includes: - 000547 Aerospace Development: 3 consecutive limit ups, turnover rate 22.54% - 002565 Shunhao Shares: 3 consecutive limit ups, turnover rate 23.05% - 002976 Ruima Precision: 3 consecutive limit ups, turnover rate 23.98% - 301148 JiaJie Technology: 2 consecutive limit ups, turnover rate 18.07% - 000592 Pingtan Development: 2 consecutive limit ups over 3 days, turnover rate 16.3% - 301136 Zhaobiao Shares: first limit up, turnover rate 16.8% - 600033 Fujian Expressway: first limit up, turnover rate 6.0% [1] Group 2: Strong Concept Sectors - The top three concept sectors with the highest gains are: - Fujian Free Trade Zone with a gain of 1.87% [2] - Terahertz with a gain of 1.79% [2] - Cross-Strait with a gain of 1.39% [2] - The top 10 concept sectors and their respective gains include: - Trust Concept: 1.34% - Ride-hailing: 1.14% - Hainan Free Trade Zone: 1.12% - Tianjin Free Trade Zone: 0.81% - Rent and Sale Equality: 0.76% - Beer Concept: 0.74% - Pre-made Dishes: 0.74% [3]

Core Viewpoint - Maoye Commercial (600828) experienced a trading halt today, with a turnover rate of 7.92% and a transaction amount of 842 million yuan, alongside a price fluctuation of 17.66% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's daily trading report due to its price fluctuation of 17.66%, with a net purchase of 2.8147 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction amount of 200 million yuan, with a buying amount of 145 million yuan and a selling amount of 55.0294 million yuan, resulting in a net purchase of 90.1322 million yuan [2] - The Shanghai-Hong Kong Stock Connect was the fourth largest buying department and the largest selling department, with a buying amount of 20.4468 million yuan and a selling amount of 17.6321 million yuan, leading to a net purchase of 2.8147 million yuan [2] Historical Performance - Over the past six months, the stock has been listed on the trading report six times, with an average price increase of 1.16% the day after being listed and an average increase of 4.77% over the following five days [2] Capital Flow - The stock saw a net inflow of 270 million yuan from major funds today, with a significant single order net inflow of 260 million yuan and a large order net inflow of 9.9723 million yuan [2] - In the past five days, the net inflow of major funds amounted to 53.7148 million yuan [2] Financial Performance - The company reported a total operating income of 1.824 billion yuan for the first three quarters, a year-on-year decrease of 14.20%, and a net profit of 41.7316 million yuan, a year-on-year decrease of 72.88% [2]

证券之星消息，12月2日地摊经济板块较上一交易日下跌0.45%，鹏辉能源领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。地摊经济板块个股涨跌见下表： 从资金流向上来看，当日地摊经济板块主力资金净流出2.14亿元，游资资金净流入8243.43万元，散户资 金净流入1.32亿元。地摊经济板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600828 茂业商业 | | 1.86/Z | 22.14% | -7201.73万 | -8.55% | -1.14 Z | -13.59% | | 600272 开开实业 | | 1.01 Z | 20.77% | -5057.83万 | -10.43% | -5019.69万 | -10.35% | | 000417 | 合百集团 | 9044.26万 | 13.23% | -1939.08万 | ...

New Stock Listings - Jingchuang Electric (920035) listed at an issuance price of 12.10 on December 2, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] Market Alerts - ST Suwu (600200) enters the delisting arrangement period starting December 9, 2025[1] - Jianglong Shipbuilding (300589) reported severe abnormal fluctuations[1] Recent Announcements - Multiple companies including Beida Pharmaceutical (000788) and ST Green Health (002868) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities in the last week[2]

Core Insights - The general retail sector experienced a slight increase of 0.36% on December 2, with Maoye Commercial leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Retail Sector Performance - Maoye Commercial (600828) saw a significant increase of 9.93%, closing at 6.53, with a trading volume of 1.37 million shares and a transaction value of 842 million yuan [1] - Dongbai Group (600693) increased by 6.38%, closing at 11.00, with a trading volume of 1.87 million shares and a transaction value of 2.006 billion yuan [1] - Other notable performers included Dae Oriental (600327) up 5.33%, He Bai Group (000417) up 4.42%, and New World (600628) up 3.52% [1] Decliners in Retail Sector - Sanjiang Shopping (601116) decreased by 3.43%, closing at 15.77, with a trading volume of 435,800 shares and a transaction value of 701 million yuan [2] - Zhejiang Dongri (600113) fell by 2.19%, closing at 54.50, with a trading volume of 37,300 shares and a transaction value of 203 million yuan [2] - Other notable decliners included Agricultural Products (000061) down 1.66% and Juran Smart Home (000785) down 1.61% [2] Capital Flow Analysis - The general retail sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net inflow of 51.18 million yuan [2] - Notable net inflows from institutional investors included He Bai Group (000417) with 90.44 million yuan and Step by Step High (002251) with 62.28 million yuan [3] - Conversely, Dongbai Group (600693) and Maoye Commercial (600828) experienced significant net outflows from retail investors, with -98.21 million yuan and -72.02 million yuan respectively [3]

Core Viewpoint - The announcement reveals that the controlling shareholder's action group, Baotou Maoye Urban Commercial Management Co., Ltd., has reduced its stake in Maoye Commercial (600828.SH) by 25,113,500 shares, representing 1.45% of the total share capital, resulting in a cash-out of approximately 159 million yuan [1]. Summary by Relevant Sections Shareholding Changes - Before the reduction, Baotou Maoye Urban Commercial Management and its action group held 1,497,380,497 shares, accounting for 86.45% of the total share capital [1]. - After the reduction, their holdings decreased to 1,472,266,997 shares, which is 85.00% of the total share capital [1]. Transaction Details - The share reduction occurred between November 28, 2025, and December 1, 2025, through centralized bidding and block trading [1]. - The weighted average price during the reduction period was 6.34 yuan per share [1].

南方财经12月2日电，茂业商业(600828.SH)发布公告称，公司控股股东一致行动人包头市茂业城市商业 管理有限公司于2025年11月28日至2025年12月1日期间，通过集中竞价及大宗交易方式合计减持公司股 份2511.35万股，占公司总股本的1.45%。本次减持前，包头茂业商管及其一致行动人合计持有公司股份 1,497,380,497股，占总股本的86.45%；减持后持股数量降至1,472,266,997股，持股比例为85.00%。其 中，包头茂业商管直接持股比例由1.90%下降至0.45%。 ...