Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The consumer sector experienced a decline across all segments, with notable drops in sectors such as home appliances, beauty care, food and beverage, textile and apparel, retail, and social services, with weekly declines of -0.66%, -2.25%, -2.49%, -2.59%, -4.32%, and -5.92% respectively [2] - The upcoming Mid-Autumn Festival and National Day holidays are expected to boost tourism, with significant increases in orders for cross-province travel, car rentals, and self-driving tours, with Ctrip reporting a 45% year-on-year increase in cross-province orders for the National Day period [2][14] - The home appliance export sector continues to face challenges, with a 3.6% year-on-year decline in the number of units exported in August 2025, although the decline rate has narrowed [2] Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive decline, with specific sectors like food and beverage and home appliances showing significant fluctuations in stock performance [2][12][13] Industry News and Key Company Announcements - The report highlights the launch of a global cruise service ecosystem by Zhongxin Tourism, which has seen a 130% increase in cruise orders this year [14] - The Ministry of Commerce and other departments issued guidelines to promote digital consumption, focusing on enhancing supply and fostering digital consumption enterprises [15] - Haier's air conditioning production base in Thailand has commenced operations, with an annual capacity of 6 million units [14] - Ctrip reported a 125% increase in orders from South Korean tourists visiting China in the first half of 2025 [14]

Core Viewpoint - Ningbo Zhongbai announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in the closing prices over three consecutive trading days from September 22 to September 24, 2025 [1] Company Summary - The company conducted a self-examination and confirmed with its controlling shareholder and actual controller that there are no undisclosed significant matters [1]

股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司股票于 2025 年 9 月 22 日、9 月 23 日、9 月 24 日连续三个交易日内日收盘价 格涨幅偏离值累计超过 20%。根据《上海证券交易所股票上市规则》的有关规定属于股 票交易异常波动的情况。 二、公司关注并核实的相关情况 证券代码：600857 证券简称：宁波中百 编号：2025-024 宁波中百股份有限公司 经公司自查，公司未发现存在可能对公司股票交易价格产生重大影响的媒体报道 宁波中百股份有限公司（以下简称"公司"）股票交易价格于 2025 年 9 月 22 日、 9 月 23 日、9 月 24 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。根 据《上海证券交易所股票上市规则》的有关规定属于股票交易异常波动的情况。 经公司自查，并向控股股东及实际控制人核实，确认不存在应披露而未披露的重 大事项。 公司提醒投资者注意投资风险，公司股价短期波动较大，敬请广大投资者注意二 级市场交易风险，理性决策，审慎投资。 ...

关于协助公司核实股票交易异常波动情况的回复 宁波中百股份有限公司: 我公司于 2025 年 9 月 24 日 15 点，收到贵公司发来的《关于股票交易异常 波动的问询函》,经公司自查，现将情况回复如下： 我公司作为你公司的控股股东,截至目前,不存在应披露而未披露的重大信 息，包括但不限于重大资产重组、发行股份、上市公司收购、债务重组、业务重 组、资产剥离和资产注入等重大事项。 特此声明。 西藏泽 ...

Core Viewpoint - Ningbo Zhongbai (600857.SH) announced that its stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days, indicating abnormal trading fluctuations [1] Company Summary - The company conducted a self-examination and confirmed that neither it nor its controlling shareholders and actual controllers have any undisclosed significant matters [1] - Shareholder Zhu Renbao's company shares are set to be auctioned judicially on October 20, 2025 [1]

Group 1 - The company's stock price has experienced a significant increase, with a cumulative rise of over 20% over three consecutive trading days from September 22 to September 24, 2025 [1] - On September 24, 2025, the closing price of the company's stock was 16.91 yuan per share, with a turnover rate of 12.27% and a latest rolling price-to-earnings ratio of 186.74 [1] - The company's stock price increase is notably higher than the industry average, indicating a potential irrational speculation risk [1]

Core Viewpoint - Ningbo Zhongbai's stock price has experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from September 22 to September 24, 2025 [1] Group 1 - The company confirmed that there are no undisclosed significant matters that could affect stock trading [1] - The company's production and operational conditions are normal, with no significant media reports or market rumors identified that could impact stock prices [1] - The company has issued a reminder to investors about the risks associated with short-term stock price volatility, highlighting the potential for irrational speculation [1]

Group 1 - The retail sector is active, with Ningbo Zhongbai hitting the daily limit up [1] - Other companies such as Youa Co., Fengzhushou, Xiaogoods City, Jihong Co., Nengte Technology, and Shitou Co. also experienced gains [1]

Core Viewpoint - The announcement informs that a significant shareholder of Ningbo Zhongbai Co., Ltd., Zhu Renbao, will have all of his shares (18,884,000 shares, representing 8.42% of the total shares) auctioned by the court, but this will not adversely affect the company's management or control structure [2][4]. Group 1: Auction Details - As of the announcement date, Zhu Renbao holds 18,884,000 shares, all of which are subject to judicial auction [2][4]. - The auction is scheduled to take place on October 20, 2025, on the Taobao judicial auction platform [3]. - The shares are currently under judicial freeze, and the auction will involve legal procedures such as bidding, payment, and transfer of ownership [4]. Group 2: Impact on Company - The auction of Zhu Renbao's shares is not expected to have a significant negative impact on the company's operations or management [2][4]. - There will be no change in the company's controlling shareholder or actual controller as a result of this auction [2][4]. - The company will continue to monitor the situation and fulfill its disclosure obligations as required by law [2][4].

Group 1 - The auction of shares held by Zhu Renbao, a major shareholder of Ningbo Zhongbai, is scheduled for October 20, 2025, with 18.884 million shares being auctioned on a judicial platform [1] - Zhu Renbao's shares are currently under judicial freeze, representing 100% of his holdings and 8.42% of the company's total equity [1] - The shares are being auctioned due to a criminal judgment related to the manipulation of the securities market involving Xu Xiang and others, with Zhu Renbao being closely related to Xu Xiang [2] Group 2 - Ningbo Zhongbai has experienced a significant decline in operating performance, with a revenue drop of over 30% in 2024 and a net loss exceeding 16 million yuan [2] - In the first half of 2025, the company's revenue was 290 million yuan, reflecting a year-on-year decrease of 41.94%, while the net profit was 17.64 million yuan [2] Group 3 - Another company, Kangqiang Electronics, also received a notification regarding the auction of shares held by a trust plan associated with Xu Xiang, amounting to 18.764 million shares [3] - The trust plan is not the largest shareholder of Kangqiang Electronics, and the auction is not expected to significantly impact the company's governance or ongoing operations [3]