Core Viewpoint - The Shanghai Stock Exchange has announced self-regulatory measures against 80 cases of abnormal trading behaviors, including price manipulation and false declarations, from November 24 to November 28, 2025 [1] Group 1: Regulatory Actions - The exchange is focusing on monitoring stocks with abnormal fluctuations, specifically *ST Suwu (600200) and *ST Yazhen (603389), which are under delisting risk warnings [1] - Additional stocks under scrutiny include Hezhong China (603122) and Tianpu Co., Ltd. (605255), which have exhibited significant volatility [1] - The exchange has conducted special investigations into 23 major corporate events and reported one suspected illegal case to the China Securities Regulatory Commission [1]

每经AI快讯，11月28日，*ST亚振跌停，走出3连板，3天累计跌幅达14.24%。 （文章来源：每日经济新闻） ...

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Group 1 - The renovation and building materials sector experienced a slight decline, closing at 16,145.05 points with a drop of 0.22% [1] - Yong'an Forestry led the decline in the sector, closing at 8.99 CNY per share with a decrease of 10.01% [1] - Huaci Co. and *ST Yazhen followed, closing at 16.73 CNY per share with a drop of 7.98% and 43.23 CNY per share with a drop of 4.99% respectively [1] Group 2 - Meike Home led the gains in the sector, closing at 2.65 CNY per share with an increase of 9.96% [1] - Leizhi Group and *ST Nachuan also saw gains, closing at 6.85 CNY per share with an increase of 9.95% and 2.64 CNY per share with an increase of 6.02% respectively [1] Group 3 - According to a report by EIU Think Tank, the robust development of technology markets supports the stable growth of China's whole-home smart industry [1] - The smart home market in China is projected to exceed 1 trillion CNY by 2025, driven by the increasing maturity of technology and the expansion of product supply [1] - Major players in the internet, home appliances, and traditional hardware sectors are actively entering the smart home market, leading to a diversified development of the industry [1]

证券代码：603389 证券简称：*ST 亚振 公告编号：2025-106 亚振家居股份有限公司 股票交易风险提示公告 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法律责任。 重要内容提示： 截至目前，亚振家居股份有限公司（以下简称"公司"）控股股东吴涛先 生没有在未来 36 个月内改变公司主营业务或者对主营业务做出重大调整的明确 计划，或对公司及其子公司的主要资产和业务进行出售、合并、与他人合资或合 作的明确计划，或公司拟购买或置换资产的明确重组计划，或将其控制的其他资 产通过公司借壳上市的计划或安排。 二级市场交易风险。公司股票自 2025 年 4 月 8 日最低价至 11 月 25 日收 盘期间，累计涨幅达到 922.47%，公司股票交易 15 次触及股票交易异常波动。 公司股票涨幅严重高于同期行业及上证指数涨幅，但公司基本面未发生重大变化， 当前公司股票价格走势已呈现出市场情绪过热及非理性炒作的特征，交易风险极 大，存在短期大幅下跌的风险。根据中证指数有限公司官方网站发布的最新滚动 市盈率和市净率数据（更新日期：2025 年 ...

Market Performance - The primary economic sector increased by 1.7% compared to the previous trading day, with KaiKai Industry leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - KaiKai Industry (600272) closed at 14.80, up 6.40% with a trading volume of 263,400 shares and a transaction value of 390 million [1] - Remote Technology (002291) closed at 7.75, up 5.87% with a trading volume of 2,009,000 shares and a transaction value of 1.536 billion [1] - Lan Sheng Co. (600826) closed at 12.35, up 3.52% with a trading volume of 410,500 shares and a transaction value of 498 million [1] Market Capital Flow - The primary economic sector saw a net inflow of 58.50 million from main funds, while retail investors experienced a net outflow of 67.74 million [2][3] - The top stocks by main fund inflow included KaiKai Industry with 58.61 million, accounting for 15.03% of the total [3] Individual Stock Performance - Wangfujing (600859) saw a slight decline of 0.64%, closing at 14.01 with a trading volume of 267,000 shares and a transaction value of 374 million [2] - The stock of KaiKai Industry had a significant net inflow from main funds, while retail investors showed a notable outflow [3]

Core Viewpoint - The Shanghai Stock Exchange has implemented self-regulatory measures against 360 instances of abnormal trading behaviors, including price manipulation and false declarations, from November 17 to November 21, 2025 [1] Group 1: Regulatory Actions - The exchange has focused on monitoring stocks with abnormal fluctuations, specifically *ST Zhengping and *ST Yazhen, which are under delisting risk warnings [1] - Serious abnormal fluctuation stocks, such as Hezhong Guo, are also under close scrutiny [1] - The exchange has conducted special investigations into 17 major corporate events and reported one suspected illegal case to the China Securities Regulatory Commission [1]

Core Insights - Recent personnel changes in several listed home furnishing companies, including Shangpin Home, Yazhen Home, and Qu Mei Home, have sparked market interest in industry governance optimization and strategic transformation [1][10][13] Group 1: Personnel Changes - Yazhen Home announced the resignation of its former CFO Huang Zhoubin for personal reasons, appointing 90s-born Yang Xiaowei as the new CFO [3][8] - Shangpin Home has implemented a series of governance structure adjustments, including the cancellation of the supervisory board and the resignation of non-independent directors, which have been approved by the shareholders' meeting [10][12] - Qu Mei Home reported the resignation of board member Wu Nani due to retirement age, with two candidates, Yang Min and Huang Wei, nominated for the board [13][14] Group 2: Governance Structure Adjustments - Shangpin Home's decision to eliminate the supervisory board reflects a significant shift in its governance structure, with the changes approved in a recent shareholders' meeting [10][12] - The adjustments at Shangpin Home include the resignation of three supervisors who will continue to hold other positions within the company [12] - The governance changes at Yazhen Home and Shangpin Home indicate a broader trend of restructuring within the industry to enhance organizational efficiency and talent management [1][10]

Market Overview - The primary economic sector experienced a slight decline of 0.04% compared to the previous trading day, with *ST Yazhen leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Miao Exhibition (300795) with a closing price of 14.60, up 3.55% on a trading volume of 97,800 shares and a turnover of 144 million [1] - Remote Technology (002291) closed at 7.06, up 3.37% with a trading volume of 540,900 shares and a turnover of 376 million [1] - Major decliners included: - *ST Yazhen (603389) closed at 45.89, down 4.99% with a trading volume of 32,300 shares and a turnover of 149 million [2] - Kai Kai Industry (600272) closed at 14.83, down 4.14% with a trading volume of 312,500 shares and a turnover of 46.3 million [2] Capital Flow - The primary economic sector saw a net outflow of 113 million from main funds, while speculative funds had a net inflow of 37.65 million, and retail investors saw a net inflow of 75.09 million [2] - Specific stock capital flows indicated: - Miao Exhibition had a main fund net inflow of 21.1 million, while retail investors experienced a net outflow of 22.96 million [3] - Remote Technology had a main fund net inflow of 13.22 million, with retail investors seeing a net outflow of 19.80 million [3]

Market Overview - The home goods sector experienced a decline of 0.84% on November 17, with Tai Peng Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the home goods sector included: - Huaci Co., Ltd. (Code: 001216) with a closing price of 18.74, up 9.98% [1] - Haolaike (Code: 603898) with a closing price of 12.13, up 6.87% [1] - Deyi Cultural Creation (Code: 300640) with a closing price of 8.02, up 4.29% [1] - Conversely, significant decliners included: - Tai Peng Intelligent (Code: 920132) with a closing price of 20.55, down 9.31% [2] - Jinpai Home (Code: 603180) with a closing price of 22.00, down 7.17% [2] - ST Yazhen (Code: 603389) with a closing price of 45.89, down 4.99% [2] Capital Flow - The home goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 245 million yuan [2] - The table of capital flow indicates that: - Huaci Co., Ltd. had a net outflow of 53.77 million yuan from institutional investors [3] - Deyi Cultural Creation experienced a net inflow of 33.42 million yuan from institutional investors [3] - Haolaike had a net inflow of 9.46 million yuan from institutional investors [3]