Investment Rating - The report includes a selection of 81 A-shares and 56 overseas Chinese stocks, indicating a positive investment outlook for these sectors [2]. Core Insights - The report highlights the addition of Yutong Technology (裕同科技) to the A-share selection due to favorable short-term operational prospects, while Oppein Home (欧派家居) has been removed due to short-term performance pressures [2][4]. - For overseas Chinese stocks, China Taiping (中国太平) has been added, reflecting its successful early transformation in dividend insurance and low valuation, which is expected to yield alpha returns [4][6]. Summary by Sections A-Shares - Newly added stock: Yutong Technology (裕同科技), stock code: 002831.SZ, recommended for its short-term operational improvement [4]. - Removed stock: Oppein Home (欧派家居), stock code: 603833.SH, due to short-term performance pressures [5]. Overseas Chinese Stocks - Newly added stock: China Taiping (中国太平), stock code: 0966.HK, noted for its early completion of dividend insurance transformation and low asset base expected to drive future growth [4][6].

证券代码：603833 证券简称：欧派家居 公告编号：2025-086 转债代码：113655 转债简称：欧 22 转债 （二）经上海证券交易所自律监管决定书[2022]234 号文同意，公司 20.00 亿元可转换公 司债券于 2022 年 9 月 1 日起在上海证券交易所挂牌交易，债券简称"欧 22 转债"，债券代码 "113655"。 （三）根据有关规定和《欧派家居集团股份有限公司公开发行可转换公司债券募集说明书》 （以下简称《募集说明书》）的约定，公司本次发行的"欧 22 转债"自 2023 年 2 月 13 日起可 转换为公司股份，初始转股价格为 125.46 元/股，当前转股价格为 54.00 元/股。转股价格调整 情况如下： 欧派家居集团股份有限公司 关于可转债转股结果暨股份变动公告 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法律责任。 重要内容提示： 累计转股情况：自 2023 年 2 月 13 日至 2025 年 9 月 30 日，欧派家居集团股份有限公 司（以下简称"公司"）累计共有 86,000.00 元"欧 ...

Group 1 - The core announcement is about the election of the fifth board of directors for Oppein Home Group Co., Ltd, with Zhang Xiuzhu elected as the employee representative director [1][2] - The election was held during the 18th Employee Representative Assembly on September 29, 2025, to ensure the normal operation of the board [1] - Zhang Xiuzhu's term will align with the fifth board of directors, and he will work alongside six other directors elected by the shareholders [1] Group 2 - The third extraordinary general meeting of shareholders was held on September 30, 2025, where no resolutions were rejected [6] - The meeting was conducted in compliance with the Company Law and the Articles of Association, with all attending shareholders voting on the proposed matters [7][8] - Various resolutions were passed, including changes to the registered capital and amendments to the Articles of Association [9][10] Group 3 - The fifth board of directors consists of seven members: three non-independent directors, one employee representative director, and three independent directors [18][19] - The board has established four specialized committees: Audit and Risk Management Committee, Nomination Committee, Compensation and Assessment Committee, and Strategic and Sustainable Development Committee [18] - Key appointments include Yao Liangsong as chairman and general manager, and Tan Qinxing and Yao Liangbai as vice chairmen [19][20] Group 4 - The board meeting on September 30, 2025, confirmed the election of Yao Liangsong as chairman and general manager for a three-year term [31][36] - The board also approved the appointments of Tan Qinxing as vice president and Zhao Lili as financial officer, both for a three-year term [38][40] - The board secretary is Ou Yingying, and the securities representative is Zhu Wenjin, both appointed for the same term [42][44]

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The report highlights robust growth in consumption during the National Day and Mid-Autumn Festival holidays, driven by overlapping holidays and increased travel intentions, with daily cross-regional passenger flow reaching 304 million, a year-on-year increase of 6.2% [2][16] - The report identifies structural opportunities in the consumption sector, particularly in emotional consumption, the rise of domestic brands, and AI-driven consumer experiences [2][5] Retail Sector Summary - Retail sales for key retail and catering enterprises increased by 3.3% year-on-year during the first four days of the holiday [2] - Popular tourist provinces and lower-tier cities showed strong performance, with cities like Qingdao (+8.2%) and Nanjing (+5.9%) leading the way [2][11] - Emotional consumption trends are emerging, with significant sales increases in products like projectors and gaming consoles, which saw year-on-year growth of 245% and 292% respectively [2][12] Tourism Sector Summary - The long holiday period has amplified travel intentions, with long-distance and cross-border travel demand remaining strong [3][16] - Domestic long-distance travel orders increased by 3 percentage points year-on-year, with popular tourist destinations experiencing significant visitor growth [3][17] - Outbound tourism to Hong Kong and Macau saw daily visitor numbers increase by 6.4% and 7.8% respectively [22] Dining and Hospitality Summary - The dining and hotel sectors experienced moderate growth, with average prices remaining stable [4][37] - The average daily sales for duty-free shopping in Hainan reached approximately 1.2 billion yuan, reflecting an 11% year-on-year increase [27] - Hotel revenue per available room (RevPAR) showed a year-on-year increase of 6.27%, driven by growth in average daily rates (ADR) [37] Investment Recommendations - The report emphasizes institutional investment opportunities in the consumer sector for 2025, recommending four main investment themes: the rise of domestic brands, high-growth emotional consumption, the silver economy, and AI-driven consumer experiences [5][9]

Core Viewpoint - The company, Oppein Home (603833), announced the election of a new board of directors during its third extraordinary shareholders' meeting scheduled for September 30, 2025, following the expiration of the previous board's term [1] Board Composition - The new board consists of three non-independent directors and three independent directors, along with employee representative director Zhang Xiuzhu [1] - Key members of the board include Chairman Yao Liangsong, Vice Chairman Tan Qinxing, and Yao Liangbai, with independent directors Li Xinquan, Lu Xiaodong, and Wang Wei [1] Committees Established - The board has established four specialized committees: - Audit and Risk Management Committee, chaired by Wang Wei, with members Li Xinquan and Zhang Xiuzhu - Strategic and Sustainable Development Committee, chaired by Yao Liangsong, with members Yao Liangbai and Lu Xiaodong - Compensation and Assessment Committee, chaired by Li Xinquan, with members Wang Wei and Yao Liangbai - Nomination Committee, chaired by Li Xinquan, with members Tan Qinxing and Lu Xiaodong [1] Changes in Board Membership - Independent director Jiang Qi will not continue after serving six years, and Wang Huan will step down as financial officer due to term expiration, although he will remain with the company [1] Financial Performance - For the first half of 2025, the company reported revenue of 8.241 billion yuan and a net profit attributable to shareholders of 1.018 billion yuan [1]

欧派家居集团股份有限公司 股东会议事规则 欧派家居集团股份有限公司 股东会议事规则 第一章 总则 第一条 为规范欧派家居集团股份有限公司（以下简称"公司"）行为，保证 股东会依法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）《上市公司股东会规则》等法 律法规和《欧派家居集团股份有限公司章程》（以下简称《公司章程》）的规定， 制定本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关规 定召开股东会，保证股东能够依法行使权利。 第三条 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体 董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。出现有下列情形之一的，公司在事 实发生之日起二个月以内召开临时股东会： （一）董事人数不足《公司法》规定人数或者公司章程所定人数的三分之二 时； （二）公司未弥补的亏损达实收股本总额三分之一时； （三）单独或者合 ...

欧派家居集团股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范欧派家居集团股份有限公司（以下简称"公司"）的对外担保行 为，有效控制公司对外担保风险，维护公司资产安全，根据《上海证券交易所股票 上市规则》（以下简称《股票上市规则》）、《上海证券交易所上市公司自律监管 指引第 1 号—规范运作》《上市公司监管指引第 8 号—上市公司资金往来、对外担 保的监管要求》和《欧派家居集团股份有限公司章程》（以下简称《公司章程》） 等有关规定，制定本制度。 第二条 本制度所述的对外担保指公司以第三人身份为债务人对于债权人所负 的债务提供担保，当债务人不履行债务时，由公司按照约定履行债务或者承担责任 的行为。包括对控股子公司的担保。担保形式包括保证、抵押及质押。 第三条 股东会和董事会是对外担保的决策机构，公司一切对外担保行为必须 按程序经公司股东会或董事会批准。未经公司股东会或董事会批准，任何人无权以 公司名义签署对外担保的合同、协议或其他类似的法律文件。 第二章 担保的审查与控制 第六条 公司决定提供担保前，应充分了解申请担保单位的资信状况。公司财 务中心负责对申请担保单位的资信状况进行审查并对担保事项风险进 ...

欧派家居集团股份有限公司 董事会议事规则 第四条 董事会行使下列职权： （五）制订公司增加或者减少注册资本、发行债券或者其他证券及上市方案； （六）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公 司形式的方案； （七）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、 第一章 总则 第一条 为规范欧派家居集团股份有限公司（以下简称"公司"）董事会及其 成员的行为，保证公司决策行为的民主化、科学化，根据《公司法》及其他现行 有关法律法规和《欧派家居集团股份有限公司章程》（以下简称《公司章程》）的 规定，制定本规则。 第二条 公司设董事会，是公司的常设性决策机构，行使法律法规、《公司章 程》及股东会赋予的职权，对股东会负责。董事会会议是董事会议事的主要形式。 董事按规定参加董事会会议是履行董事职责的基本方式。 第二章 董事会的组成及职责 第三条 董事会由七名董事组成，其中设董事长 1 名，副董事长 2 名，董事 长和副董事长由董事会以全体董事的过半数选举产生。公司董事可由经理或者其 他高级管理人员兼任，但兼任经理或者其他高级管理人员职务的董事以及由职工 担任的董事，总计不得超过公司董事总 ...

第二条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性 质的证券并向投资者募集用于特定用途的资金，但不包括公司实施股权激励计划 募集的资金。 第三条 公司募集资金应当专款专用。公司使用募集资金应当符合国家产业 政策和相关法律法规，原则上应当用于主营业务，有利于增强公司竞争能力和创 新能力。 第四条 公司董事会应当负责建立健全、完善的公司募集资金内部控制制度， 并确保该制度的有效实施。董事会应当持续关注募集资金存放、管理和使用情况， 有效防范投资风险，提高募集资金使用效益。 欧派家居集团股份有限公司 募集资金管理制度 第一章 总则 第一条 为规范欧派家居集团股份有限公司（以下简称"公司"）募集资金 的使用与管理，提高募集资金的使用效率，保护投资者的合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司募集资金监管规则》 《上海证券交易所股票上市规则》（以下简称《股票上市规则 》）、《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规、规范性文件， 以及《欧派家居集团股份有限公司章程》（以下简称《公司章程》）的要求，结 合公司实际情况，制定本制度。 公司董事、高级 ...

欧派家居集团股份有限公司 股东会累积投票制实施细则 第一章 总则 第一条 为进一步完善欧派家居集团股份有限公司（以下简称"公司"）的法人治理结构， 维护中小股东利益，规范公司选举董事的行为，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上海证券交易所上市公司自律监管指南第 2 号——业务办理》及《欧派家居集 团股份有限公司章程》（以下简称《公司章程》）的有关规定，特制定本细则。 第二条 本细则所称的累积投票制是指股东会选举董事时，每一股份拥有与应选董事人数 相同的表决权，股东拥有的表决权可以集中使用，也可以分散使用。非独立董事（不含职工代 表董事）、独立董事候选人根据得票数分别按照由高到低的顺序，取得票数较多者当选，且每 位当选者的得票数必须超过出席股东会股东所持表决权股份总数（以未累积的股份数为准）的 二分之一。 第四条 本细则所称的董事包括独立董事和非独立董事。 公司职工代表董事由公司职工代表大会或其他民主选举方式产生或更换，不适用于本细则 的相关规定。 第二章 董事的选举及投票 第五条 股东会对董事候选人进行表决前，大会主持人应明确告知与会股东对候选董事实 行累积投票方式。 第六条 累积投票制 ...