出品 | 妙投APP 作者 | 段明珠 编辑 | 关雪菁 以下文章来源于妙投APP ，作者段明珠 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 头图 | 视觉中国 在大A炒股就像玩游戏"打怪升级"，需要有一个从新手到终极玩家的攻略指南。 假如有这个指南，去年924行情时以5万元入市，理论上，4个月就有机会翻倍到千万级别，年后资金 体量更是能突破亿元。 原理很简单，根据每个副本的 背景和目标 （ 阶段趋势 ）， 分配资源制定策略 （ 抓强势股 ）。 事实上，这段小资金升级之旅在近一年中会经过三个重要阶段： 当然，妙投并非鼓励大家要"赌性坚强"，只是借此研究 A股的赚钱门道 ，更关键的是，发现 资本市 场底层密码，以及动能变化的关键要素 。 或许，如今"小登股"和"老登股"冰火两重天，慢牛也是一脚刹车一脚油门走得颠簸，这些现象的原因 也藏在其中。而不管是否炒股，只要有理财需求（ ETF、银行理财、保险 ），也很难绕过大A。 924普涨期（新手村）：重点是熟悉大A机制，获得初始装备； 年末混沌期（"妖股"大世界）：关键在掌握大A炒作逻辑，快速壮大资金实力； 结构行情 ...

9月26日，中百集团(000759)旗下中百超市同时开业51家硬折扣店，门店网络覆盖武汉三镇及黄石等核 心区域。证券时报记者实探发现，硬折扣店重点对粮油调料、饮料、个人护理、家用清洁等民生品类全 面更新，整体降价幅度达20%，部分单品降幅超过35%。 记者在武汉新华西路店看到，门店改造成硬折扣店后，上架了不少自有品牌，价格更低，附近前来尝鲜 的市民络绎不绝。 中百超市相关负责人介绍，门店单品数量从3000多个压缩至1400个，淘汰低效品类，聚焦生鲜、冷冻食 品、粮油、休闲食品等高周转快消品。生鲜全品类实现预包装、标品化，有利于保护品质、提升效率、 降低损耗。部分门店还引入现制烘焙、现烤等加工类食品，增强差异化竞争力。 记者注意到，在硬折扣店里，自有品牌商品占比近40%，且自有品牌的价格优势更为明显。记者比较发 现，自有品牌"百屿森"红烧牛肉面，7连包售价仅为10.8元，而同一货架上的统一红烧牛肉面单桶售价 高于5元。 其中小百惠折扣店聚焦"高频刚需+高性价比"硬折扣赛道，FOODMART食品店突出"三餐四季"消费场景 搭建。中百邻里购店作为中百仓储前置仓项目，实现24小时运营，重点服务周边3—5公里社区，提 ...

9月26日，中百集团（000759）旗下中百超市同时开业51家硬折扣店，门店网络覆盖武汉三镇及黄石等核心区域。证券时报记者实探发现，硬折扣店重点对 粮油调料、饮料、个人护理、家用清洁等民生品类全面更新，整体降价幅度达20%，部分单品降幅超过35%。 记者在武汉新华西路店看到，门店改造成硬折扣店后，上架了不少自有品牌，价格更低，附近前来尝鲜的市民络绎不绝。 D自超1 便折扣店女 26日51唐同开 近500 沂50 te 中百超市相关负责人介绍，门店单品数量从3000多个压缩至1400个，淘汰低效品类，聚焦生鲜、冷冻食品、粮油、休闲食品等高周转快消品。生鲜全品类实 现预包装、标品化，有利于保护品质、提升效率、降低损耗。部分门店还引入现制烘焙、现烤等加工类食品，增强差异化竞争力。 近年来，传统零售出身的中百集团正积极推进转型，以应对零售行业变革。 9月26日，中百集团旗下中百仓储三家新业态门店也同步开业，分别以"折扣""食品场景化""24小时即时零售"为核心定位，形成差异化互补。 其中小百惠折扣店聚焦"高频刚需+高性价比"硬折扣赛道，FOODMART食品店突出"三餐四季"消费场景搭建。中百邻里购店作为中百仓储前置仓 ...

Core Points - The article reports on the impact of Typhoon "Haikashan" on transportation in Hainan, with significant disruptions expected in ferry and train services starting from the night of September 23 [1] - The typhoon is predicted to bring strong winds and heavy rain, prompting local authorities to prepare for potential evacuations and damage control [1] Transportation Impact - Ferry services across the Qiongzhou Strait will be suspended for an extended period starting from the night of September 23 [1] - Train services to and from Hainan will also be halted, with specific train numbers K457 and Z385 being canceled on September 23, and all services suspended on September 24 and 25 [1] Weather Conditions - Typhoon "Haikashan" is expected to enter the northeastern South China Sea on September 23 and make landfall in western Guangdong, bringing wind gusts of 10 to 12 levels along the northern coastal areas of Hainan [1] - The article highlights the need for local governments to implement emergency plans to minimize damage from the typhoon [1] Airport Operations - Haikou Meilan International Airport has issued travel advisories due to expected severe weather conditions, which will affect flight operations [1] - The airport is preparing for disruptions caused by strong winds and heavy rain during the typhoon [1]

Company Overview - Zhongbai Group is a large chain enterprise primarily engaged in commercial retail, including chain supermarkets and comprehensive department stores, with additional involvement in pharmaceuticals, logistics, property management, and import-export trade [1] - The company's main business revenue composition is 91.07% from merchandise sales and 8.93% from other income [1] Stock Performance - As of September 22, Zhongbai Group's stock price decreased by 2.06%, trading at 7.59 CNY per share, with a total market capitalization of 5.03 billion CNY [1] - The stock has experienced a year-to-date decline of 41.97%, with a 3.92% drop over the last five trading days, 4.29% over the last 20 days, and 2.44% over the last 60 days [1] - The company has appeared on the trading leaderboard 18 times this year, with the most recent appearance on April 14, where it recorded a net purchase of 53.38 million CNY [1] Financial Performance - For the first half of 2025, Zhongbai Group reported a revenue of 4.62 billion CNY, a year-on-year decrease of 19.13%, and a net profit attributable to shareholders of -255 million CNY, a decline of 79.50% year-on-year [2] - The company has cumulatively distributed 919 million CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3] Shareholder Information - As of August 31, Zhongbai Group had 99,800 shareholders, a decrease of 2.57% from the previous period, with an average of 6,568 circulating shares per shareholder, an increase of 2.63% [2] Industry Classification - Zhongbai Group belongs to the retail trade sector, specifically in the general retail and supermarket category, and is associated with concepts such as community group buying, duty-free shopping, rural revitalization, state-owned enterprise reform, and new retail [2]

Group 1 - The retail industry is witnessing a fierce competition in the "hard discount" segment, with major players like Zhongbai Group, JD.com, Meituan, Hema, and Wumart rapidly entering the market [1][2] - Hard discount stores focus on significantly lowering costs and improving efficiency to offer lower prices, contrasting with "soft discount" stores that emphasize near-expiry or slightly imperfect products [2][3] - Zhongbai Group plans to open 51 hard discount stores in Hubei, with a SKU range of 800-1500 and substantial price reductions [3] Group 2 - The hard discount sector is emerging as a new growth point in the global retail market, with a projected growth rate of 8.2% in discount retail channels and an increase of $61.1 billion in sales of discount products by 2024 [4] - The Chinese hard discount market is expected to exceed 200 billion yuan by 2024, with current penetration at only 8%, indicating significant growth potential compared to Germany's 42% and Japan's 31% [4] - Aldi's expansion in China exemplifies the potential for growth, as it has steadily increased its store count and is now expanding beyond Shanghai [4] Group 3 - Despite the promising outlook, the hard discount market faces challenges such as supply chain optimization, cost reduction, and intense market competition [6][7] - The core of the hard discount business model is "extreme low prices," achieved through streamlined product categories and efficient supply chains, but this leads to lower profit margins [6][7] - Hard discount stores typically have gross margins of 10%-15%, significantly lower than the 20%-25% margins of traditional supermarkets, highlighting the competitive pressure in this segment [7]

Core Viewpoint - The retail industry is witnessing a fierce competition in the "hard discount" segment, with major players like Zhongbai Group, JD.com, Meituan, Hema, and Wumart rapidly entering the market [1][2][4]. Group 1: Market Dynamics - Major companies are focusing on "hard discount" stores, which operate on a model that emphasizes cost reduction and efficiency to offer lower prices compared to "soft discount" stores [2][4]. - The global discount retail channel is projected to grow at a rate of 8.2% in 2024, with an increase in sales of discount products amounting to $61.1 billion [4]. - The Chinese hard discount market is expected to exceed 200 billion yuan in 2024, indicating significant growth potential [4]. Group 2: Company Strategies - Zhongbai Group plans to open 51 hard discount stores in Hubei, with a focus on a limited SKU range of 800 to 1500 items and substantial price reductions [3]. - JD.com opened its first discount supermarket in Hebei, attracting nearly 60,000 customers on the first day, and has plans for further expansion [2]. - Meituan's "Happy Monkey" discount supermarket aims to establish 1,000 stores by 2025, with a focus on refining its business model [2]. - Hema has rebranded its discount format to "Super Box NB" and has opened 17 new stores in 10 cities in Jiangsu and Zhejiang [2]. Group 3: Competitive Landscape - The hard discount model is validated by successful international examples, with discount retailers like Schwarz, Aldi, and Costco dominating the top ranks in the global retail landscape [4]. - The penetration rate of hard discount retail in China is currently only 8%, compared to 42% in Germany and 31% in Japan, highlighting a significant opportunity for growth [4]. Group 4: Challenges and Considerations - The hard discount model relies on extreme low pricing, which compresses profit margins, with gross margins typically between 10% and 15%, compared to 20% to 25% for traditional retailers [6][7]. - Companies face challenges in optimizing supply chains and reducing operational costs, particularly in the fresh produce category, which requires high efficiency and stability [7]. - The influx of competitors increases the risk of homogenization, making it crucial for companies to establish differentiated competitive advantages to avoid price wars [7]. Group 5: Regional Insights - The Shenzhen market remains relatively quiet in terms of hard discount store openings, with major players like Hema and JD.com yet to establish a presence [8]. - Walmart has begun testing community stores in Shenzhen, which are characterized as typical hard discount supermarkets, indicating potential for future growth in the region [9].

Group 1 - On September 17, seven listed companies repurchased their own shares [1] - Wanfu Biology had the highest repurchase amount of 166 million yuan, buying back 13.34 million shares [1] - Jian Sheng Group repurchased shares worth 29.91 million yuan, totaling 3.05 million shares [1] - Zhongbai Group repurchased shares amounting to 22.73 million yuan, with a total of 7.4 million shares bought back [1]

证券日报网讯中百集团（000759）9月17日在互动平台回答投资者提问时表示，截至2025年8月末，公司 股东户数为99822户。 ...

证券日报网讯 9月16日晚间，中百集团发布公告称，公司本次回购注销的限制性股票数量为7，397， 104股，占回购注销前公司总股本的比例为1.10%，涉及激励对象333人。公司已于近日在中国证券登记 结算有限责任公司深圳分公司办理完毕上述限制性股票回购注销手续，后续将依法办理相关的工商变更 登记手续。本次回购注销完成后，公司股份总数由669，971，694股变更为662，574，590股。 （文章来源：证券日报） ...