Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of blender products, revealing that out of 20 batches tested, 1 batch was found to be non-compliant [2] - The inspection included products from 6 provinces and cities, with 5 batches from Shanghai showing no non-compliance, while 1 out of 15 batches from other provinces was non-compliant [2] Group 1: Inspection Results - 20 batches of blender products were tested, with 1 batch failing quality standards [2] - The non-compliant product was identified as a food processor (meat grinder) from 廊坊峻畅家居有限公司, sold through a local store [2] - The inspection was based on the SHSSXZ0054-2025 guidelines for electric food processing machinery quality supervision [2] Group 2: Compliance Details - Several products passed the quality inspection, including brands like Joyoung, Midea, and Philips, with certifications from recognized institutions [2][3] - The compliant products included various types of food processors and blenders, indicating a generally high compliance rate among tested items [2][3] - The inspection results will be communicated to the respective market supervision departments for further action on non-compliant products [2]

Core Viewpoint - The small home appliance sector experienced a slight decline of 0.11% on October 10, with Stone Technology leading the drop. The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1]. Small Home Appliance Sector Performance - The small home appliance sector saw mixed performance among individual stocks, with notable gainers including: - Biyi Co., Ltd. (603215) closed at 24.15, up 4.32% with a trading volume of 199,300 shares and a transaction value of 474 million yuan [1]. - Jizhi Technology (920926) closed at 19.52, up 3.44% with a trading volume of 32,100 shares and a transaction value of 63.17 million yuan [1]. - Beiyikang (6610Z6) closed at 35.54, up 2.19% with a trading volume of 13,200 shares and a transaction value of 46.74 million yuan [1]. - Conversely, Stone Technology (688169) led the decline, closing at 197.79, down 2.47% with a trading volume of 43,700 shares and a transaction value of 88.1 million yuan [3]. Capital Flow Analysis - The small home appliance sector experienced a net outflow of 146 million yuan from institutional investors, while retail investors saw a net inflow of 13.22 million yuan [3]. - Specific stock capital flows included: - Biyi Co., Ltd. had a net inflow of 20.41 million yuan from institutional investors, but a net outflow of 27.13 million yuan from retail investors [4]. - Dechang Co., Ltd. (605555) saw a net inflow of 7.70 million yuan from institutional investors, but a net outflow of 7.58 million yuan from retail investors [4]. - New Treasure Co., Ltd. (002705) had a net inflow of 2.34 million yuan from institutional investors, with a net outflow of 3.53 million yuan from retail investors [4].

Core Viewpoint - Guangdong Xinbao Electric Co., Ltd. has announced its 2025 interim cash dividend distribution plan, which includes a total cash dividend of 120,827,862.00 yuan, with a distribution of 1.50 yuan per 10 shares for eligible shareholders [3][4][5]. Group 1: Dividend Distribution Plan - The 2025 interim profit distribution plan was approved at the first extraordinary general meeting of shareholders held on September 18, 2025 [3]. - The cash dividend will be distributed based on the total share capital of 811,875,780 shares, excluding 6,356,700 shares held in the company's repurchase account, resulting in a base of 805,519,080 shares for the distribution [2][3]. - The actual cash dividend per share after the distribution will be calculated as 0.1488255 yuan per share, based on the total cash dividend divided by the total share capital [9]. Group 2: Dividend Payment Dates and Methods - The record date for the dividend distribution is set for October 16, 2025, and the ex-dividend date is October 17, 2025 [8]. - The cash dividends will be directly credited to the accounts of shareholders through their respective securities companies on the ex-dividend date [9]. - Shareholders holding shares in the repurchase account will not participate in the profit distribution [8]. Group 3: Taxation and Compliance - The company will not withhold individual income tax for certain shareholders, and tax will be calculated based on the holding period of the shares when they are sold [7]. - The distribution plan complies with the relevant regulations of the Company Law and the Shenzhen Stock Exchange [2][8].

Group 1 - The company Xinbao Co., Ltd. announced a profit distribution plan, proposing a cash dividend of 1.5 yuan per 10 shares, amounting to approximately 121 million yuan (before tax) [1] - The total share capital for the dividend distribution is based on approximately 806 million shares after deducting about 6.36 million shares held in the company's repurchase account [1] - The ex-dividend date is set for October 17, 2025, with the record date being October 16, 2025 [1] Group 2 - For the first half of 2025, Xinbao's revenue composition shows that the small home appliance sector accounts for 97.94%, while other businesses contribute 2.06% [1] - As of the report date, Xinbao's market capitalization stands at 12.9 billion yuan [1]

证券代码：002705 证券简称：新宝股份 公告编码：（2025）055 号 2025 年度中期分红派息实施公告 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"本公司"） 及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 特别提示： 1、根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳证 券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司回购证 券账户中股份不享有参与利润分配的权利。公司董事会及股东大会审议 2025 年 度中期利润分配方案时，公司回购专户持股 6,356,700 股，利润分配的股本基数 为公司当时总股本 811,875,780 股扣除公司回购专户所持 6,356,700 股后的 805,519,080 股。 2、公司本次实际现金分红总额=实际参与分配的总股本×分配比例，即 120,827,862.00 元=805,519,080 股×0.15 元/股。因公司已回购股份不参与分红， 本次现金分红实施前后公司总股本保持不变，本次分红派息实施后除权除息价格 计算时，每股现金红利应以 0.1488255 元/股计 ...

Core Viewpoint - Xinbao Co., Ltd. (002705) reported on October 9 that as of September 30, 2025, the total number of shareholders (excluding margin trading accounts) is 25,368, with 3,459 being institutional investors [1] Summary by Category - **Shareholder Information** - Total number of shareholders is 25,368 as of September 30, 2025 [1] - Number of institutional shareholders is 3,459 [1]

Market Overview - The small home appliance sector increased by 0.39% on September 30, with Ecovacs leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Ecovacs (603486) closed at 107.50, rising by 2.32% with a trading volume of 51,500 lots and a transaction value of 544 million [1] - Other notable performers include: - Bear Electric (002959) at 49.97, up 0.54% [1] - Bi Yi Co., Ltd. (603215) at 22.50, up 0.54% [1] - Bei Yi Kang (870199) at 35.37, up 0.51% [1] - Stone Technology (681889) at 209.78, up 0.26% [1] Capital Flow - The small home appliance sector experienced a net outflow of 66.42 million from main funds, while retail funds saw a net inflow of 38.23 million [2] - The sector's overall capital flow indicates a mixed sentiment among investors [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Kaineng Health (300272) with a main fund net inflow of 5.67 million, but a retail net outflow of 5.20 million [3] - Feike Electric (603868) saw a main fund inflow of 2.58 million, but retail outflows of 1.82 million [3] - Supor (002032) had a main fund inflow of 499,200, while retail funds saw a net outflow of 1.84 million [3]

Market Overview - The small home appliance sector experienced a decline of 0.42% on September 29, with Xinbao Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Biyi Co., Ltd. (603215) with a closing price of 22.38, up 3.90% and a trading volume of 185,400 shares, totaling 422 million yuan [1] - ST Dehao (002005) closed at 2.40, up 3.45% with a trading volume of 168,000 shares, totaling 40.13 million yuan [1] - Major decliners included: - Xinbao Co., Ltd. (002705) with a closing price of 15.69, down 1.81% and a trading volume of 85,200 shares, totaling 133 million yuan [2] - Supor (002032) closed at 47.79, down 1.40% with a trading volume of 19,900 shares, totaling 95.41 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 19.45 million yuan from institutional investors, while retail investors experienced a net outflow of 8.96 million yuan [2] - Conversely, speculative funds recorded a net inflow of 28.41 million yuan [2] Individual Stock Capital Flow - Biyi Co., Ltd. (603215) had a net outflow of 29.01 million yuan from institutional investors, with a net inflow of 10.83 million yuan from speculative funds [3] - Covos (603486) saw a net inflow of 17.62 million yuan from institutional investors, while retail investors had a net outflow of 15.22 million yuan [3] - Other notable stocks included: - ST Dehao (002005) with a net inflow of 3.48 million yuan from institutional investors [3] - Kaineng Health (300272) with a net inflow of 3.47 million yuan from institutional investors [3]

Market Overview - The small home appliance sector experienced a decline of 0.63% on September 26, with Hongzhi Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Key stocks in the small home appliance sector showed mixed performance, with the following notable movements: - Ecovacs (603486) closed at 106.45, up 0.42% with a trading volume of 41,500 and a turnover of 441 million [1] - Liren Technology (001259) closed at 25.74, up 0.27% with a trading volume of 7,920 and a turnover of 20.29 million [1] - Hongzhi Technology (870726) closed at 18.95, down 4.29% with a trading volume of 24,400 and a turnover of 46.58 million [2] Capital Flow - The small home appliance sector saw a net outflow of 27.98 million from institutional investors, while retail investors contributed a net inflow of 27.29 million [2] - The capital flow for key stocks indicated that: - Stone Technology (688169) had a net inflow of 52.13 million from institutional investors, but a net outflow of 47.69 million from speculative funds [3] - Ecovacs (603486) experienced a net outflow of 1.45 million from institutional investors, while speculative funds saw a net inflow of 47.30 million [3]