Market Overview - On September 18, the communication services sector declined by 2.16%, with significant losses in both online and offline segments [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the communication services sector included: - Beiwai Technology (002148) with a closing price of 12.15, up 6.39% [1] - Zhongbei Communication (603220) at 24.79, up 5.80% [1] - ST Xintong (600289) at 6.57, up 4.95% [1] - Major decliners included: - Online and Offline (300959) at 73.50, down 10.37% [2] - Erli San (002467) at 6.88, down 4.58% [2] - Fengzhushou (301382) at 36.97, down 3.47% [2] Capital Flow - The communication services sector experienced a net outflow of 2.507 billion yuan from institutional investors, while retail investors saw a net inflow of 2.243 billion yuan [2] - The table of capital flow indicates that: - Zhongbei Communication had a net inflow of 2.29 million yuan from institutional investors [3] - Super Communication (603322) saw a net inflow of 29.216 million yuan from retail investors [3] - Dream Network Technology (002123) had a net inflow of 16.368 million yuan from institutional investors [3]

Core Viewpoint - The partnership between the home appliance brand Chasing and Tmall marks a significant step towards integrating online and offline retail, enhancing consumer experience through instant delivery services [1][3]. Group 1: Company Strategy - Chasing has launched its products on Tmall's flash purchase platform, offering items such as vacuum cleaners and hair dryers, focusing on immediate consumer needs for home cleaning and personal care [1]. - The brand emphasizes a "same model, same price" policy to alleviate consumer concerns about price differences between online and offline purchases [1][5]. - The integration of inventory, traffic, and service through the flash purchase model allows Chasing to capture immediate consumer demand and improve fulfillment efficiency [3]. Group 2: Market Trends - The current government policy promoting trade-in subsidies is stimulating the home appliance market, positioning instant retail as a new growth avenue for brands [5]. - Rapid delivery has become a primary decision factor for consumers in urgent scenarios, and Chasing's "far and near integration" model is designed to seize consumer mindshare and create new growth paths [5]. - As of September, 260 brands, including Midea and Chasing, have connected their Tmall flagship stores to Tmall's flash purchase, enhancing the consumer experience with immediate availability [5].

Group 1: New Stock Issuances - Cash option declaration period for *ST Tianmao (000627) is from September 15 to September 19, 2025[1] - *ST Zitian (300280) has 11 trading days remaining until the last trading day during the delisting arrangement period[1] - *ST Dongtong (300379) has reported severe abnormal fluctuations in stock price[1] Group 2: Market Alerts - Jiushi Media (601929) has experienced significant abnormal fluctuations in stock price[1] - Xian Dao Intelligent (300450) has reported severe abnormal fluctuations in stock price[1] - Hangke Technology (688006) has issued a notice regarding stock performance[1] Group 3: Trading Notifications - Shanghai Construction (600170) has issued a trading notification on September 18, 2025[1] - Junsheng Electronics (600699) has issued a trading notification on September 18, 2025[1] - ST Changyuan (600525) has issued a trading notification on September 18, 2025[1]

时下秋意渐浓，进入皮肤问题高发期，儿童、敏感人群、皮肤疾病患者等群体更容易受到皮肤红肿、瘙 痒、呼吸道不适等问题的困扰。为帮助大众科学应对秋季健康问题，9月15日至16日，京东健康携手上 海市皮肤病医院、上海交通大学医学院附属上海儿童医学中心、广州医科大学附属第一医院、广州医科 大学附属妇女儿童医疗中心等三甲医院，泽德曼、雀巢、丝塔芙、汤臣倍健等品牌，以及京东集团旗下 保险经纪平台京东保、京东超市，共同启动"健康护航，安心换季"秋季健康关爱行动，通过名医义诊、 趣味科普互动、健康知识传播、免费药师咨询等形式，为用户提供专业、便捷的秋季健康问题解决方 案。 在秋季健康问题防治方面，京东互联网医院可为用户提供"医-检-诊-药"全链条解决方案。针对换季问 题，通过强化京东互联网医院专病门诊服务，打通过敏原检测、快速诊断、药品秒送、专业护理全流 程，从单一问诊升级为"检测+诊疗+用药+护理"一体化服务，既能快速缓解过敏症状，又能减少二次过 敏风险，降低复发率。 今年秋季，京东互联网医院皮肤医院专门推出"过敏随心问"服务，精选过敏治疗经验丰富的皮肤专家， 实现30秒极速接诊、30分钟内不限次沟通，9.9元购买后可在一年 ...

从国内外经验来看，当前实体店仍有很强的竞争力。线上品牌加码布局线下，并非一时心血来潮，而是 基于流量成本、用户体验和品牌形象等因素综合考虑后的结果，可能产生更多"1+1>2"的化学反应。未 来，可能会有越来越多的线上品牌走向线下，加速完成全渠道布局，更好满足消费者个性化、多样化、 品质化的消费需求。 （作者为中国社会科学院大学应用经济学院教授，本报记者齐志明采访整理） （文章来源：人民日报） 线上成本走高，线下经营可期。从电商渗透率来看，今年上半年，实物商品网上零售额占社会消费品零 售总额的24.9%，线下仍占消费市场3/4的市场份额，说明线上品牌布局线下可以获得一定的增量空间。 有经营者说，一家普通的实体服装店开店成本为30万至40万元，而线上要达到同样的客流量，成本与实 体店相差无几，且需要持续投流。考虑到线上退货率更高等因素，线上经营成本往往高于线下。 实体店能提升消费者体验，提高购买转化率。近年来，快闪店、概念店等新消费场景涌现，线下场景 中，消费过程能激发更好的体验价值。 实体店能直观展示品牌形象，增强用户黏性。实体店与网店并非替代关系，某种程度上是相辅相成的关 系。通过实体店的展示，消费者会强化对 ...

Core Viewpoint - The new retail industry is undergoing a multi-dimensional transformation driven by consumer demand, technological innovation, and policy guidance, creating structural opportunities within the sector [1] Group 1: Industry Dynamics - The new retail sector is showing strong growth, with offline and online integration becoming the core driver of performance [2] - The rapid development of cross-border new retail is reshaping the overall industry landscape, pushing domestic supply chains to further integrate into the global market [2] - The industry has formed a differentiated competitive landscape with three main types of players: traditional retailers, internet giants, and emerging brands, each with unique core competencies [3] Group 2: Technological Impact - AI technology is gradually penetrating various industries, with its core benefits for new retail being cost reduction and efficiency enhancement [4] - AI applications, such as AI customer service, are becoming industry standards, significantly improving operational efficiency and reducing costs [4] Group 3: Market Opportunities - The combination of green consumption and new retail is creating new opportunities, particularly through the "second-hand economy" [5] - The lower-tier markets and county economies represent another key growth point for new retail, with increasing demand for quality upgrades and cost-effectiveness [5][6] Group 4: Investment Insights - Different segments within the new retail sector exhibit significant differences in cost-performance ratios, with offline discount retail and instant retail being highlighted as particularly attractive investment opportunities [7] - Investors are advised to focus on core indicators of companies rather than relying on a single dimension for evaluation, emphasizing the importance of stable cash flow and the effectiveness of digital transformation [7][8]

Core Insights - KAYOU, a leading company in China's pan-entertainment and cultural innovation sector, is entering the U.S. market, which is crucial for its global strategy [1] Group 1: Market Entry - The U.S. is the largest collectible card market globally, making it a key component of KAYOU's international expansion [1] - KAYOU plans to launch three major IP card series, including "My Little Pony," "Naruto," and "tokidoki," at the New York Comic Con in October [1] Group 2: Competitive Advantages - KAYOU's competitive edge stems from its comprehensive industry chain layout, covering R&D and manufacturing, which ensures product innovation and quality [1] - The company has a mature IP operation system, successfully managing over 70 well-known IPs in China, including global collaborations and original developments [1] - KAYOU excels in content re-creation to enrich the IP's connotation [1] Group 3: Sales Channels - The company plans to sell its products through multiple online and offline channels, including Walmart, Amazon, Target, Gamestop, Barnes & Noble, TikTok Shop, and live e-commerce brand Crossing [1]

New Stock Issuance - Cash option declaration period for *ST Tianmao (000627) is from September 15 to September 19, 2025[1] - *ST Zitian (300280) has 12 trading days remaining until the last trading day during the delisting arrangement period[1] Trading Alerts - *ST Jishi Media (601929) reported severe abnormal fluctuations in stock price[1] - *ST Yushun (002289) and *ST Weier (002058) are under scrutiny due to abnormal trading activities[1] Company Announcements - *ST Gao Hong (000851) and *ST Dongtong (300379) have recent announcements regarding their financial status[1] - Shanghai Construction (600170) and Zhongke Shuguang (603019) have disclosed important updates on their operations[1] Market Trends - The report indicates a trend of increased scrutiny on companies with abnormal trading patterns, reflecting a tightening regulatory environment[2] - The number of companies under cash option declarations and delisting arrangements suggests a potential increase in market volatility[1]

线上线下今日上涨18.98%，全天换手率36.65%，成交额15.40亿元，振幅10.28%。龙虎榜数据显示，机 构净买入5989.13万元，营业部席位合计净卖出5216.74万元。 深交所公开信息显示，当日该股因日收盘价涨幅达18.98%、日换手率达36.65%上榜，机构专用席位净 买入5989.13万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4.13亿元，其中，买入成交额为2.10亿 元，卖出成交额为2.03亿元，合计净买入772.39万元。 线上线下9月17日交易公开信息 | 买/卖 | | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | --- | | 买一 | 机构专用 | | 4865.91 | 4622.66 | | 买二 | 机构专用 | | 4183.46 | 1840.17 | | 买三 | 机构专用 | | 3967.27 | 2741.11 | | 买四 | 机构专用 | | 3947.64 | 1812.23 | | 买五 | 机构专用 | | 2034.55 | 810.13 | | 卖一 | ...

Group 1 - The online and offline transaction volume reached 1.079 billion RMB, marking the highest level since March 24, 2021 [2] - The latest stock price increased by 13.61%, with a turnover rate of 25.77% [2] - The previous trading day's total transaction volume for the stock was 639 million RMB [2] Group 2 - Wuxi Online and Offline Communication Information Technology Co., Ltd. was established on September 14, 2012, with a registered capital of 80.3678 million RMB [2]