证券之星消息，11月12日互联网电商板块较上一交易日下跌1.11%，赛维时代领跌。当日上证指数报收 于4000.14，下跌0.07%。深证成指报收于13240.62，下跌0.36%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002024 | ST易购 | 1.70 | 0.00% | 15.03万 | | 2549.69万 | | 600539 | 师头股份 | 11.50 | -0.26% | 6.79万 | | 7806.99万 | | 002803 | 吉宏股份 | 16.32 | -0.37% | 7.08万 | | 1.16亿 | | 300592 | 华凯易佰 | 10.88 | -0.37% | - 4.07万 | | 4435.47万 | | 301110 | 青木科技 | 71.41 | -0.40% | 1.83万 | | 1.32亿 | | 301001 | 凯淳股份 | 30.22 | -0.59% | 1.12万 | ...

電自研法 解锁市场最强音,把握投资机会! 政策暖风频吹、CPI回升、海 南自由贸易港封关在即,三 大积极信号共同点燃大消费 板块做多热情。机构普遍认 为当前消费板块预期已基本 位于底部,基本面也在逐步 改善。后续哪些方向更有配 置机会?请看机构最新研判。 在华尔街,没有什么新鲜事。股 市上的今天可能只是昨天的重复。 也可能是未来的预演。 方法 · 利 出荷 · 海南离岛免税销售数据在2025年第三季度出现回暖，客单价同比提升显著，四季度预计相对稳健。此外，政策端持续加码：全岛封关时间明确、免税商品 范围扩大、离境旅客纳入覆盖等等，中国中免、美兰空港、海南机场、海汽集团、海南发展等免税商经营情况有望持续改善。 华泰证券： 供给创新驱动消费行业结构性升级 潮玩行业IP孵化与品类创新不断进化，份额向头部企业集中，具备IP设计、供应链与渠道及营销联动能力的平台型公司优势凸显；生活美容行业以医疗 +美容+保健/康复一体化的业务模式有助于提升客单价与复购率，品牌化正重塑行业，仍存在大量整合及规模化机会。同时，消费行业正从"功能供 给"向"场景价值供给"演进，品牌消费品在供、需、渠道及营销打法的多重焕新下正迎来结构性升级， ...

（文章来源：证券日报） 证券日报网讯赛维时代11月10日在互动平台回答投资者提问时表示，二级市场股价受市场情绪、行业情 况、投资偏好等因素的影响，公司持续专注主营业务发展，努力提高公司治理水平，为广大投资者创造 价值。 ...

（文章来源：证券日报） 证券日报网讯赛维时代11月10日在互动平台回答投资者提问时表示，公司已严格按照相关信息披露要求 对公司对外投资的情况进行了公告。 ...

11月10日，赛维时代盘中上涨2.00%，截至14:22，报23.44元/股，成交6953.37万元，换手率1.54%，总 市值94.57亿元。 赛维时代所属申万行业为：商贸零售-互联网电商-跨境电商。所属概念板块包括：电子商务、DeepSeek 概念、跨境电商、ERP概念、快递概念等。 截至10月31日，赛维时代股东户数1.51万，较上期增加2.60%；人均流通股12912股，较上期减少 2.53%。2025年1月-9月，赛维时代实现营业收入81.88亿元，同比增长20.39%；归母净利润2.10亿元，同 比增长7.34%。 分红方面，赛维时代A股上市后累计派现4.21亿元。 机构持仓方面，截止2025年9月30日，赛维时代十大流通股东中，中欧景气精选混合A（020876）位居 第五大流通股东，持股267.90万股，为新进股东。香港中央结算有限公司位居第八大流通股东，持股 163.13万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流入172.80万元，特大单买入593.62万元，占比8.54%，卖出368.35万元，占 比5.30%；大单买入589.29万元，占比8.47%，卖出641.7 ...

Core Insights - The retail industry is experiencing a shift from value preservation to emotional value, with a focus on high-growth segments for investment opportunities [5][28] - The report maintains a positive outlook on the retail sector, emphasizing the importance of consumer insights and differentiated product offerings [5][28] Retail Market Overview - The retail index reported a slight increase of 0.31% during the week of November 3 to November 7, 2025, underperforming the Shanghai Composite Index, which rose by 1.08% [7][16] - Year-to-date, the retail index has increased by 4.20%, lagging behind the Shanghai Composite Index's 19.27% growth [16][20] Investment Strategy for 2026 - The investment strategy highlights four main themes: 1. **Gold and Jewelry**: Focus on high-end and fashionable gold segments, with recommendations for brands like Lao Pu Gold and Chao Hong Ji [5][48] 2. **Retail E-commerce**: Emphasize the transformation of offline retail to enhance service and experience, with key players like Yonghui Supermarket and Ai Ying Shi [5][48] 3. **Cosmetics**: Target domestic brands that capture emotional value and innovate on safety ingredients, recommending brands like Juzi Biological and Pechoin [5][49] 4. **Medical Aesthetics**: Focus on differentiated product manufacturers and expanding medical institutions, with recommendations for brands like Ai Mei Ke and Ke Di-B [5][49] Sector Performance - The jewelry sector is undergoing significant changes due to rising gold prices and a decline in traditional wedding markets, leading to the emergence of brands with strong consumer insights [5][29] - The cosmetics sector is seeing a rise in domestic brands leveraging cultural roots and emotional value to capture market share [5][41] Company-Specific Insights - **Chao Hong Ji**: Reported a revenue increase of 28.4% year-on-year for the first three quarters of 2025, with a notable performance in Q3 [54] - **Yonghui Supermarket**: Experienced a revenue decline of 22.2% year-on-year for the first three quarters of 2025, but is undergoing significant transformation [50] - **Juzi Biological**: Achieved a revenue growth of 21.7% year-on-year for the first half of 2025, focusing on collagen products [50]

Market Overview - On November 7, the internet e-commerce sector declined by 0.8%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers included: - Xinxunda (300518) with a closing price of 16.77, up 6.68% and a trading volume of 143,700 shares, totaling 236 million yuan [1] - Guolian Co. (603613) closed at 28.49, up 0.99% with a trading volume of 128,300 shares [1] - Significant decliners included: - Qingmu Technology (301110) closed at 72.92, down 4.07% with a trading volume of 44,300 shares, totaling 328 million yuan [2] - JiaoDian Technology (002315) closed at 44.88, down 3.79% with a trading volume of 72,600 shares [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 60.73 million yuan from institutional investors, while retail investors saw a net inflow of 72.48 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks [2] Individual Stock Capital Flow - Xinxunda (300518) had a net inflow of 25.59 million yuan from institutional investors, while retail investors had a net outflow of 27.37 million yuan [3] - Qingmu Technology (301110) saw a net inflow of 25.37 million yuan from institutional investors, but a net outflow of 37.90 million yuan from retail investors [3] - Guolian Co. (603613) had a net inflow of 23.83 million yuan from institutional investors, with retail investors experiencing a net outflow of 35.19 million yuan [3]

A股主要股指早盘表现 东方证券研报认为，展望未来，中美的需求端已出现边际改善，为化工大宗品需求带来长期动力。而化工大宗品生产具有很高的技术壁 垒与能源壁垒，目前新兴国家几乎都不具备自主建设化工大宗项目的能力。因此，PVC等高能耗产品有望接力MDI实现景气度修复。 化工板块近期连续走强，领涨龙头清水源（300437）早盘再度涨停，近期连续两日收获20%幅度涨停。消息面上，多个化工产品价格短 期上涨，黄磷指数近两周累计涨幅超过7%。 热点股方面，在经历10月的快速拉升后，标榜股份早盘遭遇20%幅度"一字跌停"。公司昨晚公告称，决定终止控制权变更事项，公司股 票自11月7日开市起复牌。 化工板块连续上涨清水源两连板 早盘，化工板块延续本周的强势表现。截至午间收盘，申万基础化工指数上涨2.21%，涨幅居所有行业首位。个股方面，磷化工方向大 涨，清水源连续两日收获20%幅度涨停，澄星股份、天际股份、金浦钛业均涨停。 今日早盘，A股市场高位震荡，AI应用端与煤炭板块出现调整，拖累股指回落。截至午间休市，上证指数报4001.24点，跌0.16%；深证 成指、创业板指分别下跌0.16%和0.37%。 | 代码 | 名称 | ...

Group 1 - The company, Saiwei Times, stated that as of October 31, 2025, the total number of shareholders is 15,125 [2]

Core Viewpoint - The company, Saiwei Times Technology Co., Ltd., reported significant revenue and profit growth in the first three quarters of 2025, while facing challenges such as a slight decline in gross margin [1][3]. Financial Performance - The company's revenue for the first three quarters reached 8.188 billion, a year-on-year increase of 20.39%, with Q3 revenue at 2.843 billion, up 8.33% [3]. - Net profit attributable to shareholders was 210 million, a 7.34% increase year-on-year, exceeding the industry average of 135 million [3]. - The net cash flow from operating activities was 742 million, showing a substantial increase of 252.93% [3]. Gross Margin and Profitability - The gross margin for the first three quarters was 43.56%, down 1.37 percentage points year-on-year, influenced by raw material price fluctuations and rising cross-border transportation costs [4]. - The net profit margin was 2.56%, a decrease of 0.31 percentage points compared to the same period last year [4]. - In Q3, the gross margin was 41.83%, down 0.58 percentage points year-on-year and 3.14 percentage points quarter-on-quarter [4]. Cost Structure - Total operating expenses for the first three quarters were 3.204 billion, an increase of 408 million year-on-year, with a period expense ratio of 39.12%, down 1.97 percentage points [4]. - Sales expenses increased by 15.16%, while management expenses rose by 13.40% [4]. Market Position and Growth - Saiwei Times is recognized as a leading player in the cross-border e-commerce sector, with a strong multi-brand matrix and digital operational capabilities [2]. - The company aims to surpass 10 billion in revenue by 2024, establishing itself as a significant Chinese seller in the European and American markets [2]. Shareholder Structure and Market Sentiment - The number of A-share shareholders reached 15,200, a decrease of 15.28%, indicating increased concentration of shares [5]. - Several brokerages, including Changjiang Securities and Kaiyuan Securities, have a positive outlook on the company's future, citing strong growth in the apparel category and a decline in inventory [5].