Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Insights - The internet e-commerce sector experienced a 2.6% increase on November 18, with Liren Lizhuang leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] E-commerce Sector Performance - Liren Lizhuang (605136) closed at 11.04, up 9.96% with a trading volume of 312,100 shares [1] - Yiwang Yichuang (300792) closed at 30.55, up 5.86% with a trading volume of 238,500 shares [1] - ST Yigou (002024) closed at 1.85, up 5.11% with a trading volume of 930,900 shares [1] - Other notable performers include Kaichun Co. (301001) up 5.05%, and Qingmu Technology (301110) up 4.62% [1] Capital Flow Analysis - The internet e-commerce sector saw a net inflow of 352 million yuan from institutional investors, while retail investors experienced a net outflow of 314 million yuan [2] - Major stocks like Liren Lizhuang had a net inflow of 151 million yuan from institutional investors, but a net outflow from retail investors of 83.42 million yuan [3] - Yiwang Yichuang also saw a net inflow of 62.44 million yuan from institutional investors, with retail investors withdrawing 48.41 million yuan [3]

Core Points - The company announced the election of Ms. Li Li as an independent director of the fourth board of directors [1] Company Summary - The election of Ms. Li Li is part of the company's governance structure [1]

证券代码：301381 证券简称：赛维时代 公告编号：2025-080 赛维时代科技股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决议案的情形； 2.本次股东会不涉及变更以往股东会已通过的决议； 3.本次股东会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 1.股东会届次：2025 年第四次临时股东会 2.股东会的召集人：赛维时代科技股份有限公司（以下简称"公司"）董事 会 11 月 14 日上午 9:15 至下午 15:00 期间的任意时间。 5.会议的召开方式：本次股东会采用现场投票与网络投票相结合的方式召开。 6.现场会议地点：深圳市龙岗区南湾街道上李朗社区康利城 6 栋 11 楼公司 会议室。 7.会议主持人：董事长陈文平先生 8.会议出席情况： 3.会议召开的合法、合规性：经公司第四届董事会第七次会议审议通过，决 定召开公司 2025 年第四次临时股东会，召集程序符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 4.会议召开的日 ...

令杆律师事务所 KING&WODD MAII FSONS T +86 755 2216 3333 +86 755 2216 3380 www.kwm.com 北京市金杜（深圳）律师事务所 关于赛维时代科技股份有限公司 2025年第四次临时股东会 致:赛维时代科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受赛维时代科技股份有限公司（以下 简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以下简称中国证监会）《上 市公司股东会规则》(以下简称《股东会规则》)等中华人民共和国境内(以下简称中国境内, 为本法律意见书之目的,不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现 行有效的法律、行政法规、规章、规范性文件和现行有效的公司章程有关规定,指派律师出席 了公司于 2025 年 11月 14 日召开的 2025 年第四次临时股东会（以下简称本次股东会），并 就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于: 经公司 2025 年第一次临时股 ...

证券代码：301381 证券简称：赛维时代 公告编号：2025-079 赛维时代科技股份有限公司 赛维时代科技股份有限公司（以下简称"公司"）董事会于2025年9月30日披 露了《关于公司独立董事辞职的公告》，独立董事吴星宇先生因个人工作原因申 请辞去公司第四届董事会独立董事职务，同时辞去董事会薪酬与考核委员会主任 委员、董事会战略委员会委员职务，其辞职后将不再担任公司任何职务。吴星宇 先生的辞职将在公司股东会选举产生新任独立董事后生效。具体内容详见公司在 巨潮资讯网发布的相关公告。 为保证公司董事会的正常运行，公司于2025年10月27日召开第四届董事会第 七次会议，审议通过了《关于补选公司第四届董事会独立董事及专门委员会委员 的议案》，经董事会提名委员会审核，董事会同意提名李莉女士为公司第四届董 事会独立董事候选人，任期自公司股东会审议通过之日至本届董事会任期届满时 止。为保证董事会专门委员会的规范运作，董事会同意本次补选事项经股东会审 议通过后，李莉女士将同时担任董事会薪酬与考核委员会主任委员、董事会战略 委员会委员职务。独立董事候选人李莉女士已取得独立董事资格证书，其任职经 历、专业能力和职业素养等能 ...

Core Viewpoint - The company has a subsidiary in Zhangzhou but does not have a branch office there [2] Company Information - The company, Saiwei Times (301381.SZ), confirmed the presence of a subsidiary in Zhangzhou during an interaction with investors [2] - Relevant information regarding the company's structure can be found in its periodic reports [2]

Core Insights - The company, Saiwei Times (301381), reported that as of November 10, 2025, the total number of shareholders is 14,243 [1] Company Summary - As of the specified date, the total number of shareholders for Saiwei Times is 14,243 [1]

Core Insights - The internet e-commerce sector experienced a decline of 1.11% on November 12, with Saiwei Times leading the drop [1][2] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Market Performance - The following companies showed notable price movements: - ST Yigou: Closed at 1.70, unchanged [1] - Saiwei Times: Closed at 22.73, down 2.19% with a trading volume of 23,900 shares and a turnover of 54.80 million [2] - Guolian Co.: Closed at 27.91, down 2.07% with a trading volume of 65,200 shares and a turnover of 183 million [2] - New Xunda: Closed at 16.90, down 1.63% with a trading volume of 89,300 shares and a turnover of 150 million [2] Capital Flow - The internet e-commerce sector saw a net outflow of 131 million from main funds, while retail investors contributed a net inflow of 119 million [2][3] - The following companies had significant capital flow: - New Xunda: Main funds net inflow of 5.41 million, retail net outflow of 20.13 million [3] - ST Tongpu: Main funds net outflow of 6.75 million, retail net inflow of 5.15 million [3] - Saiwei Times: Main funds net outflow of 7.40 million, retail net inflow of 4.25 million [3]

Core Viewpoint - The consumer sector is showing signs of recovery, driven by favorable policies, rising CPI, and the imminent closure of Hainan Free Trade Port, leading to increased investment enthusiasm in the sector [2][4]. Group 1: Consumer Sector Analysis - The consumer sector is believed to be at the bottom, with fundamentals gradually improving, as indicated by the third-quarter reports [4]. - The "14th Five-Year Plan" emphasizes the importance of consumption, suggesting a positive outlook for the sector [4]. - Key investment opportunities include the restaurant chain sector, which is nearing the end of price wars, and companies like Anjiexin Foods and Lihai Foods are seeing improved net profit margins [4]. Group 2: Duty-Free Industry Insights - Hainan's duty-free sales data shows a significant recovery in Q3 2025, with a notable increase in average transaction value, and a stable outlook for Q4 [5]. - Continuous policy support, including a clear timeline for the island's closure and an expanded range of duty-free products, is expected to enhance the operational conditions for companies like China Duty Free Group and Hainan Development [5]. Group 3: Structural Upgrades in Consumption - The toy industry is evolving with IP incubation and category innovation, favoring leading companies with strong design and supply chain capabilities [6]. - The beauty industry is integrating medical, beauty, and health services, which is expected to enhance customer spending and repeat purchases [6]. - The consumer industry is transitioning from "functional supply" to "scenario value supply," indicating a structural upgrade in brand consumer goods [6]. Group 4: New Consumption Trends - Four new consumption themes are emerging: 1. Brand globalization 2.0, focusing on pricing power and emerging markets [7]. 2. Emotional value sectors like trendy toys and pet products are expected to benefit from rising GDP per capita [7]. 3. AI-driven consumption in service sectors is showing potential for profitability [7]. 4. Channel transformation emphasizing user experience and operational efficiency, particularly in instant retail and cost-effective dining [7]. Group 5: High-Growth Opportunities in Emotional Consumption - The gold and jewelry sector is undergoing significant changes, with rising gold prices and a shift towards emotional consumption, suggesting opportunities in high-end and trendy gold segments [8]. - Retail e-commerce is focusing on offline retail transformation and AI-enabled cross-border e-commerce leaders [8]. - The cosmetics sector is seeing growth in domestic brands that meet emotional value and safety ingredient innovation [8]. - The medical beauty sector remains resilient, with opportunities in differentiated products and mergers in downstream medical beauty institutions [8].