证券代码：600729 证券简称：重庆百货 公告编号：临2026-005 重庆百货大楼股份有限公司 关于与多点（深圳）数字科技有限公司 续签相关协议暨日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 是否需要提交股东会审议：本公告所涉续签的日常关联交易协议不需提 交公司股东会审议。 日常关联交易对上市公司的影响：本公告所涉日常关联交易协议系为满 足公司日常经营需要而签署；定价政策、结算方式公允、合理，符合公司和全体 股东利益，不存在损害上市公司和中小股东利益的情形；对公司的财务情况、经 营成果不会产生不利影响，公司的主要业务也不会因此类交易而对相关关联人形 成依赖。 一、日常关联交易基本情况 （二）前次日常关联交易的预计和执行情况 单位:万元 | 关联 交易 类别 | 关联人 | 2025 年预计金额 | 2025年实际发生金额 （未经审计） | | --- | --- | --- | --- | | 购买 商品 | 多点（深圳）数字科技有限公司、多 点新鲜（北京）电子商务有限公司 | 100 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2026-004 重庆百货大楼股份有限公司 第八届二十二次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 重庆百货大楼股份有限公司(以下简称"公司")于 2026 年 1 月 21 日以电子 邮件方式向全体董事发出召开第八届二十二次董事会会议通知和会议材料，会议 于 2026 年 1 月 27 日以通讯表决方式召开。本次会议由公司董事长张文中博士召 集并主持，公司 11 名董事全部发表意见。本次会议的召集、召开和表决程序符 合有关法律、法规和《重庆百货大楼股份有限公司章程》的规定，会议形成的决 议合法有效。 二、董事会会议审议情况 （一）审议通过《关于与多点（深圳）数字科技有限公司续签相关协议暨 日常关联交易的议案》 公司与多点（深圳）数字科技有限公司（以下简称"多点公司"）建立了长 期合作关系，促进了公司数字化发展和线上业务拓展，双方形成良好的合作基础， 多点公司对公司的业务流程、经营团队、技术架构、结算体系等有深刻理解，双 方 ...

Core Viewpoint - Chongqing Department Store announced the approval of multiple proposals during the 22nd meeting of the 8th Board of Directors, including the renewal of agreements with Duodian Company for various services from January 1, 2026, to December 31, 2028 [1] Group 1: Agreements and Transactions - The company agreed to renew several agreements with Duodian Company, with expected related transaction amounts for 2026 being: - Marketing system technical services: 41.3 million yuan - Marketing resource cooperation: 50 million yuan - Platform entry cooperation: 17 million yuan - OS system technical services: 22.35 million yuan [1] Group 2: Company Restructuring - The company approved the liquidation and deregistration of three subsidiaries: - Shangshe Yunpeng and Chongbai Pukang due to expiration of factory authorization and business cessation - Shangshe Automotive Beauty Services due to business integration [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The hard discount market in China is entering a golden development period with significant growth potential, as the penetration rate is only about 8%, compared to 42% in Germany and 31% in Japan. The expected compound annual growth rate (CAGR) for the next decade is 5.6%, significantly higher than traditional retail formats like hypermarkets [6][35]. - The essence of hard discounting lies in the deep restructuring of the supply chain, focusing on a limited number of SKUs (1500-2000 core items) and a high proportion of private label products (up to 90%) to achieve structural cost reductions [6]. - The domestic operational model is evolving from the "631" model, which emphasizes fresh produce, to the "523" model, which balances product effectiveness and consumer scenarios, optimizing profitability by increasing the share of ready-to-eat (3R) foods [6]. - Local players are leveraging digital empowerment and scalable replication, with companies like Super Box NB utilizing Alibaba's ecosystem to achieve structural cost reductions and increase private label share to over 60% [6]. - Global giants like Aldi are adapting their strategies to the Chinese market, maintaining high private label ratios and efficient management, achieving a gross margin of around 20% and daily sales per store of 105,000 to 110,000 yuan [6]. - Investment recommendations focus on retail companies that return to the essence of retail, emphasizing supply chain sovereignty, operational efficiency, and consumer trust. Key recommendations include Yonghui Supermarket, Huijia Times, and Chongqing Department Store, with a watch on Bubu Gao and Jiajiayue [6]. Summary by Sections Industry Background - Discount retail is not merely a price war; it aims to provide quality products at lower prices by stripping away brand premiums and reducing unnecessary costs in traditional retail channels [15]. - Hard discounting is characterized by a systematic restructuring of the traditional retail value chain, focusing on high cost-performance ratios [19]. Development History of Hard Discount Supermarkets - The hard discount model originated in post-war Germany, with Aldi establishing the low-price principle in 1948, leading to the emergence of a dual oligopoly in the German market [22]. - The U.S. market saw the rise of membership warehouse stores like Costco, which integrated low-price strategies with membership fees [23]. Market Landscape - Hard discounting has become a significant force in global retail, with a projected 12.6% share in the top 50 global retailers by 2025, indicating its growth momentum [31]. - In China, the hard discount market is expected to exceed 200 billion yuan by 2024, with a penetration rate of only 8%, highlighting substantial growth potential compared to mature markets [35]. Competitive Landscape - Local players like Super Box NB and Happy Monkey are emerging as strong competitors, leveraging supply chain efficiencies and digital tools to enhance their market positions [44]. - Global benchmarks like Aldi and Sam's Club are adapting their models to the Chinese market, focusing on high private label ratios and efficient operations [6][43].

在拉动消费的同时，八桥镇更以消费活动为纽带，串联起民生服务与就业创业，实现"消费惠民+就业 利民"双丰收。每场大型消费活动均同步开设"青年就业创业"专区，联合辖区企业推出技术、服务、管 理等多领域优质岗位。2026年，八桥镇将通过各类活动，吸引近200家企业参与招聘，提供岗位3000余 个，助力超2000人实现"家门口"就业。 为持续放大消费带动效应，八桥镇不断升级集市功能、夯实硬件支撑，在心湖公园、爱情公园新增隐蔽 式供电接口，优化人车动线，完善夜间照明与便民设施，构建起"放得开、管得好"的消费场景治理底 座；串联心湖公园、爱情公园、东海诗情广场等核心区域，打造"公园+音乐+婚恋+消费"全域消费矩 阵，推动婚庆经济、夜间经济与文旅消费协同发展，实现消费场景从"单点发力"向"全域联动"升级。 下一步，八桥镇将持续聚焦"便民惠民利民"核心，常态化开展特色消费季、主题集市等多元活动，持续 放大以旧换新政策红利，深化"政企社"联动机制，通过银企对接破解企业融资难题，以全周期服务助力 企业成长，让特色消费活动成为激活市场的"金钥匙"，持续推动区域消费市场繁荣向好。 通讯员 赵兹乔 活动现场始终贯穿便民、惠民、利民理念 ...

Core Viewpoint - The transformation of the retail industry is not merely about imitating peers but involves a systematic upgrade of concepts, scenarios, supply chains, services, and organization, reshaping consumer demands and behaviors as well as the brand ecosystem [1][3]. Group 1: Retail Transformation - The retail industry is undergoing rapid transformation, with significant changes in store formats and operations, but achieving success is challenging [1]. - Yonghui Supermarket is expected to continue reporting losses in 2025, with cumulative losses exceeding 5 billion yuan for 2024 and 2025, highlighting the difficulties faced in the industry [1]. Group 2: Store Performance - On January 23, the newly renovated Chongqing New Century Supermarket at Daping Times Square saw a 6-fold increase in customer traffic and a 7-fold increase in daily sales compared to before the renovation [3][8]. - The renovated store features an expanded area of 8,000 square meters, eliminating forced traffic flow designs to allow for a more autonomous shopping experience [8]. Group 3: Product and Supply Chain Strategy - The store renovation emphasizes "quality first and precise matching," reducing redundant products by 17% and achieving a high replacement rate of 70%, with non-food items seeing an 85% replacement rate [8]. - The product categories have expanded to 92 major categories and 1,305 subcategories, introducing popular items favored by younger consumers, with a new brand introduction rate of 48% and over 2,500 direct-sourced products [8]. Group 4: Culinary Experience - The new store integrates quality living with local flavors by introducing traditional Sichuan cuisine, enhancing the shopping experience with freshly prepared food options [9]. Group 5: Supply Chain and Financial Performance - The store will implement a "direct sourcing + strategic alliance" model, with nearly half of suppliers being direct sources, enhancing supply chain stability and product quality [10]. - Chongqing Department Store's overall gross margin reached 27.83% in the first three quarters of 2025, showing a year-on-year improvement and achieving a net profit of 999.1 million yuan, a 7.38% increase [12]. - The company has initiated a mid-term dividend policy, distributing 0.1589 yuan per share in 2025, with cumulative cash dividends over the past three years exceeding 125% of average annual profits, indicating a strong financial position [12].

Core Viewpoint - The AI Fund Huatai Bairui Dividend Select Mixed A (022153) reported a profit of 790,200 yuan in Q4 2025, with a weighted average profit per fund share of 0.0213 yuan. The fund's net value growth rate for the reporting period was 1.22%, and the fund size reached 40.0857 million yuan by the end of Q4 2025 [3][11]. Fund Performance - As of January 23, the fund's unit net value was 1.161 yuan. The fund manager, Yang Jinghan, emphasizes a long-term investment strategy focused on high-quality equity assets to create sustainable compound returns for investors [3]. - The fund's three-month cumulative net value growth rate was -4.11%, ranking 13th out of 16 comparable funds, while the six-month growth rate was -0.45%, ranking 10th out of 16 [3]. Risk Metrics - The fund's Sharpe ratio since inception was 0.2589 as of December 31 [4]. - The maximum drawdown since inception was 5.52%, with the highest quarterly drawdown occurring in Q4 2025 at 4.96% [6]. Investment Strategy - The fund maintains a high average stock position of 87.64% since inception, compared to the peer average of 87.05%. The fund reached a peak stock position of 93.27% at the end of Q3 2025 and a low of 80.66% at the end of H1 2025 [10]. - The fund has a high concentration of holdings, with the top ten positions including Qilu Bank, Chongqing Rural Commercial Bank, Qingdao Bank, Chengdu Bank, China Communications Construction, Changshu Bank, Jiangsu Bank, Chongqing Department Store, Hangzhou Bank, and Nanjing Bank [13].

Core Viewpoint - The optimization of the consumer environment is crucial for boosting consumer confidence and stimulating economic vitality, which is essential for high-quality economic development and ensuring a high-quality life [1] Group 1: Consumer Environment Optimization - Various regions are actively exploring ways to enhance consumer convenience, comfort, and satisfaction [1] - The Central Economic Work Conference emphasized the implementation of special actions to boost consumption and expand the supply of quality goods and services [1] - Market regulatory authorities at all levels are leading a three-year action plan to optimize the consumer environment, focusing on solving prominent issues to create a trustworthy consumption environment [1] Group 2: Innovative Consumption Scenarios - In Nanjing, the integration of art and commerce is creating new consumption scenarios, with over 200 first stores introduced in the past three years, enhancing consumer vitality [4] - The Nanjing government has implemented measures to promote the development of first-store economies, offering rewards of up to 2 million yuan for commercial entities that attract first stores and flagship stores [4] - Various commercial complexes in Nanjing are innovating consumption scenarios, such as creating indoor green plant domes and combining traditional culture with modern trends [4] Group 3: Cross-Regional Return Policies - In Chongqing, a new policy allows for convenient cross-regional returns, enabling consumers to return items purchased in Sichuan at stores in Chongqing [5][6] - The initiative encourages offline retailers to participate in a no-reason return commitment, with guidelines established for cross-regional returns [6][7] - Approximately 85% of product categories in Chongqing's retail stores now offer this cross-regional return service, with nearly 8,000 returns processed in the past two years [7] Group 4: Trustworthy Consumption Initiatives - In Huangshan, the "True No. 2 Price" initiative aims to enhance consumer trust, with a focus on customer satisfaction and long-term loyalty [8][9] - The initiative has expanded to various sectors, with 178 stores recognized as trustworthy, leading to a 20% increase in repurchase rates and a 98.5% online approval rate [9] - The Huangshan market regulatory authority plans to develop incentive policies to support these stores, contributing to a safer and more trustworthy consumer environment [9]

Core Insights - The article emphasizes the importance of optimizing the consumer environment to boost consumer confidence and stimulate economic vitality, which is crucial for high-quality economic development and ensuring a high-quality life [2] Group 1: Consumer Environment Optimization - Various local governments are actively exploring ways to enhance consumer convenience, comfort, and satisfaction, as highlighted by the central economic work conference's call for actions to boost consumption and expand the supply of quality goods and services [2] - The three-year action plan led by market regulatory departments aims to address prominent issues and create a trustworthy consumer environment [2] Group 2: Innovative Consumption Scenarios - In Nanjing, the integration of art and commerce at Deji Plaza has created a vibrant shopping atmosphere, attracting significant foot traffic and enhancing the consumer experience [3][4] - Deji Plaza aims to become a cultural and tourism destination by leveraging diverse exhibitions and activities, projecting sales of 26.2 billion yuan and attracting approximately 66 million visitors by 2025 [3] Group 3: Policy Support for Consumption - The Nanjing government has implemented measures to promote the development of first-store economies, offering financial incentives for commercial entities that attract high-profile brands [4] - Many commercial complexes in Nanjing are innovating consumption scenarios, such as Huacai Tiandi's eco-art theme and the integration of traditional culture with modern trends in the Laomendong area [4][5] Group 4: Cross-Regional Return Policies - The introduction of cross-regional no-reason return services in Chongqing and Sichuan enhances consumer convenience, with approximately 85% of products in Chongqing's department stores now eligible for this service [6][7] - The initiative has facilitated nearly 8,000 cross-regional returns in the past two years, reflecting a growing trend towards consumer-friendly policies [7] Group 5: Trustworthy Consumption Initiatives - In Huangshan, the "True No. 2 Price" initiative aims to enhance consumer trust by ensuring fair pricing and quality service, with a significant increase in customer satisfaction and a reduction in complaints [8][9] - The initiative has expanded across various sectors, with 178 businesses recognized as trustworthy, leading to a 20% increase in repurchase rates and a notable improvement in online ratings [9][10]

Group 1 - The core viewpoint emphasizes the importance of optimizing the consumer environment to boost consumer confidence and stimulate economic vitality, which is crucial for high-quality economic development and ensuring a high-quality life [1] - The Central Economic Work Conference highlighted the implementation of special actions to boost consumption and expand the supply of quality goods and services [1] - Various localities are actively exploring ways to enhance consumer convenience, comfort, and satisfaction through initiatives like the three-year action plan to optimize the consumer environment [1] Group 2 - In Nanjing, the integration of art and commerce is creating new consumer experiences, with over 200 first stores introduced in the past three years, enhancing the city's consumption vitality [3] - The Nanjing government has implemented measures to promote the development of first-store economies, offering rewards of up to 2 million yuan for commercial entities that attract first stores and flagship stores [3] - Commercial complexes in Nanjing are innovating consumer scenarios by combining traditional culture with modern experiences, such as immersive scenes and themed markets [3] Group 3 - The introduction of cross-regional no-reason return services in Sichuan and Chongqing is enhancing consumer convenience, allowing customers to return items purchased in one city at stores in another [4][5] - Approximately 85% of the product categories in Chongqing's department stores now offer no-reason cross-regional return services, with nearly 8,000 returns processed in the past two years [6] Group 4 - The "True No. 2 Price" initiative in Huangshan aims to enhance consumer trust by ensuring transparent pricing and fair treatment, leading to increased customer satisfaction and repeat purchases [7][8] - Huangshan has cultivated 178 "True No. 2 Price" stores, resulting in a 20% increase in repeat purchase rates and a 98.5% online positive review rate [8]