证券日报网讯 1月9日，百联股份在互动平台回答投资者提问时表示，公司始终严格遵守相关法律法 规，建立了完善的内部控制体系与合规管理机制。公司财务报表与内部控制每年经会计师事务所审计并 出具对应标准无保留意见的审计报告以及《内部控制审计报告》。 （编辑 丛可心） ...

证券日报网讯1月9日，百联股份（600827）在互动平台回答投资者提问时表示，公司始终坚持合法、合 规运营。免税品经营资质的申请由公司控股股东百联集团提出，由于获批存在不确定性，公司始终严格 按照上交所的相关规定就相关进展履行信息披露义务。 ...

Core Viewpoint - The company emphasizes its commitment to preserving and increasing the value of state-owned assets through various strategic initiatives aimed at generating good returns for investors [1] Group 1: Strategic Initiatives - The company is focusing on leveraging consumer subsidy policies to enhance its market position [1] - The company is actively engaging in the silver economy, targeting the needs of the aging population [1] - The company is promoting the integration of business, travel, culture, and sports exhibitions to diversify its offerings [1] - The company is expanding its supply chain construction to improve operational efficiency [1] - The company is dedicated to enhancing operational quality to ensure better performance [1]

Core Viewpoint - The company, Bailian Group, confirmed that it is not currently involved in the commercial space industry and focuses on core businesses such as department stores, shopping centers, chain supermarkets, and outlet malls [1]. Group 1 - An investor inquired whether the company plans to expand into the commercial space sector by establishing retail stores in outer space [1]. - Bailian Group's core business areas include department stores, shopping centers, chain supermarkets, and outlet malls [1].

Core Viewpoint - Shanghai Securities, a subsidiary of Bailian Group, successfully passed the final audit for the 2025 Shanghai Municipal Special Support Fund project, achieving a budget execution rate of 100%, ranking among the top 21 out of 62 funded entities in the city, highlighting the company's commitment to social responsibility and its effective integration with municipal support efforts [1][4]. Group 1: Project Details - The funded projects include the Hani Cultural Exchange and Integration Project in Mojiang Hani Autonomous County and the E-commerce Live Streaming Training Project in Menghai County, both in Yunnan Province [1][5]. - The Hani Cultural Project involved collaboration with local cultural departments and Hani cultural inheritors, resulting in the cultural work "Noma Amei: A Thousand-Year Appointment," which was successfully showcased to promote cultural heritage and national unity [6]. - The E-commerce training in Menghai County focused on the local tea industry, providing practical skills training to empower the development of local特色产业 [6]. Group 2: Media Coverage and Impact - Both projects received positive media coverage, with the Hani Cultural Project being highlighted on platforms like "Mojiang Release," and the E-commerce training being reported by local television and "Menghai Release," enhancing the visibility and impact of the initiatives [4][9]. - The successful funding and implementation of these projects mark a significant milestone in Shanghai Securities' journey of fulfilling social responsibilities, enhancing the company's public credibility in its philanthropic brand [9]. - Looking ahead, Shanghai Securities aims to leverage this opportunity to continue integrating resources and fulfilling its social responsibilities, contributing to national rural revitalization efforts [9].

Group 1 - The "Top Ten Outstanding Securities Company Chairmen of 2025" list has been officially released, with Shanghai Securities Chairman Li Haichao nominated [1] - Li Haichao stated that the digital transformation of the securities industry has entered a "deep water period," and Shanghai Securities is exploring and practicing this transformation [3] - Under Li Haichao's leadership, Shanghai Securities achieved an operating income of 5.26 billion yuan in 2024, a year-on-year increase of 53.89%, and a net profit of 955 million yuan, a significant year-on-year growth of 171%, marking a historical high [4] Group 2 - Baillie Group is the controlling shareholder of Shanghai Securities, and Li Haichao serves as both the Chairman of Shanghai Securities and the Vice President of Baillie Group [4] - Shanghai Securities has shown a steady recovery and positive growth in performance, achieving positive growth for two consecutive years from 2022 to 2024 [4] - The contribution of Li Haichao to the company's performance improvement is recognized as significant [4]

Core Viewpoint - Bailian Group's stock price has shown a modest increase in early January, with a notable rise in trading volume and net inflow of funds, indicating positive market sentiment towards the company [1][2]. Group 1: Stock Performance - As of January 7, Bailian Group's stock price increased by 2.10%, reaching 9.23 CNY per share, with a trading volume of 83.36 million CNY and a turnover rate of 0.57% [1]. - Year-to-date, Bailian Group's stock has risen by 2.67%, with a 0.76% increase over the last five trading days, a 2.21% increase over the last 20 days, and a 3.13% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Bailian Group reported a revenue of 19.054 billion CNY, reflecting a year-on-year decrease of 11.86%, while the net profit attributable to shareholders was 295 million CNY, down 81.78% year-on-year [2]. Group 3: Business Overview - Bailian Group, established on June 2, 1994, and listed on February 4, 1994, is primarily engaged in retail business, with revenue contributions from supermarkets (41.71%), large comprehensive supermarkets (30.39%), department stores and shopping centers (12.38%), outlets (5.92%), convenience stores (5.56%), specialty stores (2.88%), and others (1.17%) [2]. - The company is classified under the Shenwan industry as "Commercial Retail - General Retail - Multi-format Retail" and is associated with concepts such as new retail, duty-free, fund heavy positions, margin financing, and state-owned enterprise reform [2]. Group 4: Shareholder Information - As of September 30, 2025, Bailian Group had 78,000 shareholders, a decrease of 6.17% from the previous period, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.3933 million shares, a decrease of 10.4994 million shares from the previous period [3].

Market Performance - The primary economic sector increased by 0.86% compared to the previous trading day, with Lansheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Top Gainers - Lansheng Co., Ltd. (600826) closed at 11.59, with a rise of 9.96% and a trading volume of 155,000 shares, totaling a transaction value of 179 million [1] - Insai Group (300781) closed at 36.95, increasing by 6.24% with a trading volume of 148,500 shares, amounting to 536 million [1] - Zhidema (300785) closed at 45.82, up 4.56% with a trading volume of 363,900 shares, totaling 1.635 billion [1] Top Losers - Renfujing (600859) closed at 15.00, down 3.41% with a trading volume of 591,700 shares, totaling 891 million [2] - Zhongxing Commercial (000715) closed at 6.19, decreasing by 1.59% with a trading volume of 186,400 shares, amounting to 11.6 million [2] - Dafu Industry (603081) closed at 13.91, down 0.86% with a trading volume of 64,500 shares, totaling 89.69 million [2] Capital Flow - The primary economic sector experienced a net outflow of 31.67 million from main funds, while retail investors saw a net inflow of 71.43 million [2] - The main funds showed a significant outflow from Lansheng Co., Ltd. and Insai Group, while retail investors contributed positively to the capital flow [3] Individual Stock Analysis - Lansheng Co., Ltd. had a net inflow of 57.64 million from main funds, but saw outflows from both speculative and retail investors [3] - Insai Group experienced a net inflow of 39.60 million from main funds, with outflows from speculative investors [3] - Wanda Film (002739) had a net inflow of 35.46 million from main funds, while speculative funds showed a significant outflow [3]

Investment Rating - The report rates the real estate industry as "Outperform" [6] Core Viewpoints - New home transaction area has seen a slight month-on-month increase of 0.5%, while the year-on-year decline has narrowed to 21.5% [6] - The transaction area for second-hand homes has turned negative month-on-month, with a year-on-year decline of 15.9%, although the decline has also narrowed compared to the previous week [6] - New home inventory area has decreased both month-on-month and year-on-year, with a de-stocking cycle of 16.2 months, which is a decrease of 1.6 months month-on-month but an increase of 4.3 months year-on-year [6] - The land market has seen a decrease in transaction volume but an increase in price, with a total land transaction area of 4,375 million square meters, down 15.4% month-on-month and 16.5% year-on-year, while the average floor price has increased by 1.6% month-on-month and 9.5% year-on-year [6] - The total issuance of domestic bonds in the real estate sector has decreased significantly, with a total issuance of 1.96 billion yuan, down 68.5% month-on-month and 20.2% year-on-year [6] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities is 281.9 million square meters, with a month-on-month increase of 0.5% and a year-on-year decrease of 21.5% [17][26] - The inventory of new homes in 12 cities is 11,398 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 7.0% [42][43] - The transaction area for second-hand homes in 18 cities is 126.2 million square meters, with a month-on-month decrease of 28.0% and a year-on-year decrease of 15.9% [49][57] 2. Land Market Tracking - Total land transaction area in 100 cities is 4,375 million square meters, down 15.4% month-on-month and 16.5% year-on-year [63][64] - The total land transaction price is 111.36 billion yuan, down 14.1% month-on-month and 8.5% year-on-year [68][89] - The average floor price of land is 2,545.5 yuan per square meter, up 1.6% month-on-month and 9.5% year-on-year [63][68] 3. Policy Overview - The Ministry of Finance has announced a new policy reducing the value-added tax rate on personal sales of housing from 5% to 3%, effective January 1, 2026 [2][97] - The central bank has indicated a focus on stabilizing the real estate market and improving financial conditions [97]

Investment Rating - The report rates the real estate industry as "Outperform the Market" [5] Core Insights - New home transaction area has seen a narrowing month-on-month increase but an expanding year-on-year decline, while second-hand home transaction area has turned positive month-on-month with a narrowing year-on-year decline [5][14] - The inventory of new homes has increased month-on-month but decreased year-on-year, with the de-stocking cycle lengthening both month-on-month and year-on-year [5][14] - The land market has experienced a decrease in transaction volume and a rise in prices, with both volume and price declining year-on-year [5][54] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - In the week of December 20-26, 2025, new home transaction area in 40 cities was 2.74 million square meters, a month-on-month increase of 10.5% but a year-on-year decrease of 39.2% [15][20] - The inventory of new homes in 12 cities was 11,491 million square meters, with a month-on-month increase of 0.3% and a year-on-year decrease of 7.9% [32][33] - The de-stocking cycle for new homes in first, second, and third/fourth-tier cities was 19.8, 13.2, and 70.3 months respectively, with year-on-year increases across all tiers [25][35] 2. Land Market Tracking - Total land transaction area across 100 cities was 5,116.1 million square meters, a month-on-month decrease of 2.7% and a year-on-year decrease of 12.7% [54][58] - The total transaction price for land was 129.13 billion yuan, with a month-on-month increase of 10.0% but a year-on-year decrease of 15.9% [55][58] - The average floor price for land was 2,524.1 yuan per square meter, with a month-on-month increase of 13.0% but a year-on-year decrease of 3.7% [56][58] 3. Policy Overview - The central government emphasized the importance of the real estate sector in the upcoming "14th Five-Year Plan" period, indicating continued potential for growth and the need for policy adjustments to stabilize the market [90][91] - Local policies in Beijing have been adjusted to ease purchasing conditions for non-local households and support multi-child families, reflecting a trend towards more flexible housing policies [91][92] 4. Market Performance Review - The absolute return of the real estate sector was 1.9%, with a relative return of -0.04% compared to the CSI 300 index, indicating a slight improvement week-on-week [94][95] - The price-to-earnings ratio (PE) for the real estate sector was 24.68X, showing a week-on-week increase of 0.9X [98]