报告导读： 行业评级：增持。 市场表现复盘。1 ）国内市场： 年初以来品牌表现分化，基本面稳健高股息龙头估值率先修复；制造端强 alpha 的户外代工龙头领涨，受关税预期影响部分企业股价回调。 2 ）海外市场：①美国： 25 年至今高 端户外运动龙头及休闲服饰龙头表现较优， AS/URBN/GAP/RL 上涨 34%/33%/22%/21% 。 ②欧 洲： 奢侈品龙头 Richemont 及 Canada Goose 涨幅居前，涨幅分别为 16%/14% 。 25Q1 基本面复盘。1 ）品牌端： 25Q1 在高基数及宏观环境波动背景下，销售普遍承压，主业收入增长 企业已属优异。 2 ）制造端： 24 年产能利用率普遍上行， 25Q1 已显分化，海外产能爬坡及核心品类 放量的个股盈利相对较优。 25 年行业趋势展望。1 ）品牌服饰：行业层面， 看好①运动赛道，尤其高端细分领域运动；②受惠房地 产企稳、补贴政策推动销售改善的家纺板块；③受益于电商平台流量向头部品牌倾斜的企业。 个股层面， 看好①渠道积极变革，拥抱新业态的公司；②库存低位， 25 年轻装上阵的品牌；③稳定现金流带来高分 红的高股息龙头。 2 ）纺织 ...

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 法律声明 ...

法律声明 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 更多国泰海通研究和服务 亦可联系对口销售获取 ...

重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 更多国泰海通研究和服务 亦可联系对口销售获取 ...

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 亦可联系对口销售获取 重要提醒 更多国泰海通研究和服务 ...

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 ...

Core Viewpoint - The article emphasizes the advancement of AI+AR glasses through the integration of video functionality and multimodal reasoning models, positioning them as the optimal platform for multimodal interaction [1][2]. Group 1: Product Development - Doubao APP launched a video call feature on May 23, enabling video chat and question-answering based on visual reasoning models, supporting online searches for work, life, and study-related queries [2]. - AI+AR glasses leverage cameras for image input and can integrate with devices like rings, watches, and bands, facilitating various interaction methods such as voice, display, gestures, eye movement, and touch [2]. Group 2: Market Outlook - The year 2023 is expected to see a surge in AI glasses releases, with Meta's Rayban-Meta AI glasses selling over 2 million units since their September launch, and further releases from Rokid and other major companies anticipated in 2025 [3]. - Global AI glasses shipments are projected to grow significantly, with an estimated 2.34 million units expected to be sold in 2024 and 5.5 million units in 2025, representing a year-on-year growth of 135% [3].

Group 1 - The company maintains a tactical underweight view on Japanese stocks due to a slowing economic recovery and high inflation risks, leading to lower risk-return ratios in the equity market [1] - The company holds a tactical overweight view on government bonds, citing a stable economic recovery and favorable interest rate conditions, with mid to short-duration bonds offering higher allocation value compared to long-duration bonds [1] - The company adopts a tactical neutral view on gold, recognizing its role as a hedge against geopolitical risks and economic downturns, while noting potential price volatility due to uncertainties surrounding trade policies [2] Group 2 - The domestic active asset allocation portfolio achieved a return of 0.11%, outperforming the benchmark index by 0.10%, with a cumulative excess return of 3.72% as of May 25, 2025 [3] - The global active asset allocation portfolio recorded a return of 0.03%, matching the benchmark index, with a cumulative excess return of 3.11% as of May 25, 2025 [3]

拨云见日，掘金多瑙 —— 欧洲国 别研究专题系列 一 （一、宏观经济与地缘变化） 国泰海通证券政策和产业研究院 国别研究负责人 陈熙淼 国泰海通证券政策和产业研究院 院长助理 汪立亭 全球地缘格局和大国博弈背景下，中欧关系与经贸投资往来同步面临深刻挑战与机遇。本篇报告作 为国别研究之欧洲研究系列专题一，期望从经济、地缘、投资、金融等视角深度剖析和解读，如何 在当下多边主义时代看待欧洲投资机会，并为中国企业赴欧洲出海投资提供更多维度的分析视角。 欧洲经济形势，或已迈过近年低点。 2025 年一季度至今，欧洲地区工业生产活动已从低位逐步回 升，但消费信心仍低迷。 一季度受美国加征关税政策、德法国内政治局势变化、俄乌战争谈判再现 波折等影响，欧盟制造业产能利用率一度触及 2021 年以来的最低点，但进入二季度，包括特朗普关 税政策等在内各项因素缓和，欧洲产能利用率好转， 4 月制造业 PMI 逆势回升。就业方面，欧元区 劳动力市场表现稳定， 4 月失业率维持在 2000 年以来历史低位。通胀方面， 2025 年欧洲通胀率整 体可控，全年通胀有望回归 2% 目标，并为后续欧洲央行降息提供空间。对外贸易方面，一季度欧 ...

Coal Industry - The coal market is showing signs of a turning point, with April production data indicating a decrease in output due to high-cost regions being forced to cut production. National coal production in April was 390 million tons, down 50 million tons from March's 440 million tons, reflecting a widespread decline across most provinces [1] - The decline in production is attributed to rapid price drops and economic pressures on companies, leading to expectations of further production decreases in May. The supply contraction is occurring faster than anticipated, with port prices continuing to decline since late April [1] - For thermal coal, prices are expected to rebound in June, with the current price at 621 RMB/ton, down 3 RMB/ton (-0.5%) from the previous week. Domestic supply remains stable while imports are decreasing, and daily consumption is expected to turn around, potentially restoring balance in supply and demand [2] - Coking coal prices are stable at 1300 RMB/ton at the Jing Tang port, with daily pig iron production at 2.435 million tons, indicating a peak in iron production. The stabilization of thermal coal prices is expected to set a bottom for coking coal prices as well [2][3] - As of May 23, 2025, the price of coking coal at Jing Tang port is 1320 RMB/ton, with a total inventory of 2.94 million tons, down 1.9%. The operating rate of coking enterprises is at 81.62%, showing a slight increase [3] Robotics Industry - The G1 robot has demonstrated strong balance and high motion fluidity in combat competitions, indicating potential for accelerated commercialization due to advancements in motion control models and simulation data training [5] - Despite the G1 robot's impressive performance in specific movements, its action capabilities are still limited to a few specific actions, highlighting the need for improved generalization abilities in robotic motion control [6] - The development of motion control models and enhanced simulation training environments are seen as catalysts for improving the performance and commercial viability of robots [7]