2025 年 12 月 28 日 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 申万宏源研究微信服务号 住建部明确因城施策稳定房地产市场，北 京进一步放松限购政策 — 地产及物管行业周报（2025/12/20-2025/12/26） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 ● 地产行业数据: 新房、二手房成交环比均回升,新房成交推盘比小幅下降。上周(12.20- 12.26)34 个重点城市新房合计成交 363 万平米，环比+17.3%，其中，一二线环比+19.9%, 三四线环比-13.6%。12 月(12.1-12.19)34 城一手房成交同比-29%, 较 11 月+7.5pct。其 中，一二线同比-28.4%，三四线同比-35.7%，分别较 11 月+6.5p ...

行 业 及 产 业 非银金融 2025 年 12 月 28 日 相关研究 《保险公司资产负债管理即将迈入全新阶 段——非银金融行业周报（2025/12/15- 2025/12/19）》 2025/12/21 《头部非银机构监管红利有望释放——非 银金融行业周报（2025/12/8- 2025/12/12）》 2025/12/14 《券商板块信心提振，补涨逻辑有望逐步 兑现——非银金融行业周报（2025/12/1- 2025/12/5）》 2025/12/07 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [15]. Core Insights - The textile and apparel sector has shown weaker performance compared to the overall market, with the SW textile and apparel index rising by 0.6%, lagging behind the SW All A index by 2.2 percentage points [3][4]. - The report highlights that the retail and wholesale sales of the company for FY26 Q3 have shown a high single-digit decline year-on-year, which aligns with expectations, while inventory levels remain healthy [10][13]. - The report anticipates a gradual recovery in domestic demand throughout 2026, with specific focus on high-performance outdoor apparel and discount retail segments [9][12]. Summary by Sections Textile Sector - The report recommends focusing on the Australian wool price cycle and the growth of non-woven fabrics, with a projected wool production of 244,700 tons for the 25/26 fiscal year, a decrease of 12.6% year-on-year [9]. - The demand side is expected to improve as downstream brands and manufacturers reduce inventory levels, leading to a replenishment demand [9]. - Companies like New Australia and Nobon are highlighted as beneficiaries of the rising wool prices and the growth in non-woven fabric products [9]. Apparel Sector - The company, Tabo, reported stable operational indicators for FY26 Q3, with a focus on improving retail capabilities and inventory management, while demand recovery is still awaited [10][11]. - Nike is expected to enhance product innovation and retail capabilities, with a cautious approach to inventory management for 2026, which is anticipated to positively impact the industry [11][14]. - The report suggests positioning in Bosideng for the winter season, as favorable weather conditions are expected to boost sales, alongside a potential recovery in the women's apparel segment [12][15]. Industry Data - From January to November, the total retail sales of clothing, shoes, and textiles reached 1,359.7 billion yuan, reflecting a year-on-year growth of 3.5% [25]. - In November, textile and apparel exports amounted to 23.87 billion USD, showing a year-on-year decline of 5.2%, with apparel exports down by 10.9% [32]. - Cotton prices have seen an increase, with the national cotton price index reported at 15,457 yuan per ton, up by 2.2% [33].

信任命 2025 年 12 月 28 日 相关研究 证券分析师 郭中伟 A0230524120004 quozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 quozy@swsresearch.com 会属价格强势突破,看好春季行情 金属&新材料行业周报 20251222-20251226 本期投资提示: 我研究报 请务必仔细阅读正文之后的各项信息披露与声明 波段人分出品 申万宏源研究微信服务号 o 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 1.88%，深证成指上涨 3.53%，沪深 300 上涨 1.95%，有色金属（申 万) 指数上涨 6.43%，跑赢沪深 300 指数 4.48 个百分点。2）分子板块看，环比上周，贵金属上涨 4.06%，铝上涨 6.33%， 能源金属上涨 6.66%，小金属上涨 6.16%，铜上涨 ...

行 业 及 产 业 纺织服饰 2025 年 12 月 28 日 滔搏 FY26Q3 运营稳健，期待 Nike 复苏带动产业链 看好 ——纺织服装行业周报 20251228 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 相关研究 《滔搏（06110）点评：三季度基本符合 预期，经营指标健康，需求仍待回暖》 2025/12/23 《 Nike 连续两个财季正增长，澳毛涨价周 期持续强化——纺织服装行业周报 20251221》 2025/12/21 《寒潮催化下看好波司登，Nike 修复看好 运动制造——纺织服装行业周报 20251214》 2025/12/14 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的 ...

行 业 及 产 业 有色金属 2025 年 12 月 28 日 相关研究 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 金属价格强势突破，看好春季行情 看好 ——金属&新材料行业周报 20251222-20251226 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 1.88%，深证成指上涨 3.53%，沪深 300 上涨 1.95%，有色金属（申 万）指数上涨 6.43%，跑赢沪深 300 指数 4.48 个百分点。2）分子板块看，环比上周，贵金属上 ...

2025 年 12 月 28 日 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 中央企业负责人会议召开,推进央企战略性、 专业化重组整合和高质量并购 ──申万宏源建筑周报（20251222-20251226） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW建筑装饰指数+2.26%，沪深 300 指 0 数+1.95%，相对收益为 0.31pct。周涨幅最大的三个子行业分别为装饰 幕墙 (+7.14%)、专业工程 (+6.11%)、国际工程 (+3.52%)，对应行 业内三个公司: 海南发展 (+56.46%)、上海港湾 (+44.35%)、中铝国 际 (+19.28%); 年涨幅最大的三个子行业分别是生态园林 (+54.66%)、专业工 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 房地产 - ⚫ 地产行业数据：新房、二手房成交环比均回升，新房成交推盘比小幅下降。上周(12.20- 12.26)34 个重点城市新房合计成交 363 万平米，环比+17.3%，其中，一二线环比+19.9%， 三四线环比-13.6%。12 月(12.1-12.19)34 城一手房成交同比-29%，较 11 月+7.5pct。其 中，一二线同比-28.4%，三四线同比-35.7%，分别较 11 月+6.5pct 和+17.6pct。上周 13 城 二手房合计成交 122 万平米，环比+2.4%；12 月累计成交同比- ...

交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2025 年 12 月 28 日 油散进入淡季布局窗口，船舶板 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3][24]. Core Insights - The report highlights a significant increase in the construction and decoration sector, with the SW Building Decoration Index rising by 2.26% [3][4]. - Key sub-sectors such as decorative curtain walls, professional engineering, and international engineering have shown strong weekly performance, with increases of 7.14%, 6.11%, and 3.52% respectively [3][6]. - The report emphasizes the importance of effective investment in infrastructure and strategic mergers and acquisitions as outlined by the State-owned Assets Supervision and Administration Commission (SASAC) [3][10]. Industry Performance - The construction industry outperformed the Shanghai Composite Index, with a weekly increase of 2.26% compared to the index's 1.88% [4][5]. - The best-performing sub-industry for the week was decorative curtain walls, which saw a rise of 7.14% [6][9]. - Year-to-date, the ecological landscaping sector has shown the highest growth at 54.66%, followed closely by professional engineering and decorative curtain walls [6][9]. Key Company Developments - Zhejiang Communications Technology Co., Ltd. won a contract for the "Fuchun River Urbanization Project" valued at 3.004 billion yuan, representing 6.29% of its 2024 revenue [14]. - China Aluminum International signed a contract worth 14 billion yuan with an overseas client, accounting for 58.33% of its 2024 revenue [14][15]. - The report notes significant stock performance, with companies like Hainan Development and Shanghai Port Bay seeing weekly increases of 56.46% and 44.35% respectively [3][10].