转自：北京日报客户端 今年下半年以来最大范围雨雪天气正在发威！今天（12月12日），随着寒潮继续南下，我国中东部多地 迎来本次过程中雨雪最强时段，山西西部、河南南部等局地将有暴雪。雨雪降温强势来袭，外出如何既 防雨雪又扛冻？中国天气联合利郎拒水羽绒服推出全国抗湿冷预警地图，助你抵御寒潮来袭。 雨雪强势来袭！ 超20个省份急需拒水羽绒服护体 今天，中央气象台同时发布了寒潮蓝色、大风蓝色和暴雪蓝色预警。三预警齐发，超20个省份急需拒水 羽绒服护体。 从全国抗湿冷预警地图可以看出，今明天将是寒潮影响最广泛的两天，其中今天的雨雪强度最强，范围 最广。在本次寒潮天气过程中，新疆、内蒙古、宁夏、吉林等地部分地区已经出现中到大雪。一些地方 的积雪深度甚至达到7～15厘米，并且全天候气温均在0℃以下，用"冰天雪地"来形容毫不夸张。尤其是 新疆、内蒙古部分地区风力不小，因此羽绒服在保暖的同时，还要兼具防风和扛湿两种特性，保持衣服 内外都干燥且不漏风才能有效抵御寒冷侵袭。 而在青藏高原等地，寒冷干燥是这里的主旋律，也需要长款加厚的羽绒服才能抗风保暖。 雨雪来袭 抗湿冷羽绒服怎么挑？ 随着冬意加深，雨雪增多，羽绒服作为终极防寒保暖 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國利郎有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 10,000,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01234 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,197,484,919 | | 0 | | 1,197,484,919 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1, ...

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Core Insights - LILANZ has opened its first store featuring the cutting-edge "Future Business" retail concept in Pavilion Bukit Jalil, Kuala Lumpur, marking its second store in Malaysia and a significant step in its internationalization process [1][3] Store Concept and Design - The new store spans approximately 4,350 square feet and is designed as a "Future Commuting Hub," embodying the aesthetic of "Surreal Future Business" while integrating the brand's philosophy of "Simple Yet Not Simple" into the overall spatial narrative [3] - The store's design incorporates local cultural elements and modern architectural language, creating an immersive experience through movement and light [3] Product Offering - The 2025 Autumn/Winter collection has been launched at the new store, continuing the brand's three core concepts: SMART (Business Casual), URBANCASUAL (Urban Leisure), and PERFORMANCEWEAR (Functional Business Travel), catering to modern men's diverse dressing needs [5] Market Strategy - The opening of the Pavilion Bukit Jalil store complements the earlier launch of the LILANZ store at Genting World, creating a strategic network that targets different customer segments [7] - The Genting store has benefited from tourist traffic, enhancing brand visibility among international visitors, while the Pavilion store is located in a high-end shopping center with significant daily foot traffic, attracting local middle to high-income consumers and young elites [7] Localization and Customer Feedback - The new store's design incorporates local materials, such as Malaysian bamboo, adding a natural touch and cultural resonance, which has received positive feedback from initial customers [9] International Expansion Strategy - LILANZ's expansion in Malaysia aligns with its "multi-brand, internationalization" strategy, allowing the brand to reach diverse consumer groups [10] - The brand continues to strengthen its core positioning in business menswear while targeting younger consumers with its LESS IS MORE line, which offers more design-oriented and fashionable products [10] Future Plans - LILANZ aims to deepen its presence in the Malaysian market and use it as a base for systematic expansion in Southeast Asia through ongoing store network growth and operational optimization [13]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 89.80% with a short-selling amount of 194.85 thousand [2]. - JD Group-SWR (89618) follows with a short-selling ratio of 82.03% and an amount of 18.12 thousand [2]. - Xiaomi Group-WR (81810) ranks third with a short-selling ratio of 69.31% and a short-selling amount of 150.53 thousand [2]. Short-Selling Amounts - Tencent Holdings (00700) leads in short-selling amount with 1.774 billion, representing a short-selling ratio of 18.90% [2]. - Alibaba-SW (09988) is second with a short-selling amount of 1.675 billion and a ratio of 17.89% [2]. - Pop Mart (09992) ranks third with a short-selling amount of 869 million and a ratio of 15.69% [2]. Deviation Values - Xiaomi Group-WR (81810) has the highest deviation value at 37.71%, indicating a significant difference from its past average short-selling ratio [2]. - Wynn Macau (01128) follows with a deviation value of 30.40% [2]. - Midea Group (N23078) ranks third with a deviation value of 23.49% [2].

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports, JD Group, and Tencent Holdings leading in short-selling ratios at 100.00%, 100.00%, and 95.83% respectively [1][2] - Alibaba, Xiaomi, and Pop Mart have the highest short-selling amounts, with figures of 1.746 billion, 1.525 billion, and 1.523 billion respectively [1][2] - The deviation values, which indicate the difference between current short-selling ratios and the average over the past 30 days, show Alibaba, Tencent, and JD Group at 50.20%, 42.97%, and 42.21% respectively [1][2] Short-Selling Ratio Rankings - Anta Sports-R (82020) and JD Group-SWR (89618) both have a short-selling ratio of 100.00%, while Tencent Holdings-R (80700) follows closely at 95.83% [2] - The short-selling amounts for the top three stocks are: Anta Sports-R at 59,000, JD Group-SWR at 636,800, and Tencent Holdings-R at 1,332,200 [2] Short-Selling Amount Rankings - Alibaba-SW (09988) leads with a short-selling amount of 1.746 billion, followed by Xiaomi Group-W (01810) at 1.525 billion and Pop Mart (09992) at 1.523 billion [2] - Other notable mentions include Tencent Holdings (00700) with 1.369 billion and Kuaishou-W (01024) with 710 million [2] Deviation Value Rankings - Alibaba-SWR (89988) has the highest deviation value at 50.20%, indicating a significant difference from its historical average short-selling ratio [2] - Tencent Holdings-R (80700) and JD Group-SWR (89618) also show high deviation values of 42.97% and 42.21% respectively [2]

Short Selling Ratios - Anta Sports (82020) has the highest short selling ratio at 100.00% with a short selling amount of 440,500 HKD [1][2] - Lenovo Group (80992) follows with a short selling ratio of 88.65% and a short selling amount of 803,600 HKD [1][2] - Xiaomi Group (81810) ranks third with a short selling ratio of 75.57% and a short selling amount of 1,474,100 HKD [1][2] Short Selling Amounts - Alibaba (09988) leads in short selling amount with 2.261 billion HKD and a short selling ratio of 16.63% [1][2] - Tencent Holdings (00700) is second with a short selling amount of 1.662 billion HKD and a short selling ratio of 19.83% [1][2] - Semiconductor Manufacturing International Corporation (00981) ranks third with a short selling amount of 926 million HKD and a short selling ratio of 10.37% [1][2] Deviation Values - Shengjing Bank (02066) has the highest deviation value at 60.67% with a short selling ratio of 72.42% [1][2] - Xiaomi Group (81810) also shows a significant deviation value of 47.28% [1][2] - The third highest deviation value is not specified but is noted to be 39.69% for an unspecified stock [1][2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國利郎有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01234 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,00 ...

Group 1: Collaboration and Design - Lilang's LESS IS MORE collaborates with designer Xander Zhou to launch the "From Stone to Structure" collection in Shanghai, showcasing a dialogue between tradition and modernity [1] - The collection draws inspiration from the previous season's stone architecture and modern geometric structures, presented in a minimalist white space that reflects various lifestyle scenarios [1] - Zhou emphasizes a "relaxed ceremony" in his design philosophy, creating a wardrobe that balances rationality and fashion, complemented by functional accessories for modern urban men [1] Group 2: Brand Anniversaries and Special Releases - Diesel celebrates its 20th anniversary in China by launching a limited capsule collection designed by creative director Glenn Martens, featuring high-quality leather and innovative fabrics [5] - The collection includes a standout patchwork jacket that combines vintage cotton and bleached denim, embodying Diesel's rebellious spirit [5] Group 3: Retail and Aesthetic Experience - ZONA20 MILANO opens a pop-up space in Shanghai, integrating Milan's quiet luxury and sustainable concepts into a serene environment for urban consumers [7] - The pop-up space is inspired by Bauhaus architecture, balancing order and growth through geometric cuts and natural elements [7] Group 4: Art and Design Exhibitions - Marimekko announces a limited exhibition "Floral Realm" in Shanghai, celebrating its annual theme "Structure of Flowers" with new floral print designs from five artists [9] - The exhibition features various formats, including hanging fabrics and limited products, allowing visitors to experience the unique blend of print art and architectural space [9] Group 5: New Store Openings - MACKAGE opens a boutique in Shanghai's Xinyi Taikoo Hui, showcasing a design that reflects the brand's aesthetic and craftsmanship through diamond quilting and green tones [14] - The 2025 Fall/Winter collection continues the theme of combining practical aesthetics with modern luxury, using high-quality materials to meet global consumer demands [14] Group 6: Celebrations and Collaborations - LABELHOOD participates in a pop-up event at the 40th anniversary of the Hyundai Department Store in Seoul, featuring a diverse range of Chinese design brands [17] - The event highlights the multifaceted nature of new-generation Chinese design through collaborations with various brands [17] Group 7: Brand Advertising - Balenciaga releases its first advertising campaign under creative director Pierpaolo Piccioli, shot by photographer David Sims in a historic Parisian setting [20] - The campaign aims to evoke a new feminine image that combines strength and delicacy, while also reintroducing classic brand symbols [20]

Company News - China Coal Energy (01898.HK) reported a coal sales volume of approximately 190 million tons for the first nine months, a year-on-year decrease of 7.4%. In September, coal sales volume was 19.66 million tons, down 20.1% year-on-year [1] - China Southern Airlines (01055.HK) saw a 4.43% year-on-year increase in passenger capacity in September, with passenger turnover rising by 5.25%. The passenger load factor was 86.30%, an increase of 0.67 percentage points year-on-year. Cargo and mail turnover increased by 1.91% year-on-year [1] - China Eastern Airlines (00670.HK) reported a 3.63% year-on-year increase in passenger capacity for September, with passenger turnover up 8.67%. The passenger load factor was 87.57%, an increase of 4.06 percentage points year-on-year. Cargo and mail turnover rose by 10.95% year-on-year [1] - China Resources Power (00836.HK) achieved a cumulative electricity sales volume of 161 million MWh for the first nine months, an increase of 4.2% year-on-year, with wind power sales up 10.3% and solar power sales up 35.1% year-on-year [1] - Hopson Development Holdings (00754.HK) reported a total contract sales amount of 11.264 billion yuan for the first nine months, a year-on-year decrease of 12.62% [1] - China Design Group (01599.HK) won important project bids totaling approximately 3.175 billion yuan in the third quarter [1] - Jiumaojiu International Holdings (09922.HK) reported table turnover rates for its brands in the third quarter: 3.3 for Taier (self-operated only), 2.4 for Song Hotpot, and 2.5 for Jiumaojiu (self-operated only). Same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, with the decline continuing to narrow [1][1] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2 million shares for a total of approximately 98.9589 million HKD, with a repurchase price range of 49.42 to 49.54 HKD [5] - Yum China (09987.HK) repurchased 18,800 shares for approximately 6.2596 million HKD, with a repurchase price range of 330.6 to 340.2 HKD [6] - HSBC Holdings (00005.HK) repurchased 4.721 billion HKD worth of shares, totaling 4.6216 million shares, with a repurchase price range of 101.1 to 103.2 HKD [7] - Qiniu Intelligent (02567) has cornerstone investor He Shun voluntarily extend the lock-up commitment, representing approximately 3.20% of the total issued shares [8] - China Galaxy (06881.HK) completed the issuance of 4 billion HKD short-term financing bonds with a final coupon rate of 1.66%, primarily for working capital replenishment [8] - Huaneng International Power (00902.HK) issued 3 billion HKD ultra-short-term financing bonds with an issuance rate of 1.50% [9]