Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting potential improvements in quality manufacturing expectations due to domestic anti-involution trends and upcoming US-China-Sweden trade talks [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 1.5%, lagging behind the SW All A index by 0.7 percentage points [4]. - Retail sales for clothing, shoes, and textiles reached 742.6 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.1% [30]. - Exports of textiles and apparel totaled 143.98 billion USD in the first half of 2025, a slight increase of 0.8% year-on-year, with specific categories showing varied performance [30]. - Cotton prices have seen a slight decline, with the national cotton price B index at 15,455 yuan/ton, down 0.1% [31]. Textile Sector Summary - The report suggests that the anti-involution trend may positively impact certain upstream segments like cotton yarn and nylon, potentially leading to improved profitability [9]. - Upcoming trade talks in Sweden may extend the suspension of tariff increases, which could benefit growth-oriented manufacturers [10]. - Recommendations include focusing on companies with strong growth potential such as Baolong Oriental and Taihua New Materials [9]. Apparel Sector Summary - Recent performance of sports brands indicates a K-shaped recovery, with high-end and cost-effective brands showing better growth [11]. - Anta's outdoor brands and Xtep's high-end running shoes reported significant growth, while mainstream brands like Anta and Li Ning showed lower single-digit growth [11]. - The report emphasizes that the domestic demand recovery is a key focus for 2025, with quality domestic brands expected to rebound [14]. Industry Data Tracking - The report notes that online retail sales for physical goods reached 61.191 trillion yuan in the first half of 2025, growing by 6.0% year-on-year [25]. - The textile and apparel export figures for June 2025 showed a slight decline in certain categories, with textile yarn and fabric exports down 1.6% [30]. - The report highlights the importance of monitoring cotton price trends and their impact on manufacturing costs [31].

Investment Rating - The overall investment rating for the textile and apparel industry is "Buy" for several key companies, including Anta Sports, Li Ning, and Bosideng, among others [8][20][21]. Core Insights - The textile and apparel industry is experiencing a low holding ratio since 2022, with a notable increase in the jewelry sub-sector's holding ratio. As of the end of Q2 2025, the market value of heavy-holding stocks in the textile and apparel sector increased by 8% to 12.72 billion yuan, accounting for 0.41% of the total heavy-holding stock market value [1][11]. - The apparel and home textile sector is expected to see performance recovery and valuation improvement in 2025, driven by stable retail demand and healthy inventory levels in the sportswear segment [2][16]. - In the jewelry sector, companies focusing on product differentiation and strong brand power are anticipated to outperform the industry, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][17]. Summary by Sections Fund Position Analysis - As of Q2 2025, the market values of heavy-holding stocks in the apparel and home textile, textile manufacturing, and jewelry sectors were 5.65 billion, 1.63 billion, and 5.45 billion yuan, respectively, with jewelry holdings increasing while apparel and textile manufacturing saw declines [1][11][12]. Key Company Recommendations - Recommended companies include: - Anta Sports, with a 2025 PE of 17 times, noted for its strong operational capabilities [19]. - Li Ning, with a 2025 PE of 17 times, recognized for its long-term performance resilience [19]. - Bosideng, with a favorable valuation and expected strong performance in FY2025 [19]. - Chow Tai Fook and Chaohongji in the jewelry sector, with respective 2026 PEs of 18 and 26 times [17]. Market Performance - The textile manufacturing sector outperformed the market, with a weekly increase of 2.35% compared to the 1.69% rise in the CSI 300 index [22]. Recent Reports - Chow Tai Fook reported a 1.9% decline in same-store sales for FY2026 Q1, with improvements expected in subsequent quarters due to product optimization and store efficiency [28][30]. Material Trends - As of July 22, 2025, the price of domestic cotton 237 decreased by 23% year-on-year to 21,770 yuan/ton, while long-staple cotton 328 remained stable at 15,549 yuan/ton [35][36].

一件冲锋衣抽签抢购，一双越野鞋溢价135%转售，当"中产三宝"成为社交硬通货，资本正以真金白银押注专业户外赛道最后的红利窗口期。 7月，专业运动户外品牌SURPINE松野湃宣布完成数千万级Pre-A轮融资，由杭州解百消费基金领投。该品牌成立于2018年，以"运动体感科技"为核心，从 滑雪贴身层切入市场。 三个月前，另一本土户外品牌Pelliot伯希和，向港交所递交招股书，拟以"中国高性能户外第一股"身份登陆资本市场，其业绩堪称爆发式增长。 2022-2024年，Pelliot伯希和营收从3.79亿飙升至17.66亿元，年复合增长率 115.86%，冲锋衣累计销量380万件，贡献超80%收入，是当之无愧的"超级大单 品"。腾讯以10.7%持股成为最大外部股东，为其IPO估值28亿元背书。 虽然户外消费迅猛崛起已经不再是新鲜亮点，但在一级市场多年寒冬唱衰的节奏下，尤其是热钱不再涌动的消费领域，资本对户外赛道的蜂拥而至，则让 市场面临终极拷问：究竟是烈火烹油，还是昙花一现？ 01 千亿户外梦 在国内，做户外的消费品牌，都希望成为下一个安踏，至少在规模上试图向安踏看齐。 根据财报数据，安踏去年营收是708.26亿，如 ...

Overview - Socks are essential clothing items that are widely used in daily life, characterized as fast-moving consumer goods with a relatively low average price compared to other textile and apparel products, making the sock market a vast opportunity [1][9] - In 2024, China's sock sales are projected to reach 12.229 billion pairs, generating a revenue of 101.074 billion yuan, with non-transparent socks accounting for over 60% of the market [1][9] - As living standards improve and consumer preferences evolve, there is a growing demand for comfort, functionality (such as antibacterial, moisture-wicking, and odor-resistant features), and fashion, leading to increased opportunities in niche markets [1][9] Market Policies - The Chinese government has implemented various policies to support the development of the textile and apparel industry, including initiatives to promote fashionable domestic products and enhance the innovation of traditional brands [4][6] - Key policies include the promotion of cultural and tourism consumption, support for the innovation of time-honored brands, and the encouragement of high-quality development in the textile sector [4][6] Industry Chain - The upstream of the sock industry includes suppliers of raw materials such as cotton, wool, silk, and synthetic fibers, as well as equipment manufacturers for sock production [7] - The midstream consists of sock manufacturing companies, while the downstream includes various sales channels such as supermarkets, department stores, specialty shops, wholesale markets, and e-commerce platforms [7] Competitive Landscape - The sock industry in China is characterized by a low entry barrier, resulting in a large number of participants, primarily small and medium-sized enterprises, leading to a highly fragmented market [11] - In 2024, the top 10 brands in the sock market accounted for less than 5% of the total market share, indicating significant competition and product homogeneity [11] Company Analysis - **Langsha Co., Ltd.**: One of the world's largest sock manufacturers with advanced digital equipment and a daily production capacity exceeding 4 million pairs. In 2024, Langsha's revenue reached 380 million yuan with a gross profit of 77 million yuan, resulting in a gross margin of 20.38% [13] - **Jiansheng Group Co., Ltd.**: A leading manufacturer of knitted sports apparel, producing 500 million pairs of cotton socks annually. In 2024, the company's revenue was 2.574 billion yuan, with knitted sports socks accounting for 60.61% of total sales [15] Development Trends - The demand for socks is becoming increasingly diversified, with consumers seeking additional functionalities such as anti-slip, antibacterial, and odor-resistant features [17] - Smart socks equipped with sensors to monitor foot health and adjust temperature and humidity are expected to become a market trend, providing personalized experiences for consumers [17]

作者 | 贾志飞 来源 | 大V商业 导语：在耐克和阿迪都开始反思自己的 DTC 策略时，安踏是否还要继续坚定推进？ 国内风头正劲的安踏，如今也面临一个现实问题 —— 在耐克和阿迪都开始反思自己的 DTC 策略时，安踏是否还要继续坚定推进？ 这个问题的背景是， 安踏的增速也开始放缓了 。 在业绩快速增长的阶段， DTC 被视为推动增长的重要方式，毛利率提高、品牌力增强，都能看见明显效果。但当增长开始乏力， DTC 的角色也 变得微妙起来。 它曾是功臣，现在会不会成为拖累？特别是当耐克和阿迪公开将部分业绩压力归因于 DTC 战略执行带来的库存和渠道问题时，安踏是否也需要重 新思考这条路是否还值得全力投入。 以下文章来源于大V商业 ，作者贾志飞 大V商业 . 商业基本面研究，关注消费、科技、互联网。 安 踏"二 和八"，哪个更有前景？ 谷歌前 CEO 施密特在《重新定义谷歌》中提到，经营企业最重要的法则之一，是把 80% 的时间花在带来 80% 收入的业务上。 这句话并不难理解，但安踏这家公司，似乎有些不同。 很多人在提到安踏时，更多关注的是迪桑特、可隆等新兴品牌 —— 这些品牌的营收增长率超过 50% ，但实际 ...

深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年7月24日当天，中芯国际(00981)、阿里巴巴-W(09988)、腾讯控股(00700)位 居沪港通（南向）成交额前3位，成交额分别为43.95 亿元、30.61 亿元、29.44 亿元；腾讯控股 (00700)、中芯国际(00981)、阿里巴巴-W(09988) 位居深港通（南向）成交额前3位，成交额分别为21.38 亿元、19.61 亿元、16.35 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 21.38 亿元 | +1.58 亿元 | | 中芯国际(00981) | 19.61 亿元 | +6.67 亿元 | | 阿里巴巴-W(09988) | 16.35 亿元 | +1.78 亿元 | | 美团-W(03690) | 15.22 亿元 | -6080.28 万元 | | 小米集团-W(01810) | 11.78 亿元 | -1.05 亿元 | | 快手-W(01024) | 11.70 亿元 | +3703.33 万元 | | 泡泡玛特(09992) | ...

所有其他品牌快速增长。所有其他品牌高增长系：1）户外行业高景气，户外客群对迪桑特及可隆等高 端户外品牌的产品需求仍较高；2）Maia Active 渐入佳境，据MaiaActive 官方微信公众号，品牌新签入 代言人虞书欣并推出Yoga Studio 店型，有望推动品牌势能向上。此外，据懒熊体育微信公众号，亚玛 芬大中华区总裁姚剑将成为JACK WOLFSKIN（狼爪）品牌总裁，品牌并表后有望助集团业绩再上新台 阶。 盈利预测与评级：作为我国运动鞋服龙头公司，安踏体育深耕行业多年形成竞争壁垒，通过多品牌运营 等方式稳固发展，且具备海外扩张预期，增长空间较大。我们预计公司2025-2027 年归母净利润分别 135.00 亿元/155.67 亿元/171.63 亿元，同比分别增长-13.44%/15.31%/10.25%。我们持续看好公司多品牌 运营下主品牌及FILA 贡献运营稳定性以及户外赛道贡献运营成长性，叠加规模化下费率可控且具备海 外扩张预期，维持"买入"评级。 主品牌Q2 零售金额增速略低于预期，关注线上线下渠道增效计划实施效果。25Q2主品牌零售金额同比 录得低单位数增长，增速环比Q1 有所下滑；我 ...

证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 07 月 22 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 07 月 | 21 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 92.80 | | | | 一年内最高/最低（港 | | | 107.50/65.55 | | | | 元） | | | | | | | 总市值（百万港元） | | | 260,509.38 | | | | 流通市值（百万港元） | | | 260,509.38 | | | | 资产负债率（%） | | | | | 40.74 | | 资料来源：聚源数据 | | | | | | 安踏体育(02020.HK) 证券分析师 投资评级： 买入（维持） ——户外热潮助公司其他品牌高增，关注主品牌提效进展 投资要点： | 盈利预测与估值（人民币） | | | | ...

丨证券研究报告丨 港股研究丨公司点评丨安踏体育（2020.HK） [Table_Title] 短期经营承压，中长期经营稳健 报告要点 [Table_Summary] 安踏公布 2025Q2 零售数据，安踏品牌同比低单增长，FILA 品牌同比中单增长，其他品牌增长 50%-55%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 安踏体育（2020.HK） cjzqdt11111 [Table_Title2] 短期经营承压，中长期经营稳健 [Table_Summary2] 事件描述 安踏公布 2025Q2 零售数据，安踏品牌同比低单增长，FILA 品牌同比中单增长，其他品牌增 长 50%-55%。 事件评论 丨证券研究报告丨 2025-07-21 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价（HKD） 93.65 注：股价为 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Insights - The main brand of the company is experiencing short-term operational pressure, but there are expectations for improvement in the second half of 2025. In Q2 2025, the main brand recorded low single-digit year-on-year growth, while the FILA brand achieved mid-single-digit growth. Other brands saw a significant year-on-year growth of 50%-55% [5][6] - The acquisition of the outdoor brand Jack Wolfskin has been completed, which is expected to enhance the company's international expansion efforts. The acquisition was finalized on May 31, 2025, for a cash consideration of $290 million, and it is anticipated to improve product structure and retail efficiency through supply chain optimization [6][8] - The company is projected to achieve revenues of RMB 78.67 billion, RMB 87.65 billion, and RMB 96.79 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 11%, and 10%. The net profit attributable to the parent company is expected to be RMB 13.48 billion, RMB 15.51 billion, and RMB 17.25 billion for the same years, with a projected PE ratio of 18, 15, and 14 times [6][8][9] Summary by Sections Recent Performance - In Q2 2025, the main brand's revenue showed low single-digit growth year-on-year, while FILA's revenue grew in the mid-single digits. Other brands experienced a robust growth of 50%-55% year-on-year [5][6] Acquisition Impact - The acquisition of Jack Wolfskin is expected to facilitate the company's international market expansion and enhance its product offerings through advanced technology and sustainable innovations [6][8] Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 78.67 billion, RMB 87.65 billion, and RMB 96.79 billion respectively, with corresponding net profits of RMB 13.48 billion, RMB 15.51 billion, and RMB 17.25 billion. The PE ratios are projected at 18, 15, and 14 times [6][8][9]