大型蓝筹股涨跌不一，汇丰控股收报108.054港元，较香港收市涨1.46%；腾讯控股收报644.822港元，较香港收市涨0.21%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICIS | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | 643.500 | 0.000 | 0.00% | TCEHY | 644.822 | +1.322 | | 2 | 阿里巴巴-W | 09988 | 154.600 | +3.500 | 2.32% | BABA | 153.679 | -0.921 | | 3 | 建设银行 | 00939 | 7.750 | -0.130 | -1.65% | CICHY | 7.748 | -0.002 | | 4 | 汇丰控股 | 00005 | 106.500 | +0.200 | 0.19% | HSBC | 108.054 | +1.554 | | 5 | 小米集团-W | 01810 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][27]. Core Insights - In August 2025, domestic retail sales (社零) grew by 3.4% year-on-year, slightly below market expectations, with a total retail sales amounting to 3.97 trillion yuan [5][6]. - The retail sales growth for the textile and apparel sector in the first eight months of 2025 was 2.9%, with a notable increase in sports and entertainment products, which saw a growth of 20.6% [8][10]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.4% in physical goods online sales [6][10]. Summary by Sections Retail Performance - In August 2025, the year-on-year growth rates for dining and goods retail were 2.1% and 3.6%, respectively [5]. - The consumer confidence index in July 2025 was 89.0, reflecting a 1.1 point increase [5]. Channel Analysis - Online channels showed a year-on-year growth of 6.4% in physical goods, while offline channels like convenience stores and supermarkets demonstrated stable performance [6]. - For the first eight months of 2025, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7%, respectively [6]. Sector-Specific Insights - The jewelry sector saw a significant year-on-year growth of 16.8% in August 2025, with gold prices reaching an average of 775.92 yuan per gram, up 36.7% year-on-year [7][11]. - The textile and apparel sector's year-on-year growth was 3.1% in August 2025, with a marginal improvement compared to previous months [7][10]. Investment Recommendations - The report recommends focusing on brands like 361 Degrees, with a noted increase in revenue growth among major sports brands [8][10]. - For the textile manufacturing sector, it suggests tracking the recovery of Nike, which could positively impact overall sector valuations [10].

21世纪经济报道记者高江虹实习生方洋昕 上周时尚圈依旧喜忧参半。阿玛尼的遗嘱公布再度引发举世关注，其动向与阿玛尼生前贯穿始终的独立 坚守大相径庭。行业噩耗再传，宝格丽前CEO Francesco Trapani离世，其以资本重塑珠宝格局的深远影 响仍被铭记。 开云集团因债务压力推迟全面收购Valentino，暂缓扩张步伐。与此同时，品牌焕新与全球布局持续加 速：Dior正处转型关键期，任命全球男女装公关总监与重组人事强化设计团队；安踏集团宣布东南 亚"千店计划"，加速全球化进程；江南布衣、Golden Goose等凭借多品牌与DTC策略实现稳健增长。 1.Dior扩充设计团队 法国奢侈品牌 Dior 正在加码设计团队建设，以支持创意总监 Jonathan Anderson，品牌近日宣布两项重 要任命，曾任路易威登女装成衣总Michela Kalb将全面负责 Dior 的高级定制、女装与男装成衣、女装鞋 履等系列，来自比利时的年轻设计师Igor Dieryck将出任 Dior 男装设计师，他于2022 年毕业后便凭借才 华斩获多项奖项，曾在爱马仕担任男装成衣初级设计师，并为眼镜品牌Komono 打造过胶囊系列。 ...

中信里昂指，安踏对于达到2025全年双位数销售增长很有信心，8月下旬以及9月到现在显示出改善的迹 象。其强劲主要受到多品牌矩阵的支持，日渐依赖于品牌以及服务，这迎合一些日益兴起的小众运动项 目如户外，网球，高尔夫及瑜伽。公司成本控制也谨慎。海外业务将日益成为收入的贡献者，安踏计划 三年内在东盟国家门店数量扩展至1000个，2025年上半年超过200个，管理层正以多品牌战略以提升运 营的优越性，中信里昂对安踏强劲的执行力保持乐观。 智通财经APP获悉，中信里昂发布研报称，维持安踏体育(02020)目标价116港元以及"跑赢大市"评级。 ...

中信里昂发布研报称，维持安踏体育(02020)目标价116港元以及"跑赢大市"评级。 中信里昂指，安踏对于达到2025全年双位数销售增长很有信心，8月下旬以及9月到现在显示出改善的迹 象。其强劲主要受到多品牌矩阵的支持，日渐依赖于品牌以及服务，这迎合一些日益兴起的小众运动项 目如户外，网球，高尔夫及瑜伽。公司成本控制也谨慎。海外业务将日益成为收入的贡献者，安踏计划 三年内在东盟国家门店数量扩展至1000个，2025年上半年超过200个，管理层正以多品牌战略以提升运 营的优越性，中信里昂对安踏强劲的执行力保持乐观。 ...

长江商报消息 ●长江商报记者 黄聪 正全力推进全球化战略的安踏，将拓店重点放在东南亚。 近日，安踏体育用品有限公司副总裁、安踏集团东南亚区域董事长兼总裁王华友表示，"我们要将品牌优势和优质 服务带给当地消费者，有信心未来三年在东南亚市场拥有1000家安踏品牌的门店，实现千店计划。" 由此，按照当前业绩增速，安踏体育2025年营业收入有望首次突破800亿元，连续五年实现百亿元跨越。 全力推进全球化战略 在近日举办的第三届亚洲愿景论坛上，王华友表示，真正的全球化，是在坚持品牌基因的前提下，实现每个市场 的本地化，"我们要将品牌优势和优质服务带给当地消费者，有信心未来三年在东南亚市场拥有1000家安踏品牌的 门店，实现千店计划"。 据了解，目前安踏正全力推进全球化战略。其中，把东南亚总部设在新加坡，以该区域为"桥头堡"强化市场优 势，并逐步向南亚、澳大利亚及新西兰等周边市场扩展。在此过程中，安踏通过直面消费者（DTC）的方式，通 过"单平台、多品牌、全渠道"模式，运营安踏、斐乐、迪桑特、萨洛蒙、威尔胜等多个品牌，实现线上线下全渠 道链接，并为每个品牌构建完整的销售生态。 在东南亚市场中，安踏积极发挥体育资源优势，联 ...

行 业 及 产 业 纺织服饰 2025 年 09 月 14 日 延江股份单周涨幅 26%，海澜之家公告拟赴港上市 看好 ——纺织服装行业周报 20250914 本期投资提示： 证 券 《Lululemon 中国区高增，制造端重视无 纺布产业链——纺织服装行业周报 20250907》 2025/09/07 《诺邦中报超预期尽显成长性，同时建议 布局运动板块——纺织服装行业周报 20250831》 2025/08/31 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 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 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 研 究 报 告 相关研究 ⚫ 本周纺织服饰板块表现弱于市场。9 月 5 日～9 月 12 日，SW 纺织服饰指数上涨 0.7 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 18x, and 12x [11][39]. Core Insights - The textile and apparel industry is experiencing a shift in export dynamics due to changes in U.S. tariff policies, leading to a decline in imports from China and an increase from Southeast Asian countries [2][25]. - Major apparel manufacturers reported mixed revenue results for August 2025, with declines for companies like Yuanyuan Group and Ruo Hong, while Feng Tai showed month-on-month improvement [1][16]. - The report anticipates a recovery in orders for upstream manufacturers if the operational performance of core brands like Nike improves, particularly in the Greater China market [3][32]. Summary by Sections Industry Overview - The textile and apparel sector has seen a decline in U.S. imports from China, with a 23% year-on-year drop from January to July 2025, while imports from Vietnam, India, Bangladesh, and Cambodia increased by 18%, 16%, 22%, and 24% respectively [2][25]. - China's apparel exports from January to August 2025 totaled $102.8 billion, down 1.7% year-on-year, while textile yarn and fabric exports increased by 1.6% to $94.51 billion [2][25]. Company Performance - Nike's revenue for FY2025 showed significant declines across all quarters, with a drop of 10.4% in Q1 and 12.0% in Q4, but the company expects a narrowing of revenue decline in FY2026 [3][32]. - Key manufacturers like Shenzhou International and Huayi Group reported revenue growth of 15% and 10% respectively for the first half of 2025 [10][33]. Market Trends - The report highlights a cautious consumer environment, with the sports footwear segment expected to outperform the overall apparel market, maintaining a healthy inventory turnover ratio of 4-5 [3][36]. - The jewelry sector is also noted for its focus on product differentiation and brand strength, with companies like Chow Tai Fook and Chao Hong Ji recommended for their improving product and channel efficiencies [4][38]. Investment Recommendations - The report recommends Shenzhou International for its low exposure to U.S. business and strong profitability, with a 2025 PE of 13x, and Huayi Group for its expanding international capacity, with a 2025 PE of 18x [38]. - In the sportswear segment, Anta Sports and Li Ning are highlighted for their robust operational capabilities, both with a 2025 PE of 18x [39].

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Core Viewpoint - The PU sole industry in China is experiencing significant growth, with the market size expected to reach 1.38 trillion yuan in 2024, a 15% increase year-on-year, and projected to reach 1.8 trillion yuan by 2025 due to rising consumer demand for high-quality products and the rapid development of e-commerce [1][7]. Group 1: Industry Overview - The PU sole is made from polyurethane, offering advantages such as lightweight, durability, and improved performance compared to traditional rubber soles [3][5]. - The industry has evolved through three stages: initial development (1980-1990), rapid expansion (1990-2000), and maturity (2010-present), with China becoming the largest producer and consumer of PU soles globally [4][5]. Group 2: Market Dynamics - The PU sole market is characterized by intense competition, with both international giants like Lubrizol and domestic companies such as Huafeng Chemical and Anli Materials actively participating [9][10]. - The production process involves various methods, including low-pressure and high-pressure casting, which contribute to the quality and performance of the soles [4]. Group 3: Industry Trends - Technological innovation is driving product upgrades, with advancements in materials science leading to enhanced functionality, such as improved wear resistance and adaptability to environmental conditions [10][11]. - There is a growing demand for eco-friendly and sustainable PU sole materials, with companies increasingly focusing on the use of bio-based and recycled materials [11][12]. - The trend towards personalized products is rising, particularly among younger consumers, prompting companies to explore customization options and data-driven design solutions [12].