证券之星消息，1月28日南向资金增持44.96万股申洲国际（02313.HK）。近5个交易日中，获南向资金 增持的有3天，累计净增持109.24万股。近20个交易日中，获南向资金增持的有10天，累计净增持70.47 万股。截至目前，南向资金持有申洲国际（02313.HK）1.06亿股，占公司已发行普通股的7.02%。 申洲国际集团控股有限公司是一家主要从事生产和销售针织服装产品的投资控股公司。该公司的主营业 务是从事以代工（OEM）及委托设计（ODM）相结合的方式为客户制造针织品。该公司的产品类别包 括运动类、休闲类、内衣类等其他针织品产品。该公司通过其子公司还从事贸易业务和物业管理业务。 该公司主要在国内和国外市场开展其业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

格隆汇1月26日丨申洲国际(02313.HK)宣布，董事会会议将于2026年3月30日(星期一)上午十一时正举 行，藉以(其中包括)批准公司及其附属公司截至2025年12月31日止财政年度业绩及其发布，并考虑派发 丶建议及支付末期股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本 公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示 ，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 申洲國際集團控股有限公司 （「本公司」）董事會（「董事會」）謹此宣佈， 董事會會議將於二零二六年三月三十日(星期一) 上午十一時正舉行，藉以(其中 包括)批准本公司及其附屬公司截至二零二五年十二月三十一日止財政年度業績 及其發佈，並考慮派發丶建議及支付末期股息 (如有)。 承董事會命 申洲國際集團控股有限公司 公司秘書 陳德興 香港，二零二六年一月二十六日 於本公告日期，本公司董事會由五名執行董事為馬建榮先生、黃關林先生、馬仁和先 生、王存波先生及胡紀軍先生；以及四名獨立非執行董事為王飛絨女士、張炳生先 生、劉興高先生及劉春紅女士。 * 僅供識別 (申洲國際集團控股有限公司*) （於開曼群島註冊成立之有限公司） （股份代號：2313） 董事會會議通告 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Group 1: Fund Manager Insights - Fund manager Fu Pengbo reduced holdings in companies with weak fundamentals and increased investments in data center liquid cooling, storage, and computing-related companies [1][2] - Fu noted that the annual reports of listed companies for 2025 will be pre-disclosed by the end of January 2026, with high-growth sectors like AI, non-ferrous metals, and lithium battery materials expected to show significant growth [1][3] - Li Xiaoxing increased positions in Hong Kong internet and consumer stocks while reducing holdings in some Hong Kong financial stocks, believing that overall opportunities in the equity market for 2026 outweigh risks [1][4] Group 2: Fund Performance and Adjustments - Fu's fund saw minor changes in its top ten holdings, with Maiwei Co. replacing China Mobile, and increased positions in Han's Laser while reducing stakes in companies like Ningde Times and Tencent [2][3] - Li's fund reported a stock position of 88.55% at the end of Q4 2025, a decrease of 4.54 percentage points from Q3 2025, with new entries in the top ten holdings including Tencent, Alibaba, and Meituan [4][5] Group 3: Market Outlook - Fu and Zhu believe that the stock market's activity is increasing, with a "spring excitement" arriving early, and expect high growth in sectors like AI and semiconductor manufacturing [3][6] - Li highlighted that AI remains the main line of global technological innovation, with significant capital expenditure growth in the AI sector, and domestic internet companies expected to maintain stable growth [6][7] - The consumer sector's performance needs dynamic observation, with many quality consumer stocks showing favorable dividend yields [6][7] Group 4: Sector-Specific Insights - The pharmaceutical sector experienced fluctuations in Q4 2025 due to previously high market expectations and capital flowing to other popular sectors, but long-term prospects for domestic innovative drugs remain positive [7] - The CRO and CDMO segments are showing clear signs of recovery in domestic and international demand, indicating an industry turning point [7]

Group 1 - The core viewpoint of the report indicates that the overall opportunities in the equity market for 2026 outweigh the risks, with AI remaining the main theme of global technological innovation [1] - As of the end of Q4 2025, the stock position of the Silver Hua Xinyi fund was 88.55%, a decrease of 4.54 percentage points compared to the end of Q3 2025 [1] - The top ten holdings of the fund as of Q4 2025 include Tencent Holdings, Alibaba-W, SMIC, Meituan-W, Xiaomi Group-W, Focus Media, Shenzhou International, Yili Group, Luzhou Laojiao, and Wuliangye [1] Group 2 - The AI industry is experiencing explosive growth in capital expenditure globally, with domestic internet companies also showing rapid growth in capital spending [2] - The consumer sector is expected to lag in 2025, with consumers remaining cautious and price-sensitive, although there are opportunities in high-quality consumer stocks with attractive dividend yields [2] - The pharmaceutical sector experienced fluctuations in Q4, attributed to previously high market expectations and capital flowing to other popular sectors, but there is a long-term positive outlook for domestic innovative drugs and the CRO/CDMO segments [2]

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

Core Viewpoint - The article discusses how a Chinese startup, Qingdao Vector Spiral, is leveraging artificial intelligence (AI) to transform the traditional garment manufacturing industry, addressing communication issues across the entire supply chain and aiming to enhance productivity through AI integration [5][10]. Group 1: Industry Challenges and Opportunities - The garment industry is characterized by fragmentation, with many small workshops and a lack of structured data, making it difficult to implement digital transformation effectively [7][19]. - Traditional 3D technology in garment design is costly and lacks the creative and generative capabilities that AI offers, which can lead to more efficient and innovative design processes [8][20]. - The startup has developed the largest database in the garment industry and holds the only vertical model registration for the sector, indicating a significant competitive advantage [7][10]. Group 2: AI Implementation and Data Strategy - The company faced challenges in data collection due to the lack of structured data in the industry, necessitating manual data gathering and cleaning processes to create a comprehensive dataset for AI training [11][23]. - By establishing a "four-in-one" data structure that links fabric, design, production, and final product images, the company aims to overcome previous digital transformation failures [11][12]. - The total data volume has exceeded 200 million raw image data points, showcasing the scale of their data engineering efforts [24]. Group 3: Market Entry and Growth Strategy - The company initially targeted the Japanese market for its AI applications due to less competition and higher data quality, successfully acquiring hundreds of clients [30][31]. - Following success in Japan, the company is expanding into the Chinese market, focusing on production enterprises and adapting to complex local demands [32][36]. - The company has established a strong market presence, claiming to have the highest market share among large garment production groups in China [32]. Group 4: Future Developments and Business Model - The company plans to evolve its business model from SaaS to a "technology middle platform" that can standardize non-standard demands into technical components for faster delivery [38]. - Future offerings include "digital labor" that aims to replace traditional roles with AI-driven solutions, thereby optimizing labor costs in the garment industry [39][40]. - The company anticipates significant revenue growth, projecting a threefold increase annually based on enhanced technology capabilities and market expansion [43][44].

Group 1 - The core viewpoint of the report is that the "spring market" has arrived early, leading investors to potentially take profits before the Lunar New Year holiday or the National People's Congress, while liquidity support and stimulus policy expectations may boost the A-share market, although the pace of growth is expected to slow, transitioning towards a "slow bull" market [1] - The report notes that the regulatory authority raised the minimum margin ratio on January 14 to cool market sentiment, but it is believed that the A-share market has not yet entered a bubble phase [1] - Financing transactions as a percentage of total trading volume increased from 9.9% to 11.2% over the past month, still below the historical "warning level" of 12% that has previously triggered regulatory tightening [1] Group 2 - The report emphasizes that investor crowding in the top three popular sectors is still far below the peaks observed in February or October 2025 [1] - The company maintains a positive outlook for the first half of 2026, recommending investors to diversify their exposure in both A-share and Hong Kong markets for balanced sector risk [1] - Preferred stocks in the Hong Kong market include Tencent Holdings, Shenzhou International, Weichai Power, China Resources Land, and Alibaba, while preferred stocks in the A-share market include Midea Group, Northern Huachuang, CATL, Heng Rui Medicine, and Lanke Technology, all rated as "buy" [1]