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。 证券之星消息，12月18日南向资金增持157.26万股申洲国际（02313.HK）。近5个交易日中，获南向资 金增持的有4天，累计净增持486.91万股。近20个交易日中，获南向资金增持的有13天，累计净增持 390.62万股。截至目前，南向资金持有申洲国际（02313.HK）1.04亿股，占公司已发行普通股的 6.91%。 | 交易日 | 持股总数 (股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-18 | 1.04亿 | 157.26万 | 1.53% | | 2025-12-17 | 1.02亿 | 149.30万 | 1.48% | | 2025-12-16 | 1.01亿 | 115.83万 | 1.16% | | 20 ...

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

Group 1: Brand Segment - High-End Leading, Mass Market Under Pressure - Luxury goods in China have shown sequential improvement in sales, driven by a low base in 2024 and the wealth effect from the capital market, leading to stable purchasing power among high-net-worth individuals [2][13] - High-end jewelry is experiencing rapid growth due to rising gold prices and the integration of traditional Chinese culture into high-end brand craftsmanship, with companies like Lao Pu and Chao Hong Ji achieving significant revenue increases [2][17] - High-end sportswear brands are meeting the demands of affluent consumers for running, outdoor activities, and casual wear, with brands like ON and Amer Sports reporting over 100% and 40% growth in the Greater China region, respectively [2][25] Group 2: Mass Market Pressure - Mass market apparel brands like Hailan and Semir are expected to see low single-digit growth, with discounting not significantly improving [3] - Traditional mass-market jewelry brands are facing revenue declines due to rising gold prices and a decrease in purchasing power among their consumer base, leading to a noticeable downward trend in income [3][61] Group 3: Manufacturing Segment - Weak Recovery Expected - The demand for apparel in the U.S. is showing steady growth, with retail inventory levels at a low point, suggesting a potential for inventory replenishment in 2026 [4][64] - Major OEM manufacturers are expected to see improved order growth and marginal profit recovery in 2026, despite cautious expansion due to previous tariff impacts [4][73] Group 4: Investment Recommendations - The trend towards high-end jewelry is solidifying, with industry leaders shifting from channel expansion and product homogeneity to focusing on product differentiation and quality [5] - Recommended brands include Lao Pu for its unique gold craftsmanship, and Chow Tai Fook for its brand and channel upgrades [9] - In the sportswear sector, Li Ning is highlighted for its marketing upgrades and product innovations, with a focus on serving the Chinese Olympic Committee and launching new technologies [9][56]

Investment Rating - The report recommends "Buy" for Shenzhou International and Huali Group, with respective 2026 PE ratios of 12x and 18x [2][30]. Core Views - The textile and apparel industry is experiencing fluctuations in revenue, with notable declines in some manufacturers' performance due to changing international trade environments and tariff policies [1][13]. - The report anticipates a recovery in orders and shipments for apparel manufacturers in 2026, driven by improved demand and healthy inventory levels [23][28]. - Key brands like Nike are expected to show gradual improvement in their operational performance, which may positively impact their suppliers [23][24]. Summary by Sections Recent Revenue Performance - In November 2025, revenue for Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group decreased by 11.8%, increased by 1.5%, and decreased by 2.4% year-on-year, respectively [1][13]. - Cumulatively from January to November 2025, Feng Tai's revenue declined by 4.9%, while Ruo Hong and Yu Yuan reported increases of 3.8% and 0.9% [1][13]. Industry Outlook - The report indicates that the apparel manufacturing sector is expected to see a recovery in orders in 2026, with a focus on companies with integrated and international supply chains [28][29]. - The report highlights that the competitive landscape is improving, with leading manufacturers likely to gain market share [2][27]. Key Investment Opportunities - Recommended stocks include Shenzhou International and Huali Group, with a focus on companies that are expected to benefit from improved customer trends and operational efficiencies [2][28]. - Other companies to watch include Weixing Co., Kairun Co., and Jingyuan International, which are also positioned well for future growth [2][28]. Brand Performance - The report emphasizes the importance of brand performance, particularly for Nike in the Greater China region, which is expected to show a turnaround [28]. - Other recommended brands include Anta Sports and Li Ning, with respective 2026 PE ratios of 14x and 16x [28].

Market Overview - The textile and apparel sector in A-shares has underperformed the broader market since December, with textile manufacturing showing better performance than branded apparel, declining by -3.3% and -4.4% respectively [1][13] - The Hong Kong textile and apparel index rose by 2.9% in November but has since turned negative in December [1] Brand Apparel Insights - Retail sales of clothing in October grew by 6.3% year-on-year, with a stable growth rate compared to the previous month, increasing by 1.6 percentage points [2] - E-commerce performance varied significantly between categories from October to November, with outdoor leisure leading, while home textiles and personal care faced declines. Year-on-year growth rates for various categories were: outdoor (+20%), sportswear (0%), leisurewear (+8%), home textiles (-9%), and personal care (-2%) [2] - Notable brands with strong growth included Descente (74%), Lululemon (69%), and Asics (8%) in sportswear; and brands like Atour Planet (43%) and Luolai Home Textile (26%) in home textiles [2] Textile Manufacturing Insights - In November, Vietnam's textile and footwear exports faced a high base effect from the previous year, resulting in a decline of -2.6% and -3.8% respectively. China's textile exports showed a slight recovery at +1.0%, while apparel and footwear exports fell by -10.9% and -17.2% respectively [3] - The macroeconomic environment remains challenging, with fluctuations in cotton prices and a slight increase in wool prices by +4.8% month-on-month and +32.0% year-on-year in November [3] - Taiwanese manufacturers reported improved revenue in November, driven by World Cup-related orders and a return to normalcy in brand ordering rhythms [3] Investment Recommendations - The report suggests focusing on the recovery of consumer spending and the rebound in textile manufacturing. It highlights the potential for high-end consumer recovery and the strong outlook for the light luxury outdoor segment [5][6] - Key brands recommended for investment include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end consumption and outdoor sports [6] - In textile manufacturing, companies like Shenzhou International and Huayi Group are highlighted as beneficiaries of tariff reductions and Nike's recovery, while New Australia and Weixing Holdings are noted for their potential gains from rising wool prices and improved order visibility [7]

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依賴該等內 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* ) （ 於開曼群島註冊成立的有限公司） （股份代號：2313 ） 有關租賃協議之 關連交易 茲提述本公司日期為二零二二年十二月二十九日之公告，內容有關續訂租賃協議。 上述公告所述協議將於二零二五年十二月三十一日屆滿。 董事會宣佈， 於二零二五年十二月八日(交易時段結束後)，申洲針織（ 本公司全資 附屬公司 ）與申洲置業訂立租賃協議，據此，申洲置業同意向申洲針織出租物業。 租賃協議為期三年，自二零二六年一月一日開始至二零二八年十二月三十一日屆 滿。 申洲置業為本公司之關連人士。因此，根據上市規則第14章，租賃協議項下擬進行 交易構成本公司之關連交易。 根據香港財務報告準則第16號，本集團需確認與租賃協議有關之使用權資產價值， 而根據上市規則，是次交易將被當作本集團收購資產。 由於本集 ...

Investment Rating - The report maintains a "Buy" rating for key companies such as Shenzhou International and Huali Group, with specific price-to-earnings (PE) ratios projected for 2026 [9][38]. Core Insights - The textile and apparel industry is experiencing a weak recovery in the Chinese consumer market, while the U.S. and European markets show steady growth. The overall industry inventory is considered healthy, with expectations for upstream order growth driven by stable downstream replenishment [31][32]. - The report highlights the strong performance of direct-to-consumer (DTC) channels in the Asia-Pacific region, particularly in China, where DTC revenue growth is driven by e-commerce [18][23]. - Key investment themes include a focus on high-quality stocks in apparel manufacturing, brand apparel with stable growth or reversal logic, and strong alpha candidates in the gold and jewelry sector [21][22][33]. Summary by Sections Weekly Topic - PVH Group reported a 2% year-over-year revenue increase for FY2025Q3, reaching $2.294 billion, with a notable decline in gross margin due to increased tariffs and a challenging promotional environment [1][14]. Regional Performance - Asia-Pacific: FY2025Q3 revenue decreased by 1% year-over-year, but DTC business showed low single-digit growth, particularly in China [18][23]. - EMEA: Revenue grew by 4% year-over-year, but DTC and wholesale businesses faced declines due to a weak consumer environment [23]. - Americas: Revenue increased by 2%, driven by adjustments in the women's product line, although direct sales faced challenges [23]. Investment Themes - **Apparel Manufacturing**: Recommendations include Shenzhou International (PE of 12x) and Huali Group (PE of 18x), with expectations for improved core customer orders in 2026 [21][31]. - **Brand Apparel**: Focus on companies like Tmall and Anta Sports, with PE ratios of 15x and 16x respectively, and a recommendation for Bosideng (PE of 14x) [21][32]. - **Gold and Jewelry**: Companies like Chow Tai Fook and Chow Hong Ki are highlighted for their strong product differentiation and brand strength, with PE ratios of 17x and 21x respectively [22][33]. Recent Reports - The report emphasizes the importance of maintaining a long-term perspective in the apparel manufacturing sector, with expectations for revenue growth exceeding 10% CAGR from 2025 to 2026 for Shenzhou International [34][38].

Core Viewpoint - Citigroup has downgraded the earnings forecast for Shenzhou International (02313) for 2025 to 2027 by 2%, resulting in a target price reduction from HKD 95 to HKD 94, while maintaining a "Buy" rating, suggesting that the recent stock price decline may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1] Group 1 - The sales growth forecast for the second half of this year has been revised down from high single digits to mid single digits, primarily due to nearly flat sales growth in Q3, with two major brands needing to discuss tariff sharing with the group [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress from Q3 [1] - The guidance for gross margin expansion on a quarterly basis remains unchanged, with the target gross margin for FY2026 still expected to exceed 28% [1]

Core Viewpoint - Shenzhou International (02313) has seen a decline of over 4%, currently trading at HKD 64.05, with a transaction volume of HKD 499 million. Citigroup has downgraded its earnings forecast for Shenzhou International for 2025-2027 by 2%, lowering the target price from HKD 95 to HKD 94, while maintaining a "Buy" rating, suggesting that the stock price drop may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1] Group 1 - Citigroup has revised its sales growth forecast for the second half of 2023 from high single digits to mid-single digits, primarily due to nearly flat sales growth in Q3, with discussions ongoing regarding tariff sharing with two major brands [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging performance in Q3 [1] Group 2 - Guosheng Securities (002670) notes that the industry demand and customer orders have experienced fluctuations, but Shenzhou International remains committed to long-term asset construction and steady capacity expansion [1] - It is anticipated that in 2026, with the recovery of core customer orders, the company will enter a phase of capacity-driven growth, with factory utilization reaching saturation and an optimized order structure leading to improved profit quality [1] - By the end of 2024, the company's workforce is expected to reach 103,000, a 12% year-on-year increase, and by mid-2025, it is projected to reach 110,000, a 9% year-on-year increase, reflecting the capacity enhancement and output release from recent years of hiring in garment factories [1]

Core Viewpoint - Shenzhou International (02313) has seen a decline of over 4%, currently trading at HKD 64.05, with a transaction volume of HKD 499 million. Citigroup has downgraded its earnings forecast for Shenzhou International for 2025-2027 by 2%, lowering the target price from HKD 95 to HKD 94 while maintaining a "Buy" rating, suggesting that the stock price drop may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1][1][1] Group 1 - Citigroup has revised its sales growth forecast for the second half of 2023 from high single digits to mid-single digits, primarily due to nearly flat sales growth in Q3, with two major brands needing to discuss tariff sharing with the group [1][1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress of Q3 [1][1] Group 2 - Guosheng Securities notes that the industry demand and customer orders have been volatile, but Shenzhou International remains committed to long-term asset construction and steady capacity expansion [1][1] - The firm anticipates that by 2026, with the recovery of core customer orders, the company will enter a phase of capacity-driven growth, with factory utilization reaching saturation and an optimized order structure leading to improved profit quality [1][1] - By the end of 2024, the company's workforce is expected to reach 103,000, a 12% year-on-year increase, and by mid-2025, it is projected to reach 110,000, a 9% year-on-year increase, reflecting the capacity enhancement and output release from recent years of garment factory recruitment [1][1]