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]

Core Viewpoint - Citigroup has lowered the profit forecast for Shenzhou International for 2025 to 2027 by 2%, adjusting the target price 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, which presents 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 Shenzhou International's second half of the year from high single digits to mid-single digits, primarily due to nearly flat sales growth in the third quarter [1] - The two major brands are still in discussions with the group regarding tariff sharing [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress from the third quarter [1]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has experienced significant growth in both share volume and fund size in 2023, despite a recent decline in market performance [1][2]. Group 1: Fund Performance - As of December 2, 2023, the Hong Kong Consumption ETF (159735) has a total share volume of 926 million and a total fund size of 779 million yuan, reflecting a year-to-date increase of 140.06% in share volume and 198.09% in fund size compared to the end of 2022 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - The fund manager, Li Yixuan, has managed the ETF since its inception on May 25, 2021, with a performance return of -15.87% during the management period [1]. Group 2: Trading Activity - The Hong Kong Consumption ETF (159735) recorded a total trading volume of 1.143 billion yuan over the last 20 trading days, averaging 57.17 million yuan per day [1]. - Year-to-date, the ETF has accumulated a total trading volume of 22.285 billion yuan over 223 trading days, with an average daily trading volume of 99.93 million yuan [1]. Group 3: Top Holdings - The ETF's top holdings include Alibaba-W (19.54%), Tencent Holdings (16.59%), and Pop Mart (7.99%), among others, with their respective market values and share counts detailed [2]. - The fund's significant positions reflect a diversified exposure to major players in the Hong Kong consumer market, indicating a strategic focus on high-growth companies [2].

Core Viewpoint - The report from交银国际 indicates that the mainland consumer market is expected to continue a moderate growth trend towards 2026, with slow overall demand growth but structural differentiation driven by rational consumption and demand upgrading [1] Group 1: Market Trends - The consumer market is undergoing a multi-dimensional transformation, evolving to be more consumer-centric [1] - There is a gradual construction of a new balance in the market, focusing on consumer demand and emphasizing operational efficiency improvements [1] Group 2: Investment Strategy - The report suggests a balanced investment strategy in the consumer sector, combining defensive sectors with stable cash flow and resilient demand as a foundation, while also actively seeking high-growth structural opportunities [1] - Close attention should be paid to new consumption trends and the potential for industry reshaping brought about by technological changes [1] Group 3: Focus Areas - Three categories of companies are highlighted for investment focus: 1. Companies benefiting from supply-demand improvements and expected to release profit elasticity through efficiency gains, such as申洲国际 and伊利 [1] 2. Segment leaders that are quick to capture consumption trends and have rapid growth potential, such as泡泡玛特 and名创优品 [1] 3. Industry leaders with solid growth foundations, strong moats, and cyclical resilience, such as安踏 and华润啤酒 [1]

Core Insights - The mainland consumer market is expected to continue a moderate growth trend through 2026, with slow overall demand growth but structural differentiation driven by rational consumption and demand upgrading [1] - The market is undergoing multi-dimensional transformation, evolving to be more consumer-centric, emphasizing operational efficiency [1] - Investment strategies in the consumer sector should balance defensive and offensive approaches, focusing on stable cash flow and resilient demand while also targeting high-growth structural opportunities [1] Company Focus - Companies benefiting from supply-demand improvements and expected to enhance profitability through efficiency gains include Shenzhou International and Yili [1] - Fast-growing segment leaders that are adept at capturing consumer trends include Pop Mart and Miniso [1] - Industry leaders with solid growth foundations, strong competitive advantages, and cyclical resilience include Anta and China Resources Beer [1] Related Events - Anta Sports reported strong Q3 performance, indicating resilience from its multi-brand strategy and easing pressure on sportswear sales as weather cools [2] - Miniso's Q3 revenue grew by 28% year-on-year, with continued improvement in same-store performance [2] - Yili maintains a "buy" rating from multiple securities firms, highlighting its leading position and growth potential in functional nutrition and deep processing [2] - Shenzhou International emphasizes long-term commitment with improving demand and showcasing its leading advantages [2] - Pop Mart is strengthening its operations in the U.S. market, with expectations for a strong performance in the upcoming peak season [2] - China Resources Beer appointed Xu Lin as an executive director and signed a three-year business travel service agreement with China Resources Digital Technology [2]

Core Viewpoint - The report from CMB International indicates a slight recovery in consumption in 2025, with moderate growth expected to continue into 2026. The current consumer market is undergoing multi-dimensional changes, primarily shifting towards a consumer-centric approach. The key drivers of current consumption decisions are value for money and emotional value, which provide important directions for companies in product innovation and brand establishment [1]. Group 1: Investment Strategy - The company suggests adopting a balanced strategy focusing on three types of enterprises: - The first category includes companies benefiting from supply-demand improvements and expected to release profit elasticity through efficiency enhancements, such as Shenzhou International (02313), rated "Buy" [1]. - The second category consists of nimble companies that capture consumer trends and possess rapid growth potential, such as Pop Mart (09992) and Miniso (09896), both rated "Buy" [1]. - The third category includes industry leaders with a solid growth foundation, strong competitive advantages, and cyclical resilience, such as Anta Sports (02020) and China Resources Beer (00291), both rated "Buy" [1].