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].

Core Insights - The rise in popularity of down jackets is highlighted by the "Down Jacket Festival" hosted by Li Jiaqi during the Double 12 shopping event, featuring over 80 links from 35 national brands, indicating significant changes in the down jacket market [1][3] Group 1: Market Dynamics - The live streaming event showcased a competition between classic and emerging domestic brands, with established names like Xuezhongfei and Yalu focusing on value and craftsmanship, while new brands like Mefur and Rizhi gained attention through high fill power and innovative styles [3] - Mefur's long brown down jacket achieved remarkable sales, generating 30 million in a single session, demonstrating the potential for new brands to break into the market [3] Group 2: Consumer Behavior - There is a notable shift in consumer purchasing behavior from brand-driven to parameter-driven, with consumers now comparing key metrics such as down content and fill weight, similar to skincare product research [5] - Different consumer segments are emerging, with northern users preferring thick, windproof parkas, urban professionals favoring lightweight styles, and aesthetic-focused consumers gravitating towards lightweight matte options [5] Group 3: Role of Live Streaming - Leading live streaming platforms have evolved beyond mere sales channels, exemplified by the collaboration between Li Jiaqi's stream and Xuezhongfei, which introduced a high-quality down jacket at a competitive price point, significantly boosting sales and brand innovation [5] - Live streaming is positioned as both a sensor for consumer trends and a catalyst for the revitalization of domestic brands, with a focus on creating transparent and trustworthy consumer dialogues [5]

Group 1 - The core viewpoint of the news is the significant growth and development of the ice and snow economy in China, with specific plans and targets set for the coming years, particularly in Liaoning Province [1] - Liaoning aims to cultivate 10 provincial-level ski tourism resorts and create over 10 premium ice and snow tourism routes, with a target of receiving over 260 million visitors and achieving over 250 billion yuan in annual revenue by 2027 [1] - The ice and snow economy is recognized as a new driving force in China's economic development, with the successful hosting of the Beijing Winter Olympics and the expansion of ice and snow sports across the country [1][2] Group 2 - The ice and snow industry in China is projected to grow from 270 billion yuan in 2015 to 980 billion yuan by 2024, with expectations to exceed 1 trillion yuan by 2025 [3] - The participation in ice and snow sports and related consumption is expected to exceed 187.5 billion yuan during the 2024-2025 season, reflecting a year-on-year growth of over 25% [3] - The ice and snow economy encompasses a comprehensive economic system that includes ice and snow sports, tourism, equipment, and culture, contributing significantly to regional economic development [3] Group 3 - Companies like Anta Sports and Bosideng are actively involved in the ice and snow economy, with Anta promoting advanced ski apparel and Bosideng innovating in extreme cold weather gear [4] - Fuxing Tourism Culture's Club Med Taicang offers a comprehensive ski resort experience, catering to family ice and snow tourism with an all-inclusive model [5] - The development of new venues and attractions, such as the Shenzhen Qianhai Ice and Snow World, is enhancing the appeal of ice and snow tourism, attracting over 700,000 visitors [2]

Core Viewpoint - The event held by Bosideng in Harbin emphasizes the brand's long-standing commitment to extreme cold weather gear, showcasing its latest technology and products designed for polar exploration, while celebrating its 28-year partnership with China's polar research efforts [1][16]. Group 1: Event Highlights - The launch event featured a snow sculpture of the "Xuelong 2" icebreaker, symbolizing Bosideng's dedication to extreme cold technology [3]. - The event included a forum titled "Life Meets the Polar," where experts and brand ambassadors discussed the importance of innovation and resilience in extreme conditions [8][10][14]. Group 2: Product Innovation - Bosideng's sixth-generation extreme cold series is designed for polar exploration, utilizing advanced technologies such as GORE-TEX fabric, a unique insulation structure mimicking polar bear fat, and a dynamic moisture-wicking system [5][6]. - The new products can withstand temperatures as low as -60°C, addressing the challenges of maintaining warmth and breathability in extreme environments [5][15]. Group 3: Brand Development and Market Position - Bosideng has established a strong market presence, with sales exceeding 200 million units globally and a leading position in the domestic market for 30 consecutive years [19]. - The company is focusing on diversifying its product offerings and enhancing its technological capabilities, with a goal to reach a market size of 250 billion yuan by 2025 [17]. Group 4: Commitment to Quality and Sustainability - Bosideng emphasizes quality control in its production process, sourcing down from premium regions and adhering to strict animal welfare and environmental standards [15]. - The company has accumulated 1,520 patents, reinforcing its technological barriers and commitment to innovation in the down apparel industry [17].

（原标题：民银国际：给予波司登(03998)买入评级 目标价5.80港元） 智通财经APP获悉，民银国际发布研报称，给予波司登(03998)买入评级，目标价5.80港元。该行认为公 司股息率吸引，预计FY26保持80%以上派息率，现价对应FY26股息率约6.0%。预计公司FY26E-FY28E 营收285.1/316.0/349.3亿元，同比分别+10.1%/+10.8%/+10.5%，归母净利润39.0/43.7/49.0亿元，同比 +10.9%/+12.0%/+12.2%。现价对应26EPE为13倍。 民银国际主要观点如下： (2)品牌羽绒服占比上升使集团利润率提升。FY26H1集团毛利率同比+0.1pp至50.0%，主品牌毛利率为 64.8%，因1H批发增长快于自营及主动去库。 深化功能科技+时尚美学，多动力推动旺季动销，10-11月表现亮眼 (1)产品端，主品牌新品阵容强大，夯实功能科技+时尚美学，差异化竞争。期内户外极寒、小香风、泡 芙创新系列增长亮丽，聚焦户外/休闲/商务/时尚四大场景，与国际顶尖设计大师合作。主品牌合作前顶 奢创意总监KimJones推出Areal高端线、合作机能风设计大师Err ...

FY26H1集团收入同比+1.4%至89.3亿元，归母净利润同比+5.3%至11.9亿元，利润增长快于收入。期末 存货额同比-20%，主因公司放缓原材采购节奏+主动去库铺垫旺季，应收周转天数同比-4天至59天。 民银国际发布研报称，给予波司登(03998)买入评级，目标价5.80港元。该行认为公司股息率吸引，预计 FY26保持80%以上派息率，现价对应FY26股息率约6.0%。预计公司FY26E-FY28E营收285.1/316.0/349.3 亿元，同比分别+10.1%/+10.8%/+10.5%，归母净利润39.0/43.7/49.0亿元，同比+10.9%/+12.0%/+12.2%。 现价对应26EPE为13倍。 (1)分部收入中，品牌羽绒服同比+8%至65.7亿元。品牌羽绒服业务，主品牌增长好于其他，线下好于线 上。FY26H1主品牌收入同比+8%至57.2亿元，批发/自营同比+8%/+7%，线上营收同比+2.4%。 民银国际主要观点如下： (2)品牌羽绒服占比上升使集团利润率提升。FY26H1集团毛利率同比+0.1pp至50.0%，主品牌毛利率为 64.8%，因1H批发增长快于自营及主动去库。 FY ...

Core Viewpoint - The traditional manufacturing industry, particularly the textile and apparel sector in Suzhou, is undergoing a transformation towards modernization, supported by financial services from Agricultural Bank of Suzhou, enhancing the entire supply chain's efficiency and competitiveness [1][2]. Group 1: Industry Transformation - The textile and apparel industry in Suzhou has evolved from its historical roots in silk weaving to become a significant player in modern industrialization, impacting everyday life [1]. - The integration of smart technologies in production processes, such as automated sewing systems and intelligent supply chain solutions, is crucial for the industry's digital transformation [1][2]. - During the "Double Eleven" shopping festival, Bosideng achieved over 100 million yuan in sales, showcasing the effectiveness of data and AI in driving digital transformation [1]. Group 2: Financial Support and Innovation - Agricultural Bank of Suzhou has provided nearly 8 billion yuan in group credit to support the transformation of companies like Bosideng, addressing funding challenges faced by suppliers [2]. - The bank's "Yin Piao e-Rong" product offers online financing solutions for upstream suppliers, ensuring quick access to funds and improving raw material supply efficiency [2]. - A tailored "Bosideng Industry Chain e-Loan" has reached a balance of 563 million yuan, demonstrating the bank's commitment to supporting downstream distributors with innovative financial services [2]. Group 3: Local Industry Development - The wool sweater market in Wujiang District has seen a resurgence, with local businesses adapting to consumer demands for high-quality, stylish winter apparel [3]. - Local textile enterprises have shifted from homogeneous competition to focusing on product quality and design, enhancing their market competitiveness [3][4]. - Agricultural Bank of Suzhou has implemented various financial products to support small and micro enterprises, facilitating their growth and contributing to the local economy [4]. Group 4: Future Prospects - The textile and apparel industry in Suzhou is expected to continue thriving under the guidance of Agricultural Bank of Suzhou, enhancing domestic demand and solidifying the foundation of the real economy [5].

"从珠峰之巅到南北两极，人类的极限探索在哪里，波司登科技创新的坐标就定位在哪里。"波司登品牌创始人高德康在哈尔滨太阳岛极地发布会上分享 道。 1998年，波司登首次随中国南极考察队踏上极地，此后波司登的温暖就从未在世界的尽头缺席。27年后，波司登于冰雪之城哈尔滨举办极地发布会，再次 向公众传递这份"品牌温度"。 12月7日，一场以"人生见极地"为核心主题的发布会在哈尔滨太阳岛举行。活动现场通过"雪龙 2 号"揭幕仪式、"人生见极地"主题论坛、极地极寒系列发 布及极地冰雪大秀等环节，呈现了品牌49年匠心与28载极地考察合作底蕴。 "雪龙2号"雪雕船揭幕仪式暨波司登极地极寒（第六代）产品发布 深耕极地极寒科技，抗寒-60°C中国南北极考察同款亮相 发布会现场，一座以中国首艘自主建造的极地考察破冰船"雪龙2号"为原型的冰雪地标亮相，由哈尔滨本土雪雕师联手千万级粉丝非遗文化博主江寻千打 造。走近这个作品，人们仿佛亲临极地冰川，见证一个又一个关于波司登挑战寒冷的故事。 太阳岛极地发布会现场冰雕"雪龙2号" 自1999年首登"雪龙号"起，波司登已持续助力中国多次南极、北极考察及珠峰攀登，用世界前沿的保暖科技与功能材料守护 ...

Core Viewpoint - Bosideng positions itself at the forefront of extreme cold exploration through technological innovation, emphasizing its long-standing commitment to providing warmth in extreme environments, as demonstrated during its recent polar-themed event in Harbin [1][20]. Group 1: Event Highlights - The event titled "Life Meets the Polar" was held on December 7 in Harbin, featuring notable attendees including government officials, industry experts, and brand ambassadors, showcasing Bosideng's 49 years of craftsmanship and 28 years of polar exploration collaboration [1][3]. - A snow sculpture inspired by China's first domestically built polar research icebreaker, "Snow Dragon 2," was unveiled, symbolizing Bosideng's narrative of overcoming cold challenges [3][5]. Group 2: Product Innovation - The sixth generation of the extreme cold series was launched, designed for polar exploration, featuring advanced thermal technology capable of withstanding temperatures as low as -60°C [5][7]. - The new series incorporates a three-layer thermal technology system, including GORE-TEX fabric, a unique insulation structure mimicking polar bear fat, and a patented moisture-wicking system, enhancing breathability and warmth retention [5][14]. Group 3: Brand Philosophy and Market Position - Bosideng's founder, Gao Dekang, emphasized the brand's mission to create high-quality down jackets that can withstand extreme conditions, reflecting a commitment to innovation and excellence in the down apparel industry [7][20]. - The company has achieved significant market presence, with its down jackets sold in 72 countries and a cumulative sales figure exceeding 200 million units, maintaining a leading position in the domestic market for 30 consecutive years [18][16]. Group 4: Research and Development Strategy - Bosideng is focusing on a dual approach of research and industry integration to enhance its cold protection technology, with plans to establish a smart manufacturing facility in Harbin to streamline production processes [14][15]. - The brand has accumulated 1,520 patents, establishing a strong technological barrier and driving innovation in the down apparel sector [16][18]. Group 5: Future Outlook - The Chinese down apparel market is projected to exceed 227 billion yuan in 2024, with a compound annual growth rate of 11.5% from 2020 to 2025, indicating a shift in consumer demand towards functional and fashionable products [16]. - Bosideng aims to leverage its expertise in down technology to expand its product matrix, addressing diverse market needs while maintaining a focus on high-quality, innovative offerings [16][18].

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].