Core Viewpoint - The company, HLA (海澜之家), is facing regulatory scrutiny regarding its overseas listing process, specifically concerning the pledging of shares by its controlling shareholder and the potential implications for corporate control [2][5]. Group 1: Regulatory Requirements - The China Securities Regulatory Commission (CSRC) has requested additional materials from HLA regarding its controlling shareholder's share pledges, historical equity changes, and employee stock ownership plans [2]. - The CSRC's primary concern is the impact of the controlling shareholder's share pledges on the company's control and whether these pledges could lead to a change in control, which may violate regulatory provisions [2][5]. Group 2: Share Pledge Details - As of the latest reporting date, HLA's controlling shareholder, HLA Group, has pledged a total of 875 million shares, representing approximately 18.22% of the company's total issued capital, primarily as collateral for loans from several banks [2][4]. - The company disclosed that HLA Group's share pledges could pose risks if the group fails to meet its repayment obligations, potentially leading to forced execution of pledged shares and adverse effects on HLA [3][4]. Group 3: Business Operations and Structure - HLA Group is involved in various sectors beyond HLA, including investments in culture, sports, tourism, and energy services, indicating a diverse business portfolio that may necessitate share pledging for financing [4]. - HLA has submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing (A+H shares), and is ranked fourth in revenue among Chinese apparel groups, with over 7,200 global stores projected by mid-2025 [5][6].

Core Insights - HLA and Adidas have announced an upgrade to their two-year channel cooperation, officially establishing the HLA × Adidas "Sports +" ecosystem [1][10] - The partnership aims to achieve resource complementarity, with HLA opening all-channel scenarios to help Adidas reach a broader consumer base, while Adidas injects professional sports technology and brand value to enhance HLA's competitive edge in the sports leisure category [3][13] Group 1: Ecosystem Development - The collaboration will focus on three main pillars: systematic upgrades to the "Lan Run Study Club," comprehensive upgrades to the "One More Gram of Warmth" public welfare IP, and the launch of the HLA x Adidas Year of the Horse Spring Festival commemorative sweatshirt [3][13] - By mid-2025, over 500 Adidas FCC stores are expected to be established across various provinces and cities in China, integrating both brands deeply into the retail landscape of second to fifth-tier cities [4][14] Group 2: Community and Social Responsibility - The "Lan Run Study Club" is set to become a key component of the ecosystem, providing a platform for runners to share and empower each other, with its core event, the HLA POW "King of Gods Challenge," attracting over 10,000 participants from 22 provinces and achieving over a million views in live broadcasts [5][6][15] - The "One More Gram of Warmth" public welfare initiative, which has reached over 30,000 students across 1,700 schools since its launch in 2014, will focus on providing sports support to children in remote areas, promoting equitable access to sports education [7][16] Group 3: Product Innovation - The HLA x Adidas Year of the Horse Spring Festival commemorative sweatshirt combines Chinese zodiac culture with international sports design, catering to year-end consumer demand and marking the first product collaboration within the "Sports +" ecosystem [8][17] - This product aims to convey a positive message of progress and vitality, reflecting a blend of cultural confidence and sports energy [8][17] Group 4: Strategic Implications - The partnership signifies a shift from traditional channel and product integration to a new phase of ecological integration that encompasses brand value, user engagement, and social responsibility [10][19] - The collaboration serves as a benchmark for the apparel and sports industry, demonstrating that leading brands can break through competitive stagnation by creating a new landscape that integrates user emotions, professional value, and social significance [11][19]

Core Viewpoint - The collaboration between HLA (海澜之家) and adidas marks a significant shift in their business strategies, moving from traditional sales channels to a deeper partnership that emphasizes brand co-creation and a shared vision for a "Sports+" ecosystem [2][14]. Group 1: Partnership Development - HLA and adidas have a history of collaboration dating back to 2022, when HLA's subsidiary established a brand called Sibozi, which became a channel partner for adidas in lower-tier cities [5][6]. - In 2024, HLA gained control of Sibozi and transitioned their partnership with adidas from simple sales to joint operations, indicating a deeper integration of their business models [6][9]. - The launch of the adidas FCC (Future City Concept) stores represents a key strategic initiative, with HLA managing store operations and adidas providing exclusive product lines aimed at affordability and mass appeal [7][9]. Group 2: Market Insights and Trends - The partnership is a response to the "Marathon Cycle," a term describing the surge in sports consumption as GDP per capita exceeds $5,000, reflecting a shift in consumer focus towards quality of life and health management [19][20]. - Both brands have effectively tapped into this cycle, with adidas leveraging high-profile marathon sponsorships and HLA enhancing its brand presence through substantial event sponsorships and consumer engagement [20][22]. Group 3: Consumer Engagement and Brand Strategy - HLA's strategy includes creating high-value experiences for consumers, such as providing premium race kits and engaging in community-driven events, which enhance brand loyalty and consumer trust [24][26]. - The collaboration aims to expand HLA's market reach from a traditional men's clothing brand to a comprehensive lifestyle brand catering to all age groups and fitness enthusiasts, supported by adidas's expertise in sports [25][30]. - HLA's community initiatives, like the "Lan Run Study Club," focus on fostering a sense of belonging and shared experiences among consumers, which is crucial in the current market landscape [28][30].

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

Group 1 - The core viewpoint of the article highlights the collaboration between HLA (海澜之家) and adidas, focusing on the stable growth of the main brand and the exploration of new business opportunities [1] - HLA has initiated an adidas agency business in lower-tier markets through its subsidiary, with the number of adidas FCC stores expected to reach 529 by mid-2025 [1] - The partnership aims to enhance brand influence and channel competitiveness, positioning HLA as a key partner for adidas in expanding its presence in lower-tier markets [1] Group 2 - The company is actively pursuing a brand globalization strategy, with a target of 111 overseas stores in the medium term [1] - HLA is conducting market research in Central Asia, the Middle East, and Africa to steadily advance its global expansion efforts [1] - The company's dual-driven model consists of a "stable foundation + emerging growth points," which is expected to further strengthen its brand influence and channel competitiveness through the collaboration with adidas [1]

Core Insights - The textile and apparel industry is expected to see a recovery in performance, particularly in the upstream textile manufacturing sector, with positive trends in wool prices and inventory appreciation benefiting leading companies like New Australia [5] - The report highlights potential growth in the downstream apparel and home textile sectors, driven by the rise of the sleep economy and the recovery of traditional businesses, with companies like Luolai Life and Jinhong Group being key focuses [5] - The textile and light industry sectors have shown mixed performance, with the textile sector rising by 0.91% and light industry by 2.65% during the reporting period [13][18] Textile and Apparel Industry Market Review - The Shanghai Composite Index increased by 2.31%, while the ChiNext Index rose by 3.02% during the period from December 22 to December 26, 2025 [13] - The textile and apparel sector ranked 22nd among 31 primary industries, while the light manufacturing sector ranked 11th [13] - The textile sector's latest PE (TTM) as of December 26, 2025, was 20.32X, with historical highs and lows of 57.80X and 14.44X respectively [15] Textile and Apparel Data Tracking - In the first nine months of 2025, China accounted for 17.10% of the EU's textile and apparel imports, followed by Bangladesh at 14.88% and Turkey at 6.18% [5] - The export values of Chinese cotton socks, zippers, and seamless apparel saw year-on-year declines of -3.40%, -0.65%, and -10.60% respectively in November 2025 [5] Light Industry Market Review - The light manufacturing sector's performance was bolstered by a favorable export environment, with key companies like Xiangxin Home and Yuanfei Pet showing potential for growth [5] - The report emphasizes the importance of monitoring the housing market, with a reported 8.46% year-on-year increase in transaction area for major cities during the period [5] Key Company Valuation and Financial Analysis - Notable companies in the textile and apparel sector include: - Mercury Home Textiles (603365.SH) with a target price of CNY 23.08 and a current PE of 13.38X for 2025E [6] - Anta Sports (02020.HK) with a target price of HKD 105.00 and a current PE of 17.09X for 2025E [6] - Li Ning (02331.HK) with a target price of HKD 20.22 and a current PE of 19.79X for 2025E [6]

从券商推荐家数来看，12月29日有27家上市公司得到券商推荐，其中海澜之家、华创云信、桂冠电力等 获得1家推荐。 首次覆盖方面，12月29日券商共给出了8次首次覆盖，其中上峰水泥获得东莞证券给予"增持"评级，爱 旭股份获得开源证券给予"增持"评级，利柏特、珠海冠宇获得国盛证券给予"买入"评级，百龙创园获得 华泰证券给予"买入"评级。 南财投研通数据显示，12月29日，券商给予上市公司目标价共11次，按最新收盘价计算，目标价涨幅排 名居前的公司有晶品特装、环旭电子、安克创新，目标价涨幅分别为43.02%、35.06%、30.02%，分别 属于军工电子、消费电子行业。 | | | 8家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 000672 | 上峰水泥 | 东莞证券 | 増持 | 水泥 | | 600732 | 爱相股份 | 开源证券 | 增持 | 光伏设备 | | 605167 | 利柏特 | 国盛证券 | 买人 | 专业工程 | | 688772 | 珠海冠宇 | 国盛证券 | 求人 ...

Group 1: Key Insights on Xingfu Electronics - The company is backed by Xingfa Group, a leading player in the phosphate chemical and fine chemical industry, ensuring strong supply chain support [8] - It focuses on semiconductor applications, with a complete wet electronic chemical product system, including 60,000 tons of electronic-grade phosphoric acid and 100,000 tons of electronic-grade sulfuric acid, leading the domestic market [8] - The company aims to become a world-class electronic materials enterprise, with ongoing internationalization and diversification strategies [8] Group 2: Key Insights on JD Industrial - JD Industrial is a leading provider of industrial supply chain technology and services in China, with a projected revenue of 20.398 billion yuan and an adjusted net profit of 909 million yuan for 2024 [10] - The company has established a comprehensive digital infrastructure for supply chain management, covering 80 product categories and serving over 11,100 key enterprise clients [10] - The industrial supply chain market in China is vast, with a size of 11.4 trillion yuan in 2024, and JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market [10] Group 3: Insights on the Coal Industry - The coal industry is experiencing a restructuring due to stricter safety regulations, with a cumulative coal production of 4.402 billion tons from January to November, showing a year-on-year increase of 1.4% [14] - The demand for coal remains stable, with a projected increase in coal consumption in the chemical industry, and the overall coal demand is expected to grow slightly [14] - Investment recommendations include stable high-dividend stocks like China Shenhua and Shaanxi Coal, as well as growth stocks such as TBEA and Huaihe Energy [14] Group 4: Insights on MEMS Sensor Industry - The company is a leading player in high-performance MEMS inertial sensors, with a revenue and net profit CAGR exceeding 38% from 2019 to 2024 [15] - The MEMS technology market is expanding, with applications in consumer electronics, automotive, industrial, and aerospace sectors [16] - The company is actively pursuing new market opportunities, including partnerships in autonomous driving and low-altitude aviation [16] Group 5: Insights on Automotive Industry - The automotive market is seeing a shift towards intelligent and high-end vehicles, with a focus on new energy vehicles and the potential for significant growth in the second-hand car market [24] - Recent data indicates a 9% month-on-month increase in retail sales of passenger vehicles, despite a year-on-year decline [26] - Investment recommendations include companies with strong alpha potential and those benefiting from the ongoing reforms in state-owned enterprises [27]

联合研究丨组合推荐 [Table_Title] 大消费行业 2026 年 1 月金股推荐 %% %% %% %% 请阅读最后评级说明和重要声明 2 / 11 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2026 年 1 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 ...

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, HLA, is deepening its collaboration with Adidas to build a "Sports+" ecosystem, moving beyond traditional commercial partnerships to enhance brand empowerment and channel synergy [2]. - HLA's main brand is showing steady growth, with a total of 5,723 stores as of mid-2025, and a positive revenue growth trend observed in the first three quarters of 2025 [3]. - The company is expanding its overseas presence, with 111 international stores, and is actively exploring new markets in Central Asia, the Middle East, and Africa [3]. - HLA's partnership with Adidas is expected to strengthen its brand influence and channel competitiveness, creating a dual-driven growth model of a stable core business and emerging growth points [3]. Financial Summary - Total revenue for 2024 is projected at 20,957 million yuan, with a year-on-year growth rate of -2.7%. Revenue is expected to increase to 22,425 million yuan in 2025, reflecting a growth rate of 7.0% [4]. - The net profit attributable to the parent company is forecasted to be 2,334 million yuan in 2025, with a year-on-year growth of 8.1% [4]. - Earnings per share (EPS) is expected to rise from 0.45 yuan in 2024 to 0.49 yuan in 2025 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 13.73 in 2024 to 12.70 in 2025 [4].