Investment Rating - The industry rating is "Recommended" [5] Core Insights - Anta announced on January 26, 2026, the acquisition of 29.06% of Puma SE for a total of €1.506 billion (approximately ¥12.278 billion), becoming its largest shareholder. This transaction is a key step in Anta's globalization strategy, aiming to integrate its operational capabilities with Puma's global platform, which has an annual revenue exceeding €8.8 billion (2024) [2][14] - Adidas achieved a record high revenue of €24.811 billion in 2025, with operating profit of €2.056 billion exceeding market expectations. The operating profit margin increased by 2.6 percentage points to 8.3%, and the gross profit margin rose to 51.6% [2][14] - VF Corporation reported a revenue of $2.82 billion in Q3 of FY2026, a 4% year-on-year increase (2% growth at constant currency), with a 6% growth in the Americas region after excluding the impact of the sold Dickies brand [3][14] Summary by Sections Investment Recommendations - Manufacturing: Strong expectations for upstream price increases, with wool prices rising since Q3 2025 and domestic cotton prices also starting to rise. Recommended stocks include Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. For growth-oriented midstream, recommended stocks are Jiansheng Group and Kairun Co [3][15] - Brand: Recent signs of recovery in high-end consumption, with potential inflation in 2026 benefiting the consumer sector. Recommended brands with profit elasticity include Jinhong Group, Ge Li Si, Luolai Life, and Stable Medical [3][15] - Procter & Gamble's industrial chain: Recommended stocks include Jieya Co (benefiting from brand-owned capacity transfer), with beneficiaries being Yanjing Co [3][15] Market Review - The SW textile and apparel sector rose by 0.64%, outperforming the Shanghai Composite Index by 1.08%. The top five gainers in the sector included Harsen Co, Zhongwang Fabric, Hongda High-Tech, Mingxin Xuteng, and Aokang International [16] - The main inflow of funds was into Harsen Co, with a net inflow ratio of 10.10%, while the largest outflow was from Sanfu Outdoor, with a net outflow ratio of 4.59% [16][22] Industry Data Tracking - Wool prices increased by 2.49% this week, with a year-to-date increase of 41.94%. The Australian wool market index reached 1689 AUD cents/kg, equivalent to ¥82,085.40/ton [4][35] - The cotton price index in China rose by 3.84% year-to-date, with the 3128B index at ¥16,183/ton [30][32] - In 2025, textile and apparel exports decreased by 2.26% year-on-year, with total exports amounting to $267.79 billion [52]

证券日报网讯 1月30日，百隆东方发布公告称，本次变更后的签字注册会计师为唐彬彬和丁步升。 （文章来源：证券日报） ...

证券代码：601339 证券简称：百隆东方 公告编号：2026-002 百隆东方股份有限公司 关于变更签字注册会计师的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 百隆东方股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开 2024 年年度股东大会，审议通过《关于续聘天健会计师事务所（特殊普通合伙）为公 司 2025 年审计机构的议案》，同意公司聘请天健会计师事务所（特殊普通合伙） （以下简称"天健会计师事务所"）担任公司 2025 年度财务报表和内部控制审计 机构，具体内容详见公司于 2025 年 4 月 16 日、5 月 10 日在上海证券交易所 （http://www.sse.com.cn）披露的《百隆东方关于续聘天健会计师事务所（特 殊普通合伙）为公司 2025 年审计机构的公告》（公告编号：2025-006）、《2024 年年度股东大会决议公告》（公告编号：2025-016）。 天健会计师事务所作为公司聘任的2025年度财务报表和2025年末财务报告 内部控制审计机构，原委派唐彬彬 ...

证券之星消息，1月28日纺织制造板块较上一交易日上涨0.01%，航民股份领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。纺织制造板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600987 | 航民股份 | 8.02 | 10.01% | 30.59万 | | 2.36亿 | | 002144 | 宏达高科 | 14.59 | 7.04% | 25.30万 | | 3.68亿 | | 000850 | 华茂股份 | 6.48 | 4.18% | 31.65万 | | 2.03亿 | | 000726 | 鲁泰A | 7.81 | 2.23% | 17.41万 | | 1.35亿 | | 665109 | 百隆东方 | 7.16 | 1.70% | 19.55万 | | 1.39亿 | | 600527 | 江南高纤 | 2.29 | 0.44% | 73.75万 | | 1.69亿 | | 300979 ...

投资要点： 风险提示：终端消费意愿不及预期，原材料价格波动，行业竞争加剧。 股票研究 /[Table_Date] 2026.01.25 [Table_Industry] 纺织服装业 25Q4 纺服基金持仓环比基本持平，12 月服装 类零售额同比增长 1.2% [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 25Q4 纺服基金持仓环比基本持平，服装家纺优于纺织制造。12 月服装类零售额 +1.2%，增速环比上月放缓。 [Table_Report] 相关报告 纺织服装业《美棉价格历史深度复盘——美国、 巴西 25/26 产量预期双降，美棉安全边际显现》 2026.01.20 纺织服装业《巴西棉结束近 5 年扩产，美棉 ...

Core Viewpoint - The textile industry in China is experiencing a decline in export value, with a reported decrease in both monthly and cumulative export figures for 2025 compared to the previous year [1]. Industry Summary - As of December 2025, the total export value of the textile industry in China reached 24.86 billion, reflecting a year-on-year decrease of 1% [1]. - The cumulative export value for the entire year of 2025 was 259.52 billion, showing a slight decline of 0.9% year-on-year [1]. - A statistical chart detailing the export value of the textile industry from 2019 to 2025 has been compiled based on data from the National Bureau of Statistics [1]. Company Summary - Listed companies in the textile sector include Fengzhu Textile (600493), Jiangnan High Fiber (600527), Hangmin Co., Ltd. (600987), Bailong Oriental (601339), and others [1]. - The report by Zhiyan Consulting provides an in-depth analysis of the market landscape and future prospects for the industrial textile sector in China, indicating a focus on comprehensive industry solutions for investment decisions [1].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Zijin Mining, BAIC Blue Valley, and Huqin Technology leading the rankings with target price increases of 65.69%, 40.29%, and 39.15% respectively, across the industrial metals, passenger vehicles, and consumer electronics sectors [1][2]. Group 2 - On January 22, a total of 24 listed companies received recommendations from securities firms, with Lihigh Food receiving 2 recommendations, while companies like Baolong Oriental and BAIC Blue Valley received 1 recommendation each [4]. - The companies that received first-time coverage on January 22 include BAIC Blue Valley with a "Buy" rating from Guotai Junan Securities, Yanzhou Coal with an "Outperform" rating from Guosen Securities, Hezhu Intelligent with a "Buy" rating from Huayuan Securities, and Jiachih Technology with a "Buy" rating from Kaiyuan Securities [5][6].

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The global cotton supply side is experiencing a "double reduction" in exports from Brazil and the United States. The bottom characteristics of US cotton prices are clear under the dual signals of cost inversion and basis repair, and an upward channel for cotton prices is expected to open [2]. Summary by Relevant Catalogs 1. Supply - side Contraction Expectation Continues to Strengthen - **Brazil**: As the world's largest cotton exporter, it ends a 5 - year capacity expansion. The CONAB report on January 15 predicts a 6.3% year - on - year decrease in cotton production in 25/26, with continuous downward revisions since October 2025. The core producing state of Mato Grosso is expected to have a more radical production cut of 14.5% [3]. - **United States**: The latest WASDE report on January 12 significantly revises down the 25/26 cotton yield per unit by 7.8%, reduces production by 2.5%, and the inventory - to - consumption ratio drops, significantly alleviating inventory pressure [3]. 2. Hard Logic Behind the Production Cut - **Brazilian farmers' profit situation**: Brazilian cotton farmers face a loss with a cost - return rate of - 15.5%, while the competing second - season corn still has an 8.4% return, and the operating cost of corn is only one - third of that of cotton [4]. - **Sowing progress**: Brazil's current sowing rate is only 8.1% (compared to 14.2% in the same period last year). Missing the best growth period for cotton will further strengthen the production cut expectation [4]. 3. Clear Bottoming of US Cotton Prices - **Cost inversion**: The current price (~65 cents/pound) is significantly lower than the average US planting cost (~80 cents/pound) and approaches the policy mortgage interest rate (54.4 cents/pound), with very limited downward space [5]. - **Basis signal**: The basis of basic - grade cotton is at a historical low. High - quality cotton in January has shown a positive basis, which is judged as a leading signal for a medium - term upward price movement [5]. - **Investment advice**: With the implementation of the production cut expectation and the stricter traceability of clothing exports to the United States, the procurement concentration of US cotton is expected to increase. It is recommended to focus on [Bailong Eastern Co., Ltd.], and related target [Texhong International Group]. The low - cost cotton inventory held by these companies will release significant profit elasticity during the upward cycle of cotton prices, and the gross profit margin is expected to be repaired in a positive basis environment [5]. Historical US Cotton Price Analysis - The historical US cotton price has fluctuated greatly due to various factors such as events, policies, and climate. For example, in 2011, the cotton price reached a new high due to factors such as China's cotton purchase and storage policy, India's export ban, and Pakistan's floods [8]. Global Cotton Production and Export Situation - **24/25 Global Top Ten Cotton - Producing Countries**: The top four cotton - producing countries (China, India, Brazil, and the United States) account for about 73% of the total global output. China and India mainly consume their output domestically, while Brazil and the United States export their output [19]. - **24/25 Global Top Ten Cotton - Exporting Countries**: Brazil and the United States together account for nearly 60% of the global cotton export volume. The change in Brazil's supply - demand structure will have a significant impact on the trend of US cotton prices [22]. - **Production Growth of Top Ten Cotton - Exporting Countries**: From 20/21 - 24/25, the production growth rates of different countries vary. For example, Mali has a 257% growth rate, while India has a - 16% growth rate [24]. US Cotton Situation - **25/26 Production Forecast**: Despite the expected increase in the harvested area of US 25/26 cotton, the yield per unit is significantly reduced by 7.8%, resulting in a 2.5% decrease in production compared to the December forecast and a 3.4% decrease compared to 2024/25. The inventory - to - consumption ratio decreases [27]. - **Export Market Change**: In 2018, affected by the Sino - US trade friction, Vietnam became the largest importer of US cotton. In 2024, China regained the top position. It is expected that Southeast Asian countries may increase their procurement of US cotton [29]. Brazilian Cotton Situation - **25/26 Supply and Demand Forecast**: The CONAB report on January 15, 2026, predicts that Brazil's 25/26 cotton planting area will decrease by 2.8% compared to 2024/25, and the output is expected to be 3.82 million tons, a 6.3% decrease from the October 2025 forecast [31]. - **Sowing and Yield**: The sowing rate and yield of Brazilian cottonseeds in 25/26 are lower than last year. The sowing rate is 31.9%, 1.6 percentage points lower than 24/25, and the expected output of cottonseeds in 25/26 is down 6.3% year - on - year and 3.6% month - on - month [34]. - **Mato Grosso State**: The IMEA has significantly reduced the 25/26 planting area in Mato Grosso State by 7.3%, and the total lint output is expected to decrease by 14.5% due to area reduction and yield per unit returning to the average [38]. - **Profit Analysis**: Brazilian cotton planting in the 25/26 season has a cost - return rate of - 15.5%. Competing second - season corn has a better profit situation, and there is a possibility of farmers switching to corn planting. In addition, the current price of Brazilian lint is lower than the US cotton futures price, and the basis decline is widening [40].

Investment Rating - The investment rating for Bros Eastern is "Outperform" with an expected relative return exceeding the benchmark index by more than 10% over the next 12-18 months [4]. Core Insights - The report highlights a significant supply contraction in two major cotton exporting countries: the USA and Brazil, marking a turning point in global cotton supply with a "double reduction" pattern [5][6]. - The USA's cotton yield forecast has been cut by 8% to 856 pounds per acre, leading to a 2% reduction in final output, while Brazil's planting area is expected to decrease by 2.8% and production by 6.3% to 3.82 million tons, the first decline in five years [5][6]. - The report indicates that the US cotton price is showing bottoming characteristics, with current prices around 65 cents per pound, significantly below the average planting cost of 80 cents per pound, suggesting limited downside potential [6][8]. - Brazil's supply-demand changes are identified as a key variable affecting US cotton prices, with estimates indicating a 15.6% cost return rate loss for Brazilian cotton farmers, further supporting the supply contraction narrative [7][8]. Summary by Sections Supply Contraction - The USA's WASDE report indicates an increase in harvested area but a significant yield reduction, easing inventory pressure [5]. - Brazil's CONAB report predicts a decrease in both planting area and production, particularly in Mato Grosso, which accounts for 70% of Brazil's cotton output [5][6]. Price Dynamics - The ICE No. 2 cotton futures price is at a historical low, indicating a clear bottoming trend, with a significant cost inversion against planting costs [6][8]. - The basis analysis shows that the cotton basis is at historical lows, with signs of structural recovery, suggesting potential price increases in the medium term [6][8]. Investment Recommendations - The report recommends Bros Eastern due to its low-cost cotton inventory, which is expected to provide significant profit elasticity as cotton prices rise [8]. - The anticipated increase in raw material prices is expected to boost yarn sales prices and restore gross profit margins through inventory appreciation [8].

Investment Rating - The report assigns an "Accumulate" rating for the industry [2] Core Insights - The supply contraction from two major cotton-exporting countries has been established, with a downward revision in U.S. cotton yield and the first decline in Brazilian cotton production and area in five years [3] - U.S. cotton prices are showing significant bottoming characteristics, with ICE 2 cotton futures significantly below planting costs and basis signals confirming this trend [3] - The core variable is anchored in Brazil, with multi-dimensional data confirming the inevitability of production cuts [3] Summary by Sections Supply Dynamics - The global cotton supply is reaching a critical turning point characterized by a "double reduction" pattern. The USDA's January 2026 report indicates an 8% downward revision in U.S. cotton yield to 856 pounds per acre, leading to a 2% decrease in total production compared to December forecasts. This has alleviated inventory pressure [5] - Brazil, as the world's largest cotton exporter, is experiencing a termination of its supply expansion cycle. The CONAB report predicts a 2.8% reduction in planting area and a 6.3% decrease in production to 3.82 million tons for the 25/26 season, marking the first reduction in both area and production in five years [5] Price Dynamics - U.S. cotton prices have been in a prolonged downturn for nearly three years, with current ICE 2 cotton futures around 65 cents per pound, placing it in the 20% historical low range since 2015. The current price is significantly below the average planting cost of approximately 80 cents per pound, indicating limited downward price potential [5] - Historical data shows that the basis for U.S. cotton has reached a low point, with high-quality cotton exhibiting a positive basis in January, suggesting a structural basis recovery as a leading indicator for mid-term price increases [5] Investment Recommendations - The report is optimistic about the performance elasticity of Bailong Oriental under the upward driving force of U.S. cotton prices. The expected downward revision in U.S. cotton production and the end of Brazil's capacity expansion provide a solid foundation for U.S. cotton price support [5] - The report recommends Bailong Oriental, which holds low-cost cotton inventory that will release significant profit elasticity as cotton prices rise. The increase in raw material prices is expected to boost yarn sales prices and significantly restore gross margins through inventory appreciation in a positive basis environment [5][6]