证券日报网讯2月13日，百隆东方（601339）在互动平台回答投资者提问时表示，公司染料成本占比较 低，染料价格波动对公司整体生产成本和毛利率的影响有限。 ...

格隆汇2月13日丨百隆东方(601339.SH)在互动平台表示，公司染料成本占比较低，染料价格波动对公司 整体生产成本和毛利率的影响有限。 ...

Group 1: Core Themes - The insurance industry is focusing on "high-quality development" and "risk prevention" as core themes for 2026, with companies aiming for stable performance and effective risk management [2][3][4] - China Life aims to contribute to national modernization by achieving steady operational performance and solid risk control [2] - China Re emphasizes a business philosophy of "scale development, effective underwriting, and stable investment," aiming for breakthroughs through reform and innovation [3] Group 2: Service to the Real Economy - The insurance sector is transitioning from a "single risk provider" to a comprehensive role as a "national strategic financial tool," enhancing support for the real economy [4][5] - China Life provided risk coverage exceeding 1,400 trillion yuan and increased investment in the real economy by 800 billion yuan, reaching 5.4 trillion yuan in 2025 [4] - China Re reported a risk coverage amount exceeding 87.5 trillion yuan, reflecting an 11.4% year-on-year increase [5] Group 3: Digital Transformation and Internationalization - Digital and intelligent upgrades are seen as growth engines, with varying focuses among companies [6][7] - China Life has elevated "digital transformation" to a strategic level, focusing on data, algorithms, and platforms to optimize management and reshape business models [6] - China Re is prioritizing both digitalization and internationalization as key areas for future capability building [7] Group 4: Differentiated Strategies - Companies are adopting distinct strategies based on their functional positioning for 2026 [8][9] - China Life continues to implement its "333 strategy," focusing on three new growth areas: pension, health, and wealth management [9] - China Re is focusing on transforming business models and optimizing management mechanisms to enhance profitability in international business [9]

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]

Group 1 - The company, Bailong Oriental, announced a change in its signing registered accountants to Tang Binbin and Ding Bosheng [2]

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 ...

Core Viewpoint - The textile manufacturing sector experienced a slight increase of 0.01% on January 28, with Hangmin Co. leading the gains. The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1]. Group 1: Stock Performance - Hangmin Co. (600987) closed at 8.02, with a significant increase of 10.01% and a trading volume of 305,900 shares, resulting in a transaction value of 236 million yuan [1]. - Hongda High-Tech (002144) saw a closing price of 14.59, up 7.04%, with a trading volume of 253,000 shares and a transaction value of 368 million yuan [1]. - Huamao Co. (000850) closed at 6.48, increasing by 4.18%, with a trading volume of 316,500 shares and a transaction value of 203 million yuan [1]. - Other notable performers included Lutai A (000726) with a 2.23% increase, closing at 7.81, and Bailong Oriental (665109) with a 1.70% increase, closing at 7.16 [1]. Group 2: Fund Flow Analysis - The textile manufacturing sector saw a net inflow of 17.14 million yuan from institutional investors, while retail investors contributed a net inflow of 49.03 million yuan. However, speculative funds experienced a net outflow of 66.18 million yuan [2]. - Key stocks with significant net inflows from institutional investors included Hongda High-Tech (552.67 million yuan) and Hangmin Co. (322.53 million yuan) [3]. - Retail investors showed a net inflow in stocks like Huamao Co. (549.06 million yuan), while other stocks like Hongda High-Tech and Hangmin Co. faced net outflows from retail investors [3].

Investment Rating - The report assigns an "Overweight" rating for the textile and apparel industry [1]. Core Insights - In Q4 2025, the textile and apparel fund holdings remained stable, with a year-on-year growth of 1.2% in clothing retail sales in December, indicating a slowdown in growth compared to the previous month [3][4]. - The report highlights structural opportunities in exports and notes that the retail data from the U.S. shows resilience, with a continuous decrease in the inventory-to-sales ratio for clothing [4]. Summary by Sections Industry Data Tracking - In December 2025, the retail sales of clothing increased by 1.2%, while textile and apparel exports decreased by 7.4% [18]. - The total retail sales of consumer goods in China increased by 0.9% year-on-year, with clothing and accessories retail sales growing by 1.2% [20]. - The textile and apparel export value for December 2025 was approximately $25.992 billion, down 7.4% year-on-year [20]. Investment Recommendations - The report suggests focusing on companies with strong competitive advantages through diversified production capacity and highlights the importance of order cycle management [4]. - Recommended stocks include: - Bailing Oriental (百隆东方) [16] - Chaoying International Holdings (超盈国际控股) [16] - Anta Sports (安踏体育) [16] - Li Ning (李宁) [16] - Xtep International (特步国际) [16] - Prada (普拉达) [16] - Samsonite (新秀丽) [16] - Jiangnan Buyi (江南布衣) [16] - Taobo (滔搏) [16] - The report emphasizes the potential for mid-to-high-end product orders to show resilience and the positive outlook for cotton prices benefiting related cotton spinning enterprises [4].

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].