Group 1 - Donghong Technology is involved in a lawsuit with a claim amounting to RMB 35.95 million, with some bank accounts frozen totaling RMB 30 million, and actual frozen funds of RMB 20.84 million [1] - Keres received an administrative regulatory decision from the Guangdong Securities Regulatory Commission for violations related to accounts receivable aging calculation, related party transaction disclosure, fundraising management, and insider information management [2] - Oriental Yuhong successfully bid RMB 267 million for mining rights, valid from November 24, 2025, to November 24, 2045 [3] Group 2 - Saikexide has received approval for three medical device products, enhancing its product range and competitiveness in the in vitro diagnostics field [4] - Huayou Cobalt signed a supply agreement with Yiwei Lithium Energy for high-nickel ternary cathode materials, expected to supply approximately 127,800 tons from 2026 to 2035 [5] - Meng Tian Home's stock price has hit the limit for five consecutive trading days, with a total increase of 61.08%, significantly deviating from the Shanghai Composite Index's decline of 1.77% during the same period [6] Group 3 - Jiumuwang's stock experienced abnormal fluctuations, with a revenue decline of 6.02% year-on-year for the first three quarters of 2025, totaling RMB 633.13 million [7] - Huafeng Co. announced a continued suspension of trading due to a planned change in control, with the suspension expected to last no more than three trading days [8] - Zhangjiajie is involved in a court case with Zhuzhou CRRC Engineering, with a judgment amount of RMB 20.14 million, including penalties and related fees [9] Group 4 - Baiyun Electric conducted its first share buyback, acquiring 86,500 shares for a total of RMB 1.0034 million [11] - Mercury Home Textiles plans to repurchase and cancel 137,200 restricted shares due to the departure of two incentive targets and underperformance of five others [12] - Petty Co. approved a share buyback plan of RMB 50 million to 70 million, with a maximum price of RMB 26 per share, aimed at employee stock ownership plans [13] Group 5 - Century Huatong obtained a commitment letter from China Merchants Bank for a stock buyback loan of up to RMB 900 million, valid for 12 months [14] - Tongding Interconnection announced a major shareholder's plan to reduce holdings of up to 605,800 shares due to personal funding needs [15] - Wanrun Co.'s controlling shareholder plans to increase its stake in the company by investing between RMB 365 million and 730 million over the next six months [16]

证券代码：603365 股票简称：水星家纺 公告编号：2025-047 上海水星家用纺织品股份有限公司 关于部分限制性股票回购注销实施的公告 本公司董事会及全体董事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。 重要内容提示： 回购注销原因：鉴于上海水星家用纺织品股份有限公司（以下简称"公 司"）2024 年限制性股票激励计划（以下简称"本激励计划"）激励对象中存 在 2 名激励对象因离职已不符合激励条件，部分激励对象因个人层面绩效考核未 能达标或未能完全达标，公司将对其已获授但尚未解除限售的限制性股票共计 137,200 股进行回购注销。 本次注销股份的有关情况： | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 137,200 股 | 137,200 | 股 | 2025 年 11 | 月 28 | 日 | 一、本次限制性股票回购注销的决策与信息披露 （一）2025 年 08 月 27 日，公司召开第六届董事会第二次会议，审议通过 了《关于调整 20 ...

上海市锦天城律师事务所 关于上海水星家用纺织品股份有限公司 2024 年限制性股票激励计划部分限制性股票回购注销实施 的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海水星家用纺织品股份有限公司 2024 年限制性股票激励计划部分限制性股票回购注销实施的 法律意见书 案号：01F20241075 致：上海水星家用纺织品股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海水星家用纺织品股 份有限公司（以下简称"公司"或"水星家纺"）的委托，并根据水星家纺与本 所签订的《聘请律师合同》，作为水星家纺 2024 年限制性股票激励计划（以下简 称"本次激励计划"或"本计划"）的专项法律顾问。 本所律师根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《上海证券交易所股票上市规则》（以下简称"《上市规 ...

Core Points - The company announced a partial repurchase and cancellation of restricted stock under its 2024 incentive plan due to the departure of 2 incentive targets and 5 targets failing personal assessments [1] - A total of 137,200 shares will be repurchased and canceled, leaving 2,694,000 shares remaining after the cancellation [1] - The repurchase price is set at 6.36 yuan per share plus interest from bank deposits, totaling 881,800 yuan (including interest) sourced from the company's own funds [1] - The cancellation is expected to be completed by November 28, with subsequent procedures for business registration changes to follow [1]

Investment Rating - Investment advice is to outperform the market, with a focus on specific companies such as Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International [40][16]. Core Insights - October Swiss watch exports to China increased by 12.6% year-on-year, marking two consecutive months of double-digit growth. The overall Swiss watch exports showed a global decline of 4.4% [40][4]. - The report highlights a clearer recovery logic for the export manufacturing sector in 2026, driven by three main factors: clarity in US tariff policies, reduced tariff pressure with brands, and improved production efficiency [40][4]. - The North American luxury market is showing leading growth, supported by expectations of interest rate cuts, although Q4 performance needs to be monitored due to high base effects [40][4]. Industry Data Tracking - In October 2025, China's retail sales of clothing increased by 6.8%, while textile and apparel exports fell by 12.6% [17][19]. - Cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [19][19]. - The report notes that the export of textiles and clothing in October 2025 was approximately $22.26 billion, down 12.64% year-on-year [19][19]. Recommended Stocks and Valuation - Recommended stocks include Huali Group, Stella International, Shenzhou International, and Best Pacific International, all rated as outperforming the market [16][40]. - The report provides earnings forecasts for these companies, indicating a positive outlook for their performance in the coming years [16][40].

Core Insights - The report emphasizes the potential for investment opportunities in the textile and apparel sector, particularly focusing on new consumption trends and global manufacturing recovery [3][16][18]. Industry Performance - The textile and apparel sector outperformed the market during the week of November 17 to November 21, with the SW textile and apparel index declining by 4.8%, which was 0.3 percentage points better than the SW All A index [4][10]. - Recent industry data shows that from January to October, the total retail sales of clothing, shoes, and textiles reached 1,205.3 billion yuan, reflecting a year-on-year growth of 3.5% [3][34]. Textile Sector Insights - The Australian wool price index stabilized at 983 cents per kilogram as of November 20, 2025, with a year-on-year increase of 32.3% and a monthly increase of 5.4%, indicating a bullish trend in wool prices [10][50]. - The report suggests that the current price increase in Australian wool is in its early stages, driven by supply constraints and new demand from sports wool yarns, presenting investment opportunities [10][18]. Apparel Sector Insights - Amer Sports reported a 30% increase in revenue to $1.76 billion for Q3 2025, with a net profit increase of 161% to $190 million, exceeding previous guidance and indicating strong growth in the outdoor segment [13][15]. - The report recommends focusing on outdoor sports brands such as Bosideng, which is expected to benefit from seasonal sales and a favorable market environment [15][18]. Investment Strategy for 2026 - The investment strategy for the textile and apparel industry in 2026 focuses on consolidating positions and exploring new consumption trends, particularly targeting younger consumer demographics [16][17]. - The report highlights the importance of the global tariff landscape stabilizing, which is expected to enhance the competitiveness of core manufacturing [18]. Key Recommendations - Recommended companies in the outdoor sports segment include Anta, Bosideng, and 361 Degrees, with a focus on brands that are well-positioned to capitalize on the upcoming winter season and the Milan Winter Olympics [17][18]. - The report also identifies potential in discount retail and personal care sectors, suggesting companies like Hailan Home and Nobon Co., which are expected to benefit from changing consumer behaviors [17][18].

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

11月21日，水星家纺盘中下跌2.04%，截至10:43，报21.08元/股，成交1251.83万元，换手率0.23%，总 市值55.36亿元。 资金流向方面，主力资金净流入48.72万元，大单买入48.72万元，占比3.89%，卖出0.00元，占比 0.00%。 水星家纺今年以来股价涨37.66%，近5个交易日跌4.05%，近20日涨13.33%，近60日涨9.51%。 截至9月30日，水星家纺股东户数8501.00，较上期增加11.99%；人均流通股30561股，较上期减少 10.10%。2025年1月-9月，水星家纺实现营业收入29.76亿元，同比增长10.91%；归母净利润2.32亿元， 同比增长10.74%。 资料显示，上海水星家用纺织品股份有限公司位于上海市奉贤区沪杭公路1487号，成立日期2000年12月 7日，上市日期2017年11月20日，公司主营业务涉及中高档家用纺织品的研发、设计、生产和销售。主 营业务收入构成为：销售商品99.89%，其他(补充)0.11%。 水星家纺所属申万行业为：纺织服饰-服装家纺-家纺。所属概念板块包括：小盘、高派息、新零售等。 分红方面，水星家纺A股上市后累计派 ...

Core Viewpoint - The renewal of the "Joint Action Agreement" among the actual controllers of Shanghai Mercury Home Textile Co., Ltd. aims to ensure stable control and healthy development of the company, extending the agreement until November 19, 2025 [1][2]. Group 1: Background of the Agreement Renewal - The actual controllers, Li Laibin, Xie Qiuhua, Li Yulu, and Li Yuga, collectively hold 40,138,240 shares, accounting for 15.28% of the total share capital [1]. - The controlling shareholder, Mercury Holdings Group Co., Ltd., holds 107,800,000 shares, representing 41.05% of the total share capital [1]. Group 2: Main Content of the Agreement - The parties agree to act in unison when making decisions that require resolutions from the shareholders' meetings of Mercury Home Textile or Mercury Holdings [3]. - Proposals must be communicated and agreed upon among the parties before being presented to the shareholders' meetings [3]. - Voting rights must be exercised in agreement, and any dissent must be resolved in favor of the consensus between the first two parties [4]. Group 3: Impact of the Agreement Renewal - The renewal of the "Joint Action Agreement" maintains the current control structure, ensuring that the actual controllers remain Li Laibin, Xie Qiuhua, Li Yulu, and Li Yuga, which aligns with the company's business development and does not negatively impact daily operations or minority investors [9].