丨证券研究报告丨 行业研究丨专题报告丨纺织品、服装与奢侈品 [Table_Title] 12 月运动制造跟踪：鞋服多环比降速，越南出 口回暖——长江纺服周专题 26W03 报告要点 [Table_Summary] 12 月运动鞋服订单多环比降速，整体景气度仍未现拐点。零售端，12 月美、英表观零售仍具 韧性，其余地区需求有所徘徊，此外美国消费者信心指数却持续下行，并未反映在品牌及上游 业绩中，我们认为是由于增长主要由高端消费拉动，大众服装消费预计仍待修复。出口端，越 南 12 月鞋服出口显著改善，中国仍承压。制造上游 2026H1 业绩确定性更强，下游运动链持 续修复方向确定。品牌服装收入 2025Q4 波动、2026 年盈利预计修复。红利标的仍有望受价值 型投资青睐。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% [Table_Title 12 月运动制造跟踪：鞋服多环比降速，越南出 2] 口回暖——长江纺服周专题 26W03 [Table_Summar ...

人民财讯1月23日电，伟星股份(002003)近日在电话会议上表示，受益于冬装补单，公司2025年第四季 度接单有所改善，但综合当前国际贸易环境、终端消费景气度以及品牌客户下单意愿等，短期内公司对 行业景气度依然持审慎的态度。从中长期看，公司坚定看好未来发展前景，并将坚持聚焦服饰辅料主 业，持续提升品牌影响力和产品竞争力。 转自：证券时报 ...

南财智讯1月23日电，伟星股份在投资者关系活动中表示，公司钮扣和拉链业务均存在较大市场空间， 但相较钮扣，拉链因在运动、户外、露营等终端场景中应用范围更广，在公司未来规划中被更看好其长 期发展前景。 ...

Core Viewpoint - The company, Weixing Co., has established a comprehensive marketing and service system that spans over 50 countries and regions globally, focusing on both domestic and international markets [1] Group 1: Domestic Operations - The company has set up more than 50 sales branches/subsidiaries and offices in key provinces and cities that are major clothing distribution centers in China [1] - Design and technology centers have been established in major cities such as Shanghai and Shenzhen [1] Group 2: International Operations - The company focuses on the source markets in Europe and the United States, as well as processing areas in Southeast Asia [1] - The company leverages its extensive network and research and manufacturing capabilities to provide professional and high-quality one-stop services to customers [1]

证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 编号：2026-004 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 √其他：电话会议 | | 参与单位名称及 | 建信养老：徐瑞 | | 人员姓名 | 光大证券：孙未未、朱洁宇 | | 时间 | 2026 年 1 月 20 日 | | 地点 | - | | 上市公司接待人 员姓名 | 黄志强、郑婷燕、邱逸远 | | | 1、公司对行业景气度有何看法？ | | | 答：受益于冬装补单，公司 2025 年第四季度接单有所改善，但综合当前国际 | | | 贸易环境、终端消费景气度以及品牌客户下单意愿等，短期内公司对行业景气度 | | | 依然持审慎的态度。从中长期看，公司坚定看好其未来发展前景，并将坚持聚焦 | | | 服饰辅料主业，持续提升品牌影响力和产品竞争力。 | | | 2、公司如何看待未来钮扣和拉链的增速？ | | | 答：公司的钮扣和拉链业务都还存在较大的市场空间。但 ...

证券之星消息，1月21日纺织制造板块较上一交易日下跌0.01%，云中马领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 603130 | 云中马 | 57.53 | -3.21% | 2.93万 | | 1.70亿 | | 002003 | 伟星股份 | 10.26 | -2.10% | 14.93万 | | 1.54亿 | | 002674 | 兴业科技 | 14.57 | -1.42% | 5.53万 | 8117.94万 | | | 300979 | 华利集团 | 50.86 | -1.22% | 1 3.55万 | | 1.80亿 | | 605055 | 迎丰股份 | 9.20 | -0.97% | 6.21万 | 5705.34万 | | | 600527 | 江南昌纤 | 2.25 | -0.88% | 38.17万 | 8586.72 ...

Industry Outlook - The company has a cautious outlook on the industry's recovery due to the current international trade environment and consumer sentiment, despite a slight improvement in orders for winter apparel in Q4 2025 [2] - The company remains optimistic about its long-term development prospects, focusing on enhancing brand influence and product competitiveness in the apparel accessories sector [2] Price Competition - The apparel accessories market is highly competitive, with price being one of several factors considered by mid-to-high-end brand clients, who prioritize product development capabilities, delivery times, and service quality [2] Raw Material Costs - Recent increases in metal raw material prices, such as copper, have impacted the company's costs; however, the company employs a cost-plus pricing model to manage these fluctuations [3] - The company is actively pursuing new materials and processes to meet customer demands [3] Customer Growth - Historical data indicates that growth primarily comes from existing customers, as establishing new brand partnerships typically requires years of effort [4] - The company aims to deepen relationships with current clients while also expanding its customer base to ensure stable long-term growth [4] Competitive Advantages - The company differentiates itself from competitors like YKK and Xunxing through its "product + service" approach, emphasizing quality products and comprehensive service [6] - It has developed strong competitive advantages in product diversity, fashionability, and innovation, which are increasingly demanded by downstream apparel brands [6] Overseas Operations - The company's overseas factories in Bangladesh and Vietnam are performing well, with the Vietnam facility showing significant growth since its launch in H1 2024 [7] - Future plans include enhancing global manufacturing capabilities through technological upgrades and strategic production layouts [7] Production and Manufacturing - The typical production cycle ranges from 3 to 15 days, influenced by capacity utilization and specific customer orders [8] - Smart manufacturing is a core strategy, with ongoing investments aimed at achieving global leadership in digital transformation and manufacturing efficiency [9] Financial Performance - The company reported a foreign exchange loss of CNY 22.86 million in the first three quarters of 2025, which is a minor impact on overall profits [10] - Sales expenses are expected to rise as the company continues its direct sales model and global expansion, although the sales expense ratio is anticipated to remain stable [11] Dividend Policy - The company adheres to a sustainable development philosophy, considering annual profits, future needs, and shareholder interests when formulating its profit distribution plan [12]

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

Group 1 - The company Wei Xing Co., Ltd. announced that on January 13, 2026, it will accept investor research from Changjiang Securities and other investors, with company representatives including Xie Jinkun, Huang Zhiqiang, Zheng Tingyan, and Qiu Yiyuan participating in the reception and answering investor questions [1] Group 2 - SpaceX has seen a significant increase in users, with a growth of 114 times over the past four and a half years, leading to a valuation exceeding 5.5 trillion yuan, supported by the U.S. government [1]

Group 1: Business Development and Strategy - The company began its zipper business around 2000, leveraging its influence and sales channels from the button business, leading to rapid growth in the zipper sector [2] - The zipper business has become a core growth driver, with a positive long-term outlook due to increasing demand in sports, outdoor, and camping sectors [2] - The company has developed specific operational strategies for the webbing business, which is currently in a nurturing phase with a small overall scale [2] Group 2: Market Competition and Industry Trends - The apparel accessory industry is characterized by low concentration and intense competition, especially in mid-to-low-end products [3] - Economic development and changing consumer preferences are driving demand for mid-to-high-end apparel brands, favoring larger companies with comprehensive competitive advantages [3] - The trend of "the strong getting stronger" is becoming more pronounced, leading to increased industry concentration [3] Group 3: Competitive Advantages - Compared to YKK, the company emphasizes a "product + service" business model, focusing on high-quality products and comprehensive service [4] - The company has strong competitive advantages in product diversity, fashion, innovation, and responsiveness to small-batch orders [4] Group 4: Capital Expenditure and Financial Strategy - Future capital expenditures will focus on projects related to fundraising, improving smart manufacturing levels, and expanding overseas capacity [5] - The company will make cautious decisions regarding major capital expenditures while prioritizing risk control [5] Group 5: Sales and Marketing - The company operates a direct sales model, which leads to a higher proportion of sales expenses; total sales expenses are expected to grow with ongoing globalization efforts, but the sales expense ratio will remain stable [6] Group 6: Long-term Goals and Shareholder Policy - The company aims to enhance brand influence and product competitiveness in the apparel accessory sector, aspiring to become a "global, innovative fashion accessory kingdom" over the next five to ten years [7] - The company follows a sustainable development and win-win philosophy in its dividend policy, considering annual profit, future development needs, and shareholder preferences [8]