Core Insights - The report emphasizes the optimism surrounding new consumption opportunities driven by quality supply, indicating that the "new consumption upgrade" will extend beyond 2025, focusing on innovative and user-centric supply rather than just cost reduction [3][4] - The report highlights the shift from "internal competition" to "external expansion," noting that Chinese manufacturing capabilities are now positioned to explore global supply chain opportunities, particularly in personal care and home goods [4] - The integration of AI in consumer products is identified as a significant growth area, with AI-powered devices like smart glasses expected to gain traction in 2025 and beyond [5] - The report discusses the K-shaped recovery in purchasing power, suggesting that luxury and experiential consumption will remain resilient as consumers continue to seek status through their purchases [6] Group 1: New Consumption Trends - The essence of new consumption is a supply-driven upgrade, focusing on innovative products that meet previously unmet consumer needs, such as ergonomic furniture and outdoor sports equipment [3] - The report anticipates that the alignment of quality supply and demand will continue to evolve, with new categories emerging beyond those already recognized in the market [3] Group 2: Global Expansion of Quality Supply - Chinese manufacturers are expected to capitalize on their competitive advantages in efficiency and innovation to expand into international markets, particularly through e-commerce [4] - The report notes that the personal care supply chain in China is significantly stronger than in Western markets, presenting a threefold expansion opportunity for Chinese brands abroad [4] Group 3: AI and Consumer Products - AI applications are projected to enhance consumer products, with smart glasses expected to enter mass production and drive new market dynamics [5] - The report suggests that 3D printing will also play a crucial role in the future of AI-enabled consumer goods [5] Group 4: Luxury and Experiential Consumption - The report identifies a persistent demand for symbolic consumption, particularly in luxury goods, as consumers continue to compete for status [6] - The luxury market is shifting towards services and experiences, with brands like Hermes and private jet companies expected to benefit from this trend [6] Group 5: Market Dynamics and Company Performance - The report outlines the competitive landscape for companies in the IP-driven consumer goods sector, emphasizing the importance of a diversified IP portfolio and localized marketing strategies for success [52][58] - Companies like Pop Mart are highlighted for their successful global strategies and the ability to create emotional connections with consumers through their IP offerings [58]

请务必阅读正文之后的免责条款部分 股 票 研 究 11 月制造台企营收表现分化，lululemon 北美 仍承压、CEO 将于 26 年 1 月卸任 | [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： 11 月制造台企营收表现分化。25Q3 lululemon 业绩超预期，中国大陆市场领增，北 美市场仍承压。lululemon CEO 将于 26 年 1 月卸任，预计 26 春季新品占比达到 35%。 投资要点： 报 告 [Table_Report] 相关报告 纺织服装业《美国黑五零售增长 4.1%、11 月航 空出行人数微降 0.7%，INDITEX 25Q3 收入增长 加速》2025.12.07 纺织服装业《9 月美国服饰零售同比增长 6.7%， 海外 K ...

证券日报网讯 12月11日晚间，富安娜发布公告称，第六期限制性股票激励计划首次授予部分第二个解 锁期解锁条件成就，第二个解锁期可解锁的限制性股票激励对象为146名，可解锁的限制性股票数量为 2627400股，占公司股本总额的0.3135%，具体上市流通时间以公司在有关机构办理完成手续后为准， 届时公司将另行发布上市提示性公告。 （文章来源：证券日报） ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2025-065 深圳市富安娜家居用品股份有限公司 关于第六期限制性股票激励计划 首次授予部分第二个解锁期解锁条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、深圳市富安娜家居用品股份有限公司第六期限制性股票激励计划首次授予 部分第二个解锁期解锁条件成就，第二个解锁期可解锁的限制性股票激励对象为 146 名，可解锁的限制性股票数量为 2,627,400 股，占公司股本总额的 0.3135%（公 司股本总额以剔除拟回购注销限制性股票 256,500 股为计算基数，下同）。 2、本次限制性股票解除限售事项尚需办理完毕相关手续后方可解除限售，届 时公司将另行公告，敬请投资者关注。 深圳市富安娜家居用品股份有限公司（以下简称"公司"）于 2025 年 12 月 11 日召开第六届董事会第十一次会议及第六届董事会薪酬与考核委员会 2025 年第四 次会议，审议通过了《关于第六期限制性股票激励计划首次授予部分第二个解锁期 解锁条件成就的 ...

每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 王瀚黎） 2025年1至6月份，富安娜的营业收入构成为：家纺行业占比100.0%。 截至发稿，富安娜市值为56亿元。 每经AI快讯，富安娜（SZ 002327，收盘价：6.65元）12月11日晚间发布公告称，公司第六届第十一次 董事会会议于2025年12月11日在深圳市龙华区清丽路2号富安娜龙华总部大厦公司会议室以现场结合通 讯方式召开。会议审议了《关于第六期限制性股票激励计划首次授予部分第二个解锁期解锁条件成就的 议案》等文件。 ...

။ | 君泽君律师事务所 | | JunZeJun Law Offices 北京市君泽君（深圳）律师事务所 关于深圳市富安娜家居用品股份有限公司 第六期限制性股票激励计划首次授予部分 第二个解除限售期解除限售条件成就的 法律意见书 北京市君泽君（深圳）律师事务所 广东省深圳市福田区金田路 4028 号荣超经贸中心 28 层、29 层 邮编： 518035 为出具本法律意见书,本所查阅了认为必须查阅的文件,包括富安娜提供 的有关记录、资料、证明,并就本次解除限售有关事项向公司做了必要的询问。 本法律意见书依据本法律意见书出具之目以前已经发生或存在的事实和 中国法律发表法律意见。 本法律意见书的出具已经得到富安娜如下保证:富安娜已经提供了本所为 出具本法律意见书所要求的原始书面材料、副本材料、复印材料、确认函或证 明;富安娜提供给本所的文件和材料是真实、准确、完整和有效的,并无隐瞒、 虚假和重大遗漏之处,且文件材料为副本或复印件的,其与原件一致和相符。 传真: 0755-33988199 电话: 0755-33988188 法律意 见书 北京市君泽君（深圳）律师事务所 关于深圳市富安娜家居用品股份有限公司 第六期 ...

1、公司符合《管理办法》《深交所自律监管指引第 1 号》《深交所自律监管 指南第 1 号》等法律法规及《激励计划（草案修订稿）》规定的实施股权激励计 划的情形，公司具备实施股权激励计划的主体资格。截至本核查意见出具之日， 公司满足《激励计划（草案修订稿）》规定的业绩考核要求，未发生《管理办法》 《深交所自律监管指引第 1 号》《深交所自律监管指南第 1 号》等法律法规及 《激励计划（草案修订稿）》中规定的限制性股票不得解除限售的情形。 解除限售条件成就的核查意见 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股 权激励管理办法》（以下简称《管理办法》）、《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》（以下简称《深交所自律监管指引第 1 号》）、《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》（以下 简称《深交所自律监管指南第 1 号》）等相关法律法规及规范性文件和《第六期 限制性股票激励计划（草案修订稿）》（以下简称《激励计划（草案修订稿）》）、 《第六期限制性股票激励计划实施考核办法》（以下简称《考核办法》）的有关 规定，我们作为深圳市富安娜家居用 ...

深圳市富安娜家居用品股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 第六届董事会第十一次会议决议公告 富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2025-064 二、董事会会议审议情况 （一）审议通过了《关于第六期限制性股票激励计划首次授予部分第二个解 锁期解锁条件成就的议案》 根据公司《第六期限制性股票激励计划（草案修订稿）》的相关规定，董事 会认为公司第六期限制性股票激励计划首次授予部分第二个解锁期解锁条件成 就，第二个解锁期可解锁的激励对象为 146 名，可解锁的限制性股票数量为 2,627,400 股，占公司股本总额的 0.3135%（公司股本总额以剔除拟回购注销限制 性股票 256,500 股为计算基数）。 《关于第六期限制性股票激励计划首次授予部分第二个解锁期解锁条件成就 的公告》详见公司指定信息披露媒体《证券时报》《证券日报》和巨潮资讯网（h ttp://www.cninfo.com.cn）。 1 富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 北京市君泽君（ ...

Group 1: New Consumption - The report emphasizes the continuous exploration of new products, channels, and brand changes within the new consumption sector, highlighting the resilience of leading companies despite market concerns about revenue growth and profit realization in 2026 [8][15][9] - Key sectors include eyewear, with a focus on AI and AR technologies, recommending companies like 康耐特光学 for their innovative approaches [18][30] - The潮玩 (trendy toys) sector is noted for its high growth potential, particularly with brands like 泡泡玛特 and their successful IP strategies [34][38] - The personal care and household cleaning segment is undergoing a transformation, driven by the rise of platforms like 抖音, which enhances brand visibility and sales conversion [54][55] Group 2: Export Chain - The report identifies the light industry export chain as a key area, emphasizing the importance of high pricing power, market diversification, and mature overseas production capabilities [10] - Recommendations include关注匠心家居, 共创草坪, and other companies that demonstrate strong performance in international markets [10] Group 3: Cyclical Opportunities - The report suggests a focus on quality leaders in the cyclical sector, particularly in home textiles and furniture, where companies like 水星家纺 and 欧派家居 are highlighted for their strong market positions [11][11] - The report notes the increasing differentiation within the home goods market, recommending companies that offer value and competitive pricing [11]

Investment Rating - The report suggests prioritizing investments in foreign trade, followed by domestic demand, with a focus on the export manufacturing sector for clearer performance recovery by 2026 [38]. Core Insights - In September 2025, US apparel and accessories retail sales grew by 6.7% year-on-year, although the inventory-sales ratio declined both year-on-year and month-on-month [38]. - The current overseas K-shaped consumption trend shows strong performance in both high-end and mass value-for-money segments [38]. - Key targets for investment include Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International, with specific focus areas in home textiles, affordable luxury, and low valuation high dividend companies [38]. Summary by Sections Industry Data Tracking - In October 2025, China's apparel retail sales increased by 6.8%, while textile and apparel exports decreased by 12.6% [16]. - The 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% [18]. Market Performance - The A-share textile and apparel sector rose by 2.75% in the last week, outperforming the broader market [6]. - The current PE valuation for the textile and apparel sector stands at 20.65 times, below the historical average of 24.70 times [10]. Key Announcements and News - Huitai Textile reported a 6.7% decline in revenue for the six months ending September 30, 2025, primarily due to tariff disruptions and low capacity utilization [33]. - Kappa's parent company reported a 49% increase in profit for the first half of the fiscal year, indicating strong brand and operational performance [34].