%% %% research.95579.com 1 丨证券研究报告丨 [Table_Title] "动"察系列 3 之户外：运动场景的融合，户外 行业的兴起 行业研究丨深度报告丨纺织品、服装与奢侈品 %% %% 报告要点 [Table_Summary] 户外运动兴起的基础是经济发展，而基础设施完善与用户休闲时间增长也对户外运动发展有着 重要的驱动作用。中国户外赛道经济发展与基础设施完善持续向上，当前仍处于高速增长的早 期阶段，相较于海外仍有较大存在空间，预计未来五年行业规模延续双位数增长态势。当前仍 由中高端户外品牌掌握较强话语权，但伴随运动场景逐步融合化，近年来亦有电商品牌逐渐兴 起，未来伴随户外更多细分赛道崛起，或将有更多新的细分品牌崛起机会。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title "动"察系列2]3 之户 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [2][43] - The report recommends "Buy" ratings for specific companies: Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guibao Pet (301498), and Zhongchong Co. (002891) [2][45] Core Insights - The report highlights the impact of the third batch of national subsidies, which is expected to stimulate demand for furniture products and stabilize domestic sales growth for the year [2][42] - The "anti-involution" sentiment has positively influenced the paper industry, with corrugated board prices rising by 5.07% from July 1 to July 25, 2025 [2][41] - The report notes that major paper companies are set to increase prices for corrugated paper and recycled cardboard, which may help boost packaging paper prices [2][41] Industry News - Eldorado and Suzano signed an unprecedented cooperation agreement involving the exchange of "standing timber" for pulp production [8] - Puma forecasts a loss in 2025, with sales expected to decline by over 10% due to weak sales and tariff impacts [8] Company Announcements - Yuanfei Pet plans to implement a stock incentive plan for 62 employees, involving 2.5095 million shares [33] - Rebecca reported a more than 15% year-on-year increase in net profit for the first half of 2025, driven by growth in cross-border e-commerce [33] Market Review - From July 21 to July 25, the light industry manufacturing sector outperformed the CSI 300 index by 0.15 percentage points, with notable performances in the paper sector [34] - The textile and apparel sector underperformed the CSI 300 index by 0.24 percentage points, with some stocks facing pressure after previous gains [38]

Core Insights - The article discusses how certain industries are thriving despite the prevailing narrative of economic hardship, highlighting eight sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - The second-hand economy is booming, with companies like Dabaiku in Japan and Hongbulin in China seeing substantial revenue growth as consumers turn to second-hand luxury goods [8][6]. - The pet economy is flourishing, with brands like Inaba and Guobao experiencing strong stock performance, as consumers prioritize spending on pet products over traditional family expenses [9][10]. - The adult care market, exemplified by Unicharm's success in Japan, is projected to grow significantly in China, driven by an aging population [14][16]. - Health food and beverage sectors are expanding, with brands like Dongfang Shuye and Jianchun capitalizing on the rising health consciousness among consumers [19][20]. - The beauty economy remains robust, with products like collagen supplements and home beauty devices achieving high sales, indicating a persistent demand for beauty solutions [23]. - Outdoor and leisure products are gaining traction, with brands like Snow Peak and Kailas seeing increased sales as consumers seek outdoor experiences [25]. - The emotional economy is on the rise, with brands like Labubu and Rio catering to consumers' desires for comfort and enjoyment [27][28]. - The convenience economy is thriving, with frozen food brands and smart home appliances addressing the needs of younger generations who prioritize time-saving solutions [32][33]. Group 2: Market Trends - The article emphasizes that even in a low-desire period, there are significant opportunities for companies that can identify and invest in counter-cyclical sectors [36]. - The upcoming seminar aims to provide insights into the methodologies of successful consumer giants in Japan and China, focusing on efficiency, demand reconstruction, and capital strategies [37].

Core Points - The latest financing balance of the ChiNext market is 367.464 billion yuan, with a week-on-week increase of 3.028 billion yuan, indicating a positive trend in financing activities [1] - A total of 25 stocks saw their financing balances increase by over 10%, while 12 stocks experienced a decline of more than 10% [1] Financing Balance Overview - The total margin balance for ChiNext stocks reached 368.568 billion yuan, marking a continuous increase for six consecutive trading days [1] - The financing balance specifically increased to 367.464 billion yuan, with a week-on-week rise of 3.028 billion yuan [1] - The margin trading balance for short selling decreased to 1.103 billion yuan, reflecting a reduction of 7.6652 million yuan [1] Stocks with Significant Financing Balance Increase - Among the 535 stocks with increased financing balances, the stock with the highest increase is Sanwei Tiandi, which saw a financing balance of 70.6392 million yuan, up 66.35% from the previous day [3] - Other notable stocks with significant increases include Focase Technology and Shanghai Steel Union, with increases of 43.23% and 34.52%, respectively [3] Market Performance of Stocks with Increased Financing - Stocks with financing balance increases averaged a rise of 2.86% on the trading day, with top performers including Sanchuan Wisdom, Yirui Biology, and Focase Technology, which rose by 15.27%, 12.15%, and 11.54% respectively [2] - Conversely, stocks with the largest declines included Pulian Software, Houpu Co., and Hopu Co., with declines of 6.92%, 5.85%, and 3.61% respectively [2] Stocks with Significant Financing Balance Decrease - A total of 400 stocks experienced a decrease in financing balance, with 12 stocks seeing declines of over 10% [4] - The stock with the largest decrease is Tuanluozhe, with a financing balance of 18.9151 million yuan, down 94.06% [4] - Other stocks with significant declines include Laimei Pharmaceutical and Jialian Technology, with decreases of 22.96% and 21.70% respectively [4]

Core Insights - Yang Haifeng, a manager at CNOOC Tianjin Branch, has made significant contributions to oil and gas exploration in the Bohai Bay Basin, discovering over 30 oil and gas fields and proving reserves exceeding 1 billion tons since 2009 [1] Group 1: Breakthroughs in Exploration - Yang Haifeng successfully tackled the challenging Qinhuangdao 29-2 structure, discovering that carbon dioxide and natural gas were trapped in separate "drawers," leading to the identification of Bohai's first billion-ton hidden oil field [2] - After a decade of stagnation, Yang and his team revitalized the Shijiu Tuo uplift area by proposing a quantitative three-dimensional control model, resulting in the discovery of another billion-ton oil field [3] - In 2020, Yang led the discovery of the first billion-ton lithological oil field in the northern Laizhou Bay area, achieving this in a record time of 40 days [4] Group 2: Continued Success and Innovations - Yang's innovative "gentle ridge-strong fault" model led to a significant breakthrough in the Qinhuangdao 27-3 area, marking another billion-ton oil field discovery [5] - The 2023 discovery of the Bohai Zhong 26-6 oil field, utilizing a new theory on fault isolation, resulted in the identification of the world's largest metamorphic rock potential mountain oil field, with proven reserves exceeding 200 million cubic meters [6]

Industry Overview - The domestic furniture industry showed significant growth in the first five months of 2025, with retail sales totaling 75.74 billion yuan, a year-on-year increase of 21.40% [2][19] - The furniture manufacturing sector experienced a revenue decline of 3.90%, totaling 248.87 billion yuan [19] - The "old-for-new" consumption policy has effectively stimulated consumer spending, leading to rapid sales growth in related products [19] Market Performance - From June 2 to June 30, the light industry manufacturing sector outperformed the CSI 300 index by 1.12 percentage points, with a return of 3.62% compared to the index's 2.50% [4][49] - The textile and apparel sector underperformed the CSI 300 index by 0.56 percentage points, achieving a return of 1.94% [4][53] Strategic Recommendations - The report recommends increasing holdings in several companies, including Oppein Home (增持), Sophia (增持), Semir Apparel (增持), Pathfinder (增持), and Guibao Pet (增持) [6][55] - The "old-for-new" policy is expected to continue driving growth in the home goods sector, with central government funding of 138 billion yuan allocated for the third and fourth quarters [6][57] Key Data Points - In May, furniture exports amounted to 5.637 billion USD, a year-on-year decrease of 9.40% [21][58] - The pet food industry saw a significant increase in sales during the "618" shopping festival, with total sales reaching 7.5 billion yuan, a year-on-year growth of 36.36% [6][57] - The retail sales of clothing, shoes, and textiles totaled 613.84 billion yuan in the first five months, reflecting a year-on-year increase of 3.30% [2][40]

证券代码：300005 证券简称：探路者 编号：临2025-041 探路者控股集团股份有限公司（简称"公司"）于 2025 年 6 月 25 日召开 2025 年第二次临时股东大会，审议通过了《关于补选公司第六届董事会独立董事的议 案》，同意选举王毅先生为公司第六届董事会独立董事，任期自 2025 年第二次临 时股东大会审议通过之日起至第六届董事会任期届满之日止。 截至公司 2025 年第二次临时股东大会通知公告之日，王毅先生尚未取得深 圳证券交易所认可的培训证明材料。根据深圳证券交易所的有关规定，王毅先生 已书面承诺参加深圳证券交易所组织的最近一期独立董事培训并取得深圳证券 交易所认可的独立董事资格证书。 近日，公司收到王毅先生的通知，王毅先生已按照相关规定参加了深圳证券 交易所举办的上市公司独立董事任前培训（线上），并取得了由深圳证券交易所 创业企业培训中心颁发的《上市公司独立董事培训证明》。 特此公告。 探路者控股集团股份有限公司 探路者控股集团股份有限公司 关于独立董事取得独立董事培训证明的公告 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。 2025 ...

Industry Overview - Sunscreen clothing is designed to block direct exposure to ultraviolet rays, similar to the function of sun umbrellas, and has gained popularity since its introduction in the U.S. in 2007 and later in China [1][8] - The market for sunscreen clothing in China is projected to grow from 45.9 billion yuan in 2016 to 80.8 billion yuan in 2024, with expectations to reach 95.8 billion yuan by 2026 [1][8] Product Classification - Sunscreen clothing can be categorized into three types: colorful cotton fabric clothing, sunscreen fabric with added agents, and special materials like reflective silver fabric [2] Industry Status - The sunscreen market in China has rapidly expanded, becoming the second-largest consumer market globally, with a market share of 16.2% by 2024, up from 6.4% in 2008 [6] - The compound annual growth rate (CAGR) for sunscreen products in China over the past five years is 8.8%, significantly higher than Japan and South Korea [6] Competitive Landscape - The sunscreen clothing market is witnessing increased competition, with various brands entering the market, including established brands like Bosi Deng and Decathlon, as well as new entrants focusing on sunscreen products [10] - The market features a mix of established brands and "white label" products, with some white label sunscreen clothing achieving significant sales on e-commerce platforms [10][13] Key Companies - Major players in the sunscreen clothing market include Bosi Deng, Ternua, and other brands that have expanded their product lines to include sunscreen clothing [19][17] - Ternua reported revenues of 15.92 billion yuan in 2024, with a year-on-year growth of 14.44% [17] Development Trends - The market for sunscreen clothing is expected to continue expanding, with a projected CAGR of 13.6% and a shift towards diverse consumer scenarios [21] - Domestic brands are gaining market share, with Bosi Deng's sunscreen clothing sales increasing from 100 million yuan in 2022 to 1 billion yuan in 2024 [22] - Price competition is intensifying, with a focus on high cost-performance ratios, as the mainstream price range for sunscreen clothing shifts to 100-200 yuan [23]

Group 1 - The core viewpoint of the article highlights the rapid growth and competitive landscape of the Chinese sportswear industry, driven by increasing health awareness and sports consumption upgrades [1][3]. - Anta Sports leads the industry with a projected revenue of 39.385 billion yuan in 2024, significantly ahead of its competitors [3][5]. - The second tier of competition includes Li Ning, Xtep International, and 361 Degrees, which have also made substantial investments in their sportswear businesses [1][3]. Group 2 - The analysis indicates that Anta Sports is the clear leader in revenue and growth, with a 12.31% increase in revenue for its apparel products in 2024 [3][5]. - The gross profit margins of sportswear companies vary significantly, with Anta Sports and Sanfu Outdoor exceeding 65%, while others like Xtep International and 361 Degrees hover around 41% [5][9]. - The market share of domestic brands like Anta and Li Ning has been increasing, with Anta's share rising from 15.3% in 2019 to 23.0% in 2024, while international brands like Nike and Adidas have seen a decline [9][12]. Group 3 - The market concentration in the Chinese sportswear industry shows a slight decrease in CR3 from 58.3% in 2019 to 53.1% in 2024, indicating a stable competitive environment with significant market shares held by leading companies [12]. - The regional distribution of sportswear manufacturing companies is concentrated in Liaoning, Guangdong, and Fujian, which together account for 62.2% of the total 4,543 companies in the sector [16]. - The competitive dynamics of the industry, analyzed through Porter's Five Forces model, reveal moderate supplier bargaining power, significant buyer bargaining power, and high competition among numerous brands [18].

Summary of the Conference Call for Tanshan Technology Industry and Company Overview - The conference call focuses on Tanshan Technology's chip business, which generated approximately 222 million yuan in revenue for 2024, accounting for less than 20% of total revenue, but contributed about 30% to the net profit attributable to shareholders, indicating strong profitability in the chip sector [2][6][23]. Key Points and Arguments - **Chip Business Expansion**: Tanshan Technology plans to pursue external mergers and acquisitions in the chip sector through a "stock plus cash" approach, aiming to acquire its fourth and fifth targets, demonstrating a commitment to expanding its chip business [2][7][23]. - **Collaboration with G2Touch**: The company is collaborating with G2Touch on OLED automotive touch ICs, with a significant milestone expected in July 2025 when the product will be mass-produced for Ferrari models, marking a key advancement in the automotive touch sector [2][10][12]. - **Market Potential in New Energy Vehicles**: Tanshan Technology is optimistic about the multi-screen trend in new energy vehicles, predicting substantial demand for screens in the Chinese market, which could provide extensive growth opportunities for its automotive touch IC business [2][11][12]. - **Strategic Partnerships**: The company is actively collaborating with domestic OLED platforms such as BOE, Visionox, and Tianma, as well as expanding into overseas markets through partnerships with Samsung, indicating a proactive approach to establishing a foothold in the automotive touch industry [2][12][15]. Additional Important Insights - **Mini LED Market Strategy**: Tanshan Technology is focusing on the Mini LED market, with a dual strategy involving backlight and direct display applications. The company aims to penetrate the Xiaomi TV supply chain to enhance revenue from Mini LED chips, despite currently low market penetration [3][20]. - **Future Growth in Mini LED**: The global shipment of Mini LED TVs is expected to reach 12 to 15 million units in 2024, although the overall penetration remains low compared to the total TV production of approximately 200 million units [3][20]. - **Acquisition Strategy**: The company is targeting acquisitions in the chip sector, particularly in the display field, to enhance its revenue share from chips to 50%, with a goal of achieving over 50% profit contribution from this segment [23]. - **Technological Landscape**: The global chip industry, particularly in the touch IC sector, is characterized by intense competition, with major players holding significant market shares. Tanshan Technology is positioned to leverage its technology and partnerships to capture market share [21][22]. Conclusion Tanshan Technology is strategically positioning itself in the chip industry, particularly in automotive applications and Mini LED technology, with a clear focus on growth through acquisitions and partnerships. The company's optimistic outlook on the new energy vehicle market and its proactive approach to expanding its product offerings suggest a strong potential for future growth and profitability in the chip sector.