证券日报网讯 1月28日，华利集团在互动平台回答投资者提问时表示，公司将继续专注运动鞋制造主 业，持续拓展新客户，提升国际化运营和管理能力，保持业绩和运营的稳健发展，同时也将积极与资本 市场沟通，传递公司的经营理念和投资价值，努力增进市场认同和价值实现。 （文章来源：证券日报） ...

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 ...

证券代码：300979 证券简称：华利集团 公告编号：2026-004 中山华利实业集团股份有限公司 关于部分闲置募集资金现金管理到期赎回并继续进行 现金管理的公告 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。 为提高资金使用效率、增加股东回报，在保证日常经营运作资金需求、有效 控制投资风险的情况下，中山华利实业集团股份有限公司（以下简称"公司""华 利集团"）于2025年10月28日召开了第二届董事会第十七次会议，审议通过了《关 于2026年度委托理财及现金管理额度预计的议案》，同意公司（含子公司）使用 自有资金、闲置募集资金进行委托理财及现金管理，预计交易金额合计不超过人 民币55亿元，其中使用闲置募集资金仅用于现金管理且交易金额不超过人民币15 亿元。上述交易额度在2026年度内有效，在上述期限内，额度可循环滚动使用， 但在期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额）不 应超过交易额度。在额度有效期和额度范围内，授权公司管理层行使相关投资决 策权并签署相关文件，具体由公司总财务部负责组织实施和管理。公司保荐机构 发表了明确同意的意见 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Core Viewpoint - The textile manufacturing sector experienced a slight decline of 0.01% on January 21, with Yunzhongma leading the losses, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The textile manufacturing sector's performance was mixed, with notable gainers including Huamao Co., which rose by 7.56% to close at 6.40, and Fengzhu Textile, which increased by 4.36% to 7.66 [1]. - The overall trading volume in the textile manufacturing sector showed significant activity, with Huamao Co. recording a transaction volume of 508,500 shares and a turnover of 317 million yuan [1]. Group 2: Individual Stock Performance - The top performers in the textile sector included: - Huamao Co. (6.40, +7.56%, 508,500 shares, 317 million yuan) - Fengzhu Textile (7.66, +4.36%, 132,800 shares, 100 million yuan) - Jujie Zuo Xian (37.81, +2.86%, 84,100 shares, 312 million yuan) [1]. - Conversely, Yunzhongma saw a decline of 3.21%, closing at 57.53, with a trading volume of 29,300 shares and a turnover of 170 million yuan [2]. Group 3: Capital Flow Analysis - The textile manufacturing sector experienced a net outflow of 61.33 million yuan from institutional investors, while retail investors saw a net inflow of 33.63 million yuan [2]. - Notable capital movements included: - Huali Group with a net inflow of 32.60 million yuan from institutional investors, despite a net outflow from retail investors [3]. - Huamao Co. also had a significant net inflow of 23.01 million yuan from institutional investors [3].

Group 1 - The core point of the article is that Huali Group held its first extraordinary general meeting of shareholders in 2026, where multiple proposals were approved, including amendments to existing proposals [2] Group 2 - The company announced the approval of several resolutions during the meeting, indicating a proactive approach to governance and strategic direction [2] - The specific details of the proposals that were amended were not disclosed in the announcement [2] - This meeting reflects the company's commitment to engaging with shareholders and making necessary adjustments to its operational framework [2]

证券代码：300979 证券简称：华利集团 公告编号：2026-003 中山华利实业集团股份有限公司 第三届董事会第一次会议决议公告 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。 2026 年 1 月 19 日，中山华利实业集团股份有限公司（以下简称"公司""华利 集团"）第三届董事会第一次会议在广东省中山市南朗街道佳朗路华利集团园区 F 栋 二楼会议室召开。会议通知及补充通知等会议资料分别于 2026 年 1 月 16 日及 2026 年 1 月 19 日以专人送达或电子邮件的方式送达各位董事。本次会议以现场结合通讯 表决的方式召开。本次会议应到董事 9 人，实到董事 9 人，其中张秀容女士、高丽 玉女士以通讯表决方式参加。本次会议由全体董事推举董事张聪渊先生召集并主持， 拟聘任高级管理人员及拟聘任审计部负责人出席了本次会议。本次会议的召集、召 开符合《中华人民共和国公司法》等法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。与会董事以记名投票方式通过以下议案： 一、审议通过《关于选举第三届董事会董事长、副董事长的议案》。 同意选举张聪渊先生为公 ...

北 京 大 成 律 师 事 务 所 关 于 中 山 华 利 实 业 集 团 股 份 有 限 公 司 2026 年 第 一 次 临 时 股 东 会 的 法 律 意 见 书 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10, Chaoyangmen Nandajie, Chaoyang District, Beijing Tel：+8610-58137799 Fax：+8610-58137788 北京大成律师事务所 致：中山华利实业集团股份有限公司 北京大成律师事务所（以下简称"本所"）接受中山华利实业集团股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2026 年第一次临时股东 会（以下简称"本次股东会"），并根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）、《深圳证券交易所上市公司股东 会网络投票实施细 ...

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： 一、本次股东会没有出现否决议案的情形。 二、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 (一)召开时间： 证券代码：300979 证券简称：华利集团 公告编号：2026-002 中山华利实业集团股份有限公司 2026 年第一次临时股东会决议公告 2、网络投票时间：2026 年 1 月 19 日。 通过深圳证券交易所交易系统进行网络投票的时间为 2026 年 1 月 19 日 9:15-9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2026 年 1 月 19 日 9:15-15:00。 (二)召开地点：广东省中山市南朗街道佳朗路华利集团园区 F 栋二楼会议室。 (三)召开方式：采用现场表决和网络投票相结合的方式。 (四)召集人：公司董事会。 1、现场会议召开时间：2026 年 1 月 19 日 14:30。 (五)主持人：董事长张聪渊先生。 (六)本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 ...

Group 1: Manufacturing Sector - The report highlights a positive outlook for the textile manufacturing sector as tariff impacts are easing, leading to improved export conditions. The demand side shows a mixed performance in global apparel retail, with domestic recovery being weak while overseas apparel demand remains stable. The export decline has narrowed following progress in US-China trade negotiations, and manufacturing orders are expected to improve in 2026 due to a healthy inventory level among downstream brand clients [3][6][13]. - Key companies to watch include Shenzhou International, which has a lower exposure to the US market and is expected to see marginal improvements from major clients, and Huayi Group, which is experiencing strong growth from new clients and is ramping up production capacity [3][21][29]. Group 2: Sportswear Sector - The domestic sportswear market is showing signs of weak recovery, with high-end brands like Li Ning and Tebu International demonstrating resilience. The report anticipates a recovery in 2026 driven by macroeconomic improvements and policy catalysts, particularly with the upcoming Olympic events [3][6][19]. - Internationally, high-end sports brands are experiencing differentiated growth dynamics. ON is maintaining a strong brand image and expanding in the Asia-Pacific market, while Amer Sports is benefiting from its multi-brand strategy. However, brands like Lululemon and Deckers are facing short-term pressures in the North American market [3][6][19]. Group 3: Luxury Goods Sector - The luxury goods market in China is showing signs of gradual recovery, driven by wealth effects from the capital market and stabilization in the real estate market. Sales from luxury groups like LVMH and Richemont have improved significantly in Q3 2025, indicating a positive trend in the luxury sector [3][7]. - The report notes a shift in consumer behavior, with a loss of "aspirational consumers" and an increase in the importance of top-tier customers. This shift is leading to a focus on value, experience, and cost-effectiveness in luxury consumption, which is benefiting local high-end brands [4][7].