资金流向方面，融资余额环比增幅居前个股中，6月24日主力资金净流入的有28只，净流入资金居前的 有江苏雷利、中科电气、汉威科技等，净流入资金分别为2.29亿元、1.64亿元、1.33亿元，主力资金净 流出的有10只，净流出资金较多的有波长光电、中一科技、海科新源等，净流出资金分别为1.95亿元、 3063.82万元、2288.74万元。 融资余额增幅居前个股 创业板股最新融资余额为3472.80亿元，环比增加21.97亿元，38只股融资余额环比增长超10%，融资余 额环比降幅超10%的有16只。 | 300965 | 恒宇信 | 1824.36 | 19.45 | 43.80 | -1.55 | 国防军 | | --- | --- | --- | --- | --- | --- | --- | | | 通 | | | | | 工 | | 301150 | 中一科 | 13546.12 | 19.35 | 21.69 | 3.33 | 电力设 | | | 技 | | | | | 备 | | 301617 | 博苑股 | 10987.94 | 18.86 | 42.75 | 9.87 | 基础化 | | | 份 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-037 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2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025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20 亿元。上述交易额度在2025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。公司监事会、 保荐机构均发表了明确同 ...

运动鞋制造龙头，壁垒深厚，增长可期 [Table_StockName] ——华利集团（300979）首次覆盖 [Table_ReportDate] [Table_Summary] 投资要点: ⚫ 公司概况：公司是全球领先的运动鞋专业制造商，合作的运动休闲品牌 包括 Nike、Converse、Vans、UGG、Hoka One One、Puma、Under Armour 等。前身成立于 1990 年，至今深耕鞋履制造行业已有二十余年，在鞋 履制造领域具有较强的竞争优势。公司股权高度集中，实际控制人为张 聪渊家族，合计持有 87.48%的股权。近年来，公司业绩稳步增长，收入 与净利润趋势向好，2017-2024 年营业收入/归母净利润 CAGR 分别为 +13.31%/+19.47%。 ⚫ 行业看点：全球运动鞋履市场规模稳健增长。根据 Euromonitor 数据， 2011-2024 年，全球运动鞋履市场销售规模从 952.53 亿美元上升至 1686.45 亿美元，CAGR 为 4.49%，预计未来受益于消费者健康意识提升、 产品科技创新、体育赛事的推动等有望保持稳健增长。此外，受人力成 本、关税、自然资源 ...

交银国际证券指出，预计中资金融股高股息策略的支撑因素进一步强化，建议把握高股息主线。该行认为支撑高股息策略的核心因素仍然成立，特朗普政府 的关税政策及其高不确定性加剧了经济和资本市场波动，使得高股息资产的吸引力进一步凸显。 截至2025年6月6日 09:53，国企共赢ETF(159719)上涨0.40%，最新价报1.52元。拉长时间看，截至2025年6月5日，国企共赢ETF近1月累计上涨2.64%。 流动性方面，国企共赢ETF盘中换手2%，成交223.24万元。拉长时间看，截至6月5日，国企共赢ETF近1年日均成交1756.77万元。 截至2025年6月6日 09:51，中证粤港澳大湾区发展主题指数(931000)下跌0.05%。成分股方面涨跌互现，广东宏大(002683)领涨1.88%，深桑达A(000032)上涨 1.62%，科达制造(600499)上涨1.59%；稳健医疗(300888)领跌2.93%，华利集团(300979)下跌2.53%，南网能源(003035)下跌2.44%。大湾区ETF(512970)上涨 0.34%，最新价报1.2元。拉长时间看，截至2025年6月5日，大湾区ETF近1月累计上 ...

Group 1: Market and Economic Impact - The company is monitoring the evolving tariff policies between the U.S. and Southeast Asian countries, particularly Vietnam, and has not yet seen significant order cancellations due to tariffs [2] - Approximately 40% of the company's sales revenue comes from the U.S. market, which is the largest consumer market for athletic shoes [2] - The company has developed various response plans based on potential tariff increases on imports from Vietnam and Indonesia, maintaining close communication with clients [2] Group 2: Production and Operational Efficiency - The company is currently in a production peak season with full order books and normal production across all factories [2] - New factories in Vietnam and Indonesia are under construction, with the pace of development aligned with order demand [2][3] - The initial phase of new factory operations has led to a temporary decline in overall gross margin due to the inexperience of new employees and the need for process optimization [3] Group 3: Supply Chain and Material Sourcing - In 2024, over 50% of the raw materials for the Vietnam factory will be sourced locally, while the share from mainland China has decreased to about 30% [4] - The Vietnam factory operates on a processing model, where it receives raw materials from the Hong Kong subsidiary and charges only for processing, benefiting from tax exemptions on imported materials [4] Group 4: Future Orders and Capacity Planning - The company is optimistic about 2025 orders, with most clients showing growth, although some face challenges in terminal sales [5] - New production facilities in Vietnam and a planned capacity of over 60 million pairs in Indonesia are expected to come online, with the Indonesian factory projected to start production in mid-2024 [6] - The company has also established a finished shoe factory in Sichuan, which began production in Q1 2025 [6] Group 5: Shareholder Relations - The controlling shareholder has not yet reduced their stake, aiming to optimize the shareholder structure and welcoming long-term investors [7]

证券代码：300979 证券简称：华利集团 公告编号：2025-036 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2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025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20 亿元。上述交易额度在2025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。公司监事会、 保荐机构均发表了明确同 ...

Group 1: Investor Relations Activity - The investor relations activity included a factory visit at the Adidas factory in Emei, Sichuan on May 29-30, 2025, attended by the company's chairman and management team [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange regulations before participating in the factory tour [2] Group 2: Production and Operational Insights - The company is currently in a production peak season with a full order book, ensuring timely deliveries [2] - The first quarter of 2025 saw a decline in gross margin due to the ramp-up phase of new factories and the hiring of new employees, which affected operational efficiency [3] - The company plans to optimize training and enhance automation to improve operational efficiency in the new factories [3][7] Group 3: Market and Pricing Strategy - The company is monitoring the impact of U.S. tariff policies on Southeast Asian countries, with no significant changes in order volumes reported so far [2] - Average selling price fluctuations are influenced by customer and product mix changes, with a diversified brand strategy in place [5] Group 4: Automation and Cost Management - The company is investing in automation to reduce reliance on skilled labor and improve production efficiency, with over 500 intelligent cutting machines introduced in 2024 [6][7] - The procurement model is based on "production-driven purchasing," allowing for timely raw material procurement and minimizing waste [8] Group 5: Expansion and Management Efficiency - The company is expanding operations in Indonesia and China, with a focus on optimizing management processes to maintain operational efficiency across multiple locations [9] - The management team is experienced in the Indonesian market, and the company is confident in achieving operational targets as the new factories mature [4] Group 6: Financial Performance and Shareholder Returns - The company has a strong track record of cash dividends, with 2021 cash dividends accounting for approximately 89% of net profit, and 2023 dividends around 44% [12] - The company aims to balance shareholder returns with capital expenditure needs, with a significant amount of undistributed profits available for future dividends [12]

Investment Rating - The report assigns an "Outperform" rating to Huali Industrial Group, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark by more than 10% [19]. Core Insights - Huali Industrial Group is expanding its global production capacity, focusing on major clients such as NIKE, VANS, and Deckers Group, with significant growth in new client orders, particularly after entering the ADIDAS supply chain [2][7]. - The company plans to increase its factory count from 16 in 2023 to 20 in 2024, with a total workforce of 170,000 and an expected annual shipment volume of 223 million pairs of shoes, reflecting a year-on-year increase of over 17% [6][11]. - Huali's production capacity is primarily located in Vietnam, leveraging low-cost labor and tax incentives, with plans for new factories in Indonesia and China to enhance production resilience and meet diverse customer needs [8][10]. Summary by Sections Production Capacity and Client Focus - The production capacity structure is configured around major clients, with NIKE as the top client, followed by VANS and Deckers Group. The company is in a rapid growth phase after entering the ADIDAS supply chain, indicating broad future potential [2][7]. - Huali has established a significant production base in Vietnam, with an annual capacity exceeding 200 million pairs of shoes, and is expanding into Indonesia and China to diversify regional risks [8][10]. Supply Chain Management - Huali maintains a rigorous supply chain management system, with raw material procurement costs accounting for over half of total operating costs. The company emphasizes timely delivery and standardized procurement processes to ensure production stability [9][10]. - The management is actively optimizing the customer structure by accepting orders from emerging brands, which helps reduce customer concentration and enhance overall order quality and pricing power [10]. Financial Outlook - The gross margin may face pressure in the short term due to the ramp-up period associated with new factory openings, but it is expected to rebound to high levels in the medium to long term as worker efficiency and production capacity utilization improve [11].

中山华利实业集团股份有限公司 证券代码：300979 证券简称：华利集团 公告编号：2025-035 告编号：2025-009、2025-034）。 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2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025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20 亿元。上述交易额度在2025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。公司监事会、 保荐机构均发表了明确同意的意见。具体内容详见公司分别于2024年10月29日、 2025年1月20日、2025年1月27日、2025年2 ...

Group 1: Investor Relations Activities - The investor relations activity included a specific research meeting with representatives from various investment firms on May 20-21, 2025, both offline in Shenzhen and online via Zoom [2] - The company’s board secretary, Fang Lingling, was present to address investor inquiries [2] Group 2: Impact of Tariff Policies - The company is monitoring the developments of the U.S. tariff policies on Southeast Asian countries, particularly Vietnam and Indonesia, but has not seen significant order cancellations due to tariffs [2] - The company has prepared different response plans based on potential tariff increases and maintains close communication with clients [2] Group 3: Order Outlook for 2025 - The company has a diverse client base, with most clients being publicly listed companies, and expects stable order growth in 2025 based on clients' performance guidance [2] - The company is confident about its 2025 performance, although it acknowledges increased uncertainty in the international economic environment due to recent tariff policies [2] Group 4: Average Selling Price and Gross Margin - Changes in average selling price are influenced by customer and product mix, with fluctuations in brand order volumes affecting overall pricing [3] - The gross margin is currently impacted by the ramp-up phase of new factories and the training of new employees, but efficiency is expected to improve as operations stabilize [4] Group 5: Production Capacity and Utilization - The company’s production capacity is primarily located in Vietnam, with new factories in Indonesia and Sichuan still in the early stages of production [6] - The company is actively investing in new capacity to meet order demands, with a flexible capacity allocation based on annual order volumes [6] Group 6: Automation and Efficiency - Full automation in sneaker production is challenging due to the variety of styles and materials, but the company is continuously improving automation levels [7] - In 2024, the company introduced over 500 intelligent cutting machines and 4 automated molding lines to enhance production efficiency [7] Group 7: Dividend Policy - The company has a strong commitment to shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 2022 and 2023 dividends at 43% and 44% of net profit, respectively [8] - The company plans to maintain a reasonable dividend policy while balancing capital expenditures and operational needs, with a significant retained earnings balance of approximately 10.4 billion RMB by the end of 2024 [8]