Group 1: Export Chain - The export chain is expected to see improved sentiment and performance, with clarity on tariff arrangements boosting order placement by brands [1][9] - Major brands like Nike and Adidas are cautiously optimistic about demand recovery, with Nike reporting a slight revenue and gross margin beat in its recent quarterly results [2][12] - Leading manufacturers have begun to see performance improvements in Q3, with companies like Xin'ao and Bailong Dongfang anticipating revenue growth driven by increased orders [3][19] Group 2: Investment Themes - Key investment themes include leading sports and leisure brands such as Nike, Adidas, and Uniqlo, along with their core suppliers like Shenzhou International and Huayi Group, which have attractive PE ratios for 2025 [4][21] - Upstream manufacturers showing short-term order improvements and medium-term market share gains include Xin'ao and Weixing, which are expected to benefit from rising raw material prices [4][21] Group 3: Brand Apparel - The brand apparel sector continues to show signs of divergence, with retail performance impacted by fluctuating offline traffic and intense online competition [5][22] - Despite challenges, companies like Hailan Home and Luolai Life are expected to maintain positive revenue growth due to strong online and offline sales strategies [6][26] Group 4: Market Outlook - The overall market outlook for the textile and apparel industry remains cautiously optimistic, with expectations of gradual recovery in demand and performance improvements across various segments [1][9][22] - The consumer confidence index shows slight recovery, but consumers remain focused on product functionality and value for money [5][22]

Investment Rating - The report maintains a "Buy" rating for companies like Yanjiang Co., New Australia Co., and Shenzhou International, highlighting their advantages in global capacity layout and supply chain [2][10][16]. Core Views - The textile and apparel sector has shown strong performance against the market, with the SW textile and apparel index increasing by 1.6% from October 9 to October 10, outperforming the SW All A index by 2.0 percentage points [2][3]. - The recent U.S. announcement of a 100% additional tariff on Chinese imports starting November 1, 2025, emphasizes the value of companies with established global production capabilities, allowing them to mitigate tariff costs and capture market share in favorable overseas markets [9][10]. - The report identifies a significant opportunity in the Australian wool market, with prices reaching record highs, benefiting companies like New Australia Co. [13][14]. Industry Data Summary - Retail sales in the apparel and textile category totaled 940 billion yuan from January to August, reflecting a year-on-year growth of 2.9% [27]. - In August, China's textile and apparel exports amounted to $26.54 billion, a year-on-year decline of 5.0%, with apparel exports specifically down by 10.1% [34]. - Cotton prices have shown slight fluctuations, with the national cotton price B index at 14,775 yuan per ton, down 0.3% this week [37]. - The Chinese sportswear market is projected to reach 408.9 billion yuan in 2024, growing by 6.0% year-on-year, with Anta's market share increasing [40].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing outperforming branded apparel, showing +0.1% and -1.6% respectively as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing in August grew by 3.1% year-on-year, with a 1.3 percentage point increase from the previous month [2] - The sales pressure is expected in September due to the absence of the Mid-Autumn Festival and high temperatures affecting consumer behavior [2] - E-commerce channels showed strong growth in outdoor apparel, with sportswear brands like Descente (+51%) and Lululemon (+35%) leading the way [2] Textile Manufacturing Insights - Vietnam's textile exports in September increased by 9.4% year-on-year, while footwear exports rose by 9.0% [3] - China's textile exports showed a slight improvement in August, with a 1.4% increase, although apparel and footwear exports declined significantly [3] - Wool prices saw a notable increase in September, rising by 17.5% month-on-month and 28.3% year-on-year [3] Investment Recommendations - Focus on the rebound opportunities in textile manufacturing, with expectations for order recovery in Q4 [5] - Companies like Shenzhou International, which is Nike's largest apparel supplier, and Huayi Group are highlighted as key beneficiaries of tariff changes and Nike's recovery [5] - The report suggests that the impact of tariffs will diminish in Q4, leading to a stabilization of orders [5] Key Company Forecasts - Shenzhou International is rated "Outperform" with an expected EPS of 4.37 in 2025 and a PE ratio of 13.9 [8] - Other companies such as Huayi Group and Kai Run Co. are also rated "Outperform" with positive growth forecasts [8]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing showing better performance than branded apparel, with respective changes of +0.1% and -1.6% as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing increased by 3.1% year-on-year in August, with a 1.3 percentage point improvement from the previous month. However, sales in September are expected to face pressure due to the absence of the Mid-Autumn Festival and continued warm weather [2] - E-commerce channels showed strong growth in outdoor apparel, with categories like sportswear and outdoor clothing growing by 22% and 51% respectively for leading brands [2] - On social media platform Xiaohongshu, the top three brands in the sports and outdoor category saw significant follower growth, indicating strong consumer interest [2] Textile Manufacturing Insights - Vietnam's textile exports saw a year-on-year increase of 9.4% in September, while footwear exports rose by 9.0%, indicating a recovery in the sector [3] - The price of wool significantly increased in September, with a month-on-month rise of 17.5% and a year-on-year increase of 28.3% [3] - Companies like Ruohong have visibility on orders extending to Q1 2026, maintaining a revenue target of over 3 billion yuan per month [3] Investment Recommendations - Focus on textile manufacturing rebound opportunities, particularly after the release of Q3 reports. The impact of U.S. tariffs is expected to diminish, with orders stabilizing [5] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are positioned to benefit from tariff changes and recovery in demand [5][7] - In the branded apparel segment, long-term growth is anticipated in the sports category, with recommendations for brands like Anta Sports, Xtep International, and Li Ning [7]

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 证券代码：300979 证券简称：华利集团 公告编号：2025-059 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 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-058 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 ...

Core Viewpoint - The company, Huayi Group, is a leading global manufacturer of sports footwear, primarily serving well-known brands and benefiting from the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales [2][3]. Company Overview - Huayi Group specializes in the development, design, production, and sales of sports footwear, serving major global brands such as Nike, Converse, and Puma [2]. - The company was established on September 2, 2004, and went public on April 26, 2021, with its main business revenue composition being 89.53% from sports casual shoes, 8.31% from sports sandals/slippers, and 2.07% from outdoor boots [7]. Financial Performance - For the first half of 2025, Huayi Group achieved a revenue of 12.661 billion yuan, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [7]. - The company has distributed a total of 9.103 billion yuan in dividends since its A-share listing, with 6.652 billion yuan distributed over the past three years [8]. Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and E Fund's various funds, with notable changes in their holdings [8][9]. - The number of shareholders decreased by 11.35% to 12,500, while the average circulating shares per person increased by 12.80% to 93,359 shares [7]. Market Activity - On September 26, the stock price of Huayi Group fell by 1.54%, with a trading volume of 859.524 million yuan and a market capitalization of 62.633 billion yuan [1]. - The stock has shown no clear trend in major net inflows, with a net inflow of 1.5671 million yuan on the day, ranking 10th in its industry [4][5].

融资融券数据显示，该股最新（9月24日）两融余额为1.27亿元，其中，融资余额为1.26亿元，本期筹码 集中以来融资余额合计增加1342.44万元，增幅为11.96%。 （原标题：华利集团最新股东户数环比下降11.35% 筹码趋向集中） 华利集团9月25日披露，截至9月20日公司股东户数为12500户，较上期（9月10日）减少1600户，环比降 幅为11.35%。这已是该公司股东户数连续第2期下降。 证券时报•数据宝统计，截至发稿，华利集团收盘价为54.51元，下跌0.13%，本期筹码集中以来股价累 计上涨1.21%。具体到各交易日，3次上涨，8次下跌。 公司发布的半年报数据显示，上半年公司共实现营业收入126.61亿元，同比增长10.36%，实现净利润 16.71亿元，同比下降11.06%，基本每股收益为1.4300元，加权平均净资产收益率9.44%。 机构评级来看，近一个月该股获9家机构买入评级。预计目标价最高的是国信证券，8月25日国信证券发 布的研报给予公司目标价64.30元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Company Overview - Zhongshan Huali Industrial Group Co., Ltd. (referred to as "Huali Group") was established in 2004, focusing on the development, design, production, and sales of sports shoes, covering a full range of products including sports casual shoes, outdoor boots, and sandals [1] - In 2024, Huali Group's annual production volume is expected to reach 223 million pairs, making it an important partner for major sports brands such as Nike, Adidas, and New Balance [1] - The company was successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 26, 2021, with a registered capital of 1.167 billion RMB [1] Sustainability Initiatives - In August 2024, Huali Group was officially verified by the Science Based Targets initiative (SBTi), becoming one of the few companies to receive both "Near-term Target" and "Net Zero Target" certifications [2] - The company's carbon neutrality strategy outlines a clear path for greenhouse gas reduction across the entire value chain, aiming for a 50.4% reduction in absolute emissions by 2032 and a 90% reduction by 2050 for both direct and indirect emissions [2] - The long-term goal includes a 90% reduction in Scope 3 emissions, which covers the purchase of goods and services, ensuring significant impact through the decarbonization of core suppliers [2] Supply Chain Decarbonization - To achieve its Scope 3 targets, Huali Group released a "Supply Chain Decarbonization Action Statement," focusing on two core initiatives: standardizing data requirements and establishing a threefold driving mechanism [3] - The company requires suppliers to submit third-party certified carbon verification reports, with 96 suppliers participating in 2024, accounting for 39.1% of procurement [3] - Huali Group is also exploring carbon financial tools and promoting low-carbon processes and materials, including the use of renewable energy in raw material processing [3] Environmental Management Disclosure - In September 2024, Huali Group disclosed its environmental management information on the CDP platform, providing standardized data on 16 core indicators, which supports investors in building climate risk assessment models [4] - In February 2025, CDP announced that Huali Group received a B rating in both climate change and water security for its first evaluation [4] - The company is recognized as a pioneer in the green transformation of traditional manufacturing, continuously optimizing energy structure and advancing production technology innovation [4]