Core Viewpoint - The beauty and personal care sector has shown weak performance since the Double Eleven event, reflecting a pessimistic market outlook, with the beauty index declining by 12% since September 16 [1] Group 1: Market Dynamics - The recent promotional strategy shift, focusing on "supporting the strong," has allowed international high-end brands to gain market share during the Double Eleven event [1] - Tax policy adjustments, including mandatory reporting of sales and tax data transparency, along with stricter enforcement of "advertising tax," are impacting the industry [1] Group 2: Investment Opportunities - Current market pressures may be interpreted as temporary, presenting opportunities to identify structurally beneficial undervalued stocks [1] - Despite the potential for opportunity, there are significant concerns regarding downward pressure on product prices, the difficulty in launching successful new products, and the rarity of "dark horse" brands, which are critical issues for long-term growth in the sector [1] Group 3: Industry Rating - The beauty industry maintains a rating of "outperforming the market" [1]

Core Viewpoint - In 2025, the textile manufacturing and branding sectors faced external pressures, including tariff impacts and macroeconomic challenges, yet leading companies demonstrated strong operational resilience. Looking ahead to 2026, the manufacturing sector is expected to see a gradual easing of tariff disruptions, while the branding sector should focus on recovery opportunities and high-growth niche markets [1][2][3]. Textile Manufacturing Sector - The textile manufacturing sector experienced significant pressure from tariff impacts in April 2025, leading to short-term order fluctuations and reduced capacity utilization, which negatively affected profits. However, leading OEM companies maintained their long-term advantages, with some showing operational improvements by Q3 2025 [2]. - Tariff disruptions are anticipated to gradually diminish, with a positive outlook for orders from leading OEMs in 2026. Companies have adjusted pricing and product designs in response to tariffs, and the U.S. apparel market demand remains healthy [3][6]. Branding Sector - The branding sector has been under continuous pressure due to macroeconomic factors and weather-related impacts during the Q3 2025 autumn-winter transition, leading to decreased sales for some mass-market sports brands. However, there is potential for domestic brands to improve operations and capitalize on retail recovery opportunities, drawing lessons from the experiences of overseas leading brands during the 2008 financial crisis [4][6][7]. Outdoor Sports Sector - The outdoor footwear and apparel segment is one of the highest-performing areas within the industry, with a projected market size of 102.7 billion yuan in 2024, reflecting a year-on-year growth of 16.6%. The sector is expected to continue its growth trajectory, with a forecasted CAGR of 16.0% from 2024 to 2029 [5]. - Beyond outdoor footwear and apparel, other outdoor equipment segments, such as bicycles and smartwatches, are also experiencing high growth cycles, indicating a robust demand for outdoor activities and related products [5]. Investment Strategy - The textile manufacturing sector is expected to recover from tariff-related disruptions, with leading OEMs likely to see profit margins improve by the end of 2025. The sector is projected to benefit from stable order growth and enhanced manufacturing capabilities in the medium to long term [6][7]. - The branding sector continues to face challenges but has the potential for recovery, as domestic brands are well-positioned to emerge from the downturn by focusing on product innovation and maintaining healthy cash flows [6][7].

中信证券研报称，美国9月非农就业数据喜忧参半，12月美联储降息与否仍存在不确定性。虽然9月美国 非农就业人数增加11.9万人，高于预期的5.1万人。但需注意8月与7月两个月总计共下修3.3万人，并且 失业率与永久性失业人数有所上升。10月非农数据面临永久空缺的情况下，目前而言，12月美联储议息 会议降息与否仍存在不确定性。后续预计美国就业市场仍将面临压力，明年美联储仍有降息的空间。 ...

中信证券研报称，2025年，纺织制造与品牌端分别经历了外部环境的压力测试，关税冲击与宏观环境压 力扰动龙头公司经营，但龙头公司仍展现了优异的经营韧性。展望2026年，我们判断制造板块的关税扰 动有望逐步消退，品牌端建议关注复苏机遇及高增细分赛道。综合梳理三条投资主线：一、纺织制造板 块中，关税扰动逐渐消退，长期增长趋势不改，同时2026年各龙头代工厂订单展望积极，盈利能力有望 触底回升，同时部分龙头公司仍存在较大估值回升弹性。二、品牌服饰板块中，参考海外龙头品牌公司 走出2008年金融危机的经验，通过低谷期修炼内功，本土品牌有望抓住零售复苏带来的经营改善机遇。 三、户外运动主线，户外鞋服是鞋服行业中的景气度最高的赛道之一，行业增长呈现提速趋势。同时除 户外鞋服以外，部分户外装备赛道同样处于高景气周期。 ...

人民财讯11月25日电，中信证券研报称，美国9月非农就业数据喜忧参半，12月美联储降息与否仍存在 不确定性。虽然9月美国非农就业人数增加11.9万人，高于预期的5.1万人。但需注意8月与7月两个月总 计共下修3.3万人，并且失业率与永久性失业人数有所上升。10月非农数据面临永久空缺的情况下，目 前而言，12月美联储议息会议降息与否仍存在不确定性。后续预计美国就业市场仍将面临压力，明年美 联储仍有降息的空间。 ...

Core Insights - Mingyu Pharmaceutical has submitted an application to the Hong Kong Stock Exchange, with joint sponsors including Morgan Stanley, Bank of America Securities, and CITIC Securities [1] - The company focuses on developing tumor therapies based on ADC platforms and PD-1/VEGF bispecific antibodies, as well as late-stage clinical assets for autoimmune diseases [1] Pipeline Overview - As of November 16, 2025, the company has 13 candidate products in its pipeline, with 10 already in clinical stages [1] - Key oncology products include MHB036C (TROP2ADC), which is in I/II phase studies for non-small cell lung cancer and breast cancer in combination with MHB039A (PD-1/VEGF bispecific antibody) [1] - Another significant oncology product, MHB088C (B7-H3ADC), is undergoing a Phase III monotherapy trial for small cell lung cancer and a Phase I/II combination trial with MHB039A [1] - Core autoimmune products include MHB018A (potential best-in-class IGF-1R antibody), currently in a Phase III trial for active thyroid eye disease (TED), and MH004 (first-in-class topical JAK inhibitor), which has submitted a new drug application in China for mild to moderate atopic dermatitis (AD) [1] Market Potential - According to Frost & Sullivan, the global TED market is expected to reach $13.4 billion by 2035, while the global atopic dermatitis treatment market is projected to reach $29.5 billion by 2035 [1] Technology Advantage - The company's proprietary SuperTopoi platform offers new ADC payloads that are 5-10 times more effective than the ADC based on Dxd, with superior safety profiles, including lower incidences of severe hematological toxicity and interstitial lung disease [2]

每经AI快讯，中信证券（SH 600030，收盘价：27.39元）11月24日晚间发布公告称，公司非执行董事张 麟先生因工作调动，已向董事会提交辞职报告，辞去公司非执行董事、董事会发展战略与ESG 委员会 委员职务。辞任后，张麟先生亦不在公司及控股子公司担任其他职务。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 截至发稿，中信证券市值为4059亿元。 ...

截至发稿，中信证券市值为4059亿元。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 每经AI快讯，中信证券（SH 600030，收盘价：27.39元）11月24日晚间发布公告称，公司第八届第四十 次董事会会议于2025年11月24日在北京中信证券大厦10层1号会议室以现场方式召开。会议审议了《关 于增补公司第八届董事会董事的预案》等文件。 ...

中信证券（600030）(06030)发布公告，公司非执行董事张麟先生因工作调动，已向董事会提呈辞任非 执行董事及董事会发展战略与ESG委员会委员的职务。辞任后，张麟先生亦不在公司及控股子公司担任 其他职务。张麟先生的辞任自公司股东大会选举产生新任非执行董事之日起生效。于2025年11月24日召 开的第八届董事会第四十次会议上已审议通过《关于增补公司第八届董事会董事的预案》，当中董事会 建议增补委任：(i)张长义先生为董事会执行董事;(ii)李艺女士、梁丹先生及张学军先生为董事会非执行 董事;(iii)刘俏先生及李兰冰女士为董事会独立非执行董事。 ...

中信证券(06030)发布公告，公司境外全资子公司中信证券国际有限公司(以下简称中... 本文作者可以追加内容哦 ! 中信证券(06030)发布公告，公司境外全资子公司中信证券国际有限公司(以下简称中信证券国际)的附属 公司CSI MTN Limited(以下简称发行人或被担保人)于2022年3月29日设立境外中期票据计划(以下简称中 票计划)，此中票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需 要，发行人于2025年11月21日、 24日在中票计划下发行三笔票据，发行金额合计3.94亿港元和500万美 元。本次发行后，发行人在中票计划下已发行票据的本金余额合计26.85亿美元。追加内容 ...