Market Overview - The textile and apparel sector has shown resilience in mid-term performance, with the sports segment leading apparel consumption [1][12] - In August, the A-share textile and apparel sector slightly underperformed the broader market, but has shown stable performance since September, with brand apparel outperforming textile manufacturing [1][12] Brand Apparel Insights - Retail sales of clothing in July grew by 1.8% year-on-year, with a slight deceleration compared to the previous month [1] - E-commerce growth in July rebounded significantly, with outdoor sports leading the way; growth rates for various segments included sports apparel at +11%, outdoor apparel at +26%, and home textiles at +10% [1] - Notable brand performances included Decathlon with +63%, Puma with +41%, and Lululemon with +39% in sports apparel; outdoor brands like Kailas and Arc'teryx also showed strong growth [1] Textile Manufacturing Insights - In August, Vietnam's textile exports fell by 4.5% year-on-year, while China's textile exports improved slightly with a growth rate of 1.4% [2] - The export performance of apparel and footwear from China was poor, with declines of 10.1% and 17.1% respectively [2] - The price of cotton showed slight fluctuations in August, with a small decline noted in September [2] Sector Performance Summary - For the first half of 2025, textile manufacturing revenue grew by 7.8% year-on-year, while the apparel and home textile sector faced a decline of 6.4% [3] - The gross margin for the textile manufacturing sector remained stable at 19.4%, while the apparel and home textile sector's gross margin increased slightly to 46.1% [3] - Key players in the apparel sector, such as Anta and Xtep, maintained steady growth in revenue and profit, while non-sports apparel faced significant challenges [3] Investment Recommendations - Focus on undervalued leaders with strong fundamentals in brand apparel, particularly in the sports segment, with recommendations for Anta Sports, Xtep International, and Li Ning [6] - In textile manufacturing, recommend companies with significant rebound potential and strong fundamentals, such as Shenzhou International and Huayi Group [6]

证券研究报告 | 2025年09月10日 中伟股份（300919.SZ） 优于大市 钴系磷系材料出货快速提升，三元前驱体领先地位稳固 公司 2025H1 实现归母净利润 7.33 亿元、同比-15%。公司 2025H1 营收 213.23 亿元，同比+6%；归母净利润 7.33 亿元，同比-15%；毛利率为 12.10%，同比 -0.67pct，净利率为 3.30%，同比-2.46pct。公司 2025Q2 实现营收 105.35 亿元， 同比-2%、环比-2%；实现归母净利润 4.25 亿元，同比-12%、环比+38%；毛利率 为 12.27%，同比+0.15pct、环比+0.33pct，净利率为 3.46%，同比-2.42pct，环 比+0.32pct。 公司钴系产品表现亮眼，三元前驱体出货有所波动。消费电子市场回暖，提振四 氧化三钴需求。2025H1 公司四氧化三钴实现营收 14.52 亿元，同比+30%；产量 为 1.60 万吨，同比+34%。受益钴价格上涨，公司四氧化三钴盈利能力显著提升， 2025H1 毛利率为 25.88%，同比+16.21pct。海外需求波动影响公司三元前驱体出 货。2025H ...

证券研究报告 | 2025年09月10日 沪光股份（605333.SH） 优于大市 单二季度净利润同比增长 19%，积极布局无人机线束、机器人线束等新品类 2025Q2 沪光股份实现净利润 1.8 亿元，同比增长 19%。公司 2025H1 实现营 收 36.30 亿元，同比+6.20%，归母净利润 2.76 亿元，同比+8.40%。分 季度看，公司 2025Q2 实现营收 20.87 亿元，同比增加 10.71%，环比增 加 35.28%，归母净利润 1.83 亿元，同比增加 18.87%，环比增加 96.93%。 2025H1，量产项目持续放量及新项目量产推动了营业收入稳健增长。 2025Q2 公司毛利率同比提升 0.4pct，四费率同比下降 1.2pct。2025Q2，公 司毛利率 16.6%，同比+0.4pct，环比+2.2pct，净利率 8.8%，同比+0.6pct， 环比+2.8pct。2025Q2，公司四费率 6.70%，同比-1.22pct，环比-1.35pct 主营高低压线束的自主优质线束企业，量、价、利三升。（1）价升：公司 深耕创新低压线束产品；同时加大布局高压线束产品产能。目前，公司 ...

证券研究报告 | 2025年09月10日 聚和材料（688503.SH） 公司收购 SKE 空白掩模板块，助力国产半导体自主可控 公司研究·公司快评 电力设备·光伏设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 李恒源 021-60875174 lihengyuan@guosen.com.cn 执证编码：S0980520080009 事项： 公司公告：聚和材料与韩投伙伴（上海）创业投资管理有限责任公司计划共同设立 SPC，使用自有或自筹 资金 680 亿韩元（折合约 3.5 亿人民币）收购 SK Enpulse 株式会社的关于空白掩模（BlankMask）的业务 板块（包含土地、厂房、存货、设备、专利、在建工程、人员、技术等）。其中，公司直接或间接出资比 例不低于 95%。 国信电新观点：空白掩模(Blank Mask)是制造半导体曝光工艺中使用的掩模版(Photomask)的关键材料， 而 掩模版(Photomask)是半导体制造过程中光刻工艺的核心工具。掩模版的质量直接 ...

证券研究报告 | 2025年09月10日 | 晨会纪要 | | --- | | 数据日期:2025-09-09 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3807.29 | 12510.59 | 4436.25 | 13752.07 | 3662.49 | 1245.52 | | 涨跌幅度（%） | -0.51 | -1.23 | -0.70 | -0.84 | -1.89 | -2.37 | | 成交金额（亿元） | 9177.95 | 12007.28 | 5628.61 | 4486.60 | 5680.78 | 689.63 | 【重点推荐】 行业与公司 圣晖集成(603163.SH) 深度报告:以工程赋能 AI 全产业链，持续开拓海 外新市场 【常规内容】 宏观与策略 宏观快评:8 月进出口数据点评-出口动能趋缓，新兴市场托底 行业与公司 化工行业月报:农化行业：2025 年 8 月月度观察-国际钾肥价格上行，磷 肥出口量价齐升， ...

2025年09月10日 证券研究报告| 阿里巴巴-W（9988.HK）深度报告 聚焦消费和云+AI战略，持续投入重新创业 公司研究 · 深度报告 互联网·互联网Ⅱ 投资评级：优于大市（维持） 证券分析师：张伦可 证券分析师：张昊晨 0755-81982651 zhanghaochen1@guosen.com.cn zhanglunke@guosen.com.cn S0980525010001 S0980521120004 请务必阅读正文之后的免责声明及其项下所有内容 2 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要 • 经历组织架构及管理层的多轮调整后，阿里巴巴的管理团队已逐渐稳定，并明确了消费和AI+云的战略目标。阿里巴 巴自2021年以来持续进行组织架构和高管的调整，当前已逐渐稳定，以蔡崇信、吴泳铭、蒋凡为核心，业务战略清晰， 2026财年起集团业务重划分为四大板块，聚焦"AI+云"为核心的科技平台与"购物与生活服务融合"的大消费平台， 饱和式进行投入，以年轻化的心态开启"重新创业"。 • 电商业务：GMV增长为核心，追求市占稳定，短期继续保持货币化率提升。1）GMV：当前电商竞争环境依旧激烈， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - In Q2 2025, the company achieved a significant revenue growth of 43.9% year-on-year, with a notable improvement in gross margin due to product structure optimization [1][2] - The company reported a revenue of 304 million yuan in the first half of 2025, representing a year-on-year increase of 47.82%, and a net profit of 25 million yuan, marking a turnaround from losses [1] - The revenue from pressure sensors and inertial sensors saw substantial growth, with pressure sensor revenue increasing by 67.05% and inertial sensor revenue by 98.82% in the first half of 2025 [2] - The company is actively developing new products in response to the growing demand for AI-related consumer electronics, including high-SNR digital microphones and bone conduction acoustic sensors [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 169 million yuan, a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2% [1] - The gross margin for Q2 2025 reached 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [1] - The company expects revenue growth rates of 42.8%, 30.5%, and 27.1% for 2025, 2026, and 2027, respectively, with projected revenues of 722 million yuan, 943 million yuan, and 1.198 billion yuan [4] Product Development - The company has seen a rapid increase in the revenue share of inertial sensors, which accounted for approximately 6.5% of total revenue in the first half of 2025 [2] - The company is focusing on high-margin products, with MEMS pressure sensors becoming the largest revenue contributor, surpassing acoustic products [2] - New product developments include sensors for AI applications, with successful small-batch shipments of digital microphones already underway [3] Profitability Forecast - The net profit is projected to grow significantly, with expected increases of 243.0%, 93.7%, and 65.5% for 2025, 2026, and 2027, respectively, reaching 50 million yuan, 98 million yuan, and 162 million yuan [4] - The company’s PE ratios for 2025, 2026, and 2027 are forecasted to be 109.3, 56.4, and 34.1, respectively [4]

The provided content does not include any quantitative models or factors, nor does it discuss their construction, evaluation, or backtesting results. The report primarily focuses on analyzing private equity fund holdings, their changes, and sectoral distribution based on disclosed shareholder data. It does not delve into quantitative investment strategies, factor construction, or model performance metrics.

证券研究报告|2025年09月09日 正泰电器（601877.SH） 优于大市 优质资产助力业绩增长，公司渠道优势与规模优势双领先 公司 2025H1 实现归母净利润 25.54 亿元，同比+32.90%。公司 2025 年上半 年实现收入296.19 亿元，同比+2.18%；归母净利润25.54 亿元，同比+32.90%； 扣非归母净利润 25.33 亿元，同比+32.63%。其中，2025Q2 公司收入 150.60 亿元，同比+15.22%、环比+3.44%；归母净利润 13.91 亿元，同比+65.32%、 环比+19.59%；扣非归母净利润 14.45 亿元，同比+64.78%、环比+32.92%。 得益于优质发电资产，户用光伏业务高速增长。2025 年上半年，户用光伏子 公司正泰安能实现营业收入 147.98 亿元，同比增长 15.58%，净利润 19.01 亿元，同比大幅增长 49.80%。期间公司新增装机容量超 9GW，电站交易规模 超 3GW，资产周转效率持续优化。截至 2025 年 6 月，持有光伏电站总装机容 量达 27.84GW（同比增长 41.28%），其中户用电站装机容量为 24. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25][29] Core Views - The company's revenue for the first half of 2025 was 4.67 billion yuan, a year-on-year increase of 17%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 45% year-on-year [9][19] - The traditional business's gross margin is under pressure, and the company is waiting for the ramp-up of AI server power supply orders [3][4] - The AI server power supply business is expected to gradually increase in volume, with the company being one of the few domestic suppliers capable of high-power, high-efficiency server power supply technology [3][22] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 22.1%, down 3.6 percentage points year-on-year, and a net profit margin of 4.0%, down 4.0 percentage points year-on-year [9][19] - The second quarter of 2025 saw revenue of 2.36 billion yuan, an 8% increase year-on-year, but a 62% decrease in net profit [9][19] Business Segments - The smart home appliance control segment generated revenue of 2.15 billion yuan, up 7% year-on-year, while the power supply segment generated 1.16 billion yuan, up 5% year-on-year [2][19] - The new energy and rail transit segment saw significant growth, with revenue of 510 million yuan, a 151% increase year-on-year [21][19] Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026 to 480 million yuan and 780 million yuan, respectively, while maintaining a forecast of 1.02 billion yuan for 2027 [4][25] - The expected revenue for 2025 is 9.79 billion yuan, with a year-on-year growth of 19.8% [24][23]