安踏公司公告 2025Q4 运营数据:25Q4 主品牌/FILA/ 其他品牌同比低单位数负增长/中单位数正增长/35-40%正 增长。2025 全年安踏/FILA/其他品牌零售金额同比录得低 单位数/中单位数/45-50%的正增长。 特步公司公告 2025Q4 运营数据：Q4 主品牌零售流水同 比持平，折扣为七到七五折，25Q4 索康尼零售销售实现超 过 30%同比增长。2025 全年主品牌/索康尼品牌零售金额同 比录得低单位数/超过 30%的正增长，特步主品牌存货约四 个半月。 投资建议：我们分析，（1）制造类：此前市场对 25Q4 和 26 年展望乐观，但 25 年 12 月初以来有所调整，受海外 需求放缓影响。制造优选成长，推荐百隆东方、健盛集 团、开润股份；（2）品牌类：近期高端消费已现复苏迹 象，26 年不排除有通胀高企可能性，利好消费板块。品牌 优选利润弹性，推荐锦泓集团、歌力思、罗莱生活、稳健 医疗。（3）推荐宝洁金佰利产业链:推荐洁雅股份（受益 于品牌自有产能转移），受益标的：延江股份。 ► 线上数据跟踪：淘宝天猫平台 25 年 12 月女装增速有 所提升，恺米切增速最高 882 [Table ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] Summary by Sections 1. Weekly Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] 2. Market Review - The Shanghai Composite Index rose by 0.84%, while the SW textile and apparel sector increased by 3.83%, outperforming the Shanghai Composite Index by 2.99% [14] - The top five stocks in the textile and apparel sector by weekly increase were Tianchuang Fashion, Yanjing Co., Mengjie Co., Tanshan Outdoor, and Sanfu Outdoor [14] 3. Industry Data Tracking 3.1. Raw Material Data - The Australian wool market index rose by 6.49% in the week ending January 15, 2026, and has increased by 38.49% since the beginning of 2025 [4][32] - The cotton price index in China decreased slightly, with a year-to-date increase of 1.83% as of January 23, 2026 [26] 3.2. Export Data - In 2025, textile and apparel exports totaled $267.79 billion, a year-on-year decrease of 2.26% [45] - In December 2025, the export value of oilcloth, tents, and sunshades decreased by 8.89% year-on-year [50] 3.3. End Consumer Data - In December 2025, the online retail sales of the apparel industry decreased by 11.93% year-on-year, with a total of 45.55 billion yuan [3.3.4] - The total retail sales of social consumer goods in 2025 grew by 0.9% year-on-year, while online retail sales increased by 8.6% [3.3.5]

[Table_Title] 必和必拓 2025Q4 铜产量环比减少 4%至 49.05 万 吨，2026 财年铜产量指引为 190-200 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 证券研究报告|行业研究报告 ► 2025Q4 分业务表现 1）铜 2025Q4，铜总产量为 49.05 万吨，同比减少 4%，环比减少 1%。 [Table_Date] 2026 年 1 月 23 日 2025Q4，铁矿石总产量为 6970 万吨，同比增加 5%，环比增加 9%。 2025Q4，铁矿石成交均价为 85.33 美元/湿吨，同比上涨 4%， 环比上涨 2%。 3）焦煤 2025Q4，必和必拓三菱联盟公司（BMA）产量为 860 万吨 （100%基础），同比减少 3%，环比减少 12%。 2025Q4，焦煤成交均价为 196.72 美元/吨，同比下跌 1%，环 比上涨 9%。 4）动力煤 2025Q4，动力煤产量为 460 万吨，同比增加 25%，环比增加 31%。 2025Q4，动力煤成交均价为 96.24 美元/吨，同比下跌 23%， 环比上涨 1%。 2 ...

证券研究报告|行业研究报告 [Table_Title] 泰克资源 2025Q4 铜产量同比增加 9.9%至 13.41 万 吨，2026 年铜产量指引维持 41.5-46.5 万吨 [Table_Title2] 有色金属-海外季报 [Table_Date] 2026 年 1 月 23 日 [Table_Summary] 季报重点内容: ► 生产经营情况 2025 年铜产量 45.35 万吨，同比增加 1.7%，符合先前披露的 指导目标，这得益于第四季度所有资产的强劲运营表现。 Quebrada Blanca 矿区第四季度表现突出，铜产量达 55,400 吨，期间公司持续推进尾矿库建设，并始终专注于运营稳定性 及向稳态运营的过渡。2025 年第四季度铜销量低于产量，主要 因十二月天气及海况导致 QB 短期库存积压，致使部分发货延 至 2026 年初。2025Q4 铜产量 13.41 万吨，同比增加 9.9%，环 比增加 28.9%。 2025 年精矿锌产量 56.5 万吨，同比减少 8.3%，处于此前披露 指导区间的高位。第四季度精矿锌销量为 15.72 万吨，Red Dog 矿区所有发货均于季度初完成，符合常 ...

2025Q4，公司稀土氧化物(REO)产量为 2,382 吨，环比减 少 40%，同比减少 9%。 2025Q4，公司稀土氧化物(REO)销量为 2,359 吨，环比减 少 36%，同比减少 18%。 证券研究报告|行业研究报告 [Table_Date] 2026 年 1 月 23 日 [Table_Title] Lynas 2025Q4 REO 产量环比减少 40%至 2,382 吨，NdPr 产量环比减少 30%至 1,404 吨，镝铽产 量为 26 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 1）Mt Weld（稀土氧化物 REO） 2025Q4，稀土氧化物(REO)平均实现价格为 85.6 澳元/公 斤，环比上涨 58%，同比上涨 74%。平均售价的上涨反映了基 准价格的提高以及独立于市场指数定价的销售份额的增加。四 季度的积极市场情绪延续至 2026 年 1 月。 Mt Weld 混合可再生能源发电站的 4 台风力涡轮机自 11 月以来全部投入运行。这显著提升了发电效率，12 月份该发电 站 92%的电力来 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 22 日 [Table_Title] 发布 2026 年股权激励草案，促进机器人业务发展 [Table_Title2] 安联锐视(301042)事件点评 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 97.19/28.31 | | 目标价格： | | 总市值(亿) | 56.36 | | 最新收盘价： | 80.84 | 自由流通市值(亿) | 53.37 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 公司发布 2026 年限制性股票激励计划（草案），此次激励计划拟向激励对象授予权益 220 万股，占公告时公司 总股本 3.16%。激励对象为 7 名核心骨干人员，授予价格为 40.14 元/股，业绩考核条件为 2026-2028 年，以 2025 年为基数，营业收入增长率或净利润增长率分别>=10%、20%、30%，预计 ...

[Table_Title2] 安联锐视(301042)事件点评 证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 22 日 [Table_Title] 发布 2026 年股权激励草案，促进机器人业务发展 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 97.19/28.31 | | 目标价格： | | 总市值(亿) | 56.36 | | 最新收盘价： | 80.84 | 自由流通市值(亿) | 53.37 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 公司发布 2026 年限制性股票激励计划（草案），此次激励计划拟向激励对象授予权益 220 万股，占公告时公司 总股本 3.16%。激励对象为 7 名核心骨干人员，授予价格为 40.14 元/股，业绩考核条件为 2026-2028 年，以 2025 年为基数，营业收入增长率或净利润增长率分别>=10%、20%、30%，预计 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 01 月 21 日 [Table_Title] 与索尼达成战略合作，助力全球竞争力增强 [Table_Title2] TCL 电子(1070.HK) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 1070 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 12.5/6.54 | | 目标价格(港元)： | | 总市值(亿港元) | 315.12 | | 最新收盘价(港元)： | 12.5 | 自由流通市值(亿港元) | 315.12 | | | | 自由流通股数(百万) | 2,520.94 | [Table_Summary] 事件概述 根据公司 1 月 20 日公告， TCL 电子已与索尼达成意向备忘录，拟与索尼成立一家合资公司，其中 TCL 电子持 股 51%，索尼持股 49%，合资公司主要承接索尼家庭娱乐业务，并在全球范围内开展包括电视、家庭音响等产品 在内的从产品研发、设计、制造、销售到物流与客户服务的一体化业务运营，同时，合资 ...

Group 1 - The report highlights a calm surface in the stock and bond markets, while underlying capital flows are active, with the A-share index rising by 0.57% and trading volume decreasing by 180.5 billion yuan compared to the previous day [1] - The report notes a significant increase in trading volume for broad-based ETFs, with the Shanghai Composite 50 ETF reaching its highest trading volume since 2016, indicating a potential shift towards a "slow bull" market [2] - The semiconductor sector saw a notable rebound, with the Wind Semiconductor Index increasing by 3.46%, driven by CPU price increases and demand from AI applications [3] Group 2 - In the bond market, the 10-year government bond yield stabilized at 1.83%, with a cautious sentiment prevailing in the morning session, but later improved as demand for 7-year bonds exceeded expectations [4] - The report discusses two key themes: unexpected tax period easing and a sudden activation of trading in long-term bonds, with the 30-year government bond yield dropping by 4.5 basis points over two days [5][6] - The report indicates that the supply of government bonds in January was lower than expected, leading to a temporary improvement in the supply-demand relationship in the bond market [6] Group 3 - The commodity market continues to show a mixed pattern, with precious metals and lithium carbonate leading gains, while industrial metals have rebounded [7][8] - The report notes a significant inflow of funds into gold, with over 11.6 billion yuan entering the market, reflecting heightened risk aversion among investors [8][9] - The report warns of potential volatility in lithium carbonate prices due to reliance on market sentiment and the possibility of regulatory changes affecting trading dynamics [10]