中美日内瓦经贸会谈发布联合声明点评：中美贸易摩擦预计将大幅缓和，OEM龙头有望估值修复

Investment Rating - The industry investment rating is "Recommended" indicating a positive outlook for the industry fundamentals and expected outperformance of the industry index compared to the benchmark index [3][9]. Core Insights - The US-China trade friction is expected to significantly ease, which may lead to a valuation recovery for leading OEMs in the manufacturing sector [1][7]. - Strong order stability is noted among leading manufacturers, with a focus on those with robust cross-regional capacity layout, high profit margins, quality customer structures, and strong order certainty [1][7]. Industry Overview - The industry comprises 295 listed companies with a total market capitalization of 1784.7 billion and a circulating market capitalization of 1558.7 billion [3]. - Recent performance metrics show an absolute performance of 13.1% over one month, 4.3% over six months, and 7.3% over twelve months, with relative performance of 8.8%, 10.6%, and 2.3% respectively [5]. Key Companies and Projections - Jiuxing Holdings: A leading manufacturer of sports fashion footwear with strong design and production efficiency, expected net profits of 190 million, 211 million, and 232 million USD for 2025-2027, corresponding to a PE of 9.5X for 2025 [7]. - Jingyuan International: A global leader in garment manufacturing, projected net profits of 234 million, 274 million, and 317 million USD for 2025-2027, with a current market cap corresponding to a PE of 8X for 2025 [7]. - Shenzhou International: A leading garment OEM with improving capacity utilization and efficiency, expected net profits of 6.61 billion, 7.25 billion, and 7.98 billion CNY for 2025-2027, corresponding to a PE of 12.5X for 2025 [7]. - Huali Group: A leading manufacturer of sports and leisure footwear, with projected net profits of 4.13 billion, 4.72 billion, and 5.39 billion CNY for 2025-2027, corresponding to a PE of 16X for 2025 [7]. - Weixing Co.: A company pursuing internationalization, benefiting from its Vietnam factory, with a current market cap corresponding to a PE of 18X for 2025 [7].