证券研究报告 | 行业周报 gszqdatemark 2025 07 13 年 月 日 黄金珠宝：中长期来看标的公司向内寻求产品与渠道力提升，以增强市场竞争力。 面对金价高企的态势，我们判断消费者或加强对于产品设计以及品牌力的关注， 2025 年具有明确产品差异性以及强品牌力的公司有望跑赢行业。 ➢ 关注产品力以及渠道效率不断提升的标的公司【周大福、潮宏基】，受产品 结构优化带动 FY2025 周大福经营利润同比增长 10%，周大福当前股价对 应 FY2026PE 为 18 倍，潮宏基股价对应 2025 年 PE 为 26 倍。 服饰制造：关税政策落地或短期利好板块公司估值提升。考虑服饰制造龙头布局 国际化产业链（销往美国部分估计多以东南亚产能供给为主），我们判断短期板 块公司订单和出货基本正常，中长期具备一体化和国际化产业链的龙头公司预计 持续享受份额提升。 ➢ 我们推荐关注估值性价比较高的【申洲国际】，对应 2025 年 PE 为 12 倍； 关注新客户合作推进顺利、产能加速国际化布局的【华利集团】，对应 纺织服饰 周专题：服饰制造公司 6 月营收公布，环比 5 月改善 【本周专题】 近期部分服饰制造公司 ...

Core Insights - The "Demon King" themed swimwear has gained significant popularity among consumers, featuring a bright yellow top with a black tiger stripe design reminiscent of Sun Wukong's outfit, making it a focal point for wearers [1] - JD.com is currently promoting a summer sale, offering discounts of 10% on various swimming products, including collaborations with brands like Zoke, Arena, and Speedo [1][7] Product Offerings - JD.com has partnered with Zoke to launch a range of co-branded swimming gear, including children's swim trunks, silicone swim caps, one-piece swimsuits, dry-wet separation backpacks, and bath towel capes [3][4] - The children's swim trunks feature a stylish print and a four-way stretch design for comfort, while the silicone swim cap showcases a fun design inspired by the "tightening spell" [3] - Other offerings include comfortable and professional swimwear options, such as Zoke's women's one-piece swimwear, which is chlorine-resistant and flattering, and Arena's "Little Cutie" series with unique comic prints [6] Promotions and Discounts - During the summer season, JD.com is providing additional discounts on swimwear, goggles, and anti-fog products, encouraging consumers to explore the "Fashion Summer" event for great deals [7]

源Sight . 源Sight，关注互联网前沿生态和新兴商业。 瑜伽江湖再掀波澜。 文 ｜ 安然 来源｜ 源Sight（ID： gh_95838c8306c1） 封面来源 ｜ pexels 以下文章来源于源Sight ，作者源Sight 在瑜伽服领域，四大门派正在围攻光明顶。 据GymSquare消息，英国瑜伽服品牌Sweaty Betty中国区业务已被中国代运营公司宝尊电商收购。 据悉，这一收购目前还在早期阶段，相关人员安排尚未明朗，但从内部架构来看，负责Sweaty Betty品牌运营的，或为宝尊品牌管理（BBM）团队。这意 味着，Sweaty Betty中国将与GAP和Hunter共用运营团队。 另一备受瞩目的美国瑜伽品牌Alo Yoga也有新动作。 7月初，Alo的亚洲首家旗舰店——韩国首尔岛山公园旗舰店正式营业。这也是Alo在泰国、马来西亚、印尼、新加坡外，于亚洲布局的第五个国家。结合 去年年底的上海选址传闻，有业内人士指出，Alo进军中国市场只差临门一脚。 在中国市场上，更早入局的美国品牌Vuori正在加速扩店，预计"中国将会是我们销售和店铺数量上最大的市场"；国产品牌中，背靠安踏集团的MAIA ...

Group 1 - The core viewpoint of the articles highlights the innovative collaboration between Weiqiao Chuangye Group and State Power Investment Corporation in developing the Hongye 2GW fish-solar complementary photovoltaic project, which integrates clean energy generation with ecological aquaculture [2][4][5] - Weiqiao Chuangye Group operates 18 production bases globally, employs 100,000 staff, and has total assets of 305 billion yuan, positioning itself as a significant player in the industry [1] - The Hongye project has a total investment of approximately 9 billion yuan, covers an area of about 45,000 acres, and has a total installed capacity of 2 million kilowatts, featuring the largest 220kV booster station in the country [2][4] Group 2 - The project is expected to generate 1.6 billion kWh of electricity in 2024, equivalent to saving 650,000 tons of coal and reducing carbon dioxide emissions by 1.3 million tons [4] - Upon completion, the project will provide nearly 3 billion kWh of green electricity annually, saving 1.3 million tons of coal and reducing carbon dioxide emissions by 2.6 million tons [4] - The project exemplifies a successful model of "water-based photovoltaic power generation, underwater aquaculture, and industrial salt production," showcasing high-quality development through resource integration [4][5] Group 3 - Weiqiao Chuangye Group's subsidiary, Huimeng New Materials Co., Ltd., has invested in a smart factory with an annual production capacity of 4 million tons of alumina, which includes various advanced production facilities [5][7] - The alumina production process utilizes Bayer's advanced technology, producing high-quality alumina with an aluminum oxide content of over 98.99% and sodium oxide content below 0.25% [7] - The green electricity generated from the Hongye project will primarily meet the electricity needs of the alumina production process, contributing to a reduction of 910,000 tons of carbon dioxide emissions annually [7]

Group 1 - The core point of the article highlights the significant sponsorship deal between top badminton player An Se-young and Yonex, valued at 10 billion KRW (approximately 53 million RMB) over four years, setting a new record for badminton athlete sponsorships [1] - Other notable Korean players, Seo Seung-jae and Kim Won-ho, have also signed with Yonex for annual sponsorships of 2.2 billion KRW and 1.5 billion KRW respectively, both for four-year terms [1] - Li Ning attempted to secure An Se-young with an offer of 3.5 billion KRW annually, indicating a competitive landscape for athlete endorsements in badminton [1] Group 2 - The badminton market is experiencing a surge in demand, with the global market size reaching 7.148 billion RMB in 2023 and projected to grow to 10.506 billion RMB by 2029 [7] - The price of badminton shuttlecocks has doubled from approximately 95 RMB to 190 RMB per dozen, driven by increased material costs and rising demand for the sport [3][4] - The participation rate in badminton in China is high, with 250 million people engaged in the sport, making it the most popular racket sport in the country [6] Group 3 - Yonex has a dominant position in the badminton industry, signing a total of 37 athletes, including top stars like Lin Dan and Lee Chong Wei, which enhances its brand visibility and market share [11] - The company reported a record net sales of 138.2 billion JPY for the fiscal year ending March 2025, with an 18.8% year-on-year growth [12] - Over 70% of Yonex's sales come from overseas, with a significant portion from the Asian market, particularly China, due to its sponsorship of the national badminton team [13] Group 4 - Li Ning is shifting its focus back to professional sports, including badminton, after a period of emphasizing fashion and lifestyle branding, indicating a strategic pivot to regain market influence [10] - The competitive landscape is intensifying, with emerging brands challenging established players like Li Ning and Yonex, necessitating innovation and strategic adjustments to maintain market share [14]

行 业 及 产 业 纺织服饰 2025 年 07 月 09 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 内需温和复苏，有望加速回升；外需受关税冲击，加剧景气分化。1）内需：1-5 月我 国服装鞋帽、针纺织品零售额 6138 亿元（同比+3.3%），其中 4 月、5 月分别同比 +2.2%、+4%，延续 25Q1 的温和复苏态势。考虑到服装零售上年自 6 月起呈现连续 低基数，我们预计后续即将进入加速回升窗口。2）外需：1-5 月我国纺织服装出口额 1167 亿美元（同比+1%），其中纺织品 585 亿美元（同比+2.5%），服装及衣着附件 582 亿美元（同比-0.5%）。相较之下，1-5 月越南纺织品 ...

今年以来，中国运动服饰市场竞争白热化。其中，瑜伽服赛道竞争最激烈。据报道，中国电商与品牌 运营公司宝尊在7月初已完成对英国高端瑜伽服品牌Sweaty Betty在中国市场业务的收购。明星瑜伽品 牌Alo Yoga也以轻奢质感逐步扩大中国市场占有率。 中国瑜伽服装市场规模大 瑜伽品类凭借其对女性健康生活方式的精准触达，在中国市场展现出强劲的增长动能。据中研普华产 业研究院报告，截至2024年底，中国瑜伽相关市场规模已突破800亿元，年复合增长率保持在15%以 上。 这一增长趋势吸引了众多企业入局，其中，lululemon在中国区的销售额持续增长，侧面反映出瑜伽服 这一品类依旧"受宠"。据其最新财报，2024财年三季度全球净营收24亿美元，实现了9%的同比增长， 中国市场的净营收达到3.18亿美元，同比增长近40%。 瑜伽服装作为高端运动服饰的竞争要地，中国市场被多个品牌看作"潜力股"。服装业内人士分析，中 国瑜伽服装市场正经历从高速增长到精耕细作的关键转型期，本土品牌在中高端市场积极部署，并逐 渐获取话语权。 本土品牌更注重服装多场景设计 被安踏收购后的MAIA ACTIVE，更聚焦瑜伽领域的产品策略与核心城市 ...

Group 1: Coal Industry - The introduction of the "430, 531" policies is expected to reduce the profitability of new energy projects, leading to a slowdown in new energy development after a surge in installations in early 2025, with a potential demand turning point for thermal coal expected around 2027 [2][5][6] - The rapid growth of new energy installations has significantly pressured thermal power demand, with the share of thermal power generation capacity decreasing from 66.75% in 2015 to 43.88% in 2024 [4] - The report recommends leading companies in the coal sector, including Shaanxi Coal and Chemical Industry, Jinkong Energy, China Shenhua, and others, as they are expected to benefit from the easing of pressure on thermal coal [3] Group 2: Beverage Industry - The tea beverage industry is experiencing high demand driven by competition in the takeaway market and the introduction of new product categories, with a forecasted revenue growth of 16% in 2025 [7][8] - The company anticipates a double-digit profit growth in the first half of 2025, with a significant increase in product launches and improvements in supply chain efficiency [8] - The competitive landscape is improving as price wars in the tea beverage sector have begun to stabilize, benefiting brand players [7] Group 3: Stablecoin Industry - The stablecoin market is projected to expand significantly, with potential growth to $3.5 trillion driven by applications in crypto asset trading, cross-border payments, consumer payments, and traditional capital markets [14][15] - Circle, a leading stablecoin issuer, is focusing on building an ecosystem around its USDC stablecoin, which has shown strong revenue growth but faces challenges related to profit margins and regulatory uncertainties [15][14] Group 4: Robotics Industry - The tactile sensor market is expected to see substantial growth, with the potential for a trillion-dollar market as humanoid robots become more prevalent [16][19] - The report highlights the importance of tactile sensors in the development of humanoid robots, indicating a significant market opportunity as production scales increase [19][16] - Various technological routes in tactile sensing are being explored, with a focus on integrating multiple technologies to overcome performance and cost barriers [17][19]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 07 08 年 月 日 朝闻国盛 关注功能性服饰/珠宝龙头，优选具备增量业务个股 今日概览 ◼ 重磅研报 【固定收益】如何定价 50 年国债——20250707 【建材】冰箱能效新国标正式出台，真空绝热板行业放量在即—— 20250707 【纺织服饰】关注功能性服饰/珠宝龙头，优选具备增量业务个股—— 2025 中期策略——20250707 【海外】速腾聚创（02498.HK）-从感知到执行，打造机器人技术平台— —20250707 ◼ 研究视点 【通信】液冷转折点：三大预期差，产业落地刚起步——20250707 【传媒】百度文心大模型 4.5 系列开源，字节发布图像生成新模型 Xverse——20250707 【环保】江河保护治理全面升级，水处理行业望受益——20250707 作者 | 分析师 何亚轩 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680518030004 | | | | | 邮箱：heyaxuan@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 ...

证券研究报告 | 行业策略 gszqdatemark 2025 07 07 年 月 日 纺织服饰 关注功能性服饰/珠宝龙头，优选具备增量业务个股 2025 年 H2 期待服饰珠宝需求稳健复苏，关注产品/渠道层面的新趋势。2025 年 1~5 月服装鞋 帽针纺织品类零售额同比增长 3.3%，金银珠宝类零售额同比增长 12.3%。展望 2025H2， 我们判断市场需求较为平稳，考虑基数效应预计居民服装珠宝需求复苏趋势有望延续。当前 消费需求也在呈现新的特点：1）产品端：多样化需正在逐步显现，运动鞋服板块跑步和户 外等功能性品类增长优异，面对金价高企的态势，具备差异化特性的古法金产品热度越来越 高；2）渠道端：服饰行业门店数量平稳，零售管理和优化成为增长抓手，品牌商积极优化运 营并为消费者提供更好的渠道体验，全渠道融合加速，新型门店业态如奥莱等发展迅速。 投资主线一：品牌服饰优选绩优公司，关注基本面有看点的个股。 1） 港股功能性服饰运营稳健，优选业绩持续兑现的赛道龙头。进入 2025 年运动鞋服板块 终端仍延续了较为稳健的流水增长趋势，同时截至 2025Q2 末我们预计各运动品牌库销 比基本仍在 5 左右，处于健 ...