宗长青进一步表示，多项调查和研究显示，我国经济长期向好的基本面没有改变，吸收外资的综合竞争优势没有改变，大多数跨国公司投资中国的信心和战 略没有改变，仍然看好中国市场长期发展前景，有些正在继续加大对华投资。 比如，德国宝马集团在沈阳的合资企业华晨宝马，近日已经实现全面复工。宝马集团表示，将继续推进30亿欧元的新厂区建设和产品升级投资计划，以实际 行动传递出投资中国的坚定信心和稳定预期。 此外，针对下一步对外资的支持措施，宗长青指出，首先是加强分类指导、精准帮扶，优先保障在全球供应链中有重要影响的外资龙头企业和配套企业复工 复产，协调推动汽车、电子等领域外资企业和上下游企业同步复工。 每经记者｜张怀水 每经编辑｜陈旭 2月27日，商务部召开网上例行新闻发布会。 自新冠肺炎疫情发生以来，叠加春节假期因素，我国各类企业都不同程度受到疫情带来的不利影响，这是否会导致国内产业链、供应链向国外迁移呢？ 对此，商务部外资司司长宗长青表示，从长远和总体上看，疫情对供应链、产业链的影响是阶段性的、短期的，中国在全球供应链、产业链的重要地位不会 因为疫情影响而改变，当前也并没有出现供应链、产业链因疫情影响向国外大规模转移的现象。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Shenzhou International, Tabo, and Huayi Group, with respective PE ratios of 15x, 15x, and 21x for 2025 [6][30][34]. Core Views - The recent performance of downstream brand Nike is gradually improving, which is expected to benefit upstream manufacturing companies through order recovery [2][3][31]. - The textile and apparel industry is experiencing fluctuations in orders and profit performance in the short term, but the long-term competitive landscape is expected to optimize, particularly for companies with integrated and international supply chains [30][32]. Summary by Sections Recent Revenue Reports - In October 2025, revenue for Feng Tai Enterprises, Yu Yuan Group (manufacturing), and Ru Hong decreased by 2.3%, 7.7%, and 6.9% year-on-year, respectively. Cumulatively from January to October 2025, their revenues changed by -4.1%, +1.2%, and +4.1% [1][15][17]. - China's apparel and accessories export value from January to October 2025 was $126.2 billion, down 3.8% year-on-year, while textile yarns and fabrics exports were $117.7 billion, up 0.9% [1][23]. Downstream Brand Performance - Nike's revenue is showing signs of improvement, with inventory conditions also stabilizing. This is expected to lead to order recovery for upstream manufacturers like Shenzhou International and Huayi Group [2][26][31]. - Other brands such as Amer and On are maintaining strong growth, while Adidas is actively restocking [2][3]. Investment Recommendations - The report recommends focusing on companies that are likely to benefit from Nike's recovery, including Shenzhou International, Tabo, and Huayi Group, as well as other strong performers in the sportswear sector like Anta Sports and Li Ning [3][32][34]. - In the fashion and leisure apparel segment, companies like Bosideng and Hailan Home are highlighted for their potential growth as the winter season approaches [32][33]. Market Trends - The report notes that the Southeast Asian countries are outperforming China in apparel exports, with Vietnam's textile exports growing by 7.7% year-on-year from January to October 2025 [1][23]. - The overall market for sportswear is expected to show resilience despite fluctuations, with long-term growth potential [12][32].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Shenzhou International, Anta Sports, Li Ning, and Bosideng, among others [10][40]. Core Insights - Puma's Q3 2025 performance shows a significant revenue decline of 15.3% year-on-year to €1.96 billion, with a gross margin decrease of 2.6 percentage points to 45.2%. The company is undergoing a restructuring phase in 2025, focusing on distribution adjustments and cash management [1][15]. - The report highlights the resilience of the sports footwear and apparel sector, with expectations for long-term growth despite current challenges. It emphasizes the potential recovery of upstream manufacturing orders as Nike's fundamentals improve [3][27]. - The report identifies specific investment opportunities in the industry, recommending companies with strong performance and growth potential, such as Anta Sports and Li Ning, which have corresponding P/E ratios of 16 and 17 for 2025 [26][40]. Summary by Sections Puma Q3 2025 Performance - Puma's revenue decreased by 15.3% year-on-year to €1.96 billion, with a currency-neutral decline of 10.4%. The adjusted operating profit fell by 83.3% to €39.5 million, and the net profit was a loss of €10 million [1][15]. - The company is implementing a stock clearance plan, expecting inventory levels to normalize by the end of 2026 [1][15]. Regional and Business Model Analysis - The report notes a 15.4% decline in wholesale business to €1.39 billion, while DTC (Direct-to-Consumer) revenue grew by 4.5% to €570 million, driven by e-commerce growth [25][36]. - Revenue across all regions declined, with the Americas down 15.2% to €680 million, Asia-Pacific down 9% to €370 million, and EMEA down 7.1% to €910 million [25][36]. Investment Recommendations - The report recommends Shenzhou International, with a 2025 P/E of 14, and Tabo, also with a 2026 P/E of 14, as key beneficiaries of Nike's improving fundamentals [26][40]. - It also highlights Anta Sports and Li Ning as strong long-term growth candidates, with P/E ratios of 16 and 17, respectively [27][40]. - For the fashion and leisure apparel segment, Bosideng is recommended with a 2026 P/E of 13, while Hai Lan's Home and Luolai Life are also noted for their growth potential [28][40].

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [6] Core Insights - The textile and apparel industry is experiencing a weak recovery, with the jewelry sector showing better growth compared to clothing [14] - The domestic sportswear market is expected to maintain long-term growth resilience despite short-term fluctuations in offline sales [1] - The report highlights the importance of inventory management and the impact of promotional events on sales performance [1][2][26] Summary by Sections 1. Sports Footwear and Apparel - The sports footwear and apparel sector showed weaker performance in Q3 2025 compared to Q2 but still outperformed the overall apparel market [1] - Offline sales for domestic sports brands remain weak, while e-commerce channels are performing better [1] - Inventory levels for domestic sports brands increased in Q3 due to preparations for the National Day holiday and Double Eleven sales [1] - Adidas reported a 6% year-on-year revenue growth in Greater China for Q3 2025, while Nike's sales in the region declined [1][18] 2. Brand Apparel - The brand apparel sector showed improvement in Q3 2025, with revenue and net profit growth of 3.1% and 23.2% respectively, driven by a low base effect [2] - The home textile segment benefited from product updates, while the fashion apparel category faced weak demand due to low consumer confidence [2] - The report anticipates continued reasonable expense management and stable profit growth for some companies in Q4 2025 [2] 3. Textile Manufacturing - Revenue for key textile manufacturing companies remained relatively stable, with a slight decline in net profit [3] - Companies with different customer structures showed varied performance, with some like Huayi Group achieving a 7% revenue growth by expanding their client base [3] - The report suggests that as inventory levels normalize, there may be a recovery in orders from upstream manufacturing companies [3] 4. Gold and Jewelry - The gold and jewelry sector experienced performance differentiation, with retail sales of gold and silver jewelry increasing by 11.5% year-on-year in the first nine months of 2025 [4] - Companies with fewer stores or a direct sales model reported excellent revenue growth, with some like Chao Hong Ji and Man Ka Long achieving revenue increases of 28.3% and 29.3% respectively [4] - The report recommends focusing on companies with strong product and channel capabilities in the jewelry sector [4] 5. Investment Recommendations - The report recommends several companies based on their performance and market positioning, including Shenzhou International, Anta Sports, Li Ning, and Chow Tai Fook, highlighting their respective PE ratios for 2025 [4][9]

Group 1: Semiconductor Industry Research Methodology - The semiconductor industry is characterized by strong cyclical properties, with significant price fluctuations influenced by inventory levels, utilization rates, and expansion rhythms [5][19]. - The industry is driven by the "Moore's Law," which promotes technological and product iterations, alongside a trend of localization versus global division of labor [5][19]. - The growth of the semiconductor industry is intertwined with two cycles: the technology innovation cycle and the supply-demand cycle [15]. Group 2: Identifying High-Growth Trend Stocks - The Dividend Discount Model (DDM) serves as a theoretical foundation for asset pricing, focusing on company profitability and macroeconomic conditions [22]. - Relative valuation is essential in practice, relying on comparisons across international, industry, and company levels, with key metrics including capital expenditure, revenue, and profit [23]. - High-growth stocks are primarily driven by earnings per share (EPS) growth, which is critical for identifying potential investment opportunities [24]. Group 3: Specific Company Insights - Northern Huachuang is highlighted for its high technical barriers and clear competitive landscape, making it a leading player in the semiconductor sector [33]. - Luxshare Precision has demonstrated high performance in fulfilling product lines, significantly benefiting from major clients like Apple [42]. - Zhaoxin Microelectronics has seen substantial stock price increases due to its core RF module manufacturing capabilities, driven by the transition from 4G to 5G [45].

Core Viewpoint - The article discusses the recent downturn in the US stock market and its impact on various markets, particularly highlighting the potential investment opportunities in Southeast Asia's technology sector amidst global uncertainties [1][3]. Market Reaction - The US stock market experienced a significant drop, leading to a total liquidation amount of $19.133 billion in the cryptocurrency market within 24 hours, indicating a severe market reaction [1][2]. Southeast Asia Investment Thesis - Southeast Asia is projected to be a focal point for global capital over the next 3-5 years, driven by the ongoing US-China tariff conflicts and the region's economic resilience [3][4]. Macroeconomic Foundations - The average real GDP growth rate for ASEAN-6 countries is expected to remain around 4.5% from 2024 to 2029, significantly higher than the global average of 3.0% and developed economies' 2.2% [8]. - The region benefits from a demographic dividend, with a labor force participation rate of 65%-70% and an average age of 28-31 years by 2025, indicating a young and growing workforce [11]. Digital Economy Potential - Southeast Asia is one of the fastest-growing digital markets globally, with a digital economy projected to exceed $260 billion by 2024, yet with an e-commerce penetration rate of only about 15%, indicating substantial growth potential [12][14]. Industry Dynamics - The region is experiencing a shift in the global supply chain, attracting significant international investment in technology sectors, particularly in semiconductors and AI, with Southeast Asia contributing approximately 20% of global semiconductor exports [17][19]. - The monetary policy environment is becoming more favorable, allowing for lower financing costs for technology companies, with expected EPS growth rates of 7% and 9% for 2025 and 2026, respectively [19][23]. Key Companies Performance - Leading technology companies in Southeast Asia are transitioning from scale expansion to profitability improvement, with notable performances from Sea Group, Grab, and GoTo, indicating a shift towards high-quality development [20][21]. Foreign Investment Trends - Investment flows into Southeast Asia are showing a stable upward trend, with EPS growth rates for Vietnamese and Thai companies expected to reach 19% and 15% in 2025, respectively [22][23]. Valuation Opportunities - The Southeast Asia technology index presents a favorable valuation compared to high-flying US tech stocks, with a projected P/E ratio of 18.5, providing a safety margin for investors [24][27].

Group 1 - The core of the negotiations between the US and China is a strategic contest, with both sides aware that reaching a consensus is unlikely, yet reluctant to acknowledge this reality [3][5] - The US is attempting to exert pressure on China regarding data security issues related to TikTok, while China views this as an infringement on its technological sovereignty [3][5] - The US is facing challenges due to its declining manufacturing capabilities and increasing political instability, which complicates its position in negotiations with China [5][7] Group 2 - The choice of Madrid as the negotiation venue reflects a nuanced recognition of China's position in global diplomacy and a subtle counterbalance to US influence [5] - The ongoing military exercises by China signal its vigilance against potential threats and showcase its defensive capabilities on the international stage [5] - The upcoming elections create a sense of urgency for the US to achieve a diplomatic victory, while China remains firm on its core interests, indicating a complex and unpredictable negotiation landscape [7]

Group 1 - The Consumer Price Index (CPI) in South Korea rose by 1.7% year-on-year in August, a significant slowdown from 2.1% in July and below the economists' expectation of 1.9% [1] - The primary driver for this unexpected cooling was a substantial reduction in communication costs, particularly due to SK Telecom's policy to halve mobile bills for 20 million users, resulting in a monthly decline of over 13% in communication service prices [1] - Excluding this one-time factor, the actual price dynamics in South Korea remain resilient, with food and non-alcoholic beverage prices increasing by 4.9%, education costs rising by 2.4%, and essential living expenses such as water, electricity, and fuel growing by 1.3% [1] Group 2 - Despite strong external demand, with semiconductor exports up 27.1% year-on-year and automotive and ship exports increasing by 8.6% and 11.8% respectively, the South Korean economy faces significant internal and external challenges [2] - The retail sales figures show a five-year growth trend, but underlying issues such as high household debt and a bubble in the real estate market raise concerns about consumer confidence, which reached a seven-year high [2] - The Bank of Korea is in a policy dilemma, maintaining the benchmark interest rate at 2.5% due to high housing prices and mortgage levels, while emphasizing the need to consider housing costs in defining price stability [2] Group 3 - A recent phase trade agreement between the South Korean government and the United States has locked in goods tariffs at 15%, which, while lower than the previously threatened 25%, still represents a significant increase compared to previous years [3] - Analysts believe this added cost pressure may accelerate the shift of more companies in South Korea to relocate their supply chains, intensifying the structural adjustment pressures on the economy [3]

Core Viewpoint - Apple is shifting the production of the iPhone 17 series to India, marking a significant change in the global supply chain dynamics and raising questions about the future of manufacturing in China and India [1][5]. Group 1: Apple's Strategic Move - By 2025, India is projected to account for 44% of smartphone imports to the U.S., surpassing China as the largest supplier [5]. - Apple plans for the iPhone 18 series to be "almost entirely dependent on Indian manufacturing" by the end of 2026, indicating a major shift in production strategy [5]. - This move is seen as a gamble by Apple CEO Tim Cook to enhance supply chain security amid increasing U.S.-China tensions [6][12]. Group 2: Cost and Quality Considerations - Labor costs in India are significantly lower, with Indian workers earning between 2000-3000 yuan per month compared to 6000-8000 yuan in China, which could lead to cost savings for Apple [7]. - However, quality control issues persist in Indian manufacturing, with reports of lower quality standards compared to Chinese factories [6][9]. - Apple is reportedly increasing quality checks by involving Chinese engineers to oversee production in India, which may raise costs [9]. Group 3: Implications for Chinese Manufacturing - The shift of production to India may force Chinese manufacturers to innovate and move towards higher value-added industries, as they can no longer rely solely on assembly for profits [10][14]. - China's manufacturing strength lies in its complete industrial system and the ability to produce high-tech components, which India currently lacks [11]. - The transition may also lead to a more competitive landscape for Chinese manufacturers, pushing them to focus on innovation and technology development [10][14]. Group 4: Consumer Impact - U.S. consumers may face variability in product quality, with potential issues arising from the Indian manufacturing process, leading to a "lottery" effect when purchasing iPhones [12][13]. - The long-term implications for consumers include the need for vigilance regarding product quality and the potential for increased prices despite cost savings in production [7][12]. - The overall consumer experience may be affected by the shift in production, with the risk of receiving subpar products from Indian factories [9][12].

Core Viewpoint - Apple is facing significant challenges in relocating its AirPods production to India due to a critical shortage of the rare earth element dysprosium, which is essential for manufacturing the magnetic components of the earbuds [1][4][6]. Group 1: Dysprosium's Importance - Dysprosium is a key component in the magnets used in AirPods, and its scarcity poses a risk to production [4][6]. - China produces over 90% of the world's dysprosium, making it a crucial player in the supply chain [5][8]. - The global demand for dysprosium exceeds its annual production, leading to a reliance on existing stockpiles [8][12]. Group 2: Apple's Shift to India - Apple's move to India is driven by a desire for supply chain diversification amid geopolitical pressures [6][10]. - The initial setup of the production line in India faced immediate challenges due to the lack of local dysprosium suppliers [6][7]. - The Indian workforce is less efficient compared to their Chinese counterparts, impacting production rates [9][10]. Group 3: Supply Chain Realities - The logistics of sourcing materials from China to India adds significant costs and delays, undermining the benefits of relocating production [9][10]. - Apple's previous attempts to shift production to India for iPhones revealed similar supply chain limitations, leading to a return to China [10][12]. - The perception of India as a viable alternative to China for manufacturing is questioned due to its current capabilities [9][12]. Group 4: Geopolitical Context - China's export controls on rare earth elements are framed as a response to historical trade practices by Western countries [12][13]. - The narrative of "decoupling" from China is challenged by the reality of supply chain dependencies that Apple and other companies face [10][14]. - The situation highlights the complexities of global supply chains and the challenges of resource management in a competitive landscape [12][14].