背靠李宁、安踏、安德玛等一众头部运动品牌，运动鞋履专业代工厂商龙行天下正式启动A股上市征程，拟冲击上交所主板。 公司近日公告披露，已于2025年12月12日向广东证监局提交上市辅导备案材料，并于12月17日获受理确认，招商证券担任辅导机构。南都·湾财社记者梳理 发现，尽管公司近年业绩保持增长态势，但高客户集中度、毛利率承压、行业竞争白热化等多重挑战，正成为这家代工厂冲刺IPO的现实考验。此次冲击资 本市场背后有何战略考量？面对发展瓶颈又将如何破局？南都·湾财社记者就此向龙行天下发函采访，但截至发稿暂未收到公司回复。 业绩稳步增长，全球产能布局成型 公开资料显示，成立于1998年的龙行天下集团，总部位于东莞，专注于运动鞋履的开发设计、生产与销售，凭借多年行业积累，已成为国内具备规模优势的 专业制造商。 据公司披露的财务数据，龙行天下经营业绩呈现持续增长态势。2023年实现营业收入42.11亿元，归母净利润2.07亿元；2024年营收同比增长32.71%至55.88 亿元，归母净利润同步提升至2.78亿元。2025年上半年，公司延续增长势头，营收同比增长13.74%至29.32亿元，但归母净利润较上年同期下降10 ...

| 对比维度 | 具体数据 | 简要分析 | | --- | --- | --- | | 全球发电格局 | 中、美两国合计发电量占全球约49%。 | 两国占据了全球近一半的电力产能,这 | | | | 是其他国家难以企及的工业基础。 | | 东盟电力总规模 | 2022年发电总量约1.1万亿度,计划 | 整个东盟的规划发电总量,尚不及中国 铝产业(5200亿度) 与中国合成纤维产 | | | 2025年达1.4万亿度。 | 业(约500亿度)的耗电量之和。 | | 关键产业耗电案例 | 1. 合成纤维:中国年产能需电约500亿 | 单个高耗能产业的用电需求,就可能需 | | | 度。 | 要占用一个中型国家(如越南年发电 | | | 2. 铝冶炼:中国年耗电约5200亿度。 | 2764亿度)相当大比例的电力资源。 | | 与中国制造业总耗电 | 中国第二产业用电量6.39万亿度,其中 | 这意味着,仅中国制造业的用电量,就 相当于需要超过3个按计划发展的"全东 | | 对比 | 纯制造业用电4.79万亿度。 | | | | | 盟"发电量来支撑。 | 东南亚国家中，只有印尼和越南进入全球发电量前20名。印尼 ...

你可能想不到，最近让华盛顿一些顶级智库彻夜难眠的，不是太平洋上游弋的航母，而是一座中国南方的热带岛屿。 这听起来有点匪夷所思，但事实是，他们焦虑的根源，并非军事上的对峙，而是他们全球霸权的命脉——美元体系，正被一种悄无声息的方式，撬动了根 基。 这把"铲子"，就藏在海南。 它搞了一个叫"多功能自由贸易账户"的东西，听着很专业，但说白了，就是开辟了一条金融上的"新干线"。 以前，东南亚国家和中国做生意，大多得先把本国货币换成美元，再用美元结算，等于无论愿不愿意，都得在美国的金融体系里走一遭，受美元汇率波动的 影响。 现在，通过海南这个账户，双方可以直接用人民币来结算。 就在2025年前11个月，海南的跨境人民币结算规模已经达到了惊人的4845亿元，而且这个数字还在不断攀升。 这就像是在美元这条唯一的全球金融高速公路上，硬生生修出了一条崭新的人民币快速通道。 国际金融观察家们指出，这正在亚洲贸易的核心地带，构建一个独立于传统结算体系的"人民币循环圈"，其长期影响不可估量。 光有金融工具还不够，得有实实在在的生意来支撑。 一艘名叫"苏门答腊号"的印尼货船，满载着棕榈油，没有像往常一样拐去新加坡卸货报关，而是直接开到 ...

Company and Industry Summary Company: 伟星股份 (Weixing Co., Ltd.) Key Points - **Domestic and Overseas Market Performance** - Domestic replenishment orders are significantly noticeable, while overseas markets maintain growth but at a slower pace. The fourth quarter is expected to outperform the third quarter, but revenue recognition may have timing discrepancies, necessitating attention to December's replenishment situation [2][6][7] - **Vietnam Industrial Park Development** - The Vietnam industrial park is progressing normally, with expectations of breakeven or profitability by the second half of 2026. However, production delivery capabilities and employee skills need improvement. There is strong customer interest in the Vietnam supply chain, but order transfers will take time, impacting future revenue expectations [2][5][8] - **Domestic Business Margins** - Domestic business gross margins remain stable, primarily relying on incremental orders from existing customers rather than new customer acquisition. The product structure is continuously changing, but overall gross margin levels are relatively stable, providing reference for investors [2][9] - **Credit Business Performance** - The credit business shows good growth but is still operating at a loss, with expectations for improvement in the next one to two years. The core drivers remain in the zipper and button business, which are expected to dominate growth in the next three to five years [2][10] - **Tariff Impact** - Tariff costs are shared across the supply chain, with minimal impact on auxiliary materials. The company frequently quotes prices rather than engaging in one-time negotiations, maintaining confidence in stable gross margins, which is valuable for investors [2][11][12] - **Internationalization Trends** - There is an increasing consensus on internationalization within the industry, with accelerated shifts of the supply chain to Southeast Asia. Although overseas competition is intensifying, it also presents more opportunities. Engagement with U.S. clients has increased, with ongoing price competition and small-batch trends remaining unchanged [2][13] - **Competitive Pricing and Market Position** - The company has a clear advantage in the supply chain, with prices lower than major competitor YK. However, significant price adjustments from suppliers are rare. The overall market is expected to face considerable pressure next year, with stable but slower growth anticipated due to the maturity of the apparel accessory industry [3][15][14] - **Future Demand and Growth Outlook** - The company remains optimistic about future demand, although it acknowledges potential pressures from consumer sentiment and investments in the Vietnam project. The apparel accessory industry is expected to grow steadily but at a slower rate than in previous years [15] - **Overseas Expansion Focus** - Future overseas expansion will focus on Vietnam and other Southeast Asian regions, with key clients including Nike, Adidas, and Uniqlo, although the depth of cooperation varies [16] - **Impact of Automation** - Automation is expected to positively influence overall operational quality but is unlikely to significantly enhance gross margins, as the company already operates at a high margin level [17] - **Employee Composition and Training in Vietnam** - The Vietnam factory currently employs around 600 people, primarily local staff, with a few key personnel dispatched from the domestic team. Improving local employee skills is crucial for future operational success [18][20][21] - **Order Fulfillment and Trends** - Recent order fulfillment timelines remain stable, with replenishment typically taking around ten days. Winter orders are expected to dominate until January, with some spring orders already received, albeit in smaller quantities [22][23] - **Taxation and Currency Impact** - The company benefits from a 15% tax incentive, while other operations are subject to a standard 25% tax rate. The Vietnamese operations enjoy tax incentives as well. Currency fluctuations have not significantly impacted the company [25] - **Challenges in Vietnam Operations** - The Vietnam operations face challenges in production delivery capabilities and employee skill levels compared to domestic and Bangladeshi teams. Local supply chain efficiency also needs improvement, but these issues are expected to gradually resolve over time [8][20] - **Financial Performance and Losses** - The Vietnam base incurred a loss of approximately 16 million yuan in the first half of the year, primarily due to exchange losses. The total annual loss is projected to be around 20 million yuan, but operational losses are expected to decrease as orders increase [27] - **Inventory and Sales Impact** - Last year's warm winter led to inventory buildup, affecting sales. The company has a short order cycle of about half a month to a month, and while feedback for the upcoming year is increasing, it remains modest. Overall market sentiment appears more positive than before [28]

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].