在广东东莞，有一个总面积不到120平方公里的小镇，全球每5件毛衣，就有一件来自这里。这就是有 着"世界毛织之都"之称的大朗镇。如今的大朗毛织正在从"汗水经济"转向"智慧经济"，打造毛织界 的"大朗速度"。 东莞小镇打造毛织产业"大朗速度" 入秋的东莞天气仍然炎热，但在大朗镇巷头社区，这家服饰公司的门店已经在更换今年秋冬季的新款毛 衣了，公司负责人刘墨介绍，他们的秋冬季产品从九月初就开始上新，几乎每周都要更换一遍。 国产织机助力大朗刷新"织造速度" 在一家毛衣生产企业，负责人向记者展示了"一线成衣"的电脑横机，设计师在3D模拟软件上设计款 式，车间内的织机就开始了自动编织，一件毛衣两小时左右就从设计图变成了成品。 这种进口的一体成型机要100多万元一台，让很多中小企业望而却步，难道就没有"国产平替"吗？有， 而且就是大朗制造。 在大朗镇这家机械科技公司，记者见到了最新问世的国产一体成型织机。公司负责人林养高告诉记者， 早在六七年前，就有一些企业主拿着进口一体成型机的介绍找到他，询问能否生产类似的更经济实惠的 机型，林养高当即决定抓住机会，自己进行试制。真正做起来他发现没那么简单。 大朗镇的国产一体成型织机，速度 ...

Core Insights - The article highlights the transformation of Dalang Town in Dongguan, known as the "World Wool Knitting Capital," from a "sweat economy" to a "smart economy," emphasizing the speed and innovation in the wool knitting industry [1] Industry Overview - Dalang Town covers an area of less than 120 square kilometers and produces 900 million sweaters annually, with 28,000 wool textile enterprises [4] - The town is collaborating with the China Textile Industry Federation to establish itself as the "World Wool Knitting Capital" [4] Business Adaptation - A clothing company in Dalang has shifted to a "small order quick response" model to counteract declining foreign trade, increasing its domestic sales order ratio from under 10% two years ago to nearly 20% [6] - Local authorities are assisting businesses in simplifying trade processes and improving export efficiency, with Huangpu Customs reporting a 30% year-on-year increase in market procurement exports of clothing, reaching 1.097 billion yuan in the first eight months of the year [8] Technological Advancements - Dalang Town has over 150,000 wool knitting machines, with more than 30,000 being high-end computer-integrated knitting machines [9] - Domestic one-piece knitting machines have become popular, costing less than one-tenth of imported models while achieving similar speeds, with 80% of the machines in use being domestic [15] Design and Innovation - The demand for independent design in the wool knitting industry is rising, with companies transitioning from mere manufacturing to leading fashion trends [16] - Designers are increasingly incorporating market trends into their creations, with one designer developing 300 to 500 new products each quarter [21] - A design training school in Dalang was established to address the growing need for design talent, offering courses and opportunities for participation in national fashion events [23]

文 | 鲸商，作者 | 达而闻 眼下，义乌正站在一个关键的十字路口。 向下是碎片化的性价比市场；一带一路国家的贸易增加，东亚、拉美等地区迎来人口爆发的红利，这些 新兴市场碎片化订单增加，想买高性价比的商品尝鲜。 向上是消费升级；凭借"世界超市"的基础，客户不再满足中国制造业的低价红利，想要更有设计感的产 品。义乌也想完成品牌的转型，减少同质化竞争。 对外，贸易战、地缘政治已经是不可避免的大环境，做外贸需要更高的抗风险的能力。对内，90后和00 后正在成为消费和创业的主力军。他们会喜欢稀奇古怪的丑东西，会有自己独特的商业思路。 一切都在对义乌市场的旧货盘发起冲击。 "长账期和价格战让整个行业陷入同质化的竞争当中。"声帅科技CEO夏志文表示。义乌全球数贸中心进 行行业课题研究发现，抖音销售的食品饮料产品，只有价格带在10元以下的部分销售额出现了增长；服 饰鞋包同样只有低于50元的产品销售有增长。 或许在超级性价比的基础上，还有情绪价值这条出口。 "年轻人就是要情绪价值。现在有那么多网红打卡店，主要是为了拍照片，甚至你问这家店的味道怎么 样。很多人可能都没反应过来。但是会反复地看照片。"义乌鉴鉴织带CEO龚红英谈到 ...

Group 1: Key Recommendations - The report emphasizes a shift towards quality over quantity, which is driving a recovery in industrial enterprise profits, with a notable increase in profit growth in August 2025 [5][7][10] - The report highlights that the cumulative profit of industrial enterprises from January to August 2025 has increased by 0.9% year-on-year, reversing a previous decline of 1.7% [9][10] - The report suggests that the improvement in revenue profit margins is a significant contributor to the profit growth, with August 2025 showing a profit margin increase to 17.53%, marking a substantial recovery [11][12] Group 2: Company Analysis - Jack Technology (杰克科技) - Jack Technology has launched a new AI-powered sewing equipment brand, Aitu, which aims to enhance sewing efficiency through deep learning and data integration [15][16] - The company is transitioning from traditional single-machine operations to a more integrated digital and automated production model, with plans to introduce humanoid robots by 2026 [16][17] - Jack Technology's overseas revenue reached 1.785 billion yuan in the first half of 2025, accounting for 52.93% of total revenue, indicating a strong global market presence [17] Group 3: Industry Insights - The report notes that the industrial sector is experiencing a recovery, with significant profit growth in the midstream raw material manufacturing sector, which saw a profit increase of 68.1% in August 2025 [12][14] - The report indicates that the overall electricity consumption in society increased by 5.0% year-on-year, contributing to a 51.2% profit growth in the public utility sector [12][13] - The report outlines that the chemical and non-ferrous metal industries are expected to see average annual growth rates of over 5% from 2025 to 2026, supported by government initiatives [20][21]

这两天，国内服装圈流行一句话：为了一件衣裳到广州。 据不完全统计，广州拥有服装企业及关联企业近5万家、服装服饰品牌7000个以上、服装设计师上万 名，具有总体规模大、经营品种多、供货能力强等特点。 从区域分布来看，广州服装商贸集散功能主要集聚于海珠区、越秀区、天河区和荔湾区，生产主要集聚 于白云区、番禺区和增城区。 从销售额来看，广州纺织服装销售额约占全国10%，产品辐射全球100多个国家和地区。2024年，广州 纺织服装大类商品出口达460.9亿元，成为万亿外贸中的重要支撑。 近日，2025广东时装周开幕，国内半个时装圈的人都跑到番禺了，广州作为"中国衣都"、"世界衣橱"的 行业地位，再次得到彰显。 在广州，一件成衣从设计到发货走完全部流程，最快只需一天，这种极致的供应链能力，既培育出一大 批像UR、比音勒芬、歌莉娅、骆驼等知名服装品牌，也培育出"小单快反"的柔性供应链模式，助力希 音等跨境电商在国际市场大放异彩。 有人说，广州的服装人已经把服装供应链分拆到"原子级"的颗粒度，并实现"像素级"的精准掌控，下面 就来展开说说。 01 庞大的产业规模 广州的服装产业规模有多大？ 数据显示，广州是全国四大服装制造 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage in this regard [3]. Core Viewpoints - The company is positioned as a leader in the sewing equipment industry, leveraging AI technology and global expansion to enter a new development phase. The launch of the AI sewing machine brand Aitu represents a cutting-edge direction in industry technology, which is expected to strengthen its market position [3][25]. - The trend of "small batch quick response" in the garment manufacturing industry necessitates digital management and intelligent equipment, driving the transformation of production models and the update of production lines [1][15]. - The company has established a global marketing network, achieving overseas revenue of 1.785 billion yuan in the first half of 2025, accounting for 52.93% of total revenue, surpassing domestic revenue [3][23]. Summary by Sections 1. Business Situation - The company has evolved into a leading enterprise in the sewing equipment industry, transitioning from a traditional equipment manufacturer to a provider of intelligent manufacturing solutions. It plans to release humanoid robots in late 2026, integrating robotics and automation technology into customer scenarios [7][22]. 2. Industry Overview - The digital transformation in the textile industry is expected to drive equipment upgrades, with fixed asset investment in the textile and apparel sector increasing by 20.1% year-on-year from January to August 2025 [16]. The sewing machinery industry has seen a 32.5% year-on-year increase in export delivery value in the first half of 2025 [16]. 3. Company Outlook - The company is committed to product innovation, with plans to enhance the intelligent level of industrial sewing machines. It has established a robust R&D framework, with a goal to increase R&D expenditure to 10% of sales in the next 3-5 years [21][22]. The introduction of AI sewing machines is anticipated to create new growth points [25]. 4. Profit Forecast and Valuation - The company is projected to achieve revenues of 6.606 billion yuan, 7.529 billion yuan, and 8.288 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 956 million yuan, 1.110 billion yuan, and 1.303 billion yuan [2][25]. The report indicates a favorable valuation with a projected PE ratio of 23.96 for 2025 [3][28].

"线下展会是我们获客的重要形式，除了9月的法国展会，接下来还有10月的澳大利亚展会、11月的东京 展会等。"黄芳说，公司每年至少参加5场国内外展会，明年可能会增加到7场。 同时，泉州鹏泰服饰有限公司副总经理赵文宏刚结束一场与客户的会议，并将于第二天赶赴公司在柬埔 寨的工厂。"我们是一家集纺织、服装生产、海外销售等为一体的全产业链公司，在石狮市、晋江市、 柬埔寨拥有三大生产基地。"赵文宏告诉记者。 正在法国参加展会的济达（上海）纺织品有限公司创始人、总经理黄芳，在接待客户间隙接受了证券时 报记者采访。 一个在欧洲展会抢订单，一个到东南亚工厂盯生产，黄芳和赵文宏是中国千千万万忙碌的外贸人的缩 影，也是中国外贸在复杂的外部形势下依旧保持韧性的鲜活注脚。海关总署最新数据显示，今年前8个 月，我国货物贸易进出口总值为29.57万亿元，同比增长3.5%。不过，韧性增长的背后亦存在压力与挑 战，关税政策的不确定性、订单碎片化趋势、市场竞争的持续加剧，均考验着变局中的每一个外贸人。 数据印证了市场多元化策略的成效。今年前8个月，我国虽然对美国进出口同比下降13.5%，但对东盟 进出口同比增长9.7%，对欧盟的进出口也同比增长 ...

Core Insights - Jiangsu Province is actively promoting its foreign trade development through various initiatives, achieving a 59.9% export share to emerging markets from January to July 2023, an increase of 12.6 percentage points compared to 2020 [1][3] Group 1: Trade Development Initiatives - Jiangsu is enhancing support for trade exhibitions and credit insurance policies targeting emerging markets, with 65% of provincial trade promotion plans focused on these markets [3] - The establishment of the China-Central Asia Trade Cooperation Platform aims to facilitate foreign trade development [3] - The province is pushing for the development of cross-border e-commerce, achieving full coverage of cross-border e-commerce pilot zones, and creating 30 cross-border e-commerce industrial belts [3][4] Group 2: Industrial Transformation - Jiangsu is guiding enterprises to adapt to new foreign trade demands characterized by "small batches, personalized orders, and quick delivery" by promoting flexible manufacturing and digital transformation [3][5] - The province is transitioning its industrial foreign trade approach from traditional methods to a balanced online and offline strategy, encouraging the use of cross-border e-commerce [4][5] - Jiangsu is focusing on balanced development across various markets, including ASEAN, Africa, and Latin America, leveraging RCEP and free trade agreements to explore new market potentials [5]

Group 1: Textile Industry Transformation - Hubei Province aims to achieve a textile industry scale of 300 billion yuan by 2027, with a focus on developing a 100 billion yuan textile and apparel industry cluster and a 100 billion yuan e-commerce base [2][3] - The province plans to enhance its textile structure, targeting a chemical fiber production capacity of 1.5 million tons and increasing the local dyeing industry's matching rate to over 55% [2] - Hubei will promote digital transformation in the textile sector, utilizing technologies like VR and AR, and establishing a digital marketing network to connect consumers directly with factories [3][4] Group 2: Food Industry Development - Hubei's food industry is projected to exceed 700 billion yuan in total output value by 2027, with a focus on upgrading the food supply to meet new consumer trends towards health and convenience [5][6] - The province aims to shift from primary processing of agricultural products to deep processing, developing a pre-prepared food model that combines planting, processing, and distribution [6][7] - Hubei will promote the production of functional and high-end food products, targeting a market shift towards health-oriented and personalized food options [7]

Core Viewpoint - SHEIN, a leading player in the cross-border fast fashion sector, has faced significant challenges in its IPO journey since 2020, including regulatory hurdles and competitive pressures, prompting a potential return to China to facilitate its listing process [1][15][17] Group 1: Company Structure and Regulatory Challenges - SHEIN's complex ownership structure, initially designed for overseas listing, has become a barrier due to tightened regulations, with a significant portion of its operations and assets being based in China [3][4] - The implementation of the "Management Measures for the Issuance of Securities and Listing by Domestic Enterprises Overseas" in March 2023 emphasizes the importance of substance over form, which may hinder SHEIN's ability to meet compliance requirements for overseas listings [3][4] - Regulatory scrutiny has intensified, with the SEC and EU raising concerns about SHEIN's corporate structure and potential tax evasion, complicating its plans for a Singapore listing [4][12] Group 2: Tax Compliance and Financial Performance - SHEIN's initial move to Singapore was motivated by favorable tax rates, but the shift has now become a liability in terms of compliance and potential delays in its IPO process [6][7] - The company has seen a significant slowdown in revenue growth, with a 23% increase in H1 2024 and net profits dropping over 70%, leading to a decrease in valuation from over $100 billion to approximately $50 billion [10][12] - Tax issues have been highlighted as a major concern, with 37% of Hong Kong-listed Chinese companies facing inquiries related to tax compliance, which could further delay SHEIN's IPO [7][13] Group 3: Competitive Landscape - SHEIN faces fierce competition from both traditional fast fashion brands like ZARA and H&M, which are enhancing their digital capabilities, and emerging brands focusing on sustainable fashion [8][14] - The rise of competitors such as TEMU, which is aggressively targeting the same supplier base, has strained SHEIN's supply chain and reduced its competitive edge [10][14] - Global trade protectionism and regulatory changes have increased operational costs, with the U.S. canceling tax exemptions on cross-border packages and the EU imposing new taxes, further complicating SHEIN's market position [9][13] Group 4: Future Outlook and Strategic Challenges - The potential return to China is seen as a way to address compliance issues, but it does not resolve the underlying competitive challenges SHEIN faces in the fast fashion industry [8][15] - The company must improve supplier relationships, product quality, and brand image to regain market share and investor confidence amid a rapidly changing retail landscape [10][15] - SHEIN's future trajectory will depend on its ability to navigate regulatory complexities and adapt to evolving consumer preferences, particularly in the context of increasing demand for sustainable products [12][17]