Investment Rating - The report maintains a positive outlook on the apparel industry, particularly highlighting Adidas' strong performance and growth potential in the coming quarters [1][9]. Core Insights - Adidas reported a revenue of €6.153 billion in Q1 2025, marking a year-on-year increase of 12.73%. The Greater China region showed remarkable growth with revenues of €1.029 billion, up 14.72% year-on-year [1][9]. - The company has achieved positive growth for eight consecutive quarters since the leadership change in Q1 2023, indicating strong brand momentum [1][9]. - The footwear segment led revenue growth with a 17% year-on-year increase, accounting for 61% of total revenue. Apparel and accessories also saw growth of 8% and 10%, respectively [1][9]. - The report emphasizes the company's proactive measures to mitigate tariff challenges, including early customs clearance and product reallocation [1][10]. Industry Data Tracking - The apparel retail sector experienced a year-on-year growth of 3.6%, which is below the overall consumption growth, primarily due to adverse weather conditions affecting spring apparel sales [2][12]. - The report notes a gradual improvement in terminal consumer power, with March retail sales showing a significant increase compared to January and February [12][14]. - Raw material prices remained stable, with specific price changes noted for various cotton grades and synthetic fibers [15][16]. Investment Recommendations - The report suggests focusing on apparel brands like Hailan Home, which is adapting to consumer trends and has significant growth potential. It also highlights the potential benefits for Tmall from the recovery of Adidas and Nike brand strength [3][25]. - For upstream manufacturing, the report recommends leading textile manufacturers such as Zhejiang Natural and Shenzhou International, which are expected to benefit from increased orders due to their strong risk resilience [3][25]. Market Review and Company Announcements - The textile and apparel sector saw a slight decline of 0.10% in the past week, with notable individual stock performances [4][24]. - Key company announcements include Hailan Home's revenue of ¥20.957 billion for 2024, a decrease of 2.65%, and Zhejiang Natural's revenue growth of 21.75% for the same period [4][34].

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

以下文章来源于申万宏源宏观 ，作者赵伟 屠强等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵 伟 申万宏源证券首席经济学家 屠 强 资深高级宏观分析师 联系人： 屠强、耿佩璇 摘要 事件： 4月10日，国家统计局公布3月通胀数据，CPI同比-0.1%、前值-0.7%、预期-0.1%、环比-0.4%； PPI同比-2.5%、前值-2.2%、预期-2.2%、环比-0.4%。 核心观点：家电CPI环比创新高，或与价格采样的样本相关，但同时反映商品需求改善 3月PPI表现仍较弱，油煤等大宗价格下行构成拖累，同时中下游产能利用率偏低格局仍在延续。 3月PPI 环比-0.4%。从影响因素看，前期国际油价下行令国内油价回落(环比-6%)，石油开采(-4.4%)、石油加工 PPI(-2.3%)环比均为负；天气转暖令煤炭需求回落，煤炭价格环比降幅较大(-7.9%)，测算油、煤价格拖累 PPI环比-0.5%。而铜价持续上涨，测算铜价支撑PPI环比0.1%。同时中下游产能利用偏低，压制PPI恢 复。 核心商品PPI偏弱背景下，家电CPI环比创十年新高，或与商品CPI改善，价格采样向"以旧换新"商品倾 斜有关。 ...