汇率方面，9月，美元指数收平于月初的97.8，前期市场对美联储降息已有充分定价，美元阶段性下跌 压力基本释放。非美货币相对疲弱对美元亦有支撑，日元、英镑兑美元分别下跌1.1%、0.5%。 另在资产价格方面，温彬称，以美元标价的已对冲全球债券指数上涨0.7%，美股延续强势上涨，9月美 国标普500指数上涨3.5%。美联储降息向全球释放流动性，主要经济体股市保持高景气，日经指数上涨 5.4%，欧洲斯托克指数上涨1.2%，股债双强对外储形成支撑。 黄金储备上，据人民银行官网发布的最新官方储备资产数据，截至9月末，中国官方黄金储备为7406万 盎司（约2303.523吨），较上月末增加4万盎司（约1.24吨）。目前，人民银行已连续11个月增持黄金。 国家金融与发展实验室特聘高级研究员庞溟指出，从短期来看，9月金价累计涨幅超过10%，创14年最 大月度涨幅。人民银行连续11个月增持黄金，但增持规模略低于近几个月环比增加6万到7万盎司的水 平，显示出人民银行继续在优化储备结构、扩大黄金储备规模和控制增持成本等目标间取得动态平衡， 以更好地进行投资组合流动性管理、规避地缘政治不确定性和市场风险、对冲其他类别金融资产波动 性 ...

温彬认为，中美贸易谈判稳步推进，国际贸易环境的不确定性有所收敛，叠加中国贸易伙伴多元化、出 口商品结构优化，出口继续发挥稳定跨境资金流动的基本盘作用。中国稳步扩大金融市场开放，拓宽跨 境投融资渠道，人民币多元化资产配置功能凸显，境内证券市场对外资吸引力有望继续增强。中国经济 保持总体平稳、稳中有进，高质量发展取得新成效，有利于外汇储备规模保持基本稳定。(完) （文章来源：中国新闻网） 对于黄金储备，国家金融与发展实验室特聘高级研究员庞溟指出，从短期来看，9月份金价累计涨幅超 10%，最新数据则显示，中国央行继续增持黄金，但9月份增持的规模略低于此前数月的水平，显示出 央行继续在优化储备结构、扩大黄金储备规模和控制增持成本等目标间取得动态平衡，以更好地进行投 资组合流动性管理，规避地缘政治不确定性和市场风险，对冲其他类别金融资产波动性。 中新社北京10月7日电 (记者夏宾)中国国家外汇管理局7日发布数据显示，截至2025年9月末，中国外汇 储备规模为33387亿美元，较8月末上升165亿美元，升幅为0.5%，黄金储备为7406万盎司。按SDR(特别 提款权)计，中国外汇储备为24352.47亿SDR。 中国民生 ...

Core Viewpoint - Jianfa Xingsheng (00731) reported a net loss of HKD 41.16 million for the first half of 2025, representing a year-on-year increase of 21.7% in losses, attributed to a decline in revenue and pricing pressures in the paper products market [1] Financial Performance - The company's revenue for the first half of 2025 was HKD 640 million, a decrease of 3.7% year-on-year [1] - The basic loss per share was HKD 0.029 [1] Market Conditions - The decline in revenue is primarily due to a complex and changing international trade environment, weak consumer market recovery, and overall pricing pressure in the packaging paper market, leading to a drop in unit selling prices for paper products [1]

Core Insights - The company, Jianfa Xingsheng (00731), reported a mid-year performance for 2025 with revenues of HKD 640 million, reflecting a year-on-year decline of 3.7% [1] - The company experienced a net loss of HKD 41.16 million, which is an increase of 21.7% compared to the previous year [1] - Basic loss per share was reported at HKD 0.029 [1] Revenue Analysis - The decrease in revenue is attributed to a complex and changing international trade environment, weak consumer market recovery, and overall pricing pressure in the packaging paper market, leading to a drop in unit selling prices for paper products [1]

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and Bosideng, among others [5][10][36]. Core Insights - The textile and apparel industry is experiencing fluctuations in revenue, with notable differences in performance between companies in China and Southeast Asia. For instance, Vietnam's textile exports have shown significant growth compared to China's [1][18]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with these attributes will outperform the industry in 2025 [3][34]. - The report highlights the impact of changing tariff policies in Southeast Asia, which may affect profit distribution within the manufacturing sector in the short term, while long-term competition is expected to improve for integrated and internationalized companies [4][35]. Summary by Sections Textile and Apparel - In July 2025, revenue performance varied among apparel manufacturers, with Feng Tai Enterprises reporting a -8.8% year-on-year decline, while Yu Yuan Group saw a +0.5% increase [1][13]. - China's apparel and accessory exports from January to July 2025 totaled $88.62 billion, down 0.3% year-on-year, while textile exports increased by 1.6% to $82.12 billion [18]. - Vietnam's textile exports during the same period reached $22.59 billion, up 13.7%, and footwear exports were $14.09 billion, up 9.9% [18]. Footwear and Sportswear - The report indicates a stable recovery in the consumer environment for clothing and home textiles, with a focus on the robust performance of the sportswear segment [2][33]. - Companies like Anta Sports and Xtep International are highlighted for their strong growth potential, with respective 2025 PE ratios of 17 and 11 [36]. Jewelry Sector - Companies like Chow Tai Fook and Chao Hong Ji are recommended for their improving product strength and channel efficiency, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][34]. Manufacturing Sector - The report suggests that companies with lower exposure to the U.S. market and stable profitability, such as Shenzhou International, are well-positioned, with a 2025 PE ratio of 12 [4][35]. - The report also notes the importance of new customer collaborations and international capacity expansion for companies like Huali Group and Weixing Co., both with a 2025 PE ratio of 17 [32][35].

Core Viewpoint - The company, Jianfa Xingsheng (00731.HK), anticipates a consolidated net loss of approximately HKD 38.0 million to HKD 43.0 million for the six months ending June 30, 2025, compared to a consolidated net loss of about HKD 33.8 million in the previous period [1] Summary by Relevant Categories Financial Performance - The expected consolidated net loss for the current period is projected to increase due to a decline in paper product sales prices, resulting in a slight decrease in revenue [1] - The reduction in government incentives related to special VAT deductions for the company's subsidiary, Yuantong Paper Industry (Shandong) Co., Ltd., decreased by approximately HKD 6.3 million compared to the previous period [1] Market Conditions - The company is facing challenges due to a complex international trade environment and a sluggish recovery in the consumer market, which are contributing factors to the decline in sales prices [1]

Core Viewpoint - The company, Jianfa Xingsheng (00731), anticipates a consolidated net loss of approximately HKD 38 million to HKD 43 million for the six months ending June 30, 2025, compared to a consolidated net loss of about HKD 33.8 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The expected consolidated net loss for the upcoming period represents an increase compared to the previous period [1] - The decline in paper product sales prices due to a complex international trade environment and weak consumer market recovery has contributed to a slight decrease in revenue [1] - The reduction of government incentives related to special VAT deductions for the company's subsidiary, Yuantong Paper Industry (Shandong) Co., Ltd., has decreased by approximately HKD 6.3 million compared to the previous period [1]

Core Viewpoint - The company expects a slight decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating challenges in the current international trade environment and transitional impacts on overseas production capacity [1] Financial Performance - The projected revenue for the first half of 2025 is between 2.64 billion and 2.667 billion yuan, compared to 2.667 billion yuan in the same period last year, showing a potential decrease [1] - The expected net profit attributable to shareholders is between 1.224 billion and 1.251 billion yuan, down from 1.36 billion yuan in the previous year, reflecting a year-on-year decline of 8% to 10% [1] Business Development - The company's sales business development is progressing in an orderly manner, but uncertainties in the international trade environment are causing some short-term disruptions [1] - The transitional period for the relocation of overseas production capacity is having a temporary impact on order shipments [1]

Core Viewpoint - The European Commission plans to impose a €2 tax on small packages entering the EU, primarily from China, citing concerns over control and security [1] Group 1: Trade Environment - China advocates for an open and inclusive international trade environment, which aligns with the common interests of all parties involved [1] - The Chinese government hopes that the EU will adhere to its commitments to openness and provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises [1] - The Chinese side aims to create favorable conditions for China-EU economic and trade cooperation [1]

Group 1 - The Chinese Ministry of Foreign Affairs expresses hope that France will provide a public, transparent, and non-discriminatory business environment for Chinese enterprises [1] - The spokesperson, Guo Jia Kun, addressed questions regarding France's upcoming transfer tax on small packages from China, suggesting inquiries be directed to relevant Chinese authorities [1] - The Chinese side is willing to work with other countries to create an open and inclusive international trade environment [1]