2026展望：制造板块关税扰动逐步消退，品牌关注复苏机遇及高增细分赛道。 智通财经APP获悉，中信证券发布研报称，2025年，纺织制造与品牌端分别经历了外部环境的压力测 试，关税冲击与宏观环境压力扰动龙头公司经营，但龙头公司仍展现了优异的经营韧性。展望2026年， 制造板块的关税扰动有望逐步消退，品牌端建议关注复苏机遇及高增细分赛道。 综合梳理三条投资主线：一、纺织制造板块中，关税扰动逐渐消退，长期增长趋势不改，同时2026年各 龙头代工厂订单展望积极，盈利能力有望触底回升，同时部分龙头公司仍存在较大估值回升弹性。二、 品牌服饰板块中，参考海外龙头品牌公司走出2008年金融危机的经验，通过低谷期修炼内功，本土品牌 有望抓住零售复苏带来的经营改善机遇。三、户外运动主线，户外鞋服是鞋服行业中的景气度最高的赛 道之一，行业增长呈现提速趋势。同时除户外鞋服以外，部分户外装备赛道同样处于高景气周期。 2025复盘：关税冲击纺织制造公司经营，品牌服饰销售端持续承压。 复盘2025年来纺服板块表现，纺织制造与品牌端分别经历了外部环境的压力测试。具体来看，纺织制造 板块受4月关税冲击，短期订单波动带来产能利用率承压，通过经营 ...

Core Viewpoint - Kowloon Warehouse Properties (01997) reported a significant decline in its stock price, dropping over 10% following the release of its mid-year results for 2025, indicating ongoing challenges in the retail sector and potential impacts on future earnings [1] Financial Performance - The company reported a revenue of HKD 6.407 billion for the first half of the year, a year-on-year decrease of 1.45% [1] - Shareholders faced a loss of HKD 2.406 billion, which represents a substantial year-on-year increase of 128.71% [1] - Excluding the impairment of investment properties, the unaudited net profit was HKD 3.119 billion, slightly down from HKD 3.123 billion in the same period last year [1] Management Outlook - The Chairman and Executive Director, Wu Tianhai, expressed cautious optimism regarding the retail market, noting that while there are positive signs in the second quarter, the sustainability of these improvements into the third quarter remains uncertain [1] - The management's conservative outlook is reflected in expectations of low single-digit declines in rental renewals for the second half of the year, which aligns with market expectations [1] Asset Enhancement Plans - The company is evaluating an asset enhancement plan for its Marco Polo Hotels, which is expected to require capital expenditure of approximately HKD 2 billion [1] - The full renovation is anticipated to commence by the end of 2026, with a projected temporary impact of 5% to 6% on rental income during the enhancement period [1]

Core Viewpoint - Singapore's retail sales showed a year-on-year increase of 1.4% and a month-on-month increase of 1.0% in May, marking one of the strongest monthly performances of the year, driven primarily by a rebound in automobile sales, although non-automotive retail remains weak [1][2]. Group 1: Retail Sales Performance - The increase in retail sales was largely attributed to a significant rebound in automobile sales, which rose by 10.4% year-on-year, supported by an increase in the Certificate of Entitlement (COE) quota [1]. - Excluding automobiles, retail sales remained flat year-on-year in May, marking the lowest level since February, with a growth of only 0.8% in April [1]. - Non-essential consumer sectors are still experiencing declines, with clothing and footwear sales down 5.3% year-on-year, and department store sales down 3.9% [1]. Group 2: Monthly and Yearly Trends - The month-on-month growth of 1.0% in May was almost entirely driven by automobile sales; without this segment, overall retail sales would have declined by 0.6% [2]. - Year-to-date retail sales growth for the first five months of 2025 is at 1.0%, lower than the growth rates of 1.4% in 2024 and 2.3% in 2023, indicating a sluggish retail environment [2]. Group 3: Employment and Economic Factors - The employment market is under pressure, with only 2,400 net new jobs added in Q1 2025, significantly lower than the 7,700 jobs added in Q4 2024, and the unemployment rate increased from 1.9% to 2.1% [2][3]. - Consumer confidence is further impacted by a decrease in companies planning to raise wages, dropping to 21.2% from 21.7% [3]. Group 4: Future Outlook - The retail sector is expected to face growth challenges in the second half of the year, despite potential short-term boosts from government-issued vouchers aimed at stimulating domestic demand [3]. - Global policy risks, particularly the potential for unilateral tariffs from the U.S. on Singapore, could further strain the retail environment and consumer confidence [3].