大跳水，暴跌40%，又土又贵还开遍机场，中产的标配，卖不动了 2025年4月30日，香港股市收盘，那个老箱子品牌的股票又是绿的，收盘价直接闪崩，跌到了三年前的 三分之二，交易大厅里有个男人戴着口罩，眼睛却盯着屏幕发红，他一边打电话一边低声骂着，声音压 低但咬字尖锐，像是怕吵醒谁，又像是咬碎牙齿。 "还买不买了？"我问。 "砍了吧，砍了吧，"电话那头说，"没人要了。" 没人要了，真没人要了？不是说机场还是堆着全新行李箱，玻璃柜后面灯光一亮，像展览品一样安静 吗？可人流过去，偶尔有人停下手指点点，问一句多少钱，然后低头走了。柜姐的笑容有点僵，手指头 在柜台后面不知转着什么小玩意儿，仿佛她们也不想再多说一句。 有个段子在业内流传："以前机场看行李箱认人，现在机场看行李箱认品牌消亡速度。"听起来滑稽，背 后却是真实数据的凝结。2024年中国箱包市场份额前十三，老品牌榜上无名。新品牌攻城略地，名字都 不好记，定价却很"接地气"。 去年这个时候，2024年5月，朋友圈里还能刷到有人晒新箱子，配文大致是"出差必备""提气场"，今年 春天，连话都懒得说。小红书上最火的行李箱帖子点赞过万，牌子却全变了，国产的居多，名字奇奇怪 ...

香港联交所最新资料显示，9月30日，摩根大通增持新秀丽(01910)318.5837万股，每股均价16.7576港 元，总金额约5338.70万港元。增持后最新持股数目约为1.76亿股，最新持股比例为12%。 ...

Core Insights - The integration of "Chinese industry" with "global design" is redefining product possibilities, highlighted by the conclusion of the 2025 Hebei International Industrial Design Week, which attracted participation from over 2,488 design institutions and innovative enterprises from more than 70 countries and regions since its inception in 2018 [1][2] Group 1: Event Overview - The design week showcased over 24,000 design pieces from both domestic and international sources, drawing global attention to the event [1] - High-level exhibitions and international product launches were held, focusing on cutting-edge design trends and facilitating design matchmaking sessions with countries like Italy, Denmark, and Japan [1][2] Group 2: Industry Focus - The design matchmaking sessions targeted specific needs in Hebei's fashion industry clusters, such as bag manufacturing, cashmere, leather, and furniture, as well as demands for design innovation and procurement in various industrial sectors [2] - The event served as a bridge for Hebei enterprises to connect with international resources, promoting the internationalization of Hebei's design innovation [2] Group 3: Market Trends - The rise of the Z generation, self-indulgence economy, and IP economy are driving rapid growth in the trendy toy market, with a mature supply chain in China making it an opportune time for trendy toys to enter overseas markets [3] - The emphasis on storytelling in product design is crucial, as consumers are increasingly interested in the narratives behind products rather than just their physical attributes [3] Group 4: Environmental and Economic Impact - The "Reed Building System" from Xiong'an exemplifies high value and environmental benefits, with reed materials exported to 17 countries, showcasing a price increase of 20 times for mid-range products [3] - The role of design is evolving from merely beautifying products to becoming a core driver of industrial upgrades, as emphasized by the director of the Hebei Future Industrial Design Innovation Center [3]

Core Viewpoint - The article discusses the economic transformation of Pinghu City, Zhejiang Province, highlighting the shift from traditional industries to high-end manufacturing and the development of new sectors, while addressing the challenges faced by established industries [3][4]. Traditional Industries - Traditional industries such as down jackets, bags, and children's vehicles now account for less than 10% of the city's industrial output, a significant decline from their peak [5][6]. - The demand for these traditional products is shrinking due to economic cycles, tariff fluctuations, and a declining birth rate, which limits the market for children's vehicles [6][7]. - In 2024, the industrial output value of 56 bag manufacturing enterprises in Pinghu was 3.908 billion yuan, a decrease of 6.7% year-on-year, with profits also declining [6][7]. Economic Transition - Pinghu is transitioning from an "export-oriented" model to an "integrated domestic and foreign trade" approach, focusing on brand development and digital transformation [7][8]. - The city has seen positive results from this transition, with bag manufacturing profits increasing by 10.3% in 2024, and children's vehicle enterprises achieving a 13.0% growth in industrial output value [7][8]. New Industries - The city has developed new industrial clusters in high-end manufacturing, including CNC machine tools and automotive components, leveraging its manufacturing base and geographical advantages [9][10]. - The automotive industry has become a key sector, with an annual output value exceeding 40 billion yuan, and significant contributions from global automotive parts companies [10][11]. Investment and Development - Recent investment initiatives have attracted major projects in high-end manufacturing, artificial intelligence, and new materials, with a total investment of 136.6 billion yuan announced in September 2025 [11][12]. - The establishment of a national automotive parts manufacturing base has further solidified Pinghu's position in the automotive supply chain [10][11]. Future Prospects - Despite being recognized as a strong industrial county, Pinghu faces challenges such as insufficient innovation and disparities in industrial levels [14]. - The city is expected to benefit from national strategies and infrastructure developments, positioning itself for further economic growth and integration with the Shanghai metropolitan area [14].

平湖市从10年前开始培育起硬核"新三样"。 不过70万人口，却贡献了全国八成的时尚女装羽绒服市场份额、全球一半以上的电动童车份额，以及全国三 分之一的箱包出口量……位于浙江嘉兴的平湖市面朝大海、背靠上海，长期顶着"中国旅行箱包之都""中国电 动童车之都""世界羽绒之都"的光环。 这些鲜明的标签，正在因为汽车及零部件、高端制造乃至低空经济的加速集聚而逐渐失焦。而产业结构的变 迁，一定程度上也帮助这座浙北小城抵御住了经济下行与转型的现实压力。 传统特色产业已不足十分之一 "羽绒服、箱包和童车三个传统优势产业，如今占全市规上工业的比例已经不到十分之一了。"平湖市经信局副 局长柯家叶告诉第一财经，与高峰期相比，份额大幅下降，一方面是因为这些细分行业本身在萎缩；另一方 面，平湖全市的经济总量在不断扩大。 面对经济周期和关税波动等不确定性挑战，消费需求分化、收缩，女装羽绒服以及当地外贸"主力军"箱包行业 的压力不难想象。叠加人口出生率显著下降的少子化趋势，国内童车的需求天花板亦清晰可见。 以箱包为例，经历了2022年的强劲反弹后，市场需求大幅下降。海关数据显示，按美元计，2024年全年，箱 包出口数量增长9.6%的同时， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to acquire an additional 20% stake in Shanghai Jiale, increasing its total ownership to 81.4%, which is expected to enhance performance in Q4 2025 [2] - The company has announced the early termination of a share reduction plan by its controlling shareholder, which is seen as a positive market signal [2] - The company is expected to experience significant profit growth in Q3 due to improved net margins and accelerated revenue growth in the second half of the year [3] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 52.38 billion, 60.02 billion, and 68.74 billion CNY respectively, down from previous estimates [5] - Net profit forecasts for the same years have been revised to 4.28 billion, 5.73 billion, and 6.92 billion CNY [5] - The earnings per share (EPS) estimates have been adjusted to 1.78, 2.39, and 2.89 CNY for 2025, 2026, and 2027 respectively [5] Business Growth Drivers - The company's 2B bag manufacturing business is projected to achieve double-digit growth in 2025, with net margin recovery expected from improved capacity utilization and reduced foreign exchange impacts [4] - The 2C business is anticipated to benefit from changes in the profit-sharing model with Xiaomi, leading to improved profit margins [4] - The acquisition of Shanghai Jiale opens up a larger market in garment manufacturing, creating a second growth curve for the company [4] Financial Summary - The company reported a revenue of 3,105 million CNY in 2023, with projections of 4,240 million CNY in 2024 and 5,238 million CNY in 2025, reflecting a year-on-year growth of 13.3% and 36.6% respectively [7] - The net profit for 2023 was 116 million CNY, with projections of 381 million CNY in 2024 and 428 million CNY in 2025, indicating a significant year-on-year increase of 146.5% and 12.3% respectively [7] - The gross margin is expected to stabilize around 22.9% in 2024 and 22.8% in 2025 [7]

美国关税政策正对美国小企业带来生产经营危机，导致成本剧增、供应链断裂、创新受阻和市场竞争力下降，迫使企业裁员甚至面临市场淘汰 的风险。当地时间9月18日，大约100名小企业主聚集在美国首都华盛顿特区，控诉特朗普政府征收的广泛关税对其生计造成的影响。 自今年年初以来，特朗普政府对几乎所有贸易伙伴征收了10%的全面关税，同时对欧盟和越南等数十个经济体征收了更高的关税，还对钢铁和 铝等特定行业的进口产品征收了专门的关税。 许多美国小企业说，它们难以跟上特朗普政府瞬息万变的政策。 相关报道 美关税政策威胁本土小企业经营生存>> 调查显示美国关税政策导致中小企业成本上升超两成>> 责编：秦雅楠、侯兴川 麦克马斯特希望制止这些快速的变化："我们的生意不是随心所欲经营的，我们的国家也不应该是。" 参加集会的小企业主还纷纷表示，他们已经感受到经济压力。 销售泰国咖喱和酱汁的迈克尔·比希说："我们现在被迫支付的关税使得我们基本无法继续经营下去了。"由于关税侵蚀利润，他已停止从泰国订 购新产品，并预计如果这种情况持续下去，他可能会破产。 在得克萨斯州经营一家箱包店的蒂法妮·威廉斯呼吁，贸易政策应该更具可预测性。她说，她店里销量排 ...

麦克马斯特希望制止这些快速的变化："我们的生意不是随心所欲经营的，我们的国家也不应该是。" 参加集会的小企业主还纷纷表示，他们已经感受到经济压力。 销售泰国咖喱和酱汁的迈克尔·比希说："我们现在被迫支付的关税使得我们基本无法继续经营下去 了。"由于关税侵蚀利润，他已停止从泰国订购新产品，并预计如果这种情况持续下去，他可能会破 产。 美国关税政策正对美国小企业带来生产经营危机，导致成本剧增、供应链断裂、创新受阻和市场竞争力 下降，迫使企业裁员甚至面临市场淘汰的风险。当地时间9月18日，大约100名小企业主聚集在美国首都 华盛顿特区，控诉特朗普政府征收的广泛关税对其生计造成的影响。 自今年年初以来，特朗普政府对几乎所有贸易伙伴征收了10%的全面关税，同时对欧盟和越南等数十个 经济体征收了更高的关税，还对钢铁和铝等特定行业的进口产品征收了专门的关税。 许多美国小企业说，它们难以跟上特朗普政府瞬息万变的政策。 旅行用品品牌"蚕茧"公司美国分公司的总经理特拉维斯·麦克马斯特将更多的产品制造业务从中国转移 到了印度。但是随后，美国对许多印度产品征收的50%关税生效，超过了今年对中国商品征收的关税。 在得克萨斯州经营一家箱 ...

Group 1 - A new company named Baoding Baigou New Town Hongyang Bag Co., Ltd. has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Xu Shuaidong [1] - The company's business scope includes various activities such as bag manufacturing, sales, repair services, and wholesale and retail of hardware products [1] Group 2 - The company is also involved in the sale of clothing accessories, leather products, daily necessities, and plastic products [1] - Additional services include packaging services and sales of metal packaging containers and materials [1] - The company is permitted to operate independently within the scope of its business license, excluding items that require special approval [1]

Group 1 - The core viewpoint of the article highlights the growing trade cooperation between Zhejiang and Middle Eastern countries, with a focus on the signing of five foreign trade export projects totaling $105 million, covering sectors such as photovoltaics, textiles, and machinery [1][2] - The trade volume between Zhejiang and Middle Eastern countries reached $83.1 billion in 2024, accounting for 18.45% of China's total trade with the region, with a year-on-year growth of 4.3% in the first half of 2023 [2] - A new service alliance named "Jiaxing Enterprises Going Abroad New Silk Road (Middle East)" was established to provide one-stop services for local companies, facilitating the export of Jiaxing's key industries [2] Group 2 - The event attracted over 300 participants from Middle Eastern business institutions, trade associations, and Zhejiang export service organizations, indicating strong interest in bilateral trade [2] - Notable representatives from countries like Egypt, Dubai, and Jordan emphasized the potential for collaboration in various sectors, including energy and information technology [2] - The establishment of the Haining Chaolai Cross-Border Trade Center aims to support local enterprises in their international expansion efforts [2]