纺织服装 行业周报（20250615-20250621） 同步大市-A(维持) 电商"618"大促落幕，老铺黄金海外首店 6 月 21 日于新加坡开业 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】周大福公布 2025 财 年年度业绩，经营质量显著提升-【山证 纺服】行业周报 2025.6.16 【山证纺织服装】5 月国内社零同比增 长 6.4%，限上纺织服装品类增速环比回 升-【山证纺服】5 月社零数据点评 2025.6.16 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：电商"618"大促数据 根据星图数据，2025 年 "618"购物节综合电商销售总额为 8556 亿元，同比增长 15.2%；即时零售销售额达 296 亿元，同比增长 18.7%；社区团购销售额为 126 亿元， 同比增长-9.1%。（同比时间为：2025 年 5 月 13 日-6 月 18 日 VS 2024 年 5 月 20 日- 2024 年 6 月 18 日）。 20 ...

证券研究报告 | 2025年06月23日 轻工制造行业周报（25 年第 25 周） 优于大市 5 月轻工出口延续走弱，Meta 发布 AI 运动眼镜新品 本周研究跟踪与投资思考：5 月轻工出口降幅扩大，美国家具零售额同比 +8.8%，海外需求相对具备韧性；5 月我国家具零售额同比+25.6%，全年以旧 换新资金进度 54%，随着下半年资金有序下达有望继续释放家居需求；近期 Meta 发布 AI 运动眼镜 Oakley Meta HSTN，关注行业新品催化。 5 月轻工出口延续走弱，美国家具类零售额同比+8.8%。根据海关总署，以美 元口径计，5 月我国家具类产品出口额同比-9.4%，降幅较 4 月扩大 2.2pct。 中美于 5 月 12 日达成 90 天关税豁免协议，5 月数据尚未完全反映关税降级 影响，出口仍受美国拖累，此外预计也与产能加速外移有关。分品类看，5 月床垫出口额同比+1.5%，床架、保温瓶、升降桌类与陶瓷器具出口额同比 -5.1%/-8.7%/-9.1%/-9.6%，办公椅、人造草皮、PVC 地板、电子烟与木框架 沙发出口额同比-11.8%/-15.7%/-17.8%/-19.5%/-23. ...

Core Insights - The article highlights the transformation of Shuanghui's chemical packaging industry, showcasing its journey from technology monopoly to independent innovation and global expansion through the development of PVDC sausage casing film [1][2][8] Group 1: Technological Breakthroughs - PVDC sausage casing film is crucial for the production of ham sausages, affecting taste, preservation, and safety, with strict quality standards required for food-grade packaging materials [2][3] - In the 1990s, the technology for high-performance casing film was monopolized by foreign companies, leading to high costs and reliance on imports, which posed challenges for Shuanghui's ham sausage business [2][3] - Shuanghui introduced its first casing film production line in 1996 and established a packaging technology research center, marking the beginning of its journey towards self-sufficiency in this technology [2][3] Group 2: Industry Development - Over 20 years, Shuanghui's chemical packaging industry has established nine production bases across China, becoming the largest PVDC film processing and research base globally, transitioning from technology importation to independent innovation [3][4] - The company has significantly upgraded its production lines through automation and smart technology, resulting in over 50% increase in production capacity and efficiency across various factories [4][6] Group 3: Industry Standards and Sustainability - Shuanghui has developed a comprehensive product research and testing system, holding 143 effective patents and leading the industry in technology standards [6][7] - The company has actively participated in the formulation and revision of national and industry standards, including leading the development of national standards for casing film, promoting industry advancement [6][7] Group 4: Full Industry Chain Development - Shuanghui has built a complete industry chain from PVDC resin synthesis to end-use applications, ensuring raw material supply and seamless integration of production processes [7][8] - The company has expanded into high-value markets such as medical and beverage packaging, achieving a transformation from traditional channels to diverse applications [7][8] - Shuanghui's products, including PVDC casing film and aluminum wire, are exported to over ten countries, with an annual export volume of 5,000 tons, enhancing its international competitiveness [7][8]

Group 1 - The company produces environmentally friendly plastic packaging bags specifically designed for cement, catering to international clients, particularly in Indonesia [2][3] - The production line, which began construction in November 2022 and commenced operations in May 2023, consists of 8 new production lines capable of producing 200 million eco-friendly cement bags annually [2] - The use of heat sealing technology in the production process enhances the bags' ability to contain dust, aligning with new national standards for cement packaging [2][3] Group 2 - Approximately 70% of the company's bags are exported to countries such as Indonesia, Cambodia, and Laos, with the environmental performance of the bags serving as a key competitive advantage [3] - In the first five months of the year, the company sold 45 million bags, with 27 million exported, generating an export revenue of 35 million yuan [3] - The local government is promoting green economic growth, with the company benefiting from supportive policies in the Hainan Free Trade Port [3][4] Group 3 - The Changjiang Clean Energy High-tech Industrial Park has seen 23 industrial enterprises achieve an industrial output value of 3.977 billion yuan in the first five months, representing 87% of the county's total industrial output [4] - The park is part of a broader strategy to promote sustainable economic development through industrial ecological transformation [4]

Group 1 - Jiangsu Province has officially released a list of 500 small and medium-sized enterprises (SMEs) included in the national patent industrialization model enterprise cultivation database, with 95 enterprises from Suzhou, accounting for 19% of the total, ranking first in the province [1] - In 2024, the National Intellectual Property Administration and related departments will implement the "Patent Industrialization Promotion Plan for SME Growth," focusing on cultivating high-growth SMEs and promoting patent industrialization as a pathway for their development [1] - Suzhou's Market Supervision Administration is systematically advancing patent transformation and application, aiming to bridge the gap for high-value patents to reach industrial application [1] Group 2 - Suzhou has cultivated a total of 185 national intellectual property advantage and demonstration enterprises, leading the province, and has developed 1,863 intellectual property-intensive enterprises through tiered cultivation [2] - The city is focusing on the "1030" industrial system and actively building key industry intellectual property operation centers, including the "Yangtze River Delta Optical Communication Industry Intellectual Property Alliance," to support over 1,500 enterprises [2] - A total of 2,499 patent-intensive products from 1,443 enterprises have been registered on national platforms, with 235 products recognized, showcasing the significant impact of patents on enhancing product competitiveness [2] Group 3 - Suzhou is focusing on high-value patent cultivation to drive transformation, establishing the first national research center for standard-essential patents in strategic emerging industries [3] - The city has initiated a project for guiding intellectual property operations and has completed inventory work for nearly 14,000 patents from 37 universities and research institutions, involving 7,577 enterprises, which is 26% of the province's total [3] - Efforts are being made to create replicable licensing rules and models to facilitate patent transformation channels [3] Group 4 - Suzhou is leveraging the Jiangsu International Intellectual Property Operation and Trading Center to build an efficient online and offline intellectual property trading system and resource docking platform [4] - The city has established 38 intellectual property workstations, providing services to over 8,000 enterprises through training and support for patent applications and brand building [4] - The Market Supervision Administration will continue to enhance patent transformation and application, aiming to convert more patent results into core competitiveness and inject "intellectual property" momentum into the development of new productive forces [4]

Core Insights - The exhibition industry is experiencing a resurgence with increasing market activity and favorable policies across the country, leading to a robust supply-demand dynamic in various exhibitions [1] Group 1: Upcoming Major Exhibitions - The HNC Health Nutrition Exhibition 2025 will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), featuring over 2,500 exhibitors and attracting more than 120,000 professional visitors [1] - The 32nd China International Musical Instruments Exhibition will be held from June 24 to 29 at the China International Exhibition Center (Chaoyang), showcasing a wide range of musical instruments and related organizations [2] - The 5th China (Xiamen) International Cross-Border E-Commerce Exhibition will occur from June 26 to 28 at the Xiamen International Convention and Exhibition Center, covering over 50,000 square meters with more than 1,500 international standard booths [3] - The 2025 Beijing International Low-Altitude Economy and Drone System Industry Exhibition will be held from June 26 to 28 at the Beijing Shougang Exhibition Center, focusing on technological innovation and industry collaboration [4] - The 30th Shanghai International Processing and Packaging Exhibition will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), covering 220,000 square meters and providing solutions for various industries [4] - The 2025 Shenzhen International Consumer Electronics Exhibition will be held from June 25 to 27 at the Shenzhen International Convention and Exhibition Center, featuring an exhibition area of 200,000 square meters [5] - The 16th Optoelectronic Industry Expo will take place from June 25 to 27 at the National Conference Center, showcasing various optoelectronic technologies and applications [6] - The 2025 Hangzhou International Intelligent Connected New Energy Vehicle Exhibition will be held from June 20 to 22 at the Hangzhou International Convention and Exhibition Center, focusing on smart connected vehicles and related technologies [7][8]

行业观点更新： 投资建议 风险因素 地产竣工恢复速度低于预期；原材料价格大幅上涨；新品推广不及预期；汇率大幅波动。 敬请参阅最后一页特别声明 1 家居板块：内销方面，5 月中国家具类社零同比+25.6%，1-5 月累计同比+21.4%。而根据渠道调研反馈，6 月以来 整体接单情况相对偏弱，国补对需求的刺激作用有一定疲软，或因部分刚性需求前期有所提前释放。其中软体家 居产品由于更新周期相对较快并且更新难度较低，Q2 软体家居企业预计多数有望同比实现增长，而定制家居企业 由于大宗渠道等影响，预计业绩相对仍有承压。外销维度，部分企业预计由于 Q2 抢出口，整体业绩表现相对较 优，而在关税风险仍存的背景下，重点仍关注后续具备自身较强成长逻辑或者具备海外产能优势，盈利有望底部 反转的企业。整体来看，建议重点关注 25 年业绩增长确定性高并且具备相对高股息支撑的内销龙头企业，此外 建议关注部分具备自身α或相关盈利底部反转型外销企业。 新型烟草：HNB 方面，6 月 9 日，glo hilo 正式在日本宫城县上市销售，从渠道调研来看，产品铺货速度较快并 且 BAT 渠道端已对 glo hilo 倾斜较多营销资源，整体产品陈 ...

Core Viewpoint - Anhui Province has announced the inclusion of Tongcheng Economic and Technological Development Zone as a "2025 Manufacturing Digital Transformation Demonstration Park," highlighting its role as a model for regional digital transformation support [2][4]. Group 1: Policy and Support - The Anhui government released a plan aimed at promoting the high-end, intelligent, and green development of manufacturing through digital transformation, with a focus on pilot projects in industrial parks [2]. - Financial support will be provided to qualifying parks from provincial funds, specifically targeting the construction of industrial internet platforms and digital upgrades for enterprises [2]. Group 2: Implementation and Development - Tongcheng Economic Development Zone is focusing on the green packaging industry, leveraging leading enterprises to create a collaborative system involving small and medium-sized enterprises and service platforms [4]. - The zone has already established several exemplary digital transformation models and is advancing the application of digital solutions among key enterprises and small businesses [4][5]. - Future plans include utilizing provincial funding to enhance equipment connectivity, data collection, and system integration, thereby implementing impactful digital transformation projects [4][5].

证券代码：603429 证券简称：集友股份 公告编号：2025-021 安徽集友新材料股份有限公司 安徽集友新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日 开了 2024 年度业绩说明会。现将相关情况公告如下： 关于 2024 年度业绩说明会召开情况的公告 回复：1、公司将根据储能等能源材料产品的工业化项目落地的进度，与潜 在客户进行技术对接、商务洽谈，筹建集新能源固态电池关键材料研发中试基地， 保障能源材料产品工业化项目落地的顺利实施，具体进展请您关注公司在指定信 息披露媒体上发布的相关信息。 品及新市场；（2）随着公司业务转型发展及寻求新的利润增长点的需要，公司 将充分依托资本市场，按照优势互补、扩大经营、增加收益和降低风险的原则， 充分考虑产、供、销的整体布局，积极寻找新业务板块在国内外投资或外延并购 的机会，努力推进新的业务板块的构建和成型，为公司发展创造新的效益增长点， 增强公司的核心竞争力，实现公司业务的转型。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、业绩说明会召开情况 ...

Core Viewpoint - Guangdong Dongfeng New Materials Group Co., Ltd. has been placed on a credit rating watch list due to significant revenue decline and losses in its new energy materials segment, alongside uncertainties regarding its investment funds and changes in its controlling shareholder [3][5][14]. Financial Performance - The company's total assets decreased from 81.63 billion yuan in 2022 to 74.07 billion yuan in 2023, while total liabilities dropped from 21.60 billion yuan to 13.49 billion yuan during the same period [7]. - Operating revenue fell sharply from 37.44 billion yuan in 2022 to 26.31 billion yuan in 2023, reflecting a 29.57% gross margin in 2022, which decreased to 23.05% in 2023 [7][29]. - The net profit for 2023 was reported at -0.25 billion yuan, indicating a significant downturn from previous earnings [7]. Business Segments - The company is undergoing a strategic transformation, having exited its printing and packaging business, with a focus on medical packaging and new energy materials [14][16]. - The medical packaging segment's revenue declined by 11.31% year-on-year, amounting to 6.32 billion yuan in 2024, with a reduced profit margin due to increased competition and economic pressures [18][29]. - The new energy materials segment faced challenges, with production capacity utilization dropping to 46.56% in 2024, resulting in a net loss of 20.54 million yuan [22][28]. Investment Funds - The company has two consumer investment funds that have entered the exit phase, with significant declines in investment valuations impacting overall returns [27]. - The Chengdu fund, with a total investment of 3 billion yuan, has seen its external investments drop to approximately 1.95 billion yuan, while the Shenzhen fund's investments total around 9.60 billion yuan [27]. Shareholder Changes - The controlling shareholder has changed to Quzhou Zhishang Enterprise Management Partnership, with the actual controller being the Quzhou State-owned Assets Supervision and Administration Commission, which is expected to provide some support in business coordination and resource allocation [10][14]. - The company has completed the transfer of significant shares, with the new shareholders expected to influence future strategic directions [15][14]. Industry Outlook - The medical packaging industry is anticipated to expand due to strong downstream demand, despite current challenges such as rising raw material costs and competitive pressures [12][13]. - The overall economic environment in China is showing signs of recovery, which may support the company's future performance if external uncertainties are managed effectively [11].