Core Viewpoint - Nanji E-commerce (002127) emphasizes the strong consumer base and positive feedback for its core product, Nanji thermal underwear, while also highlighting its diverse product range including self-heating thermal underwear, wool sweaters, and down jackets [1] Group 1 - Nanji thermal underwear is identified as the company's core product with a substantial consumer user base [1] - The product quality of Nanji thermal underwear has received favorable feedback from consumers [1] - In addition to thermal underwear, the company offers a variety of products such as self-heating thermal underwear, wool sweaters, and down jackets [1]

在国家"建设全国统一大市场"战略部署持续推进的背景下，广大民营企业正积极把握政策机遇，主动融 入新发展格局。作为中国纺织服装行业的代表性企业，红豆集团结合自身实践，分享了企业在跨区域经 营、内外贸一体化及未来发展布局等方面的思考与探索。 跨区域经营更便利，企业积极适应统一标准 在谈及"全国统一大市场"政策带来的积极变化时，红豆集团党委书记、董事局主席周海江表示，服装行 业在跨区域经营中确实感受到了更多便利，尤其在资质互认、标准统一和市场监管等方面。 周海江介绍，红豆正主动调整经营策略，积极参与行业和地方组织的标准宣贯活动，主动采用区域内通 用的检测认证标准。这一做法不仅减少了企业在不同市场面临的重复检测成本，也成为提升产品信誉、 打造品牌的有力手段。 应对内外贸一体化挑战，"两跨"战略构筑发展韧性 周海江坦言，红豆集团在转向内外贸协同发展的过程中遇到了一些挑战。为此，企业坚定推进"两跨"战 略布局，即跨境电商与跨境办厂双轮驱动，建立强大的全球资源整合能力，构筑韧性体系。通过亚马 逊、Shopify独立站等平台推动自主品牌出海，并构建"境内外联动"的全球化生产网络，以柬埔寨工厂 为生产主阵地，辐射越南、孟加拉等 ...

格隆汇12月1日丨红豆股份(600400.SH)公布，截至2025年11月底，公司已累计回购股份109.05万股，占 公司总股本的比例为0.05%，购买的最高价为2.56元/股、最低价为2.17元/股，已支付的总金额为 2,423,205.00元（不含佣金、过户费等交易费用）。 ...

Core Viewpoint - The new standards to be implemented in December focus on enhancing detection regulations in key sectors such as electronics, food, and energy, utilizing advanced instrumentation technologies like ICP spectroscopy and liquid chromatography to promote quality improvement and green transformation across industries [2][3]. Group 1: Overview of New Standards - Over 700 new standards will be implemented in December, covering critical areas including food, agriculture, environment, healthcare, petroleum, electronics, transportation, and machinery [3]. - The release and implementation of these standards aim to realize the concept of "quality improvement and efficiency enhancement," supporting technological upgrades and quality enhancement for high-quality economic development [3]. Group 2: Advanced Analytical Techniques - Advanced analytical methods such as ICP-OES for measuring lead, phosphorus, and zirconium content, HPLC for determining bitter acid, and atomic fluorescence spectroscopy for measuring mercury and arsenic are widely adopted in chemical and fireworks detection projects [5]. - The power industry standards include methods for measuring anions in water vapor using ion chromatography [5]. Group 3: Food Safety and Biological Testing - New standards involve liquid chromatography-tandem mass spectrometry for detecting isothiazolinone compounds in feed, and rapid quantitative methods for grain toxins using fluorescence immunochromatography and colloidal gold [6]. - The biological field includes regulations for real-time quantitative PCR detection technology [6]. Group 4: Environmental and Physical Performance Monitoring - Standards cover methods for observing atmospheric particulate matter (PM10, PM2.5) using light scattering, testing radiation protection instrument performance, and measuring fuel calorific value using bomb calorimetry [6]. - Non-destructive testing guidelines have been introduced in the power and machinery sectors, including array eddy current, phased array ultrasound, and acoustic imaging detection technologies [6]. Group 5: Specific New Standards for December 2025 - A detailed list of new standards includes 96 standards related to agriculture and food, such as guidelines for classification and grading of agricultural products, and technical regulations for the cultivation and harvesting of Ganoderma [7]. - Additional standards cover various aspects of food safety, environmental protection, and industrial practices, reflecting a comprehensive approach to quality and safety across multiple sectors [8][9].

作为于都县重点打造的"首位产业"，纺织服装产业的蓬勃发展，离不开当地多维度优势的支撑与持续 优化的营商环境。于都依托赣闽粤三省交界的区位优势，畅通物流运输通道；凭借30余万纺织服装产 业工人的人力资源储备，为企业提供稳定用工保障；通过建设纺织服装产业园、创新设计中心等产业 平台，搭建起完善的发展载体；更出台税收减免、厂房补贴、人才引进等一系列优惠政策，为企业发 展保驾护航。同时，当地政府始终践行"店小二"式服务理念，建立项目专班机制，从项目签约到落地 投产全程跟踪服务，及时解决企业建设、生产中的各类问题，让企业"引得进、留得住、发展好"。 为精准对接优质项目，于都县今年创新招商模式，打出"组合拳"。除传统招商方式外，积极推行以商 招商，依托现有龙头企业吸引上下游配套企业集聚；深化乡友招商，邀请在外创业的于都籍企业家返 乡投资，反哺家乡发展；探索资本招商，通过产业基金参股优质项目，实现政企共赢。截至目前，该 县已派出13支专业招商引资队伍，分赴长三角、珠三角、大湾区等纺织服装产业发达地区，开展"点对 点"对接、"面对面"洽谈，累计举办招商推介会20余场，拜访企业150余家，以最大诚意、最优服务吸 引众多企业选择 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is gradually improving, with high dividend expectations likely to continue [4] - The effectiveness of the explosive product strategy is significant, and future performance growth is anticipated [5] Financial Performance Summary - The company’s revenue for 2023 is projected at 5,315 million yuan, with a year-on-year growth of 0.0% - For 2024, revenue is expected to decline by 14.2% to 4,559 million yuan, followed by an increase of 8.4% in 2025 to 4,943 million yuan - The net profit attributable to the parent company is forecasted to be 572 million yuan in 2023, decreasing to 433 million yuan in 2024, and then increasing to 529 million yuan in 2025, reflecting a year-on-year growth of 22.3% [6][9][11] Earnings Forecast - The earnings per share (EPS) are projected to be 0.63 yuan in 2025, 0.76 yuan in 2026, and 0.87 yuan in 2027, with adjustments made based on recent reports [6][9] - The target price is set at 11.34 yuan, based on a 15 times PE valuation for 2026 [6][9] Market Performance - The company has shown a 17.3% absolute performance increase over the last 12 months, outperforming the market benchmark [2]

报告摘要 核心观点: 股市有风险 入市需谨慎 2025年11月29日 证券研究报告|策略研究|策略点评 重要政策时间窗口前的布局期 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大厦 中航证券有限公司 公司网址：www.avicsec.com 联系电话: 010-59219558 传真：010-59562637 证券研究报告 中航证券研究所发布 作者 | 董忠云 | 分析师 | | --- | --- | | SAC 执业证书：S0640515120001 | | | 联系电话：010-59562478 | | | 邮箱：dongzy@avicsec.com | | | 刘庆东 | 分析师 | | SAC 执业证书：S0640520030001 | | | 联系电话：010-59219572 | | | 邮箱：liuqd@avicsec.com | | | 王警仪 | 分析师 | | SAC 执业证书：S0640525100001 | | | 联系电话: | | | 邮箱：wangjybj@avicsec.com | | | 李博伦 | 分析师 | | SAC 执业 ...

Core Insights - The textile and apparel industry in Tianmen City is experiencing rapid growth, with a projected annual production of over 10 million garments and a revenue exceeding 500 million yuan this year [1][2] - The local government is actively implementing supportive policies and enhancing communication with businesses to foster confidence and development in the apparel sector [1][2] - The e-commerce segment of the apparel industry has seen a significant increase, with online transaction volume reaching 50.9 billion yuan in the first three quarters of the year, marking a 38% year-on-year growth [1][2] Group 1 - Tianmen City has over 7,000 apparel-related businesses and more than 13,000 registered e-commerce stores [1] - The local government has established a supervisory group to address business concerns and improve the operational environment for the apparel e-commerce sector [2] - The average processing time for various administrative services has been reduced by over 40%, benefiting 285 apparel e-commerce companies [2] Group 2 - The Tianmen City Discipline Inspection and Supervision Commission is focused on enhancing the business environment by regularly visiting enterprises to gather feedback and address issues [2][3] - A total of 152 issues were identified this year, leading to 24 cases being filed and 137 individuals being disciplined for misconduct in the business sector [2] - The local government aims to continue improving the business environment through strict supervision and addressing any emerging issues [3]

Consumer Macro Strategy - The overall performance of the discretionary consumption sector is flat as the year-end approaches, but high-end consumption, including duty-free shopping in islands, is expected to gradually stabilize overall consumption [2][10] - The implementation plan released on November 26 aims to enhance the adaptability of supply and demand for consumer goods, with a goal to optimize the supply structure by 2027, creating three trillion-yuan consumption fields and ten hundred-billion-yuan consumption hotspots [2][10] - By 2030, a high-quality development pattern of mutual promotion between supply and consumption is expected to be established, with consumption steadily contributing to economic growth [2][10] New Consumption Manufacturing - The pet economy continues to thrive, with companies like Guobao Pet investing in high-end pet food factories in New Zealand, enhancing competitiveness in international markets [23][24] - The AI and 3D printing sector is rapidly evolving, with significant advancements expected in consumer-grade 3D printing by 2026, driven by companies like Huina Technology and Snapmaker [25][26] - The integration of AI with 3D printing is being promoted in educational settings, expanding the supply space for the industry [25] Light Industry Manufacturing - The home appliance sector is facing weak domestic demand, but there are opportunities for companies with overseas production capabilities and brand advantages as demand recovers [26][27] - The new tobacco sector is experiencing growth, particularly in e-cigarette exports to the U.S., which saw a significant increase in October [27][28] - The packaging industry is showing signs of profitability improvement despite a slight decline in revenue, driven by leading companies capturing market share from smaller firms [28] Textile and Apparel - The apparel sector is experiencing fluctuations in consumer demand, with a focus on companies that can demonstrate unique advantages in the market [30][31] - The export market remains under pressure due to trade tensions, but leading textile manufacturers are expected to present investment opportunities as they maintain strong positions in the industry [31] Beauty and Personal Care - The beauty sector shows positive fundamentals, with a 9.6% year-on-year increase in retail sales for cosmetics in October, although valuations have been affected by the new consumption sector [32][33] - The medical beauty segment is expanding, with new products gaining regulatory approval, indicating growth potential in the market [33] Home Appliances - Focus on two directions: resilient white goods leaders with strong cash flow and black goods leaders benefiting from optimized domestic sales and stable costs [34][35] - The white goods sector is facing pressure in domestic sales, while black goods are seeing improvements in average prices and export recovery [36][37]

11月29日至30日，省委书记刘宁到驻马店市平舆县、上蔡县、西平县，调研产业发展、农业生产、科技创新等工作，推动落实党的二十届四中全会精神和省 委十一届十次全会部署见行见效。 因天气影响今年我省秋播较晚，田间管理尤为重要。当前冬小麦长势如何，刘宁十分关注。在西平县盆尧镇莲花池村麦田，刘宁实地察看冬小麦种植生长情 况，强调要扛牢粮食安全责任，加强农田墒情监测，针对晚播麦田增施底肥、合理增密，因地制宜为农户提供生产技术指导，强化农业科技和装备支撑，持 续提升粮食综合生产能力。刘宁还来到位于上蔡县的河南上农实业有限公司，了解农副产品加工、冷链仓储物流情况，希望企业立足优势延长产业链条，加 强农产品精深加工，做好"粮头食尾""畜头肉尾""农头工尾"文章，加快农业农村现代化，把农业建成现代化大产业。 在平舆县坝道工程医院，刘宁了解项目规划、团队建设、科研成果等，强调要充分发挥中试平台作用，推动科技成果规模化应用，为基础工程"防漏治病"， 延长使用期限，为保障河湖安澜、基础设施建设等提供科技支撑。 调研中，刘宁听取各县经济社会发展情况汇报，强调要深入学习贯彻习近平总书记在河南考察时重要讲话精神，落实省委十一届十次全会部署 ...