（编辑 袁冠琳） 证券日报网讯 华孚时尚11月13日在互动平台回答投资者提问时表示，为充分调动公司中高层管理人员 及核心员工的积极性，公司已实施第四期员工持股计划，正在积极推动过户事宜。公司依法合规经营， 严格遵守关联交易审批程序，不存在因关联交易而损害上市公司利益的情形。公司股权结构规范，符合 上市公司治理要求。股价波动受市场环境、投资者预期等多重因素影响，与公司控股股东的股权结构没 有必然的因果关系。 ...

德永佳集团(00321)发布截至2025年9月30日止6个月的中期业绩，该公司取得收益约27.12亿港元，同比 减少约9.65%;公司普通权益所有者应占溢利约1.12亿港元，同比增加约10.62%;每股盈利8.1港仙;每股股 息4港仙。 公告称，收益减少主要由于经济环境疲弱所致，溢利增加主要受惠于本集团在成本控制及营运效率提升 方面持续努力所得的成果。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002394 | 联发股份 | 12.38 | -2.83% | 20.33万 | 2.52亿 | | 002003 | 伟星股份 | 11.63 | -1.77% | 15.20万 | · 1.77亿 | | 300918 | 南山督尚 | 18.68 | -1.01% | 5.49万 | 1.03亿 | | 000955 | 欣龙控股 | 6.71 | -0.59% | 1 41.22万 | 2.78亿 | | 603238 | 诺邦股份 | 18.71 | -0.53% | 4.18万 | 7815.60万 | | 603055 | 台华新材 | 9.27 | -0.22% | 5.02万 | 4637.20万 | | 600987 | 航民股份 | 7.36 | -0.14% | 9.56万 | 7023.98万 | | 605180 | 华生科技 | 15.71 | 0.06% | 2.06万 | 3228.53万 | | 301066 ...

Core Viewpoint - The report from Guosen Securities indicates that the impact of tariffs is gradually diminishing in Q4, leading to a stabilization of orders. Nike's latest quarterly performance exceeded market expectations, signaling a recovery point, which is expected to improve supplier outlooks [1][5]. Brand Apparel Insights - In September, the retail sales of clothing increased by 4.7% year-on-year, with a month-on-month growth acceleration of 1.6 percentage points [1]. - E-commerce performance in October showed positive trends across all categories, with outdoor products leading growth. Year-on-year growth rates for various categories included: sports apparel at 0%, outdoor apparel at +19%, leisure apparel at 0%, home textiles at +1%, and personal care at +2% [2]. - Leading brands in sports apparel growth included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [2]. Textile Manufacturing Insights - On a macro level, October saw a year-on-year decline in textile exports from China (-9.1%) and Vietnam (-1.0%), with apparel and footwear exports from China down by 16.0% and 21.0% respectively. However, PMI indices for Indonesia, India, and Vietnam showed increases, indicating a stable manufacturing environment [3]. - On a micro level, Taiwanese companies are optimistic about future revenue, with orders visibility extending to six months for certain firms. Companies like Yu Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [4]. Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The textile manufacturing sector is expected to see order recovery in Q4, with companies like Shenzhou International and Huali Group positioned to benefit from tariff stability and Nike's recovery [5][6]. - In the brand apparel sector, the long-term growth potential of the sports and outdoor segment is highlighted, with recommendations for brands like Anta Sports, Li Ning, and Xtep International, as well as non-sport brands benefiting from a "brand upward" strategy [6].

Group 1 - The core viewpoint of the report indicates a moderate recovery in the domestic apparel industry in 2025, with retail sales of clothing, shoes, and knitted products increasing by 3.1% year-on-year to 1.1 trillion yuan, although still lagging behind the overall retail performance of consumer goods, which grew by 4.5% [1][12] - The report highlights that the gap in retail sales growth between clothing and overall consumer goods has narrowed significantly compared to 2024, where clothing sales only grew by 0.3% [1][12] - The report notes that the textile and apparel index has shown a fluctuating upward trend, with the A-share textile and apparel sector rising by 11.3% in 2025, underperforming the CSI 300 index, which increased by 20.6% [2][28] Group 2 - The textile manufacturing sector is expected to see performance and valuation recovery in 2026, driven by the diminishing impact of reciprocal tariffs and improvements in Nike's operational status [3][28] - The report anticipates that clothing consumption will continue to experience a volatile recovery in 2026, with functional and mass-market clothing expected to outperform the broader market [3][28] - The home textile sector is entering a new replacement cycle, supported by subsidy policies, with recommendations to focus on companies like Luolai Life and Mercury Home Textile [3][28] Group 3 - The report provides investment recommendations, suggesting a focus on companies such as Huayi Group, Shenzhou International, and Crystal International in the textile manufacturing sector, and Anta Sports and 361 Degrees in the apparel sector [3][28] - The report emphasizes that the performance of the brand apparel sector has shown gradual improvement, with key companies maintaining healthy inventory levels and experiencing a slight increase in gross margins [46][50] - The textile manufacturing sector has faced revenue pressure due to reciprocal tariffs, with a noted decline in net profit for key companies in the first three quarters of 2025 [61][62]

Group 1: Market Overview - The Shanghai Composite Index closed at 4000.13 points, with a slight decline of 0.06% [2] - The Shenzhen Component Index and the CSI 300 Index also experienced declines of 0.36% and 0.13% respectively [2] - The total trading volume across the markets was approximately 8404.67 billion CNY [2] Group 2: Mechanical Industry Insights - The mechanical industry report highlights significant events such as Elon Musk's $1 trillion compensation plan being approved, which received over 75% support [6] - Xiaopeng Motors launched its new humanoid robot, IRON, featuring advanced capabilities including 82 degrees of freedom and a height of no more than 170 cm [6][7] - The report emphasizes the potential for long-term investment opportunities in humanoid robots, particularly focusing on companies with strong supply chains and technological capabilities [7][8] Group 3: AI Infrastructure and Energy Supply - The report identifies AI computing power as a key growth area, with increasing demand for energy supply to support AI data centers [8] - Gas turbines are highlighted as a critical energy source for overseas data centers, benefiting from the surge in AI infrastructure needs [8] - Companies such as Yingliu Co., Haomai Technology, and Liande Co. are recommended for their strategic positioning in the energy supply for AI data centers [8] Group 4: Textile and Apparel Sector - The textile and apparel sector saw a 4.7% year-on-year growth in retail sales for September, with October showing pressure on textile exports [15][16] - The report notes that brand apparel outperformed textile manufacturing in November, with notable stock performances from Jiangnan Buyi and Semir Apparel [15] - The report suggests a positive outlook for textile manufacturing orders in Q4, driven by easing tariff impacts and recovery in major brands like Nike [17][18] Group 5: Investment Recommendations - For humanoid robots, the report recommends focusing on companies with strong supply chains and technological advancements, such as Hengli Hydraulic and Weiman Sealing [10] - In AI infrastructure, key investment targets include Yingliu Co. and Haomai Technology, which are positioned to benefit from the growing energy demands of AI data centers [10] - The textile sector is advised to focus on companies like Shenzhou International and Huayi Group, which are expected to benefit from recovering orders and improving market conditions [17][18]

Core Viewpoint - The company emphasizes its commitment to enhancing market value management and information disclosure while focusing on its core business to achieve high-quality development and mutual enhancement of company and shareholder value [1] Group 1 - The company will continue to strengthen market value management and information disclosure efforts [1] - The company aims to increase communication and interaction with various market participants [1] - The company is dedicated to focusing on its main business and improving operational performance [1]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Suspension and Resumption - ST Zhongdi: Stock suspended for investigation due to abnormal trading fluctuations [1] Share Buyback - Century Huatong: Plans to repurchase shares worth between 500 million to 1 billion yuan for capital reduction [2] Investment Cooperation and Operational Status - Yiling Pharmaceutical: Subsidiary's application for hydrochloride memantine raw material approved for treating moderate to severe Alzheimer's disease [3] - Changrong Co.: Collaborating with Jinchang Investment to establish a project company for a 100 MW photovoltaic power station [4] - Wanjian Medical: Subsidiary plans to invest 2 billion yuan to build a cotton non-woven fabric production base [4] - Haibo Sichuang: Signed a strategic cooperation agreement with CATL to procure no less than 200 GWh of electricity from 2026 to 2028 [4] - Shengtun Mining: Plans to increase investment of 1.423 billion yuan in its wholly-owned subsidiary Shengtun Gold International [5] - Yahua Group: Achieved progress in solid-state battery field with a new process for synthesizing lithium sulfide [6] - Haiguo Co.: Plans to establish a holding subsidiary for high-end components projects including flywheel energy storage [7] Performance Changes - BeiGene: Reported a net profit of 1.139 billion yuan in the first three quarters, turning a profit compared to the previous year [8]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]