报告导读： ① 投资链： 6 月以来铜、铝、铅、锡、白银价格上升。②消费链：社消额累 计同比增速抬升，汽车销量当月同比增速上升。③出口链：对美国、日本、东盟出口金额 当月同比增速下降，对欧盟出口金额当月同比增速上升。④价格链： 6 月油价上升、猪价 有所下降 。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 价格链： 6 月油价上升、猪价有所下降。 WTI ： 2025 年 6 月 24 日上升至 64.37 美元 / 桶。 2025 年 6 月秦皇岛煤价下降。 PVC ： 2025 年 6 月 20 日现货价格下降为 4680 元 / 吨。 MDI ：： 2025 年 6 月 20 日纯 MDI 价格下降至 17100 元 / 吨，聚合 MDI 价格下降至 16200 元 / 吨。 22025 年 6 月棉花价格上升，白砂糖价格下降；猪肉价格 2025 年 6 月 11 日下降至 14.45 元 / 公斤；国产尿素 2025 年 5 月价格较 2025 年 4 月下降。 2025 年 5 月新增信贷增加至 6200 亿元； 2025 年 4 月寿 险保费收入累计 ...

Group 1 - The appointment of Zeng Yajun as Vice President of Jian Sheng Group signifies a strategic move to enhance the company's global sales capabilities in seamless apparel [2][4] - Jian Sheng Group, established in 1994, has shown consistent revenue growth, with a reported total revenue of 2.6 billion yuan in 2024, reflecting a year-on-year increase of 13% [2][3] - The seamless apparel segment has become a core competitive advantage for Jian Sheng Group, contributing approximately 40% to the company's revenue in 2024 [4][6] Group 2 - Zeng Yajun brings over 20 years of experience from notable companies such as Pacific Brands Asia and Gildan Activewear, which aligns well with Jian Sheng Group's international business strategy [2][3] - The company's international business revenue reached 2.192 billion yuan in 2024, growing over 14% and accounting for more than 85% of total revenue, indicating a strong global presence [3][4] - The recent hiring of three vice presidents within three months demonstrates Jian Sheng Group's commitment to strategic talent acquisition and governance resilience [4][6]

公开资料显示，华夏线上经济主题精选混合基金成立于2020年8月26日，截至2025年3月31日，华夏线上 经济主题精选混合规模13.63亿元，基金经理为黄文倩。 金融界2025年6月25日消息，华夏线上经济主题精选混合(010020) 最新净值0.7742元，增长0.55%。该基 金近1个月收益率0.54%，同类排名3201|4669；近6个月收益率1.56%，同类排名2532|4521；今年来收益 率3.27%，同类排名2442|4531。 华夏线上经济主题精选混合股票持仓前十占比合计43.78%，分别为：美的集团（9.07%）、海尔智家 （6.01%）、快手-W（5.31%）、顾家家居（4.59%）、中天科技（3.79%）、格力电器（3.22%）、比 音勒芬（3.07%）、雅克科技（2.95%）、亿联网络（2.92%）、巨子生物（2.85%）。 简历显示：黄文倩女士:复旦大学金融学硕士。曾任中国国际金融有限公司高级经理。2011年11月加入 华夏基金管理有限公司,曾任投资研究部研究员、投资经理、华夏新兴消费混合型证券投资基金基金经 理(2018年11月7日至2020年5月7日期间)等,现任投资研究部总监, ...

国泰海通证券股份有限公司 研究所 国泰海通晨报 2025 年 06 月 25 日 [Table_Summary] 1、煤炭价格见底回升，预计随着全国气温的逐步攀升，再考虑到库存去化，预计未来 4 个月是 关键的基本面验证时点。 2、内容领先，流量优势和资本能力突出，打造全场景声音娱乐帝国。 3、6 月 21 日新加坡海外首店开业，品牌出海进程有望加速，打开出海成长空间。 4、重视航空长逻辑。5 月受益于需求增长与航司收益管理积极改善，国内票价同比首次转正，估 算航司实现行业性盈利。预计暑运供需乐观，盈利有望再创新高。 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 行业跟踪报告：煤炭《煤价开始反弹，基本面底部确立》 2025-06-23 黄涛（分析师）021-38676666、王楠瑀（研究助理）021-38676666 投资建议：从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、中煤能源；继续 推荐兖矿能源、晋控煤业。 上周五（2025.6.20）港口煤炭价格上涨 1 元/吨，背后反映 ...

Core Viewpoint - The Chinese textile industry is undergoing a transformative shift towards green development, emphasizing technology, fashion, and sustainability, with a focus on specialized small and medium enterprises to lead this change [1][2]. Industry Overview - The number of legal entities in China's textile and apparel manufacturing industry has reached 1.748 million, employing a total of 15.54 million people [1]. - The textile and apparel manufacturing sector, including textile, apparel, and chemical fiber manufacturing, comprises 352,000 legal entities, accounting for 8.7% of the manufacturing industry [1]. Green Development Initiatives - The green concept is becoming the ecological foundation and value core of the modern textile industry system, with a strong push for technological innovation in the sector [1]. - The global fashion industry has committed to reducing value chain greenhouse gas emissions by 50% by 2030, as part of the Fashion Industry Climate Action Charter signed at COP24 [2]. - China's textile industry accounts for over 50% of global fiber processing, with its carbon emissions representing about 2% of the national total [2]. Challenges and Recommendations - A recent survey indicated that less than 40% of specialized small and medium enterprises in the textile sector have conducted carbon assessments, and only 20% have set climate action goals [3]. - The textile industry faces challenges such as a long and fragmented supply chain, limited emission reduction capabilities among small enterprises, and high costs of recycled materials [3]. - Recommendations include optimizing energy structures, promoting recycled materials, and establishing a comprehensive carbon management system throughout the product lifecycle [3]. Collaborative Efforts - The industry is encouraged to strengthen cooperation with countries along the Belt and Road Initiative, sharing green technologies and building green standards and markets [4]. - There is a call to explore the establishment of a stable and efficient cross-border recycling system for textiles [4].

点评：若交易属实，将标志其从IPO转向私募并购路径，借助KKR资源加速扩张。 2.星巴克中国回应高瓴资本等机构拟收购其部分股权 1.大窑饮品回应拟被KKR收购85%股权传言：不予置评 据澎湃，6月23日，针对美国私募股权机构KKR拟收购大窑饮品85%股权的传言，大窑饮品回应称："不予置 评。"今年1月，曾有传闻称，大窑饮品考虑在香港进行5亿美元的IPO，可能寻求2025年下半年在香港上 市。当时大窑饮品表示，公司以经营发展为主，暂未考虑IPO事项，一切以官方回复为准。 据界面新闻，6月24日，星巴克中国对界面新闻表示，星巴克坚信中国市场蕴藏的巨大增长机遇。我们正在 评估把握未来增长机遇的最佳方式。我们将继续专注于实现中国业务的重振增长，保持积极正向的发展趋 势。有市场消息称，高瓴资本、凯雷投资和信宸资本等多家投资机构参与了星巴克中国区的反向管理层路 演。目前，交易结构尚未敲定，星巴克中国业务估值约为50至60亿美元。 点评：借力本土化破局竞争。 3.三星计划于2026年安装2nm设备 三星正在计划于2026年开始在泰勒工厂安装2nm工艺的设备。经过数次推迟，三星于2025年第二季度重启泰 勒工厂的洁净室建设， ...

不过这个结果并非一蹴而就，更像是一部产业链与链主企业相互成就，前者孕育托举后者、 后者改造重塑前者的进化史。 以服装产业为例，中国的供应链确实庞大，但是能够把这条供应链真正挖掘出来，赋能转化 为平台级竞争力的，SHEIN是典型代表。 一位长期研究供应链的业内观察人士指出，SHEIN坚持在时尚领域把服装产业链往深耕里去 做，能够把服装这种消费品产业做成科技、需求驱动的敏捷型供应链，产业互联网之下，庞 大的工厂、工人拥有极高效率，彻底实现数字化、柔性化，这是很了不起的。 广州一家老牌服装制造厂掌舵人谢双涛说，SHEIN手把手将他这个"大老粗"的传统工厂，改 造成了精益化、数字化的现代企业，年轻人也开始愿意在这里寻找职业确定性。 这样的案例，还有无数个。 文/宁苍洱 全球化新格局之下，中国供应链的不可替代性，植根于其强大的产业集群效应、柔性定制能力以及技术 与人才储备的深厚积淀。 在广州、中山制衣厂，在虎门服装产业集群，在佛山印染产业带……SHEIN的"数字化+绿色 化+差异化"强大赋能体系，贯穿了全产业链，供应商、供应商的供应商、合作伙伴、合作伙 伴的合作伙伴、客户、客户的客户……推动了更大范围的产业协同，形成了 ...

Summary of the Conference Call for Steady Medical and All Cotton Era Industry and Company Overview - The conference call primarily discusses the performance and strategies of Steady Medical and its brand All Cotton Era in the sanitary products and medical supplies industry [2][3][4]. Key Points and Arguments Overall Growth and Performance - Steady Medical expects to maintain high growth in 2025 despite the impact of the 315 incident, with strong online and offline performance in sanitary napkins, particularly the Nice Princess brand [2][3]. - The company has not adjusted its annual growth target and remains confident in improving profitability, aiming to achieve its annual equity incentive goals [2][6]. Product Performance - The Nice Princess sanitary napkin has a repurchase rate exceeding 60% on Douyin, indicating strong consumer loyalty [4][12]. - The cotton soft towel category is focusing on supply chain safety marketing in the short term, with plans to return to material education and launch new products in the second half of 2025 [2][9]. Financial Metrics - Q2 gross margin is expected to improve due to lower raw material costs and product structure adjustments, despite increased marketing expenses following the 315 incident [7][21]. - The company achieved a double-digit revenue and profit increase in Q1 2025, with overall growth expected to remain in the high double digits [3][6]. Market Competition - The sanitary napkin market is highly competitive, with new players entering and shifting brand rankings. All Cotton Era focuses on safety and comfort, leveraging its medical background and clean production facilities to differentiate itself [10][12]. - The company has made significant progress in brand recognition and market share, entering the top ten rankings during the 618 shopping festival [10][11]. Channel Performance - Steady Medical's key products are performing well in Douyin and KA channels, with high e-commerce achievement rates. However, offline store sales are slightly sluggish but do not significantly impact overall profitability [5][18]. - The company plans to open 60 new stores in 2025, focusing on high-quality growth and profitability for each new location [19][20]. Future Product Plans - In 2025, All Cotton Era plans to focus on three strategic product categories: cotton soft towels, sanitary napkins, and intimate apparel, with significant market potential in each [23][28]. - The company aims to enhance consumer understanding of its products through material education and marketing, emphasizing its core advantages of 100% cotton materials and medical endorsements [9][28]. Medical Business Insights - The medical segment is seeing good growth domestically, with a focus on high-margin products and expanding customer bases in hospitals [15][21]. - The acquisition of GRI has brought additional capacity and sales growth, particularly in the U.S. market, despite potential goodwill impairment risks due to geopolitical factors [24]. Marketing and Brand Strategy - All Cotton Era is enhancing its brand promotion for medical-grade products, emphasizing its advantages over new national standards [24]. - The company is actively expanding its presence in KA channels and optimizing product categories to increase market penetration [25][26]. Additional Important Insights - The company is optimistic about the second half of 2025, expecting significant sales growth in sanitary napkins and intimate apparel, particularly in KA and Douyin channels [16][17]. - The overall market for sanitary napkins exceeds 100 billion yuan, with intimate apparel also exceeding 100 billion yuan, indicating substantial growth opportunities [23].

Management Changes - Wang Sha Co., Ltd. has appointed new management, with Weng Rongdi as the general manager, Jin Zhoubin as the deputy general manager, and Lu Mingliang as the financial head [1][5] - The founder's children, Weng Xiaofeng and Weng Xiaofei, have exited the core management team, indicating a shift away from family-centric management [1][4] Company Background - Wang Sha Co., Ltd. was founded in 1995 by the Weng brothers and is a typical family business, with the founders holding a combined 43.89% stake in the company [2][4] Financial Performance - In 2024, the company reported a revenue of 380 million yuan, a decrease of 2.08% year-on-year, while net profit increased by 3.43% to 23.4 million yuan [5] - The company closed 102 stores in 2024, ending the year with a total of 282 stores [5] Quality Issues - Wang Sha's products have faced multiple quality control issues, with several items failing to meet standards in inspections conducted by market supervision authorities [6][7]

Core Insights - The 2025 Industrial Internet Conference was held in Suzhou, focusing on "Digital Intelligence Innovation Deepening Empowerment - High-Quality Promotion of New Industrialization" [1] - Bosideng's chairman, Gao Dekang, emphasized the importance of digital transformation in the textile industry, presenting Bosideng as a model for integrating industrial internet into traditional manufacturing [2] Group 1: Digital Transformation and Industrial Internet - Bosideng established "Intelligent Transformation and Networking" as a core strategy in 2018, integrating industrial internet and AI with traditional business models [2] - The company aims to reshape the textile industry by achieving a digitalized supply chain that centers around consumer needs, becoming the only textile enterprise listed in the Ministry of Industry and Information Technology's "Digital Transformation Typical Case Collection" [2] Group 2: AI and Design Innovation - Bosideng collaborated with Zhejiang University to create the "BSD.AI Aesthetic Brain," an AI model that streamlines the design process, reducing sample development time from 100 days to 27 days and cutting costs by over 60% [3] - The first AI-designed product, a single-shell jacket, became a bestseller, showcasing the successful integration of technology and design [3] Group 3: Smart Manufacturing - Bosideng's Changshu smart factory achieved a 90% automation rate in key production processes, with a product delivery cycle reduced to 7-10 days [3] - The company has developed a near-zero carbon demonstration factory, receiving national certifications for green manufacturing and supply chain practices [3] Group 4: New Retail and Consumer Insights - Bosideng is leveraging full-domain digitalization to enhance consumer insights and marketing capabilities, utilizing over 3,000 smart terminals to create an omnichannel retail experience [4] - The AI shopping assistant provides personalized outfit recommendations based on a large member database, significantly increasing customer repurchase rates [4] Group 5: Future Goals and Industry Impact - Bosideng aims to further deepen the application of AI, big data, and IoT technologies to enhance operational efficiency and support the digital transformation of upstream and downstream SMEs in the textile industry [4] - The company is committed to transitioning from "Made in China" to "Intelligent Manufacturing in China," positioning itself as a leader in the global textile market [4]