Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to face pressure on its FY25 performance, with a projected revenue decline of 6.6% to 27,013 million RMB and a significant drop in net profit by 41.9% to 1,286 million RMB [8] - Despite the challenges, the company plans to maintain a high dividend payout ratio, estimated at 134%, exceeding market expectations [8] - The company has introduced new brand collaborations and is adjusting its store strategy to improve sales performance [8] Financial Performance Summary - FY24A revenue was 28,933 million RMB, with a 6.9% year-on-year growth, while FY25A revenue is projected at 27,013 million RMB, reflecting a 6.6% decline [3] - The company’s gross profit margin decreased by 3.4 percentage points to 38.4% in FY25, primarily due to increased retail discounts [8] - The net profit margin for FY25 is expected to decline to 4.8%, down 2.9 percentage points from the previous year [8] - The company’s earnings per share (EPS) for FY26 is projected to be 0.21 RMB, with a target price of 3.45 HKD based on a 15x PE valuation [3][9] Operational Insights - The company closed 1,124 stores in FY25, ending the year with 5,020 stores, while the total sales area decreased by 12.4% [8] - The company has initiated new brand partnerships, including SOAR running and Norrøna, to enhance its market presence [8]

Market Performance - As of May 21, 2025, Hong Kong's three major indices collectively rose, with sectors such as electrical equipment, non-ferrous metals, and textiles leading the gains, while household goods and food & beverage sectors saw declines [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index achieved a three-day consecutive rise, reaching a nearly five-year high during intraday trading [1] ETF Insights - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 310 million yuan on May 21, 2025, with a total size of 10.578 billion yuan and 7.583 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - Including the off-market index fund, the total size of Morgan's products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index exceeds 12.8 billion yuan [1] Performance Comparison - The S&P Hong Kong Stock Connect Low Volatility Dividend Index posted a 12.88% increase over the past year, significantly outperforming the CSI Dividend Index at -3.96% and the CSI Low Volatility Dividend Index at 0.76% [1] Policy and Market Outlook - The People's Bank of China continues to increase gold reserves, enhancing market confidence and sustaining a global trend of central bank gold purchases, indicating a bullish outlook for gold in the medium to long term [2] - A recent meeting led by the central bank governor emphasized the implementation of a moderately loose monetary policy to support effective financing for the real economy, focusing on technology innovation, consumption, and stabilizing foreign trade [2] Investment Strategies - Under the influence of policy, the market is expected to further focus on high-dividend state-owned enterprises in Hong Kong, with an increasing emphasis on investor returns and improved dividend systems [2] - Morgan Asset Management has launched an international "Dividend Toolbox" series of funds, providing diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Fund Highlights - The Morgan Free Cash Flow ETF (563900) closely tracks the CSI Free Cash Flow Index, focusing on high cash flow quality "cash cow" enterprises [3] - The Morgan Dividend Select Equity Fund aims to exceed benchmark returns by utilizing a quantitative stock selection model based on the CSI Dividend Index [3] - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, having won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] Additional Fund Information - The Morgan CSI A50 ETF (560350) emphasizes core A-share assets and incorporates a quarterly mandatory dividend mechanism, with nearly 100 million yuan in cumulative dividends for 2024 [3] - The Morgan CSI A500 ETF (560530) targets quality A-share assets and has introduced a quarterly dividend mechanism, also being one of the first index funds included in personal pension plans [4] Investment Philosophy - Morgan Asset Management is committed to identifying relatively "certain" quality asset investment opportunities in the new normal of interest rates, leveraging global market insights and research capabilities to enhance client experience and satisfaction [5]

Core Insights - The event "Taste of National Essence, Full of Hangzhou" was held from May 16 to 18, 2025, in Hangzhou, featuring 70 renowned time-honored brands from Hangzhou, Xi'an, and Kunming, showcasing the diverse charm of Chinese time-honored culture [1][2] - The collaboration among the three ancient cities aims to explore a "Cultural IP Sharing" model, setting a new benchmark for cross-regional cultural consumption [1] - The event utilized digital empowerment to enhance the visibility of time-honored brands, with students from Kaiyuan Business School acting as "digital shopkeepers" to create customized live-streaming plans, significantly increasing online sales and engaging a young audience [2] Industry and Company Highlights - The event highlighted the importance of time-honored brands as carriers of urban cultural memory and significant components of the consumer market [2] - Various activities, including free medical consultations and DIY workshops, attracted over ten thousand participants, emphasizing that time-honored brands represent not just products but also emotional connections [2] - The Hangzhou Municipal Bureau of Commerce plans to continue building communication platforms and optimizing policy support to revitalize traditional culture in the digital age, aiming to position "Hangzhou craftsmanship" as a golden brand in the global consumer market [2]

Core Insights - The real estate development industry is experiencing widespread losses, with a significant decline in revenue and profitability for 2024, indicating a challenging environment for developers [12][13] - Despite the overall industry downturn, leading real estate companies maintain a notable competitive advantage, suggesting potential investment opportunities in top-tier firms [12][13] Industry Overview - In 2024, the total revenue for 168 real estate development companies was 4.33 trillion yuan, representing a year-on-year decrease of 19.2% [12] - The net profit for the industry was -376.3 billion yuan, a substantial decline from -19 billion yuan in 2023, indicating a severe profitability crisis [12] - The overall gross margin for the industry was 15.3%, down by 1.9 percentage points, while the net profit margin was -8.6%, a drop of 7.8 percentage points [12] - Out of the 168 companies, only 68 reported positive net profits, while 100 incurred losses, highlighting the financial strain across the sector [12] Competitive Landscape - The report emphasizes that the competitive dynamics are shifting, with state-owned enterprises and a few mixed-ownership and private firms outperforming others in land acquisition and sales [13] - The investment strategy suggests focusing on companies with strong fundamentals, particularly in first-tier and select second- and third-tier cities, which are expected to perform better during market rebounds [13] Investment Recommendations - The report maintains an "overweight" rating for the real estate sector, advocating for investments in companies that are likely to benefit from policy changes and market recovery [13] - Specific companies highlighted for potential investment include Green Town China, China Overseas Development, and Poly Development, among others, indicating a diversified approach to capitalizing on market opportunities [13]

? 经公司自查并向控股股东及实际控制人发函查证回复，不存 在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 证券代码：600137 股票简称：浪莎股份 编号：临 2025-010 四川浪莎控股股份有限公司 股票交易异常波动公告 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。 重要内容提示： ? 公司股票交易连续两个交易日内日收盘价格涨幅偏离值累计 超过 20%， 属于股票交易异常波动。 三、董事会声明及相关方承诺 公司董事会确认：本公司没有任何根据《股票上市规则》等有关 规定应披露而未披露的事项或与该等事项有关的筹划和意向，董事会 也未获悉根据《股票上市规则》等有关规定应披露而未披露的、对本 公司股票交易价格可能产生较大影响的信息。 四、相关风险提示 四川浪莎控股股份有限公司（以下简称："公司" 、"本公司" ） 股票交易于 2025 年 5 月 19 日、20 日连续两个交易日内日收盘价 格涨幅偏离值累计超过 20%，触及《上海证券交易所交易规则》规 定的异常波动标准，属于股票交易异常波动。 二、公司关注 ...

Group 1 - Xinhua Jin Group has established a new robot company, Jinpeng Robotics, in collaboration with two Guangzhou firms, marking a significant cross-industry move [1][3] - The registered capital for Jinpeng Robotics is 50 million yuan, with Xinhua Jin holding a 51% stake, indicating its role as the controlling shareholder [1] - Xinhua Jin's main business is in hair products and textile exports, which are not closely related to the robotics industry, making this move a bold attempt to diversify [1][3] Group 2 - Xinhua Jin's recent financial performance has been poor, with a reported revenue of 1.637 billion yuan in 2024, a decline of 30.97% year-on-year, and a net loss of 134 million yuan, a staggering drop of 354.59% [3] - The parent company, Xinhua Jin Group, achieved a revenue of 46.6 billion yuan in 2024, but the listed company's contribution was less than 4%, highlighting the need for new growth drivers [3] - Previous attempts to enter the graphite new materials sector faced challenges, with production halted since 2022 due to licensing issues, further emphasizing the urgency for Xinhua Jin to find new avenues for growth [3][4] Group 3 - The recent sale of the Jimo Huangjiu Factory to Qingdao Beer for 665 million yuan is seen as a strategy to optimize asset structure and alleviate financial pressure [4] - The pledging of 3 million shares by the controlling shareholder, Lujin Group, for operational funding has raised concerns in the capital market, with a high pledge ratio of 42.43% for the company overall and 98.05% for core shareholders [3][4] - The competitive landscape in the robotics industry is intensifying, with traditional foreign trade companies like Xinhua Jin facing challenges in technology accumulation and market penetration [5]

5月20日涨停分析 今日共77股涨停，连板股总数28只，30股封板未遂，封板率为72%（不含ST股、退市股）。焦点股方面，部分高位股午后反弹，苏州龙杰、迎丰股份上 演"地天板"；以谷子经济、宠物经济、医美为代表的新消费板块全天表现强势，其中郑中设计、丽人丽妆4连板，拉芳家化6天4板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 综艺股份 | 5天4板 | 10.05% | 09:25 | 并购重组 | | 600770 | | | | | | 天汽模 | 3天3板 | 10.00% | 09:25 | 并购重组 | | 002510 | | | | | | 滨海能源 | 2天2板 | 9.96% | 09:25 | 并购重组 | | 000695 | | | | | | 等利亚甲 | 2天2板 | 20.00% | 09:30 | 并购重组 | | 300069 | | | | | | 亚泰集团 | 2天2板 | 10.06% | 09:40 | 并购重组 | | 600881 | | | | | | 五新隧装 | 2 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][26]. Core Viewpoints - The textile and apparel sector shows steady demand with a low single-digit growth in retail sales, while sports and entertainment products continue to grow rapidly [7]. - In April 2025, the retail sales of gold and silver jewelry increased by 25.3%, indicating strong consumer interest [6][7]. - The report highlights the performance of online channels, which outperformed overall retail sales, with a 5.8% year-on-year growth in physical goods online retail [5]. Summary by Sections Market Performance - In April 2025, the total retail sales in China reached 3.72 trillion yuan, growing by 5.1% year-on-year, which was below market expectations [4]. - The consumer confidence index in March 2025 was 87.5, reflecting a 0.9% decline month-on-month [4]. Channel Performance - Online channels showed a year-on-year growth of 5.8% in physical goods retail, while offline channels like department stores and brand specialty stores performed weakly [5]. Category Performance - In April 2025, the retail sales of textiles and apparel grew by 2.2% year-on-year, while sports and entertainment products saw a growth of 23.3% [6]. - The report notes that during the "May Day" holiday, clothing retail sales showed a slight increase, with sportswear and children's clothing performing particularly well [7]. Investment Recommendations - The report recommends focusing on sports brands such as Anta Sports and 361 Degrees, as well as home textile companies benefiting from government subsidies like Luolai Life and Mercury Home Textile [7]. - For textile manufacturing, companies like Shenzhou International and Yuyuan Group are suggested due to their low valuations and growth potential [9].

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [6]. Core Viewpoints - In April 2025, the domestic retail sales (社零) grew by 5.1% year-on-year, which was below market expectations [3]. - The overall retail sales for the first four months of 2025 reached 16.18 trillion yuan, with a year-on-year growth of 4.7% [3]. - Online channels continue to outperform the overall retail market, with a 5.8% year-on-year growth in physical goods online retail sales [4]. - The jewelry category saw a significant increase, with a year-on-year growth of 25.3% in April 2025 [5]. - The textile and apparel sector experienced a modest growth of 2.2% year-on-year in April 2025, with expectations of weaker online channel performance compared to offline channels [5]. Summary by Sections Retail Performance - In April 2025, the total retail sales amounted to 3.72 trillion yuan, with a year-on-year growth of 5.1% and a month-on-month decline of 0.8 percentage points [3]. - The consumer confidence index in March 2025 was 87.5, reflecting a decrease of 0.9 from the previous month [3]. Channel Performance - For the first four months of 2025, the retail sales in physical stores showed weaker performance compared to online channels, with convenience stores and specialty stores growing by 9.1% and 6.4% respectively [4]. Category Performance - The jewelry category's retail sales growth was notable at 25.3% year-on-year in April 2025, while the textile and apparel category grew by only 2.2% [5]. - The sports and entertainment products category maintained a strong growth rate of 23.3% year-on-year [5]. Investment Recommendations - The report recommends focusing on sports brands such as Anta Sports and 361 Degrees, as well as home textile companies benefiting from government subsidies like Luolai Life and Mercury Home Textile [6]. - For the textile manufacturing sector, companies like Shenzhou International and Yue Yuen Industrial are highlighted for their low valuations and growth potential [8].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the retail consumption data for April 2025, highlighting trends across various sectors including retail, food and beverage, automotive, and home appliances. Key Insights and Arguments Retail Consumption Data - The total retail sales of consumer goods in April 2025 increased by 5.2% year-on-year, but decreased by 0.4% month-on-month [1] - Online retail sales of physical goods grew by 6% year-on-year, accounting for 24.3% of total retail sales [1][2] - Offline retail formats such as convenience stores, specialty stores, supermarkets, and department stores saw respective year-on-year growth rates of 9.1%, 6.4%, 5.2%, and 1.7% [1][2] Essential Consumer Goods - Retail sales of staple food products increased by 14%, while daily necessities grew by 7.6% [1][3] - Cosmetics benefited from a low base and the growth of e-commerce, with a year-on-year increase of 7.2% [1][4] - Jewelry sales surged by 25.3%, driven primarily by a 39% increase in gold prices [1][4] - Communication equipment and home appliances saw growth of 20% and 39% respectively, stimulated by trade-in policies [1][4] Restaurant and Hotel Industry - The restaurant industry experienced a slowdown in April, with a year-on-year growth of 5.2%, down from 5.6% in March [5] - The hotel industry faced weak business travel demand, with RevPAR (Revenue Per Available Room) declining by 9% year-on-year in March and April [6] Hainan Duty-Free Market - The Hainan duty-free market saw an increase in average transaction value, but the shopping conversion rate dropped to 6%, leading to a 5.43% year-on-year decline in sales in March [7] Automotive Industry - The total retail sales of automobiles reached 362.6 billion yuan in April, a year-on-year increase of 0.7% [8] - Passenger car sales grew by 11%, while new energy vehicle sales surged by 40.2%, achieving a penetration rate of 51% [8] - The automotive market is experiencing a clear trend of consumption downgrade, with ongoing price wars expected to stimulate sales [8][9] Home Appliance Industry - The home appliance sector saw a significant sales increase of 38.8% year-on-year in April, supported by national subsidy policies [20] - Major growth was observed in white goods, particularly air conditioners, while small appliances showed mixed performance [20][22] Additional Important Insights - The textile and apparel sector is stabilizing, with brand clothing retail growth around 2% and an expected improvement in the second half of the year [11] - The light industry is facing challenges due to U.S.-China tariffs, with furniture exports declining by 6% in April [14] - The food and beverage sector is recovering, with the restaurant chain segment showing signs of improvement [16][17] Recommendations - Focus on companies with strong fundamentals and clear value propositions in the home appliance and automotive sectors, such as Gree Electric, Haier, and BYD [21][22] - Monitor the performance of companies in the textile and apparel industry, particularly those with robust online sales channels [11][13]