行业研究丨深度报告丨纺织品、服装与奢侈品 [Table_Title] 弱于周期，兴于结构——纺织服装行业 2025 年 度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 品牌端，目前国内零售增速稳健，且关税落地、提振内需政策及板块情绪方面均有利好， 2025Q2-Q3 有望进入去库周期。此外，国内公司近年来通过主业改革或布局新业务，迎合服 装消费质价比趋势和户外景气赛道，个护内资品牌则依托于线上，凭借精准消费者教育、产品 升级及内容营销，推动细分品类渗透与升级，看好新消费公司 α。制造端，当前下游行业逐步 进入累库周期，叠加关税压制下需求与库存维度制造短期难现 β。当前优质制造企业或存低位 布局机会，长期行业格局优化仍利好优质龙头，产能扩张速度 V.S 营收速度、产能利用率可从 一定程度上衡量反应纺织制造公司的竞争力，锚定龙头弹性。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524020003 SAC：S0490524110001 SFC：BUU942 请阅读 ...

Core Insights - The "Jinjiang Experience" serves as a model for the growth of private enterprises in China, emphasizing the importance of a strong real economy and innovation [1][3][4] Group 1: Economic Development - In 2024, the total value added of the private economy in Fujian is expected to exceed 4 trillion yuan, with over 14,000 national high-tech enterprises, of which more than 97% are private [3] - Fujian's private enterprises, guided by the "Jinjiang Experience," focus on strengthening their core businesses and leveraging new technologies and business models to enhance competitiveness [4] Group 2: Industrial Clusters - The development of industrial clusters is crucial for enhancing the overall competitiveness of the manufacturing sector, with Fujian fostering geographic concentration of related enterprises for resource sharing and complementary advantages [7] - An example is the Quanzhou modern sports products cluster, which integrates over 100 production factors within a 50-kilometer radius of Jinjiang, creating a comprehensive industrial ecosystem [8] Group 3: Government Support - The government plays a pivotal role as a "guide" for enterprises, continuously optimizing services to reduce obstacles for business growth [11] - As of October 2024, Fujian has launched over 4,700 integrated service items, streamlining approval processes by 64.35%, with more than 97% of matters handled online [12] Group 4: Legal Framework - A strong legal framework is essential for business development, with Fujian focusing on creating a stable and predictable environment for enterprises [14] - In 2024, the overall satisfaction rate for Fujian's business environment reached 88.27%, maintaining above 85% for four consecutive years [15] Group 5: Innovation and Sustainability - Fujian enterprises are embracing change and seizing opportunities, with examples like Xiamen Jinlong's innovations in electric buses and Furen Sen Gong's sustainable bamboo products gaining international acclaim [18][19]

Group 1 - The core issue revolves around the U.S. imposing a potential 500% tariff on countries, including India, that continue to purchase Russian oil, highlighting India's precarious position in the geopolitical landscape [1][2] - India, as the world's third-largest oil importer, relies heavily on oil imports, with 80% of its oil needs met through imports, and has significantly increased its Russian oil purchases due to lower prices [2][5] - The proposed tariff has garnered substantial support in the U.S. Senate, with 82-84 senators backing it, and its implementation hinges on President Trump's decision, which adds uncertainty to India's energy strategy [2][5] Group 2 - India's response to the U.S. threat contrasts sharply with China's, as India appears to be seeking leniency from the U.S. while China has prepared for retaliatory measures against the proposed tariffs [2][5] - The potential implementation of the 500% tariff could severely impact India's economy, particularly its key export sectors like pharmaceuticals and IT, which are heavily reliant on the U.S. market [5][8] - The geopolitical dynamics suggest that smaller nations like India may become collateral damage in the larger power struggle between the U.S. and China, as India attempts to navigate its interests without alienating either side [8]

Group 1: Export Growth and Market Expansion - The largest land port for automobile exports in China, Horgos, is experiencing a surge in vehicle exports, with daily long queues for customs checks [1] - Jiangsu Doremi Automotive Technology Co., Ltd. reported sales of 98 million yuan last year, with expectations to exceed 120 million yuan this year, highlighting Central Asia as a new growth point [1] - In the first five months of this year, the total import and export value of Zhenjiang reached 43.62 billion yuan, a historical high for the same period, with a year-on-year growth of 5.5% [1] Group 2: Innovation and Product Development - Jiangsu Wode Agricultural Machinery Co., Ltd. achieved overseas sales of 1.25 billion yuan from January to May, a 34% increase year-on-year, driven by product innovation [2] - The company has developed products tailored for international markets, including palm harvesting machines for Southeast Asia [2] - Zhenjiang Shipyard Group signed contracts for eight deep-water anchor handling vessels and one of the largest sulfur transport vessels, with delivery dates extending to 2028 [2] Group 3: Cross-Border E-commerce and New Business Models - Zhenjiang has established a cross-border e-commerce platform to enhance trade capabilities, with over 850 cross-border e-commerce companies formed in the region [5] - The city is focusing on developing nine cross-border e-commerce industrial belts, including hardware tools and automotive parts [5] - Zhenjiang Jinzhitai Textile Co., Ltd. has expanded its market reach beyond the U.S. to Japan, Australia, and Europe, achieving over 20% growth in non-U.S. markets [4] Group 4: Policy Support and Trade Facilitation - The RCEP agreement has provided tariff reductions, enhancing the competitiveness of Zhenjiang's products in markets like Japan and Southeast Asia, with a 20% increase in orders for certain products [6] - Zhenjiang Customs is actively guiding companies to utilize policy benefits, improving export clearance efficiency through tailored services [6] - The city is promoting online sales of foreign trade products, facilitating connections between local exporters and e-commerce platforms [6]

证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— 欧盟委员会提出《欧洲气候法》修订案，设定 2040 年减排目标 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 07 月 05 日 [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 欧盟委员会提出《欧洲气候法》修订案，设定 2040 年减排目标 [T ...

据《今日印度》5日报道，美方要求印度开放农产品市场，尤其是接纳转基因玉米、大豆等农产品，但印 方以"粮食安全和影响农村生计"为由拒绝。 《印度快报》5日援引一名印方官员的话报道说，印方的核心利益在于确保纺织品、鞋类等劳动密集型产 品的持续市场准入，汽车零部件出口也是关切点之一。此外，美国不愿在钢铁领域向任何国家作出让步。 2月13日，美国总统特朗普（右）与到访的印度总理莫迪在华盛顿白宫出席联合记者会。新华社记者胡友松摄 新华社消息，印度和美国贸易谈判最后期限将至，双方仍在汽车、钢铁以及农业等领域存在分歧。印度媒 体4日报道，印度计划对部分美国产品征收报复性关税。印度商业和工业部长皮尤什·戈亚尔当天强硬表 态，只有互利互惠才能达成协定。 双方分歧依然难解 美国所谓"对等关税"90天暂缓期将于7月9日结束，印度和美国仍在进行贸易谈判。据路透社报道，印美贸 易谈判目前在汽车及零部件、钢铁和农产品领域存在分歧。印度一方面不愿开放农业和乳业市场，一方面 要求美方对印度商品的关税税率低于面向越南等国的关税税率。 由首席谈判代表拉杰什·阿格拉瓦尔率领的印方代表团4日结束与美方的又一轮贸易谈判。印度报业托拉斯 援引一名印度官 ...

Group 1 - The core of the news is the announcement of a "historic agreement" between the U.S. and Vietnam, where Vietnam's exports to the U.S. will face a new 20% tariff, while goods transshipped from third countries will incur a 40% tariff [1][3] - Vietnam's economy is heavily reliant on the U.S. market, with nearly 30% of its exports directed to the U.S., leading to significant market volatility, including an 8.1% drop in the Vietnamese stock market [3][7] - The agreement includes Vietnam's commitment to purchase $8 billion worth of Boeing aircraft and $2.9 billion in U.S. agricultural products, while also expediting the approval of Trump Organization's golf project [3][9] Group 2 - The U.S. will impose a 40% tariff on goods that are primarily produced in third countries and undergo final processing in Vietnam, which poses a significant threat to the Vietnamese supply chain, particularly in electronics and textiles [3][7] - The interdependence between China and Vietnam is highlighted, as China supplies 26% of Vietnam's total imports and exports, making strict enforcement of transshipment controls potentially crippling for Vietnam's industries [4][7] - The agreement has caused tensions within ASEAN, with countries like Malaysia and the Philippines expressing concerns over Vietnam's unilateral actions, which could undermine regional unity [7][9] Group 3 - Multinational companies are beginning to shift their supply chains in response to the new tariffs, with Nike moving 30% of its shoe orders to Mexico and Apple planning to relocate 65% of its AirPods production out of Vietnam [7][9] - Chinese companies are adapting by forming partnerships, such as CATL signing a battery supply agreement with VinFast, while also exploring new cross-border e-commerce channels [9] - The agreement has led to a surge in stock prices for U.S. brands like Nike, indicating a positive market reaction despite the potential long-term implications for global supply chains [9]

Group 1: Market Overview - The "Chinese fashion" consumption market is projected to reach a total scale of 2 trillion to 3 trillion yuan by 2025, creating new growth points for the cultural industry [1] - The latest "China Fashion Consumption Development Report" indicates that "Chinese fashion" consumption is expanding from single categories to diverse fields, becoming a significant engine for consumption upgrades [9][20] Group 2: Innovations in Traditional Brands - Traditional brands are launching new stores and seasonal products, with a focus on integrating seasonal ingredients and cultural experiences to create new consumption trends [1][3] - The Beijing Daoxiangcun has introduced seasonal pastries corresponding to each solar term, enhancing consumer engagement with traditional cultural elements [7] Group 3: Integration of Cultural Heritage - The integration of Shu Brocade, a non-heritage craft, into modern fashion items is gaining traction, with designers emphasizing the blend of traditional culture and modern aesthetics [12][20] - Companies are leveraging e-commerce platforms and cross-border exhibitions to establish a global sales network for Shu Brocade products, achieving daily sales of 100,000 to 150,000 yuan within seven months of launching [14] Group 4: Digital Transformation in Textile Industry - The textile and apparel industry is undergoing a digital transformation, with AI technology being utilized for fashion design, allowing designers to generate clothing designs rapidly [21][23] - Zhejiang province has seen significant advancements in digital transformation within the fashion industry, with a complete industrial chain from production to sales, contributing to over 1 trillion yuan in revenue [31]

Group 1 - The core viewpoint of the articles highlights the significant increase in overseas listings by Fujian enterprises, with a total of 7 new companies listed abroad this year, ranking 4th in the number of new listings on the Hong Kong Stock Exchange [1][3] - Yiwate Robot, a company specializing in automation equipment, emphasizes the strategic importance of its NASDAQ listing for attracting international capital and enhancing global influence [1][2] - The trend of Fujian companies going public abroad is supported by the province's strong overseas networks and favorable policies aimed at facilitating international market entry [3][4] Group 2 - Companies like Jihong Co. and Anjiu Food have successfully utilized their listings to enhance their international presence, with Jihong Co. achieving over 60% of its revenue from overseas markets [2][3] - The articles indicate that the majority of Fujian enterprises listed abroad are in consumer sectors, aligning with investor preferences for stable cash flow businesses [4] - The Fujian government has implemented various supportive policies to encourage companies to list overseas, including measures to streamline the listing process for technology firms [5][6]

证券代码：002486 证券简称：嘉麟杰 公告编号：2025-031 上海嘉麟杰纺织品股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 上海嘉麟杰纺织品股份有限公司（以下简称"公司"）第六届监事会第十三 次会议通知于 2025 年 7 月 2 日以书面及通讯方式送达至全体监事。本次会议于 事会主席苏国珍先生召集并主持，会议应出席监事 3 名，实际出席监事 3 名。本 次会议的召集、召开程序符合法律法规及《上海嘉麟杰纺织品股份有限公司章程》 的规定，会议合法、有效。 二、监事会会议审议情况 （同意票 3 票，反对票 0 票，弃权票 0 票）。 具体内容详见同日披露在《中国证券报》《证券时报》《 》及巨 潮资讯网（www.cninfo.com.cn）的《关于变更注册资本、取消监事会、修订 <公> 司章程>的公告》（公告编号：2025-034）。 本议案尚需提交公司 2025 年第一次临时股东会审议。 根据《公司法》《上市公司章程指引》（2025 年修订）等相关法律法规的规 定，结合公司实际情况，公司将取消设置监事会，监事会的职权 ...