更核心的痛点在于融资。坯布厂商需要现金向上游采购纱线，而下游的一级批发商却通常拥有2-3个月 的账期。资金被大量占用在应收账款和库存上，而企业自身规模小、缺乏抵押物、财务信息不透明，使 其在银行传统的风控模型下，几乎无法获得贷款。 这块小黑板，曾是无数中小纺织企业生产管理现状的缩影。它们构成了中国纺织业庞大而坚韧的毛细血 管，但因信息化水平低、财务不透明，并不受传统金融机构青睐。 "以前是有机器有人就能干；现在变了，上游要现金，下游要欠款，订单又碎又急，想贷款，不容 易。"工厂企业主的感慨，道出了链上纺织同行的共同困境。 困局：万亿产业与"信用孤岛" 走进浙江嵊州一家纺织厂车间，空气中弥漫着棉絮和机油混合的气味，数十台织布机发出规律且震耳的 轰鸣声，工人们在机器间穿梭。工厂老板指着墙上的一块写得密密麻麻的小黑板说："这就是我们以前 的'ERP系统'。" 纺织业，作为中国最具代表性的传统产业之一，产业链条长且复杂——从农业端的棉花，到工业端的化 纤，再到纺纱、织布、印染、服装制造，最后经由零售抵达消费者。在这个冗长的链条上，90%以上的 产能由中小企业贡献。 "行业非常分散。以织布为例，全国有超过2万家织布厂， ...

江南时报讯 近日，工行南通通州支行成功为某纺织公司办理非关联方服务费用代垫业务，直击外贸企 业在非关联方服务费用结算中的痛点，有效拓宽了银行的服务边界，为支持外贸稳定发展提供了有力的 支撑。据悉，该笔业务是南通分行首笔非关联方服务费用代垫业务。 该公司是一家长期从事货物进出口贸易的企业，与该行保持着良好的收付汇业务合作。2025年9月，公 司与美国客户新签一笔出口订单。受美国对华加征关税政策影响，货物到港后产生的高额关税连带相关 海运、仓储等费用，美方进口商拒绝承担，并要求由公司支付。经协商，双方约定由境外客户先行垫付 上述费用，待取得合规收据后，再由该公司向境外客户进行返还。 本案例的成功办理，是外汇管理便利化政策直达市场主体、精准纾困解难的生动体现。作为政策落地 的"最后一公里"，南通通州支行做到了快速响应、精准解读、高效执行，将政策红利及时转化为服务实 体的具体行动，不仅解决了客户的燃眉之急，也增强了客户对我行的信任与粘性。此类政策的出台与有 效实施，极大地提升了跨境贸易结算的便利度，优化了营商环境，是金融支持高水平对外开放的具体实 践。 未来，该行将继续深入学习和贯彻落实外汇管理各项便利化政策，不断提 ...

Market Overview - The Shanghai Composite Index closed at 3870.02 points, above the six-month moving average, with a gain of 0.87% [1] - The total trading volume of A-shares reached 182.62 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 290 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xunxing Co., Ltd. (002098) with a deviation rate of 9.03% and a daily increase of 10.04% [1] - Meino Energy (001299) with a deviation rate of 8.16% and a daily increase of 9.98% [1] - Laimu Co., Ltd. (603633) with a deviation rate of 7.83% and a daily increase of 8.70% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Xunxing Co., Ltd. (002098): Latest price 10.08 yuan, half-year line 9.24 yuan, turnover rate 3.52% [1] - Meino Energy (001299): Latest price 13.00 yuan, half-year line 12.02 yuan, turnover rate 6.41% [1] - Laimu Co., Ltd. (603633): Latest price 10.87 yuan, half-year line 10.08 yuan, turnover rate 7.02% [1] - Other stocks with significant performance include: - Xinhua Pharmaceutical (000756) with a daily increase of 10.00% and a deviation rate of 6.41% [1] - Tonghe Technology (300491) with a daily increase of 7.25% and a deviation rate of 6.40% [1]

Investment Rating - Investment advice is to outperform the market, with a focus on specific companies such as Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International [40][16]. Core Insights - October Swiss watch exports to China increased by 12.6% year-on-year, marking two consecutive months of double-digit growth. The overall Swiss watch exports showed a global decline of 4.4% [40][4]. - The report highlights a clearer recovery logic for the export manufacturing sector in 2026, driven by three main factors: clarity in US tariff policies, reduced tariff pressure with brands, and improved production efficiency [40][4]. - The North American luxury market is showing leading growth, supported by expectations of interest rate cuts, although Q4 performance needs to be monitored due to high base effects [40][4]. Industry Data Tracking - In October 2025, China's retail sales of clothing increased by 6.8%, while textile and apparel exports fell by 12.6% [17][19]. - Cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [19][19]. - The report notes that the export of textiles and clothing in October 2025 was approximately $22.26 billion, down 12.64% year-on-year [19][19]. Recommended Stocks and Valuation - Recommended stocks include Huali Group, Stella International, Shenzhou International, and Best Pacific International, all rated as outperforming the market [16][40]. - The report provides earnings forecasts for these companies, indicating a positive outlook for their performance in the coming years [16][40].

英国BOOHOO集团供应链顾问Asheem Sobti，瑞士AGENOR HOLDING LIMITED 首席执行官 Rudolf M.Lukacek，加拿大Fashion Pride Canada Inc.采购总监 Emily Ruth Kozie，俄罗斯Lady & Gentleman City渠道总监Sviatoslav Ipatov以及罗马尼亚罗领国际有限公司执行总监Liviu Rosca等外商代表在现场分享了采 购需求。 会后自由交流环节，因双方空前高涨的热情而秒变"火爆"现场。来自全球的采购商们手握意向企业名录，迫不及待地寻找心仪的供应商；而本土企业的代 表们更是有备而来，带着样品、 样册和iPad 中存储的工厂视频，主动上前进行推介。 本次国际直采会以"赣贸优品 惠通全球"为主题，汇聚英国、法国、德国及俄罗斯等41个国家和地区的150余位国际采购商，参会采购商覆盖快时尚品牌、 零售商、跨境电商平台等多元领域，直采对接会现场吸引来自英国、瑞士、加拿大、俄罗斯及东盟等国家和地区的80余位国际采购商与近100余家本土企 业参会，为供需双方提供了精准高效的对接平台，为江西纺织服装产业发展注入了强劲的国际 ...

环球市场动态 " 十 五 五 " 辅 导 读 本 中 的 增 量 信 息 股 票 新一轮美联储官员发声较为鸽派， 美联储 12 月降息预期回升，全球 市场周一回暖。A 股小幅上涨，市 场继续关注中日紧张关系；港股止 跌，科技股反弹明显；欧洲股市收 高，俄乌和谈取得进展进一步提振 市场；美股大幅反弹，科技股上涨 明显推动纳指涨 2.7%，金龙中国指 数同样大涨。 外 汇 / 商 品 交易员权衡乌克兰与俄罗斯达成和 平协议的前景，周一国际油价漲超 1%；美联储 12 月降息预期升温， 国际金价格上涨 0.4%。 固 定 收 益 周一美国国债上涨，长端领涨。美 联储官员再放鸽。市场上调对美联 储 12 月降息预期。2 年期美国国债 拍卖表现良好。亚洲债市交投清淡， 但表现稳健。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 11 月 25 日 ▪ 中央印发两本 "十五五" 辅导书籍，在经济增速方面，辅导书籍就 2035 远景目标所需的经济增速给出具体指 引，其中暗含引导物价回升或汇率在未来适度升值的诉求。在宏观政策方面，辅导书籍透露财政 ...

Core Viewpoint - Cixing Co., Ltd. (300307.SZ) has announced a plan to issue A-shares to specific investors through a simplified procedure, with a total fundraising amount not exceeding RMB 30 million, aimed at funding various projects related to knitting machinery and technology development [1][2]. Group 1: Share Issuance Details - The share issuance will target no more than 35 specific investors, including qualified institutional investors and other eligible entities [1]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the issuance date [1][2]. - The total number of shares issued will not exceed 30% of the total share capital before the issuance [2]. Group 2: Fund Allocation - The net proceeds from the issuance will be allocated to three main projects: 1. Production of 1,500 units of 3D integrated knitting machines and 50 units of medical special knitting machines, with a total investment of RMB 20 million [2][3]. 2. Development and industrialization of 1,170 units of high-end multifunctional special computer knitting machines, with an investment of RMB 10 million [2][3]. 3. Research on digital analysis and testing technology for knitted fabric structures, with an investment of RMB 1.5 million [2][3]. - The total investment for these projects amounts to RMB 31.5 million, with the company planning to raise RMB 30 million [3]. Group 3: Shareholder Structure - As of the announcement date, Yuren Wisdom holds 17.09% of the company's shares, making it the controlling shareholder, while the actual controller, Sun Pingfan, controls 34.19% of the shares [4]. - The issuance will lead to an increase in the company's share capital, but the actual control will remain unchanged despite a decrease in the controlling shareholder's percentage [4]. Group 4: Financial Performance - For the third quarter of 2025, the company reported a revenue of RMB 383.06 million, a decrease of 24.39% year-on-year, and a net profit attributable to shareholders of RMB 16.01 million, down 37.01% [9][10]. - For the year-to-date period, the company achieved a revenue of RMB 1.49 billion, a decline of 16.54%, and a net profit of RMB 122 million, down 60.71% [9][10]. - The cash flow from operating activities was negative at RMB -50.81 million for the year-to-date period [10].

Core Insights - The textile and apparel industry in Shandong is undergoing a significant transformation driven by AI technology, moving towards smart creation and customization [2][5] - The recent "Skills Empowerment" vocational skills competition showcased the integration of AI in fashion design, highlighting its role in generating design inspiration and enhancing visualization [2][3] - Shandong's textile industry is increasingly focusing on high-value products and brand development, with local companies achieving notable success in e-commerce and fashion events [4][5] Industry Trends - AI is being utilized in the design process, allowing for the creation of 3D templates and advanced customization, which marks a shift from traditional methods [2][3] - The competition theme "Breaking Boundaries, Practical Application, Innovation" emphasizes the importance of quality and foresight in fashion design [2] - Companies like Weiqiao Textile and Daiyin Group are investing heavily in AI and automation, achieving high levels of production efficiency and innovation [3][4] Talent Development - The Shandong Vocational College of Fashion has adapted its curriculum to include new majors that align with the industry's evolving needs, reflecting a shift in educational focus [3][4] - Continuous collaboration between educational institutions and local enterprises is aimed at producing skilled professionals for the textile and apparel sector [4] Market Opportunities - The local textile industry is leveraging cultural heritage to inspire design, aiming to enhance its market presence and brand recognition [4][5] - The rise of e-commerce, particularly during events like "Double Eleven," indicates a growing market for local brands, with significant logistics activity reported [4]

Core Viewpoint - In 2025, the textile manufacturing and branding sectors faced external pressures, including tariff impacts and macroeconomic challenges, yet leading companies demonstrated strong operational resilience. Looking ahead to 2026, the manufacturing sector is expected to see a gradual easing of tariff disruptions, while the branding sector should focus on recovery opportunities and high-growth niche markets [1][2][3]. Textile Manufacturing Sector - The textile manufacturing sector experienced significant pressure from tariff impacts in April 2025, leading to short-term order fluctuations and reduced capacity utilization, which negatively affected profits. However, leading OEM companies maintained their long-term advantages, with some showing operational improvements by Q3 2025 [2]. - Tariff disruptions are anticipated to gradually diminish, with a positive outlook for orders from leading OEMs in 2026. Companies have adjusted pricing and product designs in response to tariffs, and the U.S. apparel market demand remains healthy [3][6]. Branding Sector - The branding sector has been under continuous pressure due to macroeconomic factors and weather-related impacts during the Q3 2025 autumn-winter transition, leading to decreased sales for some mass-market sports brands. However, there is potential for domestic brands to improve operations and capitalize on retail recovery opportunities, drawing lessons from the experiences of overseas leading brands during the 2008 financial crisis [4][6][7]. Outdoor Sports Sector - The outdoor footwear and apparel segment is one of the highest-performing areas within the industry, with a projected market size of 102.7 billion yuan in 2024, reflecting a year-on-year growth of 16.6%. The sector is expected to continue its growth trajectory, with a forecasted CAGR of 16.0% from 2024 to 2029 [5]. - Beyond outdoor footwear and apparel, other outdoor equipment segments, such as bicycles and smartwatches, are also experiencing high growth cycles, indicating a robust demand for outdoor activities and related products [5]. Investment Strategy - The textile manufacturing sector is expected to recover from tariff-related disruptions, with leading OEMs likely to see profit margins improve by the end of 2025. The sector is projected to benefit from stable order growth and enhanced manufacturing capabilities in the medium to long term [6][7]. - The branding sector continues to face challenges but has the potential for recovery, as domestic brands are well-positioned to emerge from the downturn by focusing on product innovation and maintaining healthy cash flows [6][7].

中信证券研报称，2025年，纺织制造与品牌端分别经历了外部环境的压力测试，关税冲击与宏观环境压 力扰动龙头公司经营，但龙头公司仍展现了优异的经营韧性。展望2026年，我们判断制造板块的关税扰 动有望逐步消退，品牌端建议关注复苏机遇及高增细分赛道。综合梳理三条投资主线：一、纺织制造板 块中，关税扰动逐渐消退，长期增长趋势不改，同时2026年各龙头代工厂订单展望积极，盈利能力有望 触底回升，同时部分龙头公司仍存在较大估值回升弹性。二、品牌服饰板块中，参考海外龙头品牌公司 走出2008年金融危机的经验，通过低谷期修炼内功，本土品牌有望抓住零售复苏带来的经营改善机遇。 三、户外运动主线，户外鞋服是鞋服行业中的景气度最高的赛道之一，行业增长呈现提速趋势。同时除 户外鞋服以外，部分户外装备赛道同样处于高景气周期。 ...