从基金十大重仓股角度 截至发稿，孙晨进累计任职时间10年304天，现任基金资产总规模20.31亿元，任职期间最佳基金回报 70.08%， 任职期间最差基金回报-27.66%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，浦银安盛基金旗下1只基金重仓鄂尔多斯。浦银安盛红利量化混合A（022488）三季度持有 股数30.6万股，占基金净值比例为1.84%，位居第四大重仓股。根据测算，今日浮亏损失约3.67万元。 连续3天下跌期间浮亏损失48.04万元。 浦银安盛红利量化混合A（022488）成立日期2024年11月29日，最新规模7590.78万。今年以来收益 1.48%，同类排名6521/8838；近一年收益12.29%，同类排名6285/8089；成立以来收益9.16%。 浦银安盛红利量化混合A（022488）基金经理为孙晨进。 1月14日，鄂尔多斯跌0.84%，截至发稿，报14.23元/股，成交3.16亿元，换手率1.12%，总市值398.27亿 元。鄂尔 ...

从具体国别看，南非是非能源产品对美出口规模最大的国家，汽车和零部件是主要出口品类。肯尼亚在 AGOA框架下的服装出口增长尤为明显，对美服装出口额已由2000年代初的数千万美元增长至近年超过 6亿美元，占其对美出口的主体。在部分国家，AGOA对产业和就业的支撑作用更为突出，例如莱索托 和马达加斯加，纺织和服装产业高度依赖美国市场，相关出口直接关系到数万就业岗位的稳定。 围绕法案续期，非洲多国政府和工商界此前已加强与美方沟通，希望尽快明确政策走向，以避免订单流 失和产业链外迁。相关分析认为，若AGOA不能及时延长，部分国家对美出口商品关税将大幅上升，可 能削弱其在国际市场上的竞争力，并对就业和外汇收入造成压力。 整体来看，此次国会投票不仅关系到一项贸易优惠制度的延续，也被视为美国对非洲经贸合作和产业支 持政策的重要信号。延长法案若顺利生效，将有助于稳定美非贸易关系，降低企业不确定性，并为非洲 国家制造业和出口导向型产业争取更长的发展窗口期。 马达加斯加快讯网1月13日报道，美国国会近日就延长《非洲增长与机会法案》(AGOA)正式进入投票 表决阶段。该法案于2025年9月30日到期，此次立法拟延长相关贸易优惠政策， ...

Core Viewpoint - SHEIN is reshaping the apparel industry landscape through significant investments in smart supply chain infrastructure and innovative manufacturing practices, aligning with national strategies for industrial transformation and sustainability [1][4][22]. Group 1: Industry Transformation - By 2025, China's cross-border e-commerce imports and exports are projected to reach approximately 2.06 trillion yuan, marking a 6.4% growth and positioning it as a vital force in trade development and industrial upgrading [2]. - SHEIN has become the third-largest fashion retailer globally, investing over 10 billion yuan in the Guangdong-Hong Kong-Macao Greater Bay Area to enhance its smart supply chain [4]. - The company has implemented a "small batch quick response" flexible supply chain model, allowing for market testing with initial orders of 100-200 pieces, which is driven by real-time sales data [9][10]. Group 2: Supplier Empowerment - SHEIN has developed over 180 innovative tools for suppliers, delivering 7,500 items that improve process efficiency by an average of 35%, addressing challenges in traditional sewing processes [11][12]. - The company has conducted nearly 600 training sessions for suppliers in 2025 alone, covering operational management, practical business skills, and technical enhancements, reaching approximately 37,000 suppliers [19]. - Following training, defect rates among suppliers decreased by 50% within a month, demonstrating the effectiveness of SHEIN's educational initiatives [18]. Group 3: Sustainability Initiatives - SHEIN's green transformation extends throughout its supply chain, with over 65% of its products utilizing digital heat transfer technology, saving 1.13 million tons of water [24]. - The company has implemented over 650 energy-saving measures in recent years, significantly reducing water, electricity, and gas consumption in supplier factories, equivalent to the annual water needs of 150 garment factories [24][25]. - SHEIN collaborates with various partners to explore new technologies and processes, including a joint laboratory for innovative materials and logistics solutions [24]. Group 4: Long-term Vision - SHEIN aims to create a self-evolving, symbiotic industrial ecosystem, emphasizing the importance of talent in industrial upgrading and addressing production challenges through targeted training [17][26]. - The company's long-term commitment to empowering its supply chain and fostering sustainable practices positions it to transition from a focus on scale advantages to value advantages in the textile and apparel industry [27].

百宏实业 分时图 日K线 周K线 月K线 4.79 -0.21 -4.20% 4.20% 2.80% 1.40% 0.00% 1.40% 2.80% 4.20% 4.79 4.86 4.93 5.00 5.07 5.14 5.21 09:30 10:30 12:00/13:00 14:00 16:10 0 667 1333 2000 百宏实业(02299)发布公告，该公司于2026年1月12日斥资8.32万港元回购1.8万股股份，每股回购价格为 4.58-4.78港元。 ...

Core Viewpoint - The recent revisions to the "Quality Supervision and Management Measures for Fiber Products" and the "General Technical Requirements for Filling Fiber Products" aim to enhance the quality and safety of fiber products in response to increasing consumer demands and the evolving market landscape [1][2]. Group 1: Regulatory Framework - The new regulations will take effect on July 1, 2026, focusing on key products such as infant fiber products, school uniforms, underwear, and filling fiber products [2]. - The regulations emphasize strict management of raw materials, particularly prohibiting the use of recycled fibers in infant and intimate apparel to eliminate safety risks [2]. - A rigorous inspection system will be implemented for school uniforms, ensuring that products are tested and approved before delivery [2]. Group 2: Quality Control Measures - The regulatory body will adopt a "zero tolerance" approach towards violations, establishing a closed-loop supervision system that includes prevention, management, risk control, and punishment for illegal activities [3]. - Enhanced quality monitoring and stricter standards will be enforced, with severe penalties for companies that violate regulations, especially those using banned materials [3]. - Companies found guilty of serious violations will be listed on a "serious violation and dishonesty list," leading to cross-departmental punitive measures [3]. Group 3: Lifecycle and Sustainability - The revised standards for filling fiber products will set clear technical guidelines and usage norms, promoting the recycling and high-value utilization of waste textiles [4]. - Products made from recycled materials must clearly indicate the use of such materials, fostering a transparent and trustworthy market environment [4]. - The rapid growth of e-commerce and new fiber materials presents challenges for quality supervision, prompting the need for integrated monitoring mechanisms across online and offline channels [4].

Core Viewpoint - The recent revisions to the "Quality Supervision and Management Measures for Fiber Products" and the mandatory national standard "General Technical Requirements for Fiber Products Used for Filling" by the State Administration for Market Regulation (SAMR) aim to enhance quality safety supervision with high standards and strict requirements. Group 1: Regulatory Changes - The revised management measures expand the scope from three categories (filling fiber products, student uniforms, and fabrics) to all daily fiber products and non-daily filling fiber products [1] - The measures prohibit the use of certain raw materials, including medical fiber waste and used funeral fiber products, in the production of fiber products [1][2] - Specific regulations are established for labeling fiber products, requiring clear indications of recycled materials used and safety classifications for products like student uniforms and infant fiber products [1] Group 2: Focus on Key Products - The revised measures identify infant fiber products, student uniforms, underwear, and filling fiber products as key regulatory targets, implementing differentiated raw material prohibitions based on risk levels [2] - Manufacturers and sellers of fiber products are required to establish and execute a procurement inspection and acceptance system to ensure traceability of quality responsibility [2] - A strict pre-inspection system is mandated for products like student uniforms that are subject to centralized procurement and uniform use, ensuring that only inspected and qualified batches are delivered [2] Group 3: Quality Monitoring and Standards - The SAMR plans to conduct quality monitoring of fiber products, establishing a dynamic risk assessment and early warning model for quality safety [2] - Special monitoring modules will be created for potential risk areas, including the recycling of used textiles and new functional fiber materials [2] - The new national standard adjusts the application requirements for recycled materials in daily filling fiber products, setting clear technical boundaries and usage norms to promote better classification and higher-level recycling of waste textiles [3]

Core Insights - Guangdong's manufacturing sector is showcasing its diverse capabilities, from smart home appliances to high-end mobile phones, fashion apparel, gourmet food, and modern agriculture, emphasizing innovation and quality development [1][2][6][9][21] Group 1: Food Industry - Guangdong's food industry is projected to achieve a revenue of 896.87 billion yuan in 2024, with soy sauce production accounting for over 60% of the national output and mooncake exports representing 90% of the total [2] - The food sector is characterized by a "smart brewing" approach, integrating traditional flavors with modern technology, leading to a "delicious revolution" driven by digitalization and biotechnology [2][3] - The province has established several billion-yuan sub-clusters in various food categories, including sauces, health foods, and traditional snacks, showcasing its strong industrial foundation [2] Group 2: Home Appliances - Guangdong's home appliance exports account for nearly 50% of the national total, with the Greater Bay Area's smart appliance industry representing about 30% of the global market [6][8] - The industry employs a "combination of strengths" strategy, integrating research, manufacturing, and branding while localizing production to penetrate global markets [6][8] - Major companies like Midea and Hisense are expanding their global footprint with numerous R&D centers and manufacturing bases, enhancing their competitiveness [6][8] Group 3: Agriculture - Guangdong's agricultural output is robust, with grain production capacity increasing from 12.38 million tons in 2021 to 12.98 million tons in 2025, achieving a record high in yield per unit area [9][10] - The province leads the nation in the production of lychees and pomelos, with the lychee industry alone generating over 9 billion yuan in value [12] - The agricultural sector is supported by a modernized marine ranching initiative, positioning Guangdong as a leader in fishery production and output [10][12] Group 4: Textile and Apparel - Guangdong's textile and apparel industry boasts the highest number of enterprises in the country, with 4,240 registered companies and a production output of 3.44 billion garments in 2024 [21][23] - The industry employs a "fast response and flexible attack" strategy, utilizing data-driven customization and intelligent production to enhance efficiency [21][23] - Significant advancements in digital transformation are evident, with companies adopting AI and big data to streamline operations and reduce production times [23][24] Group 5: Cultural and Tourism - Guangdong's cultural tourism sector is leveraging traditional customs and modern marketing strategies to attract visitors, particularly during the Spring Festival [17][19] - The "Please Come to Guangdong for the New Year" campaign aims to enhance the province's appeal as a travel destination through various cultural events and activities [19][20] - The integration of local culture, food, and entertainment is designed to create immersive experiences for tourists, showcasing Guangdong's rich heritage [17][21]

Group 1 - The core initiative "Guangdong Products Going Global" aims to boost market expansion and sales for local enterprises, with a series of promotional activities scheduled for the first quarter of 2026 [1] - A total of 12 promotional events will be held, including 10 offline and 2 online, with a focus on various product categories such as home appliances, mobile phones, and food [16][20] - The Guangdong home appliance industry has a significant impact, accounting for nearly 50% of the national export share, with the Guangdong-Hong Kong-Macao Greater Bay Area's smart home appliance industry representing about 30% of the global market [12][16] Group 2 - Guangdong's manufacturing sector is characterized by a diverse industrial ecosystem, encompassing all 31 manufacturing categories, with 15 of them leading nationally [27] - The region's manufacturing capabilities include a complete supply chain in sectors like textiles and home appliances, enhancing responsiveness and reducing costs [27] - The transition from traditional manufacturing to intelligent manufacturing is evident, with automation and AI technologies significantly improving production efficiency across various industries [28][29]

Core Viewpoint - Guangdong is transforming its traditional manufacturing into high-tech "Guangdong goods," leveraging technological innovation to enhance competitiveness and drive high-quality development in the global value chain [1][4]. Group 1: High-Tech Manufacturing - Guangdong accounts for 40% of the country's industrial robots, 80% of service robots, and 18% of integrated circuits, showcasing its significant role in high-tech manufacturing [2]. - The province is a major hub for smartphone production, with one in three smartphones sold globally being manufactured by Guangdong enterprises, highlighting its dominance in the industry [3]. - Key technological advancements in the smartphone sector include breakthroughs in chip technology by Huawei and innovations in fast charging and foldable screens by various local brands [3][4]. Group 2: Traditional Industry Transformation - Guangdong's textile and apparel industry is the largest in China, with 4,240 registered enterprises, representing 18.34% of the national total [5][6]. - The integration of digital technologies in traditional industries is enhancing productivity, with companies achieving significant efficiency gains through smart manufacturing processes [6][7]. - Companies like Yida Textile are innovating in functional fabrics, meeting market demands and expanding their reach to 137 countries, with notable sales growth in outdoor functional clothing [6][7]. Group 3: Export and Market Expansion - Guangdong's exports of high-tech products increased by 13.3% in the first half of 2025, reflecting the province's strong export capabilities in innovative manufacturing [8]. - The "Guangdong Goods Going Global" initiative aims to enhance market access and brand recognition for local products through coordinated promotional activities and partnerships with major e-commerce platforms [9]. - A series of promotional events will be held in early 2026 to showcase Guangdong's industrial products, emphasizing the transition from traditional to high-tech goods [9].

Core Viewpoint - Dongguan's Humen Town aims to achieve a GDP of over 100 billion yuan during the 14th Five-Year Plan period, with a focus on community development and industrial upgrades under the leadership of Li Huiqin [2][20]. Group 1: "Hundred Million Project" - Li Huiqin's community visits began in Danning, a leading community in collective economic development, which achieved a total income of 242 million yuan in 2023 and is part of the "Hundred Million Project" [4]. - The Danning community is emphasized for its efficient land use and social management, with ongoing projects like the Danning Baifu Intelligent Manufacturing Industrial Park [4]. - The Huai De community is also highlighted for its role in promoting high-quality industrial space and urban management, continuing the "Hundred Million Project" [5][7]. Group 2: District-Town Integration - Li Huiqin, also the deputy secretary of the Binhaiwan New District, focuses on integrating the planning and development of Humen Town with the district, particularly in the ShaJiao and Weiyuan Island areas [8][9]. - Key projects like the Shenjiang Railway and the city's Metro Line 2 are being prioritized for land preparation to support the Greater Bay Area's infrastructure [9][11]. - The integration strategy includes aligning community development with the district's planning, enhancing resource utilization, and promoting modern industrial park construction [16][17]. Group 3: Industrial Economy - Humen Town is pushing for the transformation and upgrading of traditional industries to build a modern industrial system, with a focus on optimizing the business environment and supporting enterprises [18][20]. - The "2333" modern industrial system aims to develop two major industries, three strategic emerging industries, and three future industries, alongside three modern service sectors [20][21]. - Efforts are being made to enhance the competitiveness of the textile and cable industries, promote digital transformation in manufacturing, and expand industrial development space [21][23].