Market Overview and Sector Characteristics - The Shanghai Composite Index fell by 0.81%, with the median decline of A-shares at 1.14%. The index has broken below the 20-day moving average for two consecutive days, showing signs of divergence in trading volume and MACD indicators [1][3] - A total of 45 stocks hit the daily limit up, a decrease of 34 from the previous day, while 26 stocks hit the limit down, an increase of 22 [3] Sector Performance - The textile and apparel sector had 6 limit-up stocks, driven by export recovery and expectations of a cold winter [4] - The internet sector saw 5 limit-up stocks, supported by policy backing and rapid development in the digital economy [4] - The cultural media sector had 4 limit-up stocks, boosted by policy support and recovering consumer demand [4] Conceptual Characteristics - The artificial intelligence large model concept had the highest number of limit-up stocks at 10, driven by technological breakthroughs and policy support [6] - The big consumption concept had 9 limit-up stocks, with enhanced expectations for domestic demand recovery due to consumption promotion policies [6] - The Fujian Free Trade Zone/Haixi concept had 4 limit-up stocks, supported by favorable policies and regional economic collaboration [6] Notable Limit-Up Stocks - Stocks that reached historical highs included Zhenai Meijia and Tianpu Co., indicating strong market interest and a clear upward trend [7] - 17 stocks reached near one-year highs, including Huaci Co., Langchao Software, and Jiayi Silk, suggesting significant breakout trends [7][8] Main Capital Inflows - The top 5 stocks by net capital inflow included Huasheng Tiancai, Dawi Co., and Vision China, indicating strong interest from major investors [9] - The top 5 stocks by net capital inflow as a percentage of market value included Dawi Co. and Yuanlong Yatu, highlighting significant investor focus [10] Limit-Up Stock Characteristics - The top 5 stocks by sealing funds included Huaci Co. and Huasheng Tiancai, indicating strong demand and potential for continued upward movement [11] - There were 28 new limit-up stocks today, with 8 stocks achieving 2 consecutive limit-ups and 9 stocks achieving 3 or more consecutive limit-ups, suggesting strong market momentum [12]

Core Viewpoint - Jiumuwang's stock reached a limit-up closing price of 15.22 yuan on November 18, driven by brand enhancement, strong earnings growth, and strategic transformations [1] Group 1: Stock Performance - The stock hit the limit-up at 9:25 AM and did not open again, with closing order funds amounting to 96.14 million yuan, representing 1.1% of its market capitalization [1] Group 2: Factors Driving Stock Surge - Brand momentum increased as the company upgraded to become the official sponsor of the Chinese Olympic Committee for 2025-2028 [1] - Significant earnings growth was reported, with net profit attributable to shareholders increasing by 129.63% year-on-year in the first three quarters [1] - The company maintained its leading position in the men's pants market for 25 consecutive years and participated in the formulation of several national standards [1] - The Direct-to-Consumer (DTC) strategic transformation showed results, with revenue from direct sales channels growing by 15.71% [1] - The activation of the apparel sector was enhanced by the combination of the Fujian Free Trade Zone and cross-strait concepts [1]

直 播 嘉 宾 作为企业出海的热门目的地之一，中东地区（尤以阿联酋、沙特为聚焦）吸引了越来越多的中资消费品企业进行布局，特别是借力跨境电商等新渠道驱动增长突 围。然而，在着手走出第一步时，一系列问题仍有待企业家准确把脉： 面对以上一系列关键问题，《首席商业评论》特邀两位重磅嘉宾万凌、华晓亮先生，为企业掌舵人带来独家的中东地区市场前景、政策导向、营商环境及跨境电 商等机遇解读。可点击下方预约直播，我们直播间见！ 如您的企业正在谋划或进入中东及其他海外市场，希望获得更深入的一手市场洞见及实践解码，欢迎通过微信联系我们，说明您的行业与需求，经审核后我们将 邀请您加入"出海专题交流群"，与我们特邀的出海领域专家直接交流探讨。 直 播 议 程 中东消费市场到底前景是怎样的？对我所从事的消费品类意味着什么？ 中东重点国别市场的营商环境有哪些不同？如何趋利避害？ 怎样利用好中东重点国别市场的发展战略及政策导向顺势而为？ 市场进入的本地化模式与跨境电商切入应该如何考虑？ 如何抓住本地消费文化与人群的差异化特点助力自身快速破局？ 先期实现高增长的出海企业有何经验借鉴？是否能够复制中国市场的成功经验？ | 时间段 | 主题 | ...

Investment Rating - The report maintains a cautious outlook on the overall consumption market, indicating a bottom consolidation phase, with specific recommendations for companies like China Resources Beer, Baisheng China, and Haidilao [1][7]. Core Insights - High-income groups and residents in first and second-tier cities show strong consumption willingness, particularly in high-end luxury goods, which have been recovering since September [2][3]. - The overall retail sales growth for October was 2.9%, slightly lower than September, indicating a stabilization in consumer spending [2]. - E-commerce platforms have been suppressing product prices due to subsidies, but this pressure is expected to ease next year, potentially stabilizing prices for sensitive categories like daily necessities and dining out [6][21]. Summary by Sections Consumer Behavior - High-income consumers (monthly income above 30,000) and residents in major cities are optimistic about future spending, correlating with the recovery in luxury goods sales [3][4]. - Middle and low-income consumers exhibit more cautious spending behavior [4]. Product Categories - Categories such as sports goods, electronics, and daily necessities are expected to see slight increases in spending over the next quarter, particularly during the year-end and Spring Festival [5][6]. - Online retail sales in October grew by 4.9%, down from 7.3% in September, influenced by early Double Eleven promotions [9]. Company Recommendations - The report recommends China Resources Beer in the beer sector, Baisheng China in the dining sector, and highlights the potential of Deepzhou Company in the apparel OEM business [7][8]. - Atour Hotel's retail business is projected to exceed 800 million yuan during Double Eleven, with a year-on-year growth of over 60% [8]. Market Trends - The home appliance sector saw a 15% year-on-year decline in sales, while smartphone sales, particularly for the iPhone 17, increased by 23% [10]. - The duty-free industry experienced a 35% year-on-year growth in early November, driven by policy changes and increased consumer spending [20][21]. Industry Outlook - The gold and jewelry sector is facing pressure from VAT reforms, leading to price increases and necessitating close monitoring of demand elasticity [22][23]. - Companies like Chow Tai Fook and Lao Pu are highlighted for their growth potential, with expected increases in sales and market share [23].

研究早观点 2025 年 11 月 18 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,972.03 | -0.46 | | 深证成指 | | 13,202.00 | -0.11 | | 沪深 | 300 | 4,598.05 | -0.65 | | 中小板指 | | 7,992.92 | -0.37 | | 创业板指 | | 3,105.20 | -0.20 | | 科创 | 50 | 1,354.04 | -0.53 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证纺服】10 月社零数据点评-10 月国内社零同比增长 2.9%，可选 消费品类增速环比提升 【公司评论】星图测控(920116.BJ)：太空服务管理提供商，测管仿算 全产业链构筑核心壁垒 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【 ...

Investment Rating - The investment rating for the textile and apparel industry is "Positive" and is maintained [9] Core Insights - The textile and apparel industry showed a slight improvement in brand performance in Q3 2025, despite ongoing pressures in manufacturing, which is expected to stabilize [4][18] - Revenue for the textile and apparel sector in Q1-Q3 2025 reached 1176.8 billion, with a net profit of 104.1 billion, reflecting a year-on-year change of +0.1% and -3.9% respectively [4][18] - In Q3 2025, the sector achieved revenue and net profit of 379.9 billion and 29.8 billion, showing a year-on-year increase of +0.8% and +3.7% [4][18] Revenue Summary - For Q1-Q3 2025, revenue growth rates by segment were as follows: mass market (+1.6%), home textiles (+1.4%), textile manufacturing (-0.1%), mid-to-high-end (-1.5%), and footwear and hats (-2.8%) [2][6] - In Q3 2025 compared to Q3 2024, home textiles led with a growth of +9.5%, followed by footwear and hats (+4.8%), mass market (+3.6%), textile manufacturing (-1.3%), and mid-to-high-end (-1.6%) [2][6] Profit Summary - For Q1-Q3 2025, profit growth rates by segment were: mid-to-high-end (+2.1%), textile manufacturing (-0.6%), home textiles (-3.4%), mass market (-12.4%), and footwear and hats recorded a loss of 0.6 billion [7][6] - In Q3 2025 compared to Q3 2024, mid-to-high-end profits surged by +36.1%, home textiles by +24.0%, mass market by +8.2%, while textile manufacturing saw a decline of -10.1% [7][6] Segment Analysis Mid-to-High-End - In Q1-Q3 2025, the mid-to-high-end segment reported revenue of 188.8 billion and net profit of 20.2 billion, with year-on-year changes of -1.5% and +2.1% respectively [20] - Q3 2025 figures showed revenue of 59.3 billion and net profit of 6.8 billion, with year-on-year changes of -1.6% and +36.1% [20] Mass Market - The mass market segment achieved revenue of 296.6 billion and net profit of 24.3 billion in Q1-Q3 2025, reflecting year-on-year changes of +1.6% and -12.4% [35] - In Q3 2025, revenue was 90.5 billion with a net profit of 4.4 billion, showing year-on-year increases of +3.6% and +8.2% [35] Home Textiles - The home textiles segment reported revenue of 624.1 billion in Q1-Q3 2025, with a slight year-on-year increase of +0.3% [4] - In Q3 2025, revenue reached 379.9 billion, marking a year-on-year increase of +9.5% [4] Textile Manufacturing - The textile manufacturing segment faced challenges with revenue of 117.6 billion in Q1-Q3 2025, reflecting a year-on-year decline of -0.1% [4] - In Q3 2025, revenue was down by -1.3% compared to Q3 2024 [6] Operational Quality - In Q3 2025, the cash received from sales as a percentage of revenue improved slightly, indicating stable operational quality across segments [4][6]

Core Viewpoint - Jiaxin Silk expressed confidence in its future development and investment value through its strategic investor, Kaixiya Company, which is the original shareholder from the company's state-owned enterprise reform [2] Group 1: Company Strategy - Kaixiya Company has increased its shareholding in Jiaxin Silk, indicating strong belief in the company's growth potential [2] - The controlling shareholder's authority over the company will remain unchanged despite the increased shareholding [2] Group 2: Product Development - Jiaxin Silk has developed several new types of warm silk fabrics under its "Jinsanta" brand [2] - The company has launched a series of winter products, the "Guofeng Silk Xiaor" series, which combines traditional Chinese aesthetics with modern design, effectively catering to autumn and winter sales [2] - There are plans to enhance marketing efforts to change consumer perceptions of silk products [2]

Market Liquidity Overview - R007 increased from 1.4677% to 1.4945%, a rise of 2.68 basis points, while DR007 rose from 1.4130% to 1.4673%, an increase of 5.43 basis points. The spread between R007 and DR007 narrowed by 2.75 basis points [9][13] - The net outflow of funds this week was 12.693 billion yuan, with net inflow decreasing by 28.346 billion yuan compared to last week. Fund supply was 44.735 billion yuan, while demand was 57.428 billion yuan [13][16] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose, with the consumer services sector leading with a weekly increase of 4.81%. Other sectors like textiles, apparel, and pharmaceuticals also saw slight increases. The telecommunications and electronics sectors led the declines, with drops of 4.90% and 4.44% respectively [18][21] - The basic chemical industry saw the highest net inflow of leveraged funds at 4.935 billion yuan, while the computer industry experienced the most significant net outflow at 3.728 billion yuan [21][22] Style Sector Liquidity Tracking - The consumer style index had the largest increase in daily trading volume share, rising by 1.98%, while the growth style saw the largest decline, dropping by 2.20%. The growth style remains the most active sector, accounting for 52.92% of daily trading volume [31][34] - The main funds in the style sectors showed a trend of reduction, with the stable style seeing the largest increase of 0.35 billion yuan, while the growth style experienced a significant reduction of 17.877 billion yuan [33][34]

从成分股行业分布来看，该指数主要分布于煤炭、机械、交通运输、纺织服装、银行等行业。指数权重 分布较为均衡，从中信一级分类来看，当前指数19.14%的权重聚焦于煤炭产业，10.11%的权重聚焦于 机械行业，前十大成分股合计权重为27.39%，集中度整体较低。其细分领域主要涉及动力煤、炼焦 煤、矿山冶金机械、家具、城商行、中成药等。近期煤炭行业供需优化带来明显回升，得益于此，智选 高股息指数近一年股息率超6%，成立以来年化回报19.8%，表现优于中证红利、红利低波等同类指数。 今年3月27日，广发基金成立了广发中证智选高股息策略ETF（159207），自成立以来至11月6日的累计 回报为16.77%，在红利主题指数中遥遥领先。为助力场外投资者便捷参与红利投资，11月17日起，广 发基金将在方正证券、广发基金直销等渠道推出广发中证智选高股息策略ETF联接基金（A类：025682 C类：025683），为更多偏好稳健策略的投资者提供低门槛、便捷化的配置工具。 民生证券分析称，在低利率环境中，红利资产因其较高的股息收益率和稳健特性，成为长期配置优选标 的。近年来，无风险收益率持续下降，大行1年期存款挂牌利率已降至1%以 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2]. Core Viewpoints - In October 2025, the domestic retail sales (社零) increased by 2.9% year-on-year, slightly exceeding market expectations, with a total of 4.63 trillion yuan [3][4]. - The textile and apparel sector showed marginal improvement in retail sales growth, with a cumulative year-on-year increase of 3.5% from January to October 2025 [6]. - The "Double Eleven" e-commerce promotion period has been extended, positively impacting sales in the apparel sector [6]. Summary by Sections Retail Sales Performance - In October 2025, the retail sales total reached 4.63 trillion yuan, with a year-on-year growth of 2.9%, slightly above the expected 2.73% [3]. - Cumulative retail sales from January to October 2025 amounted to 41.22 trillion yuan, reflecting a year-on-year growth of 4.3% [3]. Online vs. Offline Channels - Online retail sales of physical goods grew by 6.3% year-on-year, outperforming the overall retail sales growth of 4.4% [4]. - Offline retail sales showed varied performance across different formats, with convenience stores and supermarkets growing by 6.3% and 4.7% respectively [4]. Category Performance - In October 2025, retail sales of cosmetics grew by 9.6%, while gold and jewelry saw a significant increase of 37.6% [5]. - The textile and apparel category experienced a year-on-year growth of 6.3% in October, with a cumulative growth of 3.5% from January to October 2025 [5][6]. Investment Recommendations - The report recommends brands such as 361 Degrees and Bosideng, while suggesting to pay attention to Anta Sports, Geely, and Jin Hong Group [6]. - For textile manufacturing, companies like Shenzhou International and Yue Yuen Industrial are recommended due to their stable performance [7]. - In the gold and jewelry sector, companies such as Caibai and Zhou Daxing are highlighted for their growth potential [8]. E-commerce Trends - The "Double Eleven" sales event has been extended, with major brands like Uniqlo and Nike leading in sales during this period [6].