Group 1 - The company announced the reappointment of Gongzheng Tianye Accounting Firm (Special General Partnership) as the auditing institution for its 2025 financial report and internal control [2]

爱慕股份（603511）公告，公司股票于2025年7月28日、2025年7月29日、2025年7月30日连续3个交易日 内日收盘价格跌幅偏离值累计达20%，属于股票交易异常波动情形。经公司自查及向控股股东、实际控 制人核实，确认不存在应披露而未披露的重大事项。公司目前经营正常，市场环境或行业政策未发生重 大调整，不存在影响公司股票交易异常波动的重大事项。 ...

Market Overview - The apparel and home textile sector increased by 0.72% on July 30, with Taimusi leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Top Performers - Taimusi (001234) closed at 25.70, up 10.02% with a trading volume of 104,300 shares and a transaction value of 260 million [1] - Anzheng Fashion (603839) closed at 8.58, up 10.00% with a trading volume of 214,400 shares and a transaction value of 179 million [1] - Shengtai Group (605138) closed at 7.84, up 9.96% with a trading volume of 45,600 shares and a transaction value of 35.75 million [1] Underperformers - Xinha Co. (003016) closed at 8.16, down 9.33% with a trading volume of 494,400 shares and a transaction value of 43.2 million [2] - Aicao Co. (603511) closed at 15.58, down 2.44% with a trading volume of 137,300 shares and a transaction value of 214 million [2] - Langsha Co. (600137) closed at 19.95, down 1.87% with a trading volume of 50,500 shares and a transaction value of 102 million [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 11.69 million from institutional investors, while retail investors saw a net outflow of 14.83 million [2] - Speculative funds had a net inflow of 26.53 million [2] Individual Stock Capital Flow - Jihua Group (601718) had a net inflow of 78.10 million from institutional investors, but a net outflow of 61.98 million from retail investors [3] - Anzheng Fashion (603839) saw a net inflow of 35.21 million from institutional investors, with retail investors experiencing a net outflow of 16.04 million [3] - Taimusi (001234) had a net inflow of 17.21 million from institutional investors, while retail investors faced a net outflow of 8.94 million [3]

7月29日晚间，浙江海盐力源环保科技股份有限公司（下称"力源科技"）发布公告称，公司于7月28日收 到公司实际控制人沈万中送达的上海市第二中级人民法院《刑事判决书》，因犯违规披露重要信息罪， 上海市第二中级人民法院对沈万中判处有期徒刑一年，缓刑一年六个月，并处罚金330万元。 最终，浙江证监局对公司责令改正，给予警告，并处以300万元罚款；对沈万中给予警告，并处以300万 元罚款；另外，其他5名责任人被判处50万元至100万元不等的罚款。 对于此次实际控制人被刑事处罚，力源科技表示，公司实际控制人沈万中先生已辞去公司董事长、董事 职务，辞职后不再担任公司其他职务，上述判决不影响实际控制人的股东权利行使及公司管理层和治理 层的依法规范运作，不会对公司的生产经营产生重大不利影响。 财务造假被追究刑事责任案例增多 近期，上市公司以及相关责任人因财务造假被追究刑事责任案例增多。 7月4日晚间，锦州港股份有限公司（下称"锦州港"）发布公告称，公司收到辽宁省锦州市中级人民法院 通知，公司副总裁宁鸿鹏、副总裁曹成因有证据证明犯违规披露重要信息罪，已被锦州市中级人民法院 依法决定逮捕。公司因2020年至2023年连续4年财务 ...

证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交8698.41万元，其中，买入成交额为3346.91万元，卖出成交额为5351.50万元，合计 净卖出2004.59万元。 具体来看，今日上榜营业部中，第一大买入营业部为东方财富证券股份有限公司拉萨金融城南环路证券营业部，买入金额为992.26万元，第一大 卖出营业部为华鑫证券有限责任公司深圳财富大厦证券营业部，卖出金额为1561.39万元。 近半年该股累计上榜龙虎榜5次，上榜次日股价平均跌3.40%，上榜后5日平均跌5.25%。 资金流向方面，今日该股主力资金净流出1.41亿元，其中，特大单净流出1.17亿元，大单资金净流出2429.20万元。近5日主力资金净流出1.53亿 元。 4月25日公司发布的一季报数据显示，一季度公司共实现营业收入8.54亿元，同比下降2.86%，实现净利润8555.98万元，同比下降20.26%。（数据 宝） 爱慕股份7月29日交易公开信息 （原标题：爱慕股份跌停，上榜营业部合计净卖出2004.59万元） 爱慕股份(603511)今日跌停，全天换手率6.34%，成交额4.10亿元，振幅5.45%。龙虎榜数据显示，营业部席位合 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603511 | 要草股份 | 15.97 | -9.98% | 25.46万 | 4.10亿 | | 002485 | ST雪发 | 3.92 | -5.08% | 7.92万 | 3157.72万 | | 600137 | 浪莎股份 | 20.33 | -4.78% | 6.98万 | 1.44亿 | | 002780 | 三夫户外 | 13.78 | -2.82% | 7.96万 | 1.10亿 | | 002634 | 棒杰股份 | 4.23 | -2.76% | 13.65万 | 5793.72万 | | 001209 | 并示股份 | 17.82 | -2.20% | 3.45万 | 6203.62万 | | 603365 | 水星家纺 | 17.76 | -2.04% | 1.49万 | 2653.16万 | | 603958 | 哈森股份 | 16.42 | -2.03% | 2.79万 | 4596.96万 | | 002569 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [2][43] - The report recommends "Buy" ratings for specific companies: Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guibao Pet (301498), and Zhongchong Co. (002891) [2][45] Core Insights - The report highlights the impact of the third batch of national subsidies, which is expected to stimulate demand for furniture products and stabilize domestic sales growth for the year [2][42] - The "anti-involution" sentiment has positively influenced the paper industry, with corrugated board prices rising by 5.07% from July 1 to July 25, 2025 [2][41] - The report notes that major paper companies are set to increase prices for corrugated paper and recycled cardboard, which may help boost packaging paper prices [2][41] Industry News - Eldorado and Suzano signed an unprecedented cooperation agreement involving the exchange of "standing timber" for pulp production [8] - Puma forecasts a loss in 2025, with sales expected to decline by over 10% due to weak sales and tariff impacts [8] Company Announcements - Yuanfei Pet plans to implement a stock incentive plan for 62 employees, involving 2.5095 million shares [33] - Rebecca reported a more than 15% year-on-year increase in net profit for the first half of 2025, driven by growth in cross-border e-commerce [33] Market Review - From July 21 to July 25, the light industry manufacturing sector outperformed the CSI 300 index by 0.15 percentage points, with notable performances in the paper sector [34] - The textile and apparel sector underperformed the CSI 300 index by 0.24 percentage points, with some stocks facing pressure after previous gains [38]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown a mixed performance in recent months, with notable developments in the jewelry sector, particularly for Chow Tai Fook, which reported a narrowing decline in same-store sales [3][19] - The retail value for Chow Tai Fook in FY26Q1 decreased by 1.9% year-on-year, with a 3.3% decline in mainland China, while the Hong Kong, Macau, and overseas markets saw a 7.8% increase [19] - The performance of gold products in mainland China has been strong, contributing positively to sales gross margins, with retail value for high-margin priced gold products increasing by 20.8% year-on-year [20] Summary by Sections 1. Recent Observations - Chow Tai Fook's same-store sales decline has continued to narrow, with a reported 3.3% decrease in mainland China and a 2.2% growth in the Hong Kong and Macau markets [3][5][19] 2. Market Performance - The textile and apparel sector saw a 1.45% increase this week, lagging behind the broader market performance [10][23] - The SW textile manufacturing sub-sector rose by 2.34%, while the apparel and home textile sectors increased by 1.37% [10][24] 3. Company Performance - Chow Tai Fook closed 311 stores in mainland China during FY26Q1, with a total of 5,963 stores remaining in the region [6][22] - The average selling price of gold jewelry in mainland China increased from 6,100 HKD to 6,900 HKD, while the average price for embedded products rose from 8,500 HKD to 9,600 HKD [21] 4. Industry Data Tracking - In the first half of 2025, China's textile and apparel exports saw a slight increase of 1.8%, while furniture exports decreased by 7% [51] - The retail sales of gold and silver jewelry grew by 6.1% year-on-year in June 2025, indicating stable demand in the market [59] 5. Industry News - LVMH reported a 4% decline in total revenue for the first half of 2025, but noted a significant improvement in demand in mainland China [70][71] - Moncler Group's revenue remained stable, with a slight increase of 1% year-on-year, reflecting resilience in the luxury market [73]

Investment Rating - The industry investment rating is "Overweight" [12]. Core Insights - The report highlights a positive outlook for cotton spinning companies' interim reports, suggesting a focus on the value of mid-to-upstream overseas production capacity in manufacturing [2][3]. - The report indicates a decrease in the fund holdings for the apparel and textile manufacturing sectors in Q2 2025, with specific percentages noted [2][3]. - The report emphasizes the expected improvement in interim reports and the expansion of new retail formats, recommending specific companies based on their performance and market conditions [12]. Summary by Sections Market Review - The textile and apparel sector saw a 1.45% increase in the A-share market, underperforming the CSI 300 by 0.24 percentage points [7]. - The textile manufacturing sector rose by 2.34%, while the apparel and home textile sector increased by 1.37% [7]. - The current PE valuation for the textile and apparel sector is 19.42 times, below the historical average of 25.09 times [9]. Industry Data Tracking - In June 2025, retail sales of clothing increased by 1.7%, while textile exports decreased by 0.3% [15]. - Cumulative textile and apparel exports from January to June 2025 reached approximately $143.99 billion, with a year-on-year growth of 0.42% [17]. - Cotton prices in China fell by 0.26% to 15,549 RMB per ton, while polyester prices showed mixed trends [19]. Key Announcements and News - Tianhong International Group announced a profit forecast indicating a 60% year-on-year increase in net profit for the first half of 2025 [31]. - Puma has lowered its 2025 performance expectations due to lower-than-expected sales growth and potential impacts from new tariffs [35]. - Mango reported a 12% increase in revenue for the first half of 2025, driven by strong international business performance [36].

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting potential improvements in quality manufacturing expectations due to domestic anti-involution trends and upcoming US-China-Sweden trade talks [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 1.5%, lagging behind the SW All A index by 0.7 percentage points [4]. - Retail sales for clothing, shoes, and textiles reached 742.6 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.1% [30]. - Exports of textiles and apparel totaled 143.98 billion USD in the first half of 2025, a slight increase of 0.8% year-on-year, with specific categories showing varied performance [30]. - Cotton prices have seen a slight decline, with the national cotton price B index at 15,455 yuan/ton, down 0.1% [31]. Textile Sector Summary - The report suggests that the anti-involution trend may positively impact certain upstream segments like cotton yarn and nylon, potentially leading to improved profitability [9]. - Upcoming trade talks in Sweden may extend the suspension of tariff increases, which could benefit growth-oriented manufacturers [10]. - Recommendations include focusing on companies with strong growth potential such as Baolong Oriental and Taihua New Materials [9]. Apparel Sector Summary - Recent performance of sports brands indicates a K-shaped recovery, with high-end and cost-effective brands showing better growth [11]. - Anta's outdoor brands and Xtep's high-end running shoes reported significant growth, while mainstream brands like Anta and Li Ning showed lower single-digit growth [11]. - The report emphasizes that the domestic demand recovery is a key focus for 2025, with quality domestic brands expected to rebound [14]. Industry Data Tracking - The report notes that online retail sales for physical goods reached 61.191 trillion yuan in the first half of 2025, growing by 6.0% year-on-year [25]. - The textile and apparel export figures for June 2025 showed a slight decline in certain categories, with textile yarn and fabric exports down 1.6% [30]. - The report highlights the importance of monitoring cotton price trends and their impact on manufacturing costs [31].