Market Overview - The banking sector showed resilience, rising against the market trend, while the textile and apparel sector saw multiple stocks hitting the daily limit up [1][7] - As of May 9, the A-share indices experienced fluctuations, with the Shanghai Composite Index down 0.18%, the Shenzhen Component down 0.56%, and the ChiNext Index down 0.63% [1] Banking Sector - The banking sector saw significant gains, with China Construction Bank reaching a new historical high, and banks like Qingdao Bank, Chongqing Bank, and Industrial Bank rising over 2% [7][8] - Recent announcements from major banks include plans to establish financial asset investment companies, with China Merchants Bank and CITIC Bank proposing investments of 150 billion yuan and 100 billion yuan respectively [9] Textile and Apparel Sector - The textile and apparel sector was notably active, with stocks like Wanshili hitting the daily limit up and Huafang Co. achieving a four-day consecutive rise [4][6] - The Ministry of Industry and Information Technology and the Ministry of Commerce recently issued a notice to promote high-quality supply in the textile and apparel industry, emphasizing the need for innovation and quality improvement [6] Stock Performance - Specific stocks in the textile sector showed remarkable performance, such as Lixueli with a 20.03% increase and DR Dahuixue with a 16.03% increase [5] - In the banking sector, Chongqing Bank rose by 2.88%, Qingdao Bank by 2.77%, and Industrial Bank by 2.00% [8]

星矿数据显示，今日早盘主力资金净流入纺服行业、 银行、 小金属等板块，净流出 电子、 计算机、 机械设备等板块，其中电子板块净流出超69亿元。个股方面， 科蓝软件大涨，主力资金净买入5.00亿元 位居首位， 比亚迪、 万向钱潮、 润和软件获主力资金净流入居前； 中航成飞遭净卖出超10亿元， 中 芯国际、 中超控股、 常山北明主力资金净流出额居前。 ...

智通财经5月9日电，华纺股份走出4连板，华茂股份涨停，戎美股份、太湖雪涨超10%，凤竹纺织、迎 丰股份、万事利等涨幅靠前。消息面上，工信部、商务部发布关于开展2024纺织服装优供给促升级活动 的通知。组织开展先进适用技术推广、数字化转型、科技创新、降本增效、绿色发展等方面活动，创新 纺织服装消费场景，发展直播电商等新业态新模式，实现线上线下联动等。 纺织服装板块盘初活跃 华纺股份4连板 ...

在快时尚当道的今天，一块布料从设计到成衣上市需要多久？在广东，这个答案正被数字技术重新定 义。当传统纺织业遇上人工智能，会碰撞出怎样的火花？从一个"找布神器"出发，揭开传统产业变革 的层层面纱。 布料市场里的"找布神器" 记者罗平章：这里是广州布匹交易市场的核心区域，也是国内展销交易量最大的纺织服装面辅料商场 之一。近3000家供应商，近百万种最新面料产品，吸引了众多的国内外采购商、设计师和买手采购。 但传统的面料采购既费时又费力，现在听说他们上了新科技。 市场里，00后档口老板小黄正操作着AI找布机解决客户的需求。当客户递上一块巴掌大的样布，找布 机的镜头能迅速捕捉纹理特征，系统随即从百万种库存中锁定匹配布料。而在三年前，这样的找布流 程需要走访数十家店铺，反复翻查色卡，最快也要一天的时间。 布料交易商黄博章：它会自动拍摄，拍2倍图和5倍图，正面拍完之后拍背面，然后点击搜索。 在AI找布机上，布料的克重、色号、染缸编号、厂家生产线批次等关键数据都清晰可见。小黄告诉记 者，两年前，他开了这家布店，第二年便用上了AI找布机。有了这个"神器"，客户寻布时间从原来平 均2天时间到如今只要2分钟。 布料交易商黄博章： ...

"当前，中国纺织业已经进入高质量发展阶段，实现了从跟跑到领跑的历史性跨越。推动形成更具价值 创造力、文化传播力、国际影响力的产业体系，品牌建设正当时。"近日，在浙江绍兴柯桥举行的2025 中国纺织品牌创新发展培训会暨品牌对接会上，中国纺织工业联合会会长孙瑞哲表示，纺织品牌建设， 需要全产业链参与。 中国纺织服装产业链完善，已是世界最大的服装生产国、出口国。当前全球经济和贸易形势复杂多变， 在全球纺织产业承压的背景下，加强品牌建设已成为业界的关注点。 在孙瑞哲看来，一个品牌，凝结了技术创新、文化创意，承载着价值理念、企业信誉，是国家形象、产 业实力的重要体现。尤其是当前外部不确定性因素较多，强大的品牌体系有助于提升企业价值能级、稳 定市场份额，增强抵御风险能力。 如何推动纺织品牌建设？孙瑞哲认为，纺织品牌的创新发展是一项系统工程，涉及趋势设计引领、纤维 面料创新、渠道平台赋能等，"只有全产业链同频共振，才能将中国的规模优势、体系优势真正转化为 产业品牌的价值高度、创新势能"。 纺织品牌建设，还离不开产业、市场的基础性支撑。会议所在地——柯桥坐拥"全球最大的纺织品集散 中心"中国轻纺城，培育了8000多家纺织企业 ...

晨会速递 2025 年 5 月 8 日 分析师点评 市场数据 总量研究 【宏观】"双降"落地，如何交易？——《央行观察》系列第十二篇 本次一揽子金融政策力度较大，超预期细节较多。下一步市场交易政策预期的重心会 切换到增量财政政策的落地。随着 5 月份陆续公布 4 月份主要经济指标，或将给出更 多推演线索。具体到不同市场，A 股更可能进入偏强震荡走势，债券收益率曲线大概 率先陡峭化再平坦化。风险提示：再贷款政策落地不及预期，流动性投放不及时导致 资金面意外收紧。 【策略】稳中求进——2025 年 5 月五维行业比较观点 若 5 月份市场情绪下降，五维行业比较框架打分靠前的行业分别为公用事业、银行、 建筑装饰、交通运输、食品饮料、煤炭；若市场情绪抬升，五维行业比较框架打分靠 前的行业分别为传媒、国防军工、计算机、电子、机械设备、汽车。行业表现预计会 在这两种情景间轮动，若海外扰动因素出现缓和，或产业端出现重大催化，市场或将 偏向第二种情景，反之市场将偏向第一种情景。 【策略】寻找确定性——2025 年 5 月策略观点 4 月 A 股市场先抑后扬，外部情绪风险扰动最严重的时候或许已经过去，内部政策与 中长期资金的确 ...

投资策略丨深度报告 [Table_Title] 柳暗花明——关税应对策略三部曲（二） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 在 2019 年加征关税后，国内逆周期政策和外部压力缓解助力权益市场走牛。结构上，在"抢 出口"叠加中美贸易关系缓和时期，出口链有显著超额收益，出口链仍有"春天"。关注关税"黄 金坑"的机会。未来市场风险偏好持续提升需等待政策变化，一是美国债券和股市流动性问题 或倒逼美联储释放更多流动性，二是国内出口数据若出现较大变化，或有更多货币财政政策支 持，三是贸易关系的变化。当前中美双方已分别加征高关税，若未来出现如阶段性豁免、双边 谈判进展等政策松动信号，或部分产品被移出加征清单，可能再次触发"抢出口"。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 [Table_Title2] 柳暗花明——关税应对策略三部曲（二） [Table_S ...

"五一"假期，不少市民逛超市时发现，一批外贸优品十分抢眼，有的商品过去在国内根本见不到，有的 商品比境外奥特莱斯卖得还便宜。由于受美国加征关税影响，很多外贸企业暂停向美国出口，转而积极 开拓内销市场。出口转内销，让国内消费者享受到更多实惠。 探访1 "以前我们为国外品牌代工，现在我们要做自己的品牌！"从那时起，公司开启破局之旅，从外贸的"借 船出海"模式转向内贸的"自主航行"。 "外贸产品转内销之路并不容易。"溢达集团品牌及零售副总裁蔡崴坦言，外贸订单主要靠船运，周期 长，订单量大，相对稳定。而国内订单比较分散，需要企业灵活应对，快速反应。 同时，集团所面对的客户，也从以往的海外企业转变为个人消费者。"企业客户确定性高，每天醒来就 知道工厂一天产量大概是多少。但是，个人消费者不一样，客户是否下单、退货和复购都充满变 数。"蔡崴说，国内市场竞争十分激烈。为此，公司也在不断研发，丰富产品品类。 "最早店里只有白衬衣一种单品，现在有了西装、防晒衣、裤子等，颜色也更丰富。"李建川回忆，开业 头两年，很多顾客路过时甚至没有注意到这家店。现在，他们已经有了一批回头客，国内会员数量已超 过100万。 东方新天地十如仕品牌店 ...

Group 1 - The report highlights a significant shift in the US-China trade dynamics since the implementation of Trump's tariffs, with the share of US imports from China dropping from 21.6% in 2017 to 13.4% in 2024, indicating a rapid "de-China-ization" trend [11][13][31] - Conversely, China's exports to the US have increased by 22% from 2017 to 2024, with the export value rising from 429.8 billion USD to 524.7 billion USD, showcasing a contrasting trend in trade statistics [11][12][31] - The report notes that the indirect value added from China in US imports has grown significantly, from 75.3 billion USD in 2017 to 148.9 billion USD in 2024, a 97.7% increase, indicating resilience in the value chain despite direct trade reductions [26][27][31] Group 2 - The analysis indicates that the US's attempts to decouple from China have not significantly reduced the overall trade linkages, with the indirect trade connections through value chains largely compensating for the decline in direct trade [4][31][32] - The report discusses the impact of Trump's tariffs on global supply chains, particularly highlighting that labor-intensive products, which are most affected by tariffs, are the least likely to return to the US [5][37][41] - It emphasizes that the diversification of supply chains is becoming essential for US importers to mitigate tariff risks, particularly in labor-intensive industries, which are expected to accelerate their dispersal [5][48][50]

Group 1 - The core viewpoint of the article highlights a significant increase in consumer spending during the May Day holiday, with total expenditure reaching 180.27 billion yuan, a year-on-year growth of 8.0% [1] - The number of cross-regional travelers exceeded 1.465 billion, marking a 7.9% increase compared to the previous year, indicating a robust recovery in domestic tourism [1] - Key retail and catering enterprises reported a sales increase of 6.3% year-on-year during the holiday period, reflecting strong consumer demand [1] Group 2 - The Hang Seng Consumption ETF (159699) saw a rise of 1.33% as of May 6, 2025, with a cumulative increase of 3.65% over the past two weeks, indicating positive market sentiment towards consumer stocks [1] - The ETF's latest scale reached 1.544 billion yuan, a new high in the past month, with significant leverage funds continuing to invest [1] - The financing buy-in amount for the ETF was 5.3328 million yuan, with a financing balance of 4.4631 million yuan, showcasing strong investor interest [1] Group 3 - Huatai Securities reports that the hotel industry is experiencing a recovery with both volume and price increasing, driven by the demand from the lower-tier markets and improved quality-price ratios [3] - The report anticipates a narrowing decline in duty-free sales due to promotional activities and tax rebate policies in Hainan, suggesting a positive outlook for the consumption sector [3] - The firm maintains a favorable view on the consumer sector's fundamentals improving throughout 2025, driven by various consumption stimulus policies [3][4] Group 4 - Shenwan Hongyuan Securities emphasizes the importance of consumption promotion policies in stabilizing growth amid external pressures, categorizing these policies into direct and indirect support measures [5] - Direct measures include subsidies and consumption vouchers, while indirect measures involve tax reductions and fee exemptions, particularly targeting large consumer goods [5] Group 5 - The Hang Seng Consumption ETF (159699) is positioned to benefit from new consumption stimulus policies and supports T+0 trading, focusing on four major sectors: food and beverages, textiles and apparel, home appliances, and tourism [6][8] - The ETF includes leading consumer companies with strong domestic recognition, such as Li Ning, Anta, and Haidilao, providing a diversified investment opportunity [7] - The ETF is noted for its significant scale and flexibility, making it a prominent choice in the Hong Kong market for investors looking to capitalize on consumer trends [8][9]