证券研究报告 | 策略定期报告 2025 年 12 月 10 日 11 月 CPI 同比增幅扩大，各类挖机、装载机销量同比改善 ——行业景气观察（1210） 本周景气度改善的方向主要在部分资源品、消费服务和信息技术领域。上游资源 品中，金属价格多数上涨，水泥价格改善；中游制造领域，11 月各类挖掘机、装 载机销量三个月滚动同比增幅扩大。信息技术中，11 月集成电路进口、出口同比 增幅扩大，10 月全球半导体销售额同比增幅扩大。消费服务领域，11 月服装、 鞋类 CPI 同比增幅扩大，中药材价格上涨。11 月 CPI 同比增幅扩大，PPI 降幅 略有扩大，"反内卷"政策持续推动供给出清。推荐景气较高或有改善的有色、 建材、工程机械、中药、纺织服饰、造纸、存储器、集成电路等。 ❑【本周关注】11 月 CPI 同比增幅扩大，PPI 降幅略有扩大，"反内卷"政策持续 推动供给出清，PPI 回暖趋势不变。细分项目中：1）受极端天气与季节性供应收 缩驱动，鲜菜鲜果价格同比转正，为 CPI 回暖贡献主要增量，粮食、奶类、酒类、 畜肉类降幅均有不同程度收窄；2）受换季需求提振，服装鞋帽价格改善，旅游、 教育、交通工具等出行消 ...

华升股份公告称，拟通过发行股份及支付现金购买深圳易信科技97.40%股份，并向控股股东募资配套 资金。公司股票于2025年6月10日开市起停牌，停牌前20个交易日收盘价累计上涨22.81%，同期上证指 数涨1.73%，纺织服装指数涨6.56%。剔除大盘因素涨幅为21.08%，超20%；剔除同行业板块涨幅为 16.25%，未超20%。公司已采取保密措施，将按要求查询并披露内幕信息知情人交易情况。 ...

Core Viewpoint - Tianhong International Group (02678) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 155,500 shares at a total cost of HKD 712,400 [1] - The buyback price per share ranges from HKD 4.52 to HKD 4.60 [1]

上市公司：凤竹纺织（600493），江南高纤（600527），航民股份（600987），百隆东方（601339）， 浙文影业（601599），台华新材（603055），健盛集团（603558），新澳股份（603889），迎丰股份 （605055），华生科技（605180），富春染织（605189），夜光明（873527），云中马（603130） 2016-2025年1-10月纺织服装、服饰业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国纺织服装行业市场行情动态及投资潜力研究报告》 2025年1-10月，纺织服装、服饰业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 13684个，和上年同期相比 ...

南山智尚(300918.SZ)午间大幅收跌12%，低见15.15元刷新调整新低，总市值77.94亿元。消息上，南山智尚约7142.86万股限售股将于12月10日(今日)解禁， 占公司发行总股本的14.11%，解禁股类型为定向增发机构配售股份。有分析称，一般而言，限售股解禁后会有一部分股份进入市场流动，供给增加容易导 致股价下跌。 ...

Group 1 - The establishment and operation of the Guiping City Mulele Textile and Apparel Industrial Park has significantly boosted the local textile industry cluster, enhancing regional economic development through efficient integration of online sales and offline production [1] - The new factory area of Suying Sports Goods Co., Ltd. occupies approximately 30 acres with an annual production capacity planned for over 1.6 million pieces, having commenced production earlier this year and currently employing over 100 workers with a stable daily output of 4,000 to 5,000 pieces [1][2] - The e-commerce logistics park has successfully attracted five logistics companies, ten e-commerce companies, and eleven apparel companies, creating a comprehensive service park that connects local production, e-commerce sales, and logistics transportation [2] Group 2 - Suying Sports has registered over ten apparel brands and developed more than 700 distributors nationwide, while also expanding online sales channels through platforms like Taobao and Douyin, with a positive trend in e-commerce sales [2] - The total industrial output value of the apparel industry in Mulele Town reached 576 million yuan, with textile and apparel output valued at 6.746 billion yuan, and express delivery for apparel achieving 11.5319 million pieces, reflecting a year-on-year growth of 5.52% [2] - The local government aims to promote the textile and apparel industry towards clustering, chain extension, and digital transformation, fostering a leading role for major enterprises and encouraging the entry of small and medium-sized enterprises into the industrial park [3]

Group 1: Offshore Wind Power - The average annual wind speed over the sea is approximately 7.2 meters per second, with the most powerful wind turbine generating 21.6 degrees of electricity per rotation. The installed capacity of offshore wind projects in Jieyang has exceeded 900,000 kilowatts [1] - Three offshore wind power projects have been put into operation by the company in Jieyang, contributing to the local green electricity supply [1] Group 2: Green Petrochemical Industry - The company has built an oil terminal in Jieyang that has received over 60 million tons of crude oil from regions including the Americas, the Middle East, and Africa over the past three years [3] - The integrated refining and chemical project is the only domestic facility capable of processing low-quality heavy oil, with over 3 million tons of various refined products exported this year [3] - The Dannan Sea Petrochemical Industrial Zone aims to create a trillion-level green petrochemical industry cluster by promoting a full industrial chain from raw materials to end products [3] Group 3: E-commerce and Traditional Industries - The Guangdong Ming Shu Ling Nan Cross-border E-commerce Industrial Park provides one-stop services for over 30 small and medium-sized enterprises, leveraging e-commerce and live streaming to boost sales of traditional textile and apparel products [4] - The cross-border e-commerce import and export volume from Puning is expected to exceed 53 million yuan in 2024 [4] Group 4: Cultural Heritage and Tourism - The Nanshan Yingge Cultural Heritage Base in Puning has gained international attention, with performances scheduled in London, showcasing the local intangible cultural heritage [6] - A large-scale live-action show titled "Yingge Emotion," with an investment of 120 million yuan, attracted over 30,000 viewers during the 2025 Spring Festival, significantly boosting local dining and accommodation sectors by 102% [6] - The renovation of the ancient city of Jieyang is ongoing, with a focus on restoring historical buildings and enhancing cultural tourism experiences [7]

天眼查App显示，近日，苏州炬光纤维科技有限公司成立，法定代表人为张阳阳，注册资本300万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；合成材 料销售；针纺织品销售；面料纺织加工；服装辅料销售；服装制造；新材料技术研发；新材料技术推广 服务；货物进出口；技术进出口；进出口代理（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

Core Insights - The collaboration between Shaanxi and Jiangsu provinces has strengthened significantly, focusing on various industries and projects, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][3] Group 1: Collaboration Achievements - Over the past five years, the collaboration has led to the establishment of 916 enterprises in Shaanxi, with actual investments exceeding 477 billion yuan, covering over 20 provincial key industrial chains [1] - Various industrial cooperation projects have been successfully implemented, including those in plush toys, traditional Chinese medicine, dairy goats, and automotive parts [1] - A total of 68 industrial parks have been co-built under the collaboration framework, achieving full coverage of "one county, one park" [1] Group 2: Economic Development and Support - The collaboration has injected momentum into the economic development of Han Zhong, with projects in textiles, traditional Chinese medicine, and modern materials being implemented [2] - Shaanxi has invested 19 billion yuan this year to support key county-level industries, enhancing the development of co-built industrial parks [2] Group 3: Focus on Innovation and Technology - Future cooperation will emphasize technology innovation and industrial transformation, with a keen interest in Jiangsu's mechanisms and experiences in these areas [3][5] - Jiangsu's industrial technology research institute serves as a model for Shaanxi, showcasing effective mechanisms for technology transfer and innovation [5][6] - The collaboration aims to enhance agricultural technology transfer and establish a diversified agricultural technology promotion service model [6] Group 4: Strategic Goals and Future Directions - The two provinces plan to deepen cooperation in high-level openness and integration of scientific and technological industries, with a focus on international trade channels and overseas industrial parks [7] - There is an expectation to create high-level innovation platforms and enhance industrial chain collaboration under the "15th Five-Year Plan" [7]

Core Viewpoint - The 16th Beijing Interprovincial Enterprise Chamber of Commerce Presidents' Joint Meeting emphasized the theme of "Implementing the 14th Five-Year Plan, Promoting Cooperation between Beijing and Xinjiang, and Jointly Promoting Development" with nearly 300 representatives from government departments, business associations, and enterprises attending the meeting [1][6]. Group 1: Investment Opportunities - The South Xinjiang region is highlighted as a key area in the overall development of Xinjiang, showcasing its unique resource endowments, extensive transportation network, improving industrial system, and favorable business environment [3][8]. - A total of 790 quality investment projects have been identified in South Xinjiang, covering sectors such as oil and gas chemicals, green mining, textiles, new energy, specialty agriculture, and cultural tourism, with a total investment of 850.38 billion yuan [3][8]. - The meeting called for entrepreneurs to invest in South Xinjiang, contributing to both commercial success and the construction of a shared national identity [3][8]. Group 2: Strategic Development Goals - The meeting underscored the importance of leveraging Beijing's capital, technology, talent, and information resources alongside Xinjiang's unique advantages to foster high-quality economic development and social stability [4][9]. - There is a strong emphasis on deepening cooperation in key industries such as oil, coal, minerals, modern agriculture, and cultural tourism, as well as participating in rural revitalization and improving livelihoods [4][9]. - The meeting aims to establish a continuous communication mechanism with various business associations to ensure precise alignment with enterprise needs and promote the successful implementation of cooperative projects [6][11].