Core Viewpoint - The Shanghai Mercury Home Textile Co., Ltd. has successfully met the conditions for the first unlock period of its 2024 restricted stock incentive plan, allowing for the release of shares to eligible participants [2] Summary by Relevant Sections Incentive Plan Overview - The company has conducted a review of the first unlock conditions of its 2024 restricted stock incentive plan and confirmed that the conditions have been met [2] - The number of eligible participants for the unlock is 65, with a total of 1.7388 million shares to be released, representing 0.6620% of the company's total share capital [2] Compliance and Authorization - The release of shares complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [2] - The board's compensation and assessment committee has agreed to proceed with the share release according to the relevant regulations [2]

证券研究报告 | 公司深度报告 2025 年 06 月 17 日 水星家纺（603365.SH） 线上增长提速，"深睡枕"及"雪糕被"持续放量 消费品/轻工纺服 家纺龙头销售表现和地产销售逐渐弱化，消费者更注重产品功能升级，日常更 换需求逐渐占据主导。水星家纺坚持爆品运营模式，营销打法升级，今年以来 线上呈现较快增长，人体工学枕和雪糕被热销。当前市值对应 25PE13X，首次 覆盖给予"强烈推荐"评级。 | 财务数据与估值 | | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 4211 | 4193 | 4637 | 5146 | 5715 | | 同比增长 | 15% | -0% | 11% | 11% | 11% | | 营业利润(百万元) | 407 | 426 | 485 | 551 | 630 | | 同比增长 | 38% | 5% | 14% | 14% | 14% | | 归母净利润(百万元) | 379 | 367 | 416 | ...

Core Viewpoint - The "Copyright AI Smart Review" application has significantly reduced copyright disputes in the textile market, with a reported decrease of 91.67% over three years, enhancing the business environment for enterprises [1][2]. Group 1: Application Impact - The "Copyright AI Smart Review" application integrates vast copyright data resources and enables real-time deep searches, allowing for quick tracing of design patterns with a response time of seconds [2]. - The application has led to a 33% annual decrease in case filings at the textile court, lowering compliance costs and operational uncertainties for merchants [2]. - The total transaction volume of China Textile City reached 400.987 billion RMB in 2024, demonstrating growth despite global economic challenges [2]. Group 2: Efficiency in Dispute Resolution - The application has improved the efficiency of resolving copyright disputes, reducing the average resolution time from four months to just one month [2]. - The "one-click tracing" feature of the application helps quickly identify the true rights holders, enhancing the handling efficiency of copyright disputes [2]. Group 3: Broader Implications - The application represents an innovative exploration of modernizing intellectual property judicial protection, with plans for further digitalization in intellectual property trials [3]. - Following successful trials, the application has expanded from the "Keqiao sample" to nationwide use, covering various fields such as photography, fine arts, and design [3]. - Data from the system indicates that over 66% of pattern checks revealed prior usage, highlighting the effectiveness of the application in identifying existing rights [3].

摘要 主要观点：关税的数据验证是下半年美国经济的主要矛盾，短期更需关注通胀的走向 特朗普关税现状、展望如何？ 5月12日中美协议后，全球贸易不确定性有所回落，但仍然处于历史极值水平。美国平均进口关税税率仍在16%左右。中国对 美国税率降至27%。美国对等关税、对华关税暂停期分别将在7月9日、8月12日结束。截止5月末，美国进口关税税率较高的行业为服装、金属等，且与其他 经济体的关税谈判进展缓慢。后续继续关注关税谈判进展以及美国立法、政治阻力。 关税的经济效应： 关税对通胀、增长影响何时体现？ 随着中-美集装箱预订量大幅提升，新一轮"抢进口"已然开启。但是，随着库存累积、 内需走弱、关 税"休战"到期，下半年美国"抢进口"动力或受掣肘；通胀方面，关税对美国通胀的推升效应已经出现，但效果尚不显著，三、四季度可能进入通胀上行期； 投资方面，制造业PMI、资本开支意愿调查、地产销售均指向更弱的私人投资；消费方面，近期居民收入受"暂时性"因素推升，居民"抢购"意愿已有所下滑； 就业方面，失业金等数据已出现恶化迹象，警惕失业率上升风险。 动态而言，关税对于经济的影响是从"滞胀"到"放缓"，具体取决于关税冲突如何演绎。 在 ...

世界银行近期发布的数据显示，2024年斯里兰卡国内生产总值（GDP）增速超预期，达到5%。今年一 季度，得益于支柱产业出口增长、旅游业反弹以及重要侨汇收入增加等积极因素影响，斯里兰卡经济复 苏态势延续。南亚岛国斯里兰卡曾在2022年经历了严重的经济危机，导致国民经济连续6个季度萎缩， 直到2023年底才有所起色，2024年开始呈现强劲复苏态势。 经济改革和财政状况的不确定性是当前斯里兰卡经济面临的最大内部风险。世界银行指出，当前斯里兰 卡家庭收入、就业水平及整体福利状况仍远低于经济危机前水平，劳动力市场持续疲弱，失业率居高不 下，贫困率超过20%。要在中期实现持续增长和减少贫困目标，需要保持宏观经济稳定，并推进结构性 改革。亚洲开发银行预计，到2032年斯里兰卡公共债务占GDP的比重才会降至95%以下。随着需求复 苏、信贷条件改善、电价预期上调、进口限制放宽，当前通胀紧缩的情况会逐步改善，预计到2026年， 通胀率有望回升至4.5%，但仍低于斯里兰卡央行设定的5%的目标。世界银行预计，斯里兰卡2025年经 济增速为3.5%；亚洲开发银行预计，斯里兰卡今、明两年经济将分别保持3.9%和3.4%的温和增长。 分析 ...

Core Viewpoint - The recent US-China trade agreement has created uncertainty for India's aspirations to become a global manufacturing hub, as it may hinder the flow of manufacturing investments from China to India [2][4]. Group 1: Trade Dynamics - The US has significantly reduced tariffs on Chinese goods from 145% to 30%, while maintaining tariffs on Indian goods at approximately 27%, which poses a challenge for India's manufacturing ambitions [2][6]. - India's manufacturing sector may face stagnation or a reversal of investment as companies reconsider their supply chains in light of the new trade agreement [4][5]. - Despite short-term setbacks, long-term trade tensions between the US and China could still benefit India's manufacturing sector [8]. Group 2: Manufacturing Challenges - India's manufacturing sector currently contributes only 15% to its GDP, showing little change over the past two decades, indicating a need for significant improvement [14]. - The country faces challenges such as a poor business environment, inadequate infrastructure, and a lack of skilled labor, which hinder its ability to attract foreign investment [14][17]. - The profit margins for Indian assembly of products like iPhones are low, with Apple earning around $450 per unit sold in the US, while India only sees about $25, highlighting the low value-added nature of its manufacturing [15][17]. Group 3: Competitive Landscape - Other Asian countries like Vietnam, Thailand, and Malaysia are seen as more attractive for manufacturing due to lower labor costs and favorable trade agreements, putting India at a disadvantage [14]. - India's reliance on China for essential components limits its ability to fully capitalize on the shift in supply chains [15]. - The future manufacturing landscape may evolve into a dual structure where China dominates high-end manufacturing while India supplements low-end production [17].

证券代码：603365 股票简称：水星家纺 公告编号： 2025-021 表决结果：同意 3 票；反对 0 票；弃权 0 票。 本议案尚需提交公司 2025 年第一次临时股东大会审议。 上海水星家用纺织品股份有限公司 第五届监事会第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 上海水星家用纺织品股份有限公司(以下简称"公司")第五届监事会第十九 次会议（以下简称"本次会议"）于2025年05月29日通过飞书通知全体监事，并 于2025年06月03日以现场方式在公司五楼会议室召开。本次会议应参加表决监事 人员列席会议。本次会议的召开符合《中华人民共和国公司法》及《公司章程》 的有关规定，会议决议合法有效。 二、会议审议情况 具体内容详见公司于指定媒体披露的《上海水星家用纺织品股份有限公司关 于修订 <公司章程> 及修订、新增或废止部分制度的公告》 （公告编号：2025-022）。 具体内容详见公司于指定媒体披露的《上海水星家用纺织品股份有限公司关 于修订 <公司章程> 及修订、新增或废止部 ...

证券代码：603365 证券简称：水星家纺 公告编号：2025-023 上海水星家用纺织品股份有限公司 关于召开2025年第一次临时股东大会的通知 一、 召开会议的基本情况 (一) 股东大会类型和届次：2025年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 19 日 14 点 00 分 召开地点：上海市奉贤区沪杭公路 1487 号公司 5 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年6月19日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 19 日 至2025 年 6 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 ...

二、本人任职资格符合下列法律法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； 上海水星家用纺织品股份有限公司 独立董事候选人声明 本人王弟海，已充分了解并同意由提名人上海水星家用纺织品股份有限公司 董事会提名为上海水星家用纺织品股份有限公司（以下简称"该公司"）第六届 董事会独立董事候选人。本人公开声明，本人具备独立董事任职资格，保证不存 在任何影响本人担任该公司独立董事独立性的关系，具体声明如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、财务、管理或者其他履行独立 董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中 ...

Core Insights - The article highlights the resilience of Chinese foreign trade enterprises in the wake of recent trade tensions, showcasing a shift from passive response to proactive adaptation in the global market [1][11]. Group 1: Trade Recovery and Market Dynamics - Following the announcement of the US-China Geneva trade talks, there was a significant surge in container bookings from China to the US, with a nearly 300% increase reported [2][12]. - Major Chinese ports in cities like Guangzhou, Dongguan, Qingdao, and Shanghai have resumed operations, indicating a recovery in manufacturing and shipping activities [2][3]. Group 2: Strategic Shifts in Export Markets - Guangzhou Wanbao Group has shifted its export strategy, with non-US markets now accounting for over 50% of its exports, and this figure is expected to exceed 60% this year [4]. - The average export price for the company has increased by 10% to 20% due to strategic adjustments and market diversification [4]. Group 3: E-commerce and Product Innovation - The cross-border e-commerce sector is experiencing a "quality revolution," with Chinese wig exports capturing 80% of the global market share, driven by competitive pricing and e-commerce channels [5][6]. - Companies are focusing on developing products that meet the demands of new markets, particularly in the Middle East, and are utilizing overseas warehouse models to enhance operational efficiency [6][7]. Group 4: Government Support and Policy Initiatives - Local governments are actively supporting cross-border e-commerce initiatives by implementing policies that promote online platforms and participation in international trade fairs [8]. - The "Foreign Trade Quality Products China Tour" initiative has facilitated significant procurement intentions, demonstrating the government's commitment to enhancing domestic and international market integration [9][10]. Group 5: Domestic Market Integration - The trend of integrating domestic and foreign trade is gaining traction, with companies expanding their market reach within China while maintaining export operations [9][10]. - The domestic retail market is projected to reach 48.8 trillion yuan in 2024, highlighting the vast potential for foreign trade products in local markets [9].