Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Shenzhou International, Anta Sports, and Bosideng, among others [8][30]. Core Views - The apparel manufacturing sector shows signs of recovery with June 2025 revenue reports indicating a mixed performance among companies, but overall steady growth year-to-date [1][11]. - Vietnam's apparel exports have seen rapid growth in 2025, while China's related product exports have remained stable [1][17]. - The report emphasizes the importance of focusing on companies with strong fundamentals and brand strength, particularly in the outdoor and running segments, which are expected to expand [2][30]. Summary by Sections Recent Revenue Reports - In June 2025, revenue changes for key companies were as follows: Feng Tai Enterprises -3.1%, Yu Yuan Group +9.4%, and Ru Hong -3.3%. For the first half of 2025, cumulative revenues were -4.1%, +6.2%, and +10.8% respectively [1][11]. - The report suggests that the apparel manufacturing sector's output has normalized in Q2 2025, with a recommendation to monitor future order trends [1][30]. Industry Trends - The report highlights that the apparel manufacturing sector is benefiting from tariff policy changes, which may enhance company valuations in the short term [3][30]. - The report notes that the international trade environment and tariff changes could impact the competitive landscape of the industry [11][25]. Key Company Recommendations - Shenzhou International is recommended for its high valuation attractiveness, with a projected PE of 12 times for 2025 [30]. - Huayi Group is noted for its expanding overseas capacity and is expected to see revenue growth of 10% to 15% in Q2 2025, despite potential pressure on profit margins [30]. - Weixing Co. is expected to face challenges with a projected revenue decline of 10% to 15% in Q2 2025 due to cautious order placements from brand clients [30][31]. Market Performance - The textile and apparel sector has outperformed the broader market, with a notable increase in exports from Vietnam and stable performance from Chinese exports [1][4]. - The report indicates that the demand for functional apparel and jewelry brands remains strong, with a focus on companies that can leverage product differentiation and brand strength [2][3].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The report highlights that as the earnings season approaches, stock price volatility is expected to increase due to expectation gaps [4][21]. - The gambling sector has shown strong performance, driven by higher-than-expected visitor numbers in Macau, leading to upward revisions in market expectations for monthly GGR and EBITDA [5][12]. - The report notes that most sectors are currently valued below their historical averages over the past five years, indicating potential investment opportunities [8][16]. Sector Performance Review - Weekly performance rankings show Gambling > Luxury Goods > U.S. Hotel > Domestic Sportswear > Domestic Cosmetics > Daily Necessities > Overseas Sportswear > Overseas Cosmetics > Credit Card > Snacks > Gold Jewelry > Pet, with the Gambling sector outperforming the MSCI China index [10][21]. - Monthly performance also favors the Gambling sector, followed by U.S. Hotel and Luxury Goods, while Domestic Cosmetics and Pet sectors experienced negative growth [22]. - Year-to-date performance indicates Gold Jewelry leading, followed by Domestic Cosmetics and Overseas Cosmetics, with the Overseas Sportswear sector showing negative growth [23]. Valuation Analysis - The report provides a detailed valuation analysis, indicating that many sectors, including Overseas Sportswear and Domestic Sportswear, are trading below their historical PE averages, suggesting potential upside [8][16]. - Specific expected PE ratios for 2025 are provided, with Overseas Sportswear at 34.4x (55% of its 5-year average), Domestic Sportswear at 12.6x (72%), and Gambling at 17.6x (26%) [16].

Core Viewpoint - The launch of the Liu Yue Gold Jewelry (Factory) Trading Center aims to integrate the entire gold jewelry industry chain and promote high-quality development in the sector [3][5]. Group 1: Event Overview - The招商启动会 (launch event) took place on July 11 in Longgang District, Shenzhen, attended by local leaders, industry representatives, and potential partners [1]. - The event featured a strategic cooperation signing ceremony, marking significant steps in industry chain integration and brand aggregation [3]. Group 2: Strategic Goals - The trading center will focus on "high-end, international, and one-stop" services, aiming to create a multifunctional industrial platform that includes design, production, trading, and exhibition [3]. - The center's total construction area is 30,000 square meters, accommodating over 300 shops with diverse functional areas such as creative design, retail trading, and logistics support [5]. Group 3: Industry Impact - The establishment of the trading center is expected to strengthen the jewelry industry chain in the Longgang District and promote the integration of production and urban development [3]. - The project aims to facilitate the transition of original designs from "works" to "products" and promote the fusion of intangible cultural heritage with the jewelry industry [5].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 东吴证券：中报前瞻 哪些行业在二季度业绩会有较好表现？ 近期上市公司将密集披露中报业绩预告，景气将成为关键的交易线索。结合基本面视角，我们认为二季 度业绩景气的方向主要集中在：1）上游工业金属、小金属；2）中游风电和出海方向的摩托车、逆变 器，以及有订单兑现预期的军工板块；3）下游国补消费品种以及创新药；4）金融地产板块的非银； 5）TMT板块的海外算力链、存储和游戏方向。 天风证券：政策红利持续加持 继续看好银行股 天风证券发布研报称，当前银行股价表现虽然和行业基本面可能有所"背离"，而未来银行投资策略更 需"见微知著"，即更需重视行业基本面的边际向好迹象：首先，负债成本预计将持续改善。其次，资产 收益预计将趋于平稳。最后，资产质量预计将维持稳健。基于以上，优质地区中小银行中重点推荐成都 银行、常熟银行；国股行中我们重点推荐农业银行、中国银行、邮储银行。 华泰证券：本轮供需两端形成合力后，3类光伏企业有望破茧重生 中信建投证券周策略：上证指数突破3500点，周五放量冲高回落，下周行情能否延续？ 本周市场整体表现出较好情绪，在大金融和地 ...

在互动练习环节，郭志鹏展示了如何用腾讯混元模型进行AI辅助3D珠宝设计出图，AI一键生成的3D模 型文件可直接导入3D打印机进行打样，缩短设计验证周期。"传统设计依赖设计师个人经验，而AI能快 速整合市场趋势、消费者偏好与工艺可行性，提供科学化设计建议。"他说。 胡涛聚焦黄金销售场景带来分享。他以"向新婚夫妇推销30克素圈手镯"为例，现场演示操作流程。输入 相关问题后，AI迅速生成了包含情感共鸣开场白、市场数据分析、品牌保障承诺等内容的专业销售话 术。他强调，AI话术不是简单的套用模板，而是要结合实际场景，为顾客提供有价值的信息和贴心的 服务。在"新媒体运营全攻略"环节，他还围绕当下热门的短视频、直播、社交媒体等平台，分享了AI在 黄金行业新媒体运营中的应用策略。 【深圳商报讯】（记者陈姝）"AI为设计工作提供了全新的思路和方法，也让我看到了黄金行业未来发 展的无限可能。"在由深圳市职业技能培训指导中心联合巨匠培训工坊主办的 "AI赋能黄金行业，智造 未来新生态"主题研讨会上，一位设计师如此感叹。活动特邀全国技术能手郭志鹏、新媒体专家胡涛 等"大咖"担任主讲嘉宾，现场讲解和演示AI如何成为黄金行业从业者的得力 ...

以下文章来源于投中网 ，作者纪佳文 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 本文来自微信公众号： 投中网 （ID：China-Venture） ，作者：纪佳文，编辑：刘燕秋，题图来 自：AI生成 王宁刚拿到麦刚那200万元天使投资时，曾经激动地对麦刚说，"如果我是周杰伦，你就是吴宗宪"。 麦刚是不是吴宗宪我不知道，但那时王宁可能还是对周杰伦有些误解，因为他不会想到周杰伦在抖音 只是简单地开个账号，能让周母亲叶惠美是实控人的港股巨星时代，一天翻倍收盘超过百亿市值，能 让A股的"周杰伦"概念股集体躁动。 王宁的泡泡玛特、蜜雪和老铺集团，也在各个资本市场拥有自己的拥趸和概念股。"港股三姐妹"崛起 的故事，想必大家都耳濡目染一阵子了。 但我还一直特好奇一个事，新崛起的"港股三姐妹"为什么不是"三兄弟"？如果说是源自美股的"七姐 妹"，那她们一开始为什么不叫"七兄弟"？语言是思维的外放，甚至一想到如果有人把这三家崛起的 新消费公司称作"三兄弟"，我 ...

Core Viewpoint - Southeast Asia is emerging as a significant growth area for the gold and jewelry industry, presenting strategic opportunities for Chinese brands to expand internationally [1][2]. Industry Overview - The Southeast Asian gold and jewelry market is experiencing rapid growth, becoming a crucial growth engine for the global industry [2]. - The GDP of the six core Southeast Asian countries is expected to maintain steady growth, with Vietnam, the Philippines, and Indonesia projected to have economic growth rates exceeding that of China over the next three years [2]. - The market size of the gold and jewelry sector in these six countries is expected to reach $11.6 billion in 2024, reflecting a year-on-year growth of 7%, with a CAGR of 7.6% from 2021 to 2024 [2]. Consumer Trends - Traditional culture and emotional value are driving the demand for gold jewelry, while investment gold demand is increasing due to risk aversion [3]. - In Singapore, the high-end jewelry market is characterized by low concentration and a fragmented competitive landscape, with significant demand for luxury jewelry [3]. - Malaysia's jewelry market is growing steadily, with a focus on 22K gold jewelry and a stable share of accessory jewelry [3]. - Thailand shows a preference for 23K gold and gemstones, with a stable competitive landscape among leading brands [3]. - Vietnam's market is stable, with rising demand for investment and accessory jewelry, although overall gold jewelry consumption has seen a decline [3]. - Indonesia's market is rapidly growing, with stable demand for gold jewelry and a surge in investment demand for gold bars and coins [3]. Brand Expansion - Southeast Asia is becoming a strategic launchpad for Chinese gold and jewelry brands due to cultural proximity and a preference for gold products [5]. - Major brands like Lao Pu Gold, Chow Tai Fook, and Luk Fook are successfully expanding their presence in Southeast Asia, with plans for further international growth [6]. - Lao Pu Gold has successfully entered the Singapore market and plans to expand into Japan by 2026 [6]. - Chow Tai Fook reported strong sales performance in Southeast Asia, with 23 stores in the region and a commitment to international development [6]. - Luk Fook Group is also focusing on overseas expansion, with 12 stores in Southeast Asia [6]. - Chao Hong Ji is accelerating its store openings in Southeast Asia, with plans to establish more stores through a franchise model [6]. - Yu Garden Holdings is actively expanding its overseas market presence, particularly in Southeast Asia [6].

证 券 研 究 报 告 新消费需求多点迸发，竞争格局重构进行时 轻工消费2025年夏季策略 证券分析师：屠亦婷 A0230512080003 黄莎 A0230522010002 庞盈盈 A0230522060003 研究支持：张海涛 A0230524080003 张文静 A0230524120005 魏雨辰 A0230525010001 2025.07.11 新消费需求多点迸发，竞争格局重构进行时 新消费 国内人口代际变化 Z世代消费主力军 技术驱动 产品从0到1验证 海外需求变化 供应链 全球化 机遇 国际客户供应链全 球化趋势确认 高股息 行业格局成熟 资本开支放缓 国货品牌崛起 情感、悦己需求 AI硬件 AI软件 电子烟（监管政策） 品类渗透率提升 保温杯、家居等 消费电子包装 包装 家居 国补以旧换新 国货个护：百亚股份、豪悦护理、登康口腔 IP潮玩：布鲁可、晨光股份、 广博股份、创源股份 黄金珠宝： 潮宏基 宠物用品：天元宠物、 朝云集团、依依股份、 源飞宠物 两轮车：雅迪控股、爱玛科 技、九号公司 AI床垫：慕 思股份、喜 临门 家居：顾家家居、公 牛集团 AI眼镜：康耐特光学、明月 镜片、英派斯 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一个更多元化的消费时代。 但我还一直特好奇一个事，新崛起的"港股三姐妹"为什么不是"三兄弟"？如果说是源自美股的"七姐妹"，那她们一开始为什 么不叫"七兄弟"？语言是思维的外放，甚至一想到如果有人把这三家崛起的新消费公司称作"三兄弟"，我居然会觉得羞耻。 因此我揣测"兄弟"有些男权时代旧思维的意思，"姐妹"的性别意义则隐藏着一种反主流、反精英叙事的情绪，这意味着人们 会对她们能打破旧传统和藩篱，或者开创些新的故事，报以特别的期待。 AI 是互联网的延伸，是美国和美股最锋利的矛，不过就连提出"美股七姐妹"的那位交易公司首席策略师，从 2004 年初都开 始质疑，"七姐妹"对股市的主导地位即将结束。中国当然也在寻求科技方面的突破，不过同样紧要的还有促消费，消费是矛也 同样也是盾。 我们对消费太期待了，但长久以来消费的地位确实又很矛盾，大家都看在眼里，不然蜜雪怎么转战港股了呢？以至于如果说王 宁、徐高明、张氏兄弟创业之初是"草根"，那么她们在今年之前，哪怕是在 IPO 过程和前夕，又何尝褪去了草根的标签？现 在市场给她们冠以"三姐妹"的称号，可能也是顺应这种期待吧。 王 ...

编号：2025-006 | | ☑特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | □业绩说明会 | | | | □新闻发布会 | | □路演活动 | | | 类别 | □现场参观 | | | | | | □其他 国海证券 | （请文字说明其他活动内容） 刘熹 | 国海证券 | 刘思敏 | | | 国元证券 | 宇之光 | 银河证券 | 吴砚婧 | | | 银河证券 | 邹文倩 | 银河证券 | 冯雨淇 | | | 银河证券 | 董迎东 | 银河证券 | 辛云明 | | 参与单位名称及 | 华源证券 | 丁一 | 中航证券 | 卢正羽 | | 人员姓名 | 国联民生证券 | 陈安宇 | 国投证券 | 杨楠 | | | 国泰海通 | 宋小寒 | 永赢基金 | 庄子童 | | | 渤海人寿权益 | 赵硕 | 财通基金 | 王逸欣 | | | 九和岛基金 | 王新宇 | 北京风炎投资 | 王鹏 | | | 嘉实基金 | 夏国强 | 博润银泰 | 尚方健 | | 时间 | 2025 年 7 月 | 10 日（星期四） ...