服装家纺行业三季报总结：家纺领跑行业回暖，龙头分化 提质增长 20251123 摘要 水星家纺和罗莱生活在 2025 年第三季度分别实现 20%和 10%的营收 增长，主要受益于明星单品的成功推出和前期营销投入，而富安娜虽处 于调整期，仍显示出经营韧性。 罗莱生活和水星家纺前三季度毛利率分别同比上升 2%和 2.8%，得益于 加强营销和控制管理费用，同时存货周转天数分别减少 36 天和 11 天， 运营效率提升。 运动服饰行业在 2025 年第三季度受暖秋和消费疲软影响，终端销售放 缓，大众运动赛道竞争加剧，但跑步和户外品类保持高景气，线上渠道 表现优于线下。 安踏主品牌和斐乐品牌流水同比低单位数增长，其他品牌增长强劲，李 宁全渠道流水下滑但电商增长，特步主品牌和 361 度主品牌线下流水均 实现增长。 亚玛芬体育营收同比增长 30%，归母净利润显著提升，大中华区营收增 长 47%，显示出强劲的增长势头，而安踏、李宁、特步等品牌也在积极 控制库存和优化渠道。 2025 年第三季度，由于暖秋天气及消费疲软影响，运动品牌终端销售节奏有 所放缓，大众运动赛道竞争加剧，各品牌表现分化。从品类来看，跑步及户外 仍保持高 ...

3 元 3 - 1 - 2025 年 11 月 23 日 本周重磅发布策略报告,挖掘新消费、看好全球制造 本期投资提示: -纺织服装行业周报 20251123 相关研究 《 澳毛价格企稳回升，全运会开幕提振户 外运动板块——纺织服装行业周报 20251116》 2025/11/16 《 10 月纺服出口承压,中美磋商利好有望 修复出口链一 -- 纺织服装行业周报 20251110》 2025/11/10 证券分析师 王立平 A0230511040052 wanqlp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 (8621)23297818× zhubl@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 时代小 本周纺织服饰板块表现强于市场。11 月 17 日 ~ 11 月 21 日, SW 纺织服饰指数下 ...

Market Overview - The apparel and home textile sector experienced a decline of 3.79% on November 21, with Jiumuwang leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances included: - Zhiyaomeijia (003041) rose by 3.77% to a closing price of 57.00 with a trading volume of 155,800 shares and a turnover of 872 million yuan [1] - Jiumuwang (601566) fell by 9.99% to a closing price of 16.57 with a trading volume of 106,300 shares and a turnover of 176 million yuan [2] - Xinha Shares (003016) decreased by 9.95% to a closing price of 8.69 with a trading volume of 222,700 shares and a turnover of 201 million yuan [2] Capital Flow - The apparel and home textile sector saw a net outflow of 891 million yuan from institutional investors, while retail investors had a net inflow of 918 million yuan [2] - The capital flow for specific stocks showed: - Bangjie Shares (002634) had a net inflow of 12.94 million yuan from institutional investors [3] - Jiama Clothing (301276) experienced a net inflow of 10.70 million yuan from institutional investors [3] - Kanglongda (603665) had a net inflow of 10.47 million yuan from institutional investors [3]

责任编辑：小浪快报 根据喜娜AI异动分析，欣贺股份跌停原因可能如下，募投进展慢+存货周转低+ESG评级降： 1、公司自 身经营存在问题：欣贺股份募投项目进展缓慢，品牌营销和信息化项目多次延期，投资进度不足50%， 影响公司未来发展布局。存货周转效率低，存货周转天数达496天且跌价准备增加，占用大量资金。部 分区域销售下滑，华南地区和电商渠道收入下降，影响整体营收。 2、ESG评级下降带来负面影响： 2025Q3商道融绿ESG评级B - 较上期下降，说明公司在环境、社会和治理方面存在问题，影响公司长期 形象和可持续发展能力，使部分注重ESG投资的投资者产生顾虑，从而影响股价。 3、从概念题材和市 场热点看：欣贺股份属于服装家纺概念。近期服装家纺板块整体表现一般，市场对该板块关注度不高， 缺乏热点刺激。同概念相关板块部分股票也出现下跌情况，欣贺股份受板块整体氛围影响。 4、结合资 金流向和技术面：近期欣贺股份股价可能在前期上涨后出现获利回吐现象。从资金流向看，可能有部分 资金流出。技术面上，若出现MACD死叉、BOLL通道跌破等信号，会进一步引发投资者的卖出操作， 导致股价跌停。 声明：市场有风险，投资需谨慎。本 ...

Core Insights - The report from GF Securities indicates significant growth in GMV for both comprehensive e-commerce and live-streaming e-commerce platforms during the 2025 Double Eleven shopping festival, with total sales expected to reach 1.695 trillion yuan, a 14.2% increase from the previous year [1] - The top ten categories in comprehensive e-commerce sales include home appliances, mobile digital products, clothing, personal care and beauty, among others, with clothing and footwear remaining crucial sales channels [1] Group 1: E-commerce Performance - The total sales during the 2025 Double Eleven period (October 7 to November 11) are projected to be 1.695 trillion yuan, up from 1.4418 trillion yuan in 2024, reflecting a 14.2% year-on-year growth [1] - Comprehensive e-commerce platforms, including Tmall, JD.com, and Douyin, are expected to generate sales of 1.6191 trillion yuan, compared to 1.1093 trillion yuan in 2024, marking a 12.3% increase [1] - The top ten sales categories in comprehensive e-commerce include home appliances, mobile digital products, clothing, personal care and beauty, footwear, furniture, food and beverages, office supplies, baby products, and sports and outdoor items [1] Group 2: Competitive Landscape - In the Tmall channel, the competition in the clothing and home textile sectors remains stable, with slight changes in the rankings of the top ten brands across various sub-sectors [2] - For men's clothing, Uniqlo retains the top position, while in women's clothing, Uniqlo also ranks first, showing a slight increase in its position [2] - The overlap of top brands between Tmall and Douyin is low, with only a few brands appearing in the top ten of both platforms, indicating a distinct competitive landscape [3] Group 3: Investment Recommendations - Companies are advised to focus on leading firms in sub-sectors that rank high during the Double Eleven event, as online retail remains a vital channel for clothing and home textiles [4] - Attention should be given to home textile companies that exceed expectations in their Q3 performance [4] - Companies involved in high-demand IP licensing, cultural creativity, high-end crafts, and discount retail in clothing and footwear are recommended for investment [4]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002612 | 朗姿股份 | 21.96 | -7.11% | 41.91万 | | 9.38亿 | | 603001 | 奥康国际 | 8.86 | -5.64% | 7.83万 | | 7095.59万 | | 603877 | 太平鸟 | 17.00 | -5.61% | 22.07万 | | 3.77亿 | | 002780 | 三夫户外 | 15.02 | -4.57% | 21.82万 | | 3.32亿 | | 002269 | 美邦服饰 | 2.20 | -4.35% | 225.25万 | | 5.00亿 | | 920262 | 太湖雪 | 25.82 | -4.33% | 2.10万 | | 5491.96万 | | 002029 | 七匹狼 | 10.38 | -4.16% | 75. ...

格隆汇11月20日｜A股九牧王盘中跌停，上演"天地板"，现报15.07元，成交额13.4亿元。 ...

Group 1 - The market focus stocks include HeFu China, which has seen a 14-day streak of 12 consecutive gains, opening flat [1] - Local stock Jiumuwang from Fujian opened up by 7.11% with a 6-day gain streak [1] - Aerospace Development, with a 4-day gain streak, opened at the daily limit [1] Group 2 - The actual controller change in Zhenai Meijia led to a 0.18% increase at the opening, maintaining a 6-day gain streak [1] - Perovskite concept stock Guosheng Technology opened flat, having a streak of 8 days with 6 gains [1] - Aquaculture stock Zhongshui Fishery reached the daily limit with a 4-day gain streak [1] Group 3 - Kaolin material concept stock Huaci Co., Ltd. opened down by 2.29% with a 4-day gain streak [1] - AI application concept stocks Rongji Software and Inspur Software opened up by 7.87% and 7.01% respectively, both with a 3-day gain streak [1] - Lithium extraction from salt lake concept stock Jinyuan Co., Ltd. reached the daily limit with a 3-day gain streak [1]

Market Overview - The apparel and home textile sector increased by 0.44% compared to the previous trading day, with Taiping Bird leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Top Gainers - Taiping Bird (603877) closed at 18.01, up 10.02% with a trading volume of 216,700 shares and a turnover of 385 million yuan [1] - Langzi Co., Ltd. (002612) closed at 23.64, up 10.00% with a trading volume of 334,500 shares and a turnover of 757 million yuan [1] - Zhenai Meijia (003041) closed at 54.59, up 9.99% with a trading volume of 213,600 shares and a turnover of 1.147 billion yuan [1] - Jiumuwang (601566) closed at 16.74, up 9.99% with a trading volume of 173,360 shares and a turnover of 1.199 billion yuan [1] - Jiemai Co., Ltd. (301088) closed at 16.84, up 9.64% with a trading volume of 195,300 shares and a turnover of 331 million yuan [1] Top Losers - Seven Wolves (002029) closed at 10.83, down 7.36% with a trading volume of 999,300 shares and a turnover of 1.111 billion yuan [2] - ST Bulin (002569) closed at 10.88, down 4.98% with a trading volume of 40,300 shares and a turnover of 44.72 million yuan [2] - Wanlima (300591) closed at 10.33, down 4.97% with a trading volume of 651,800 shares and a turnover of 678 million yuan [2] Fund Flow Analysis - The apparel and home textile sector experienced a net outflow of 323 million yuan from institutional investors, while retail investors saw a net inflow of 60.78 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors are actively participating [2] Individual Stock Fund Flow - Langzi Co., Ltd. (002612) had a net inflow of 15.1 million yuan from institutional investors, but a net outflow of 43.64 million yuan from retail investors [3] - Longtou Co., Ltd. (600630) saw a net inflow of 41.03 million yuan from institutional investors, while retail investors experienced a net outflow of 61.28 million yuan [3] - Jiemai Co., Ltd. (301088) had a net inflow of 29.35 million yuan from institutional investors, with a slight net outflow from retail investors [3]

Core Viewpoint - Red Bean Co., Ltd. (600400.SH) is under scrutiny from the Shanghai Stock Exchange regarding its proposed acquisition of online business assets from its controlling shareholder, due to a significant discrepancy between the historical performance decline of the target assets and optimistic future profit forecasts [1] Group 1: Financial Performance - The target assets reported a net profit of 63.78 million yuan in 2022, which is projected to decline to 34.95 million yuan by 2024, indicating a drop of over 45% from 2022 to 2024 [1] - The profit forecast in the acquisition proposal predicts a gradual increase in net profit from 38.85 million yuan in 2026 to 42.46 million yuan in 2028, which contrasts sharply with the historical downward trend [1] Group 2: Company Response - Red Bean Co., Ltd. attributes the historical performance decline to temporary factors such as insufficient working capital, inadequate product supply, and increased investment in the Douyin platform [2] - The company believes that post-transaction, the liquidity of the target assets will improve under unified capital management [2] - The divergence in profit forecasts is explained by three factors: expected stable gross margin, stable expense ratio, and a projected tax rate of 25%, as opposed to the higher effective tax rate experienced recently due to excessive advertising and promotional expenses [2] Group 3: Competitive Dynamics - After the transaction, the target assets will focus on online sales, potentially creating competition with the offline business retained within the Red Bean system [2] - The controlling shareholder has committed to resolving this competitive issue within 60 months post-transaction [2]