7月3日，截至港股收盘，恒生指数下跌0.63%，报24069.94点。盈利时（06838.HK）收报0.29港元/股， 上涨16.94%，成交量7.6万股，成交额2.36万港元，振幅8.06%。 最近一个月来，盈利时累计跌幅4.62%，今年来累计跌幅33.87%，跑输恒生指数20.75%的涨幅。 财务数据显示，截至2024年12月31日，盈利时实现营业总收入6.31亿元，同比减少12.01%；归母净利 润-1882.55万元，同比减少131.9%；毛利率16.06%，资产负债率19.41%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，纺织及服饰行业市盈率（TTM）平均值为-12.84倍，行业中值3.63倍。盈利时市盈 率-7.32倍，行业排名第87位；其他FAST RETAIL-DRS（06288.HK）为0.37倍、浙江永安（08211.HK） 为1.34倍、大人国际（01957.HK）为3.46倍、其利工业集团（01731.HK）为3.63倍、杉杉品牌 （01749.HK）为3.65倍。 资料显示，盈利时控股有限公司是全球精钢表带制造商之一,主要从事以原设备制造形式开发及制造精 钢 ...

Core Insights - Tabo Sports has launched the official flagship store for SOAR Running on Tmall, indicating a strategic move to penetrate the Chinese market for running apparel [1][6] - The pricing strategy for SOAR products is competitive, with running shorts priced between 949-1999 RMB, which is lower than the European website prices but still significantly higher than local alternatives [6][7] - Tabo Sports aims to strengthen its position in the running apparel market by leveraging SOAR's brand, following the success of HOKA, and is focused on online sales channels for growth [6][7] Company Strategy - Tabo Sports acquired exclusive operational rights for SOAR in China on May 13, and the rapid launch of the online store within a month and a half reflects a proactive approach to market entry [6] - The company evaluates potential partners based on market viability and the brand's potential to become a market leader, which influenced the decision to partner with SOAR [6] Product Offering - SOAR, established in London in 2015, focuses on high-performance running gear that combines functionality, technology, and aesthetic design, positioning itself as "haute couture" for runners [7] - Initial consumer feedback on SOAR products highlights their lightweight and comfortable design, although concerns about durability have been raised [7] Market Positioning - SOAR's entry into the Chinese market is seen as a strategic move to compete with established brands like ANKOR, with Tabo Sports aiming to enhance its product offerings in the running apparel segment [6][7] - The brand's unique selling proposition lies in its blend of craftsmanship, material innovation, and design, although it faces challenges in establishing a strong brand moat against cheaper alternatives available online [7]

| 综合 | | | | 中程退 | | | --- | --- | --- | --- | --- | --- | | 有色金属 | -0.54 | 262.71 | -17.23 | 合金投资 | -6.93 | | 钢铁 | -0.94 | 69.95 | 118.77 | 盛德鑫泰 | -7.00 | | 煤炭 | -1.12 | 36.37 | 90.78 | 大有能源 | -3.02 | （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:29，今日沪指跌0.12%，A股成交量505.05亿股，成交金额5863.66亿 元，比上一个交易日减少11.63%。个股方面，2554只个股上涨，其中涨停35只，2567只个股下跌，其 中跌停4只。从申万行业来看，电子、美容护理、纺织服饰等涨幅最大，涨幅分别为1.11%、1.00%、 0.96%；煤炭、钢铁、有色金属等跌幅最大，跌幅分别为1.12%、0.94%、0.54%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | -- ...

Group 1 - The United States has reached a new trade agreement with Vietnam, imposing a 20% tariff on all goods from Vietnam while allowing zero-tariff market access for U.S. goods to Vietnam [1] - The agreement comes just days before the expiration of a 90-day tariff suspension period under Trump's "reciprocal tariff policy," which could lead to increased tariffs on exports from dozens of countries to the U.S. [1] - Goods from third countries that are transshipped through Vietnam to the U.S. will incur a 40% tariff, aimed at preventing circumvention of U.S. trade barriers [1] Group 2 - Trump highlighted the potential for large displacement vehicles, such as SUVs, to become bestsellers in the Vietnamese market, indicating a positive outlook for U.S. automotive exports [3] - Following the announcement, Lululemon Athletica's stock experienced volatility due to its reliance on Vietnam as a major production hub, but the market quickly adjusted, leading to a 0.75% increase in its stock price [3]

[Table_Info1] 锦泓集团(603518) 纺织服饰 [Table_Date] 发布时间：2025-07-02 [Table_Invest]买入 [Table_Title] 证券研究报告 / 公司动态报告 先发布局，十年一剑 报告摘要： [锦泓集团为国内一线时装集团，公司旗下汇聚中国高端女装品牌 Table_Summary] VGRASS、中高端新复古学院风标志性品牌 TEENIEWEENIE 以及具有 中华文化元素特征的高端精品品牌元先，各品牌覆盖不同消费者群体， 共享产品研发资源与渠道发展优势，实现协同发展。2024 年公司实现收 入 43.95 亿元 ，其中 TW 品牌实现收入 34.77 亿元（占比 80%）， VGRASS 收入 7.8 亿元（占比 18%）。 TEENIEWEENIE 为品牌矩阵核心，线下渠道优化改革，线上渠道持续发 力，带动品牌活力。公司自 23 年以来持续推动线下渠道改革，关闭低效 直营店、推动非一线/新一线城市的直营转加盟，优化现有店态店型等以 提升单店业绩。截至 25Q1 TW 品牌直营门店 707 家，加盟门店 303 家。 2024 年新店态月均销售额突破 4 ...

Core Insights - The 2025 "Shanghai Summer" International Consumption Season aims to boost inbound tourism and consumption, showcasing Shanghai's summer vitality and charm [1][2] Group 1: Inbound Tourism and Consumption Growth - The first "Shanghai Summer" event achieved significant results, with inbound traveler numbers increasing by 42.2% and foreign card consumption rising by 68.2% [1] - From January to June, Shanghai welcomed 4.248 million inbound tourists, a year-on-year increase of 38.5%, and saw a remarkable 85% growth in tax refund sales for goods [1] - The rapid rise in inbound consumption is expected to diversify market demand in Shanghai [1] Group 2: Event Highlights and Focus Areas - The 2025 "Shanghai Summer" will focus on attracting global travelers through a combination of activities, products, services, and policies, tailored to different regional characteristics [2] - This year's event will feature a broader brand participation, diverse activities, and precise demand matching, including the introduction of city-customized events by well-known domestic and international brands [2] - Notable activities include the "潮玩之夏" IP series by Pop Mart, a limited-time experience space by Van Cleef & Arpels, and the integration of Lululemon's "Summer Challenge" event [2] Group 3: Targeted Audience Engagement - The event will introduce the "LEGO World Fun Festival" targeting family audiences, synchronized with global events in London, Berlin, and Boston [3] - For younger audiences, the inaugural "Shanghai Summer International Animation Month" will feature three major anime exhibitions and special ticket sales [3] - The 2026 Spring/Summer Shanghai Fashion Week is expected to attract over 80,000 industry elites and thousands of overseas guests, while major sports events like the World Rowing Championships and ATP Shanghai Masters will also take place [3]

耐克在上周披露的第四财季财务数据显示，当季耐克实现营收111亿美元，同比下滑12%，但仍较市场 预测的107.2亿美元高出3.8%;调整后每股收益0.14美元的降幅达86%，却以2美分的优势跑赢预期。尽管 北美、大中华区及欧洲中东非洲市场销售额均出现双位数下滑，但实际降幅均控制在预期区间内。耐克 表示，其全年销售额的下滑趋势开始缓解，这表明首席执行官埃利奥特·希尔的战略举措正在取得成 效。 尽管已经出现了改善的迹象，但与关税相关的成本上升导致John Staszak将其对耐克2026财年的每股收 益预期从3美元下调至1.80美元，并将2027财年的每股收益预期下调至2.80美元。 智通财经APP获悉，投行Argus认为，耐克(NKE.US)的"长期前景依然光明"，尽管面临激烈的竞争以及 依赖海外制造所带来的成本上升压力，但这家全球最大运动服饰公司有望凭借其强大的营销能力与专业 运动员代言，继续主导运动服饰和鞋类市场。 Argus分析师John Staszak表示："我们相信耐克这家公司的复苏正在进行。"分析师补充称，随着耐克清 理过时库存，并利用其电商渠道优化定价能力，耐克的股票评级由"持有"上调至"买入"， ...

Macro and Strategy Research - The US Treasury market has a history of over 200 years, with significant events shaping its development, including the Civil War and the breakdown of the Bretton Woods system. The US bond market accounts for over 40% of the global market [2][3] - As of the end of 2024, the total US national debt is projected to reach $28.3 trillion, nearly doubling since 2017. The issuance of debt follows principles aimed at minimizing expected costs and providing predictable issuance guidance [2][3] - The trading of US Treasuries occurs mainly in Tokyo, London, and New York, with an average daily trading volume increasing by 1.8 times over the past decade. The investor structure is diverse, with overseas investors, the Federal Reserve, and money market funds accounting for about 60% of the market [3] - Long-term US Treasury yields are influenced by expected real rates, expected inflation, actual risk premiums, and inflation risk premiums. Recent data shows that the 10-year Treasury yield is slightly below last year's level, with a trend of first declining and then rising [3] Industry Research - The easing of US-China tariff issues is expected to support domestic exports, with a focus on companies with global layouts that will have competitive advantages [7][8] - H&M Group reported a 1% year-on-year increase in net sales for the first half of 2025, indicating resilience in the retail sector [7] - Xiaomi launched its first AI glasses, which are lighter and more suitable for Asian users compared to competitors. The Chinese smart glasses market is projected to reach 2.9 million units by 2025, with Xiaomi expected to capture 10% of the market share [8] - The light industry and textile sectors outperformed the CSI 300 index by 1.68 percentage points and 1.97 percentage points, respectively, during the week of June 23 to June 27 [7][8]

珠宝美妆&纺服轻工行业 2025 年中期投资策略 20250701 摘要 黄金珠宝行业终端销售快速增长，但消费需求分化，投资金条和金币需 求显著增加，而黄金饰品消费量同比下滑。高端古法金和低克重饰品满 足中产及年轻客群悦己需求，成为市场热点。 预计 2025 年下半年金价维持高位，受地缘冲突、避险因素、央行购金 及美元信用问题支撑。美国降息预期亦有影响，但上半年已显著上涨， 下半年进一步突破需更强驱动。投资金需求或降温，高端古法和低克重 饰品将持续增长。 化妆品行业整体增速放缓，国产替代和渗透率提升逻辑未变，但竞争加 剧，电商红利消退。应关注国货美妆公司在单品打造、多品牌多品类拓 展方面的能力。 卫生巾行业受舆情扰动和 618 大促影响，格局短期波动，但百亚股份积 极应对，全国化步伐坚定，高端自由点系列增长。口腔护理需求刚性， 细分赛道发展驱动单价提升，登康口腔线上渠道爆发式成长。 Q&A 2025 年上半年黄金珠宝市场的表现如何？ 2025 年上半年，黄金珠宝市场表现强劲。1 月至 5 月，金银珠宝类累计社会 消费品零售总额增速超过 12%，显著跑赢整体社零增速。尤其在 4 月至 5 月期 间，这一增速更加 ...

上 市 公 司 纺织服饰 2025 年 07 月 01 日 海澜之家 (600398) ——苏超官方战略合作伙伴，深度绑定现象级体育赛事 IP | 投资要点： | | --- | | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 20,957 | 6,187 | 22,313 | 24,540 | 27,004 | | 同比增长率（%） | -2.7 | 0.2 | 6.5 | 10.0 | 10.0 | | 归母净利润（百万元） | 2,159 | 935 | 2,411 | 2,705 | 3,047 | | 同比增长率（%） | -26.9 | 5.5 | 11.7 | 12.2 | 12.6 | | 每股收益（元/股） | 0.46 | 0.21 | 0.50 | 0.56 | 0.63 | | 毛利率（%） | 44.5 | 46.6 | 45.4 | 46.7 | 47.6 | | ROE（%） | 12.7 | 5.2 | 13.8 | 15.0 | 1 ...