新华社发（梁孝鹏摄） 图为2月22日山东省青岛市即墨区颐和针织有限公司的工人在生产线上忙碌。 2月22日是大年初六，山东省青岛市即墨区的纺织服装企业纷纷开工，赶制国内外订单，生产线上一片 忙碌景象。 ...

申洲国际集团控股有限公司是一家主要从事生产和销售针织服装产品的投资控股公司。该公司的主营业 务是从事以代工（OEM）及委托设计（ODM）相结合的方式为客户制造针织品。该公司的产品类别包 括运动类、休闲类、内衣类等其他针织品产品。该公司通过其子公司还从事贸易业务和物业管理业务。 该公司主要在国内和国外市场开展其业务。 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。 证券之星消息，2月23日南向资金增持1.72万股申洲国际（02313.HK）。近5个交易日中，获南向资金增 持的有3天，累计净增持96.71万股。近20个交易日中，获南向资金减持的有11天，累计净减持165.51万 股。截至目前，南向资金持有申洲国际（02313.HK）1.04亿股，占公司已发行普通股的6.88%。 ...

中国银河证券ICGS 行业点评报告·消费行业 消费温和复苏，悦已型春节消费斩露头角 2026年02月22日 核心观点 :guximin_vi@chinastock.com.cn 分析师登记编码：S0130522070002 免签政策的持续 张迪 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 消费温和复苏，消费结构、消费格局变化更受瞩目：1）春节期间消费被寄 分析师 予厚望，政府发力组织 乐购新春" 春节特别活动， 发文 《积极推动物价合 理回升》， 针对互联网平台推动反垄断、反内卷。 2）消费呈现温和复苏的迹 何伟 象，包括客流的稳步增长， 以及核心商圈、 重点零售和餐饮企业相关消费的 ：hewei_yj@chinastock.com.cn 增长。部分消费品、 服务消费价格的提升。3）但市场并不认同消费的全面复 分析师登记编码：S0130525010001 苏，春节期间香港市场 必选消费指数、 非必选消费指数分别下 陈柏儒 美团2月13日公布 :chenbairu_yj @chinastock.com.cn 跌1.31%、 下跌3.0% 消费相 ...

- The report analyzes the post-Spring Festival performance of various indices from 2007 to 2025, highlighting structural differences in returns and win rates between small/micro-cap indices and large-cap indices. Specifically, the Wind Micro-Cap Index and CSI 2000 Index showed the highest win rates (89.5%) and median returns (11.22% and 8.47%, respectively) over 20 days post-festival, outperforming indices like CSI 300 and Wind All A Index[2][8][13] - Liquidity recovery post-festival is identified as a key driver for the outperformance of small/micro-cap indices. The Wind Micro-Cap Index exhibited the highest increases in average daily turnover over T+5, T+10, and T+20 intervals (30.7%, 42.7%, and 52.9%, respectively), followed by the CSI 2000 Index (26.4%, 37.0%, and 51.7%). In contrast, the CSI 300 Index showed relatively lower turnover growth (18.9%, 23.1%, and 30.5%)[8][17][18] - Industry-wise, growth and cyclical sectors performed better post-festival, while financial sectors underperformed. The electronics sector had the highest median return over 20 days (9.10%) with a win rate of 84.2%, followed by the environmental protection sector with a win rate of 94.7% and a median return of 7.02%. Other strong-performing sectors included textiles and apparel, paper and packaging, and non-metallic materials, all with win rates above 80% and median returns exceeding 5%[2][19][24]

Core Insights - The annual analyst field survey during the Spring Festival reveals significant trends in China's economy, with a focus on consumer behavior and industrial developments [1] Consumer Insights - Service-oriented consumption has emerged as a key focus, with analysts noting a strong demand for service consumption during the Spring Festival, particularly in Shanghai, where logistics and service sectors thrived [3] - Observations from Jiangsu province indicate a structural upgrade in consumer behavior, shifting from product-centric to a balance of goods and services, with notable increases in prices and consumption levels in entertainment and dining [3] - The rise of new consumption patterns, such as KTV and cinema attendance, reflects a broader trend towards experiential and service-based spending [2][3] Industrial Insights - Analysts report a rise in new productive forces across various regions, with traditional industries undergoing significant upgrades [5] - In Dalian, the port's logistics advantages have fostered a traditional industrial cluster focused on petrochemicals and equipment manufacturing, with a shift towards refined production processes [5] - Shandong's industrial transformation is highlighted by significant investments in new energy storage technologies, indicating a growing focus on innovative industrial applications [6] Overseas Opportunities - Analysts emphasize the potential for Chinese companies to expand overseas, particularly in Southeast Asia, with Indonesia identified as a key market for Chinese enterprises [7] - The importance of localizing products for the Southeast Asian market is underscored, with successful examples like Mengniu and Mixue demonstrating effective market entry strategies [7] - Observations from Sydney indicate rising prices in consumer goods and housing, highlighting economic challenges in international markets [7]

Core Insights - Guangdong is focusing on the "coordinated development of manufacturing and service industries" at the high-quality development conference, signaling a strong push for industrial transformation through deep integration of these sectors [1][2]. Manufacturing Industry - Guangdong's manufacturing base is robust, with the super high-definition video display industry cluster recently surpassing 1 trillion yuan in revenue, marking it as the first in the nation to achieve this milestone [2]. - By 2025, the added value of high-tech manufacturing in Guangdong is expected to account for 34.7% of the industrial output, while equipment manufacturing will represent 59.6%, exceeding national averages by 17.6 and 22.8 percentage points respectively [2]. - The province is home to ten trillion-yuan industrial clusters, including electronics, textiles, and new energy, which are crucial for supporting its economic backbone [2]. Service Industry - The modern service industry is positioned as a core engine for high-quality development, with its added value projected to reach 8.5 trillion yuan by 2025, making up 58.3% of GDP [3]. - There is a notable gap in the proportion of productive service industries compared to developed economies, indicating a need for Guangdong to transition from being a "world factory" to a "global service hub" [3][4]. Policy and Strategy - The Guangdong government has initiated measures to promote deep integration between manufacturing and productive services, focusing on 12 dimensions to create a systematic framework for collaboration [4][5]. - The province aims to establish 100 clusters for productive services by 2027, moving from isolated breakthroughs to comprehensive collaboration across regions [4]. Innovation and R&D - Guangdong leads the nation in innovation capabilities, with significant investments in R&D and a high number of high-tech enterprises [6]. - The province has implemented reforms to facilitate the transformation of scientific achievements into practical applications, significantly reducing costs for SMEs [6]. Case Studies - Zhijing Technology is transforming the garment industry in Guangzhou by integrating digital technology into the entire manufacturing process, enhancing efficiency and collaboration among small and medium-sized enterprises [10][11]. - Shugen Internet is pioneering digital maintenance services in the shipbuilding sector, creating a new industrial model that combines manufacturing with high-end services [12][14].

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

Core Insights - Domestic demand recovery is ongoing, with technological advancements and emotional consumption as structural highlights [1] - 45% of multinational companies reported improved performance in Q4 2025, while 33% expect further improvement [1][5] - The real estate sector continues to drag down growth, but there are notable structural strengths, particularly in technology and service consumption [1][5] Domestic Demand - Overall domestic demand remains weak, but there are structural highlights such as optimistic prospects for renovation in coatings and elevators [2][12] - Service and emotional consumption are experiencing high demand, with companies like Estée Lauder and Procter & Gamble reporting double-digit growth in specific product lines [2][12] - Companies are adapting to trade friction by increasing localization, with ABB reporting over 85% localization in China [2][12] Trade Friction - Localization strategies are being adopted by companies to mitigate the impact of trade tensions, with some firms shifting to local development and sales models [2][12] - Companies like SKF are facing supply chain pressures due to trade policy uncertainties, but are implementing measures to manage these risks [34] Technology - There is a slight decline in external demand for technology products, with a trend towards domestic substitution becoming evident [3][13] - Traditional companies are benefiting from increased demand driven by technological advancements, particularly in the semiconductor sector [3][13] - U.S. export restrictions and domestic competition are impacting overseas companies' revenues in China [3][13] Industry Summaries Materials and Industrial - Demand for materials and industrial products is generally weak, but there are structural demands in electronic gases due to the semiconductor industry [14][26] - The coatings sector is showing resilience due to renovation demand, while traditional electrical and elevator businesses are facing declines [14][27] Consumer Sector - The consumer sector shows significant differentiation, with companies like Uniqlo experiencing revenue declines due to increased competition [20][21] - High-end products in the beauty sector are performing well, while food and beverage sectors are facing slight declines [21][22] Financial Services - MetLife's operations in China are showing strong recovery, with a focus on optimizing distribution channels and enhancing service offerings [19][41] - The company is transitioning away from telemarketing and focusing on high-end customer segments [41] Technology Hardware - Semiconductor companies maintain a high revenue share in China, but face challenges from export controls and supply chain adjustments [23][30] - Companies like Intel and AMD are experiencing delays and increased competition from local manufacturers [30][31] Machinery - Caterpillar anticipates positive growth in the Chinese market, particularly in larger excavators, while SKF is facing challenges in the automotive sector [32][33] - Companies are adjusting their strategies to focus on local development and sales, with a shift in production towards Southeast Asia [39]

（来源：内蒙古日报） 转自：内蒙古日报 □本报记者 梅刚 "这件'中国红'羊绒开衫，贴身穿很舒适，小圆领的设计更显精致。"大年初一，赤峰东黎羊绒数字化工 厂直播间里年味正浓。主播孙湉身着羊绒套装，热情地推介这款"新年战袍"。运营中控王俊宝紧盯数据 大屏协调仓储物流，一场热闹的"云端春节"购物盛宴火热开启。 从大年初一开始，孙湉和小伙伴们便坚守直播间，通过新品穿搭展示、羊绒护理技巧讲解，精准对接消 费者的节日购物需求，与广大网友共度温馨热闹的"云端春节"。 "今天直播间成交300多笔订单，销售金额达40余万元，这些订单我们将在15天内交货，绝不辜负消费者 的信任。"孙湉欣喜地介绍。作为全国知名的羊绒制品产销基地，赤峰的羊绒产业从业人员达数十万 人。春节期间，当地羊绒企业生产火力全开，线上销售更是一派火热景象。 "依托当地优质的山羊绒，我们打造的品牌深受消费者喜爱，这是我们的销售底气。"在直播中，孙湉将 罕山白绒山羊的牧场故事融入到产品讲解里，向网友展示羊绒品质。"我们以'直播+柔性供应链+数据驱 动'为模式，将传统工厂升级为24小时运转的'数字云厂'，单场直播最高销售额突破2000万元。通过直播 实时接收用户反 ...

文/图 羊城晚报全媒体记者 赵映光 通讯员 吴潇婷 看似普通的纺织样布，竟能持久散发出淡雅的单丛茶香；平平无奇的织物，可在不同光线下悄然变幻颜色；源于废弃衣物的面料，居然能再次降解回归自 然…… 这些充满"黑科技"感的产品，并非来自国际巨头的实验室，而是诞生于化学与精细化工广东省实验室（以下简称"汕头实验室"）内一个成立尚不满一年的机 构——汕头市纺织材料创新中心。 绿色功能助剂研究中心的谭礼林团队，则扮演了"技术急救员"的角色。当地龙头企业广东创新精细化工在生产增深硅油助剂时，长期受困于产品稳定性差、 效果不佳的难题。谭礼林团队驻厂研发，经过多轮攻关，成功破解了原油稳定性、增深效果和乳液稳定性三大瓶颈，助力企业产品完成中试并推向市场。 与此同时，更多突破正在涌现：低碳可降解聚酯完成百吨级中试；锦纶抗菌纳米材料即将量产；高效阻燃剂加速应用……仅2025年，汕头市纺织材料创新中 心就申请发明专利8件。 建立常态化创新平台 台下坐着的是宏杰内衣、创新精细化工等汕头本地纺织服装产业链上的企业代表，台上则是来自汕头实验室、汕头大学等科研院所的科学家。 与会企业直言不讳地提出技术痛点：产品附加值低、环保压力大、高端功能 ...