Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry, indicating a performance in line with the market [1]. Core Insights - The e-commerce "618" shopping festival saw a total sales volume of 855.6 billion yuan, representing a year-on-year growth of 15.2% [3][19]. - The overall transaction volume across major platforms during the "618" period increased by 10.4%, with notable growth in beauty products and significant performance from platforms like Douyin and Kuaishou [4][12]. - The textile and apparel sector's retail sales showed a recovery, with a year-on-year increase of 6.4% in May 2025, and a cumulative growth of 3.3% from January to May 2025 [12][54]. Summary by Sections E-commerce "618" Sales Data - The total e-commerce sales during the "618" festival reached 855.6 billion yuan, with instant retail sales at 29.6 billion yuan and community group buying at 12.6 billion yuan [3][19]. - Major platforms like Taobao, JD, Douyin, Pinduoduo, and Kuaishou reported year-on-year growth rates of 9.2%, 9.0%, 15.2%, 8.9%, and 10.6% respectively [4][19]. - The beauty segment on major platforms achieved a total GMV of 65.9 billion yuan, with Taobao maintaining a 41.3% market share [4][20]. Market Performance - The SW textile and apparel sector experienced a decline of 5.12% in the week of June 16-20, 2025, underperforming the broader market [9][22]. - The PE-TTM ratios for various sub-sectors indicate that textile manufacturing is at 19.36 times, apparel and home textiles at 25.64 times, and jewelry at 30.22 times, reflecting varying levels of valuation [30][22]. Industry Dynamics - The textile and apparel retail sector is showing signs of recovery, with a notable increase in retail sales and a strong performance in sports and entertainment products, which grew by 25.7% year-on-year [12][55]. - The report highlights the collaboration between Uniqlo and Pop Mart's IP "THE MONSTERS," indicating a trend towards brand collaborations to enhance market presence [7][65]. Company Highlights - The report notes that Lao Pu Gold, referred to as the "first stock of ancient gold," is expanding globally with its first overseas store opening in Singapore [11][69]. - The report emphasizes the significant growth in sales for brands like FILA, which surpassed Nike in the sports outdoor sector during the "618" sales period [12][20].

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

Core Viewpoint - The article highlights the resurgence of traditional Chinese craftsmanship in modern jewelry design, particularly among young designers who blend traditional techniques with contemporary aesthetics, making these pieces popular among younger consumers [16][21]. Group 1: Traditional Craftsmanship - Traditional craftsmanship such as pointillism, flower silk inlay, and shell inlay is gaining popularity, with young people increasingly drawn to these unique art forms [16][19]. - The intricate techniques of traditional crafts are being revitalized and integrated into daily life, showcasing a blend of ancient and modern creativity [19][20]. Group 2: Young Designers - Young designers like Wang Shenglin are at the forefront of this movement, creating pieces that reflect both traditional Chinese culture and modern design sensibilities [17][21]. - Wang Shenglin's work includes a variety of designs inspired by historical artifacts, such as the Ming Dynasty's Nine Dragons and Nine Phoenix Crown, which combines multiple traditional techniques [17][18]. Group 3: Cultural Significance - The article emphasizes that traditional crafts are not just artistic expressions but also carriers of cultural heritage, reflecting the wisdom and aesthetic pursuits of Chinese civilization [18][20]. - The revival of these crafts is seen as a way to connect younger generations with their cultural roots, fostering a deeper appreciation for traditional art forms [19][20]. Group 4: Market Trends - There is a growing market for "Guofeng" (national style) jewelry, which incorporates traditional elements into modern designs, appealing to the aesthetic preferences of young consumers [16][21]. - The popularity of these pieces is evident on social media platforms, where new designs often receive enthusiastic responses and requests for purchase [17].

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported a revenue decline of 17.5% year-on-year to HKD 89.656 billion for FY2025, while operating profit increased by 9.8% to HKD 14.746 billion, indicating a significant improvement in profit margins [1][6] - The company is focusing on optimizing its product structure and enhancing its retail network, which is expected to support revenue growth of approximately 4% in FY2026 [2][6] - The sales of priced gold jewelry and products saw a remarkable increase of 105.5%, contributing to the improvement in profit margins [6] Summary by Sections Revenue Performance - FY2025 revenue from mainland China decreased by 16.9% to HKD 74.556 billion, with retail and wholesale channels declining by 16% and 17.5% respectively [1] - Revenue from Hong Kong, Macau, and other regions fell by 20.6% to HKD 15.1 billion, impacted by macroeconomic fluctuations and changes in consumer preferences [2] Profitability - The operating profit margin improved by 4 percentage points to 16.4% in FY2025, despite a decline in net profit attributable to shareholders by 9% to HKD 5.916 billion [1][6] - The company plans to maintain a high dividend payout ratio of approximately 87.8% for FY2025, with a proposed final dividend of HKD 0.32 per share [1] Market Strategy - The company is strategically expanding into Southeast Asia and beyond, with a notable 91% year-on-year growth in online sales in Hong Kong and Macau [2] - The company is expected to continue a cautious approach to store operations, with a focus on high-quality new store openings while reducing the number of underperforming stores [6] Financial Forecast - The forecast for FY2026 includes an expected net profit of HKD 7.546 billion, representing a 27.6% year-on-year increase, with a projected P/E ratio of 16 times [6][10]

Core Insights - The handmade wearable nail industry in Donghai County, Jiangsu Province, has rapidly grown into a new sector with an annual output value exceeding 10 billion yuan, driven by changing consumer preferences and innovative business models [1][3][13] - Donghai County produces 70% of China's handmade wearable nails, with a projected total output of 150 million pairs by 2024, generating an industry value of over 8 billion yuan [1][3][13] Industry Development - The rise of the handmade wearable nail industry is closely linked to the local crystal industry, with entrepreneurs recognizing the potential for personalized and decorative nail products [2][3] - The industry has expanded from simple nail decoration to a full supply chain encompassing raw material production, product design, manufacturing, and sales, involving around 300 businesses and nearly 50,000 workers [3][9] Market Trends - The handmade wearable nail market is experiencing a shift from a blue ocean to a red ocean, prompting businesses to explore high-end, branded, and customized development paths [7][13] - The increasing popularity of e-commerce and live streaming has significantly contributed to the industry's growth, with over 50,000 e-commerce professionals in Donghai [6][10] Cultural Integration - Companies are integrating traditional Chinese culture into their designs, creating high-end products that resonate with consumers both domestically and internationally [8][11] - The handmade wearable nails are not just decorative items but also cultural symbols, with some pieces priced at thousands of dollars due to their artistic and cultural significance [11][12] Future Outlook - Donghai County aims to enhance the industry's standardization and branding, with plans to establish a comprehensive policy framework and support for cross-border e-commerce [9][12] - By 2026, the county expects to produce over 500 million pairs of wearable nails, with sales reaching 30 billion yuan, positioning itself as a global manufacturing hub for this industry [15][16]

| 排序 | 公司简称 | 被私募调研次 数 | 5月涨跌幅(%) | | 季度持有 持有流通股数 机构持有流通股 | | 所属方向/板块 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 的机构数 | (万股) | 市值(万元 | | | 1 | 菜绅通灵 | 5 | 67.81 | 6 | 6303.03 | 41284.82 | 饰品 | | 2 | 曼卡龙 | 3 | 45.48 | 9 | 11026.41 | 131986.07 | 谷子经济、饰品 | | 3 | 潮宏基 | 3 | 45.30 | 29 | 44106.18 | 358583.23 | 盲盒经济、饰品 | | ব | | 7 | 44.16 | 3 | 514.83 | 12175.85 | 宠物经济 | | 5 | | 1 | 34.78 | 3 | 5826.66 | 83146.44 | 为泡泡玛特提供 产品设计服务 | | | 烦请扫码 | 1 | 30.36 | 3 | 25492.89 | 354606.15 | 饮料乳品 | | | | 15 ...

证券研究报告 策略 TMT 和先进制造景气回升 华泰研究 2025 年 6 月 12 日│中国内地 策略月报 核心观点 我们的中观景气模型显示，5 月全行业景气指数小幅回落，但下行斜率放缓。 分板块看，大金融、TMT、先进制造景气明显回升，景气改善或有一定持续 性的品种包括：1）TMT：AI 产业趋势方兴未艾，元件-存储链、通信设备、 游戏（新增）景气爬坡，软件景气筑底；2）制造：部分先进制造产能出清 或准出清，且需求有企稳迹象，如通用、自动化景气爬坡，风电、光伏、航 空装备景气回升；3）消费：新消费和大众品率先改善，美护、饰品（新增） 景气爬坡，啤酒（新增）、调味品、乳制品景气回升；4）其它：医药（投融 资周期回暖）、保险（新增）、电力（新增）景气回升，贵金属维持高位。 TMT：元件-存储链、通信设备、游戏景气爬坡，软件景气筑底 AI Agent 渗透率处于"奇点时刻"，海外 AI 资本开支有韧性，大模型迭代等 产业催化密集：1）元件-存储链：上游 PCB 台股 4 月营收同比增速回升； 中游 DXI 指数同比增速连续 3 个月回升，DRAM 价格同比降幅收窄，存储 周期有企稳回升迹象；2）通信设备：4 月 ...

A股饰品板块异动拉升，老凤祥封板涨停，曼卡龙、新华锦、萃华珠宝、迪阿股份、莱绅通灵等跟涨。 ...

饰品板块短线拉升，老凤祥（600612）涨停，曼卡龙（300945）、新华锦（600735）、萃华珠宝 （002731）、迪阿股份（301177）、莱绅通灵（603900）等纷纷走高。 这几只票暗盘资金正在偷偷流入，立即查看>> ...

Group 1 - The public fund industry continues to focus on high-intensity research, particularly in hard technology and pharmaceuticals, with 123 public fund institutions conducting 662 research sessions on 112 A-shares in the first week of June [1] - The optical and optoelectronic industry, represented by Hongjing Optoelectronics (301479), received the most attention, with over 20% of public fund institutions participating in 36 research sessions [1] - A total of 22 secondary industries received at least 10 research sessions, indicating a concentrated interest in specific sectors [1] Group 2 - The optical and optoelectronic industry had the highest research activity, with 7 stocks collectively receiving 72 sessions, followed by the chemical pharmaceutical industry with 59 sessions across 6 stocks [2] - The jewelry industry saw a notable increase in attention, with companies like Cuihua Jewelry and Mankalon receiving a total of 46 research sessions [2] - Public fund institutions are increasingly focusing on technology, pharmaceuticals, and consumer upgrades, reflecting current market conditions [2] Group 3 - Yifan Pharmaceutical (002019) discussed its innovative drug development during institutional research, emphasizing the importance of cautious and rational approaches to R&D, particularly for First-in-Class (FIC) drugs [3] - The company is prioritizing the development of its drug F-652 for alcohol-related liver disease in collaboration with U.S. research institutions, while also evaluating risks and opportunities [3] - Yifan Pharmaceutical is also advancing early-stage products like IL-15 fusion protein, which are still in the early research phase [3]