Group 1 - The Mexican Congress has approved a proposal to increase tariffs on non-free trade partners, with new rates set to take effect on January 1, 2026, following adjustments from the original proposal submitted in September [1] - Certain product categories, including auto parts, light industrial products, and textiles, have seen a reduction in tariff rates compared to the initial proposal, but the overall measures are expected to harm the interests of trade partners, including China [1] - China opposes unilateral tariff increases and has initiated a trade and investment barrier investigation against Mexico to protect its industries, emphasizing the need for Mexico to correct its protectionist approach [1] Group 2 - China values its economic and trade relationship with Mexico and aims to promote stable and healthy bilateral trade and investment cooperation amid rising trade protectionism [2] - There is an expectation for Mexico to engage in dialogue and cooperation with China to manage differences and enhance practical collaboration, thereby maintaining the overall framework of bilateral economic relations [2]

Core Viewpoint - The article discusses Mexico's recent approval of a tax proposal on non-free trade partners, which is set to take effect on January 1, 2026, and highlights the potential negative impact on trade partners, including China [1][2]. Group 1 - The Mexican Congress has approved a tax proposal that includes adjustments to certain tax rates compared to the version submitted in September, with some rates for automotive parts, light industrial products, and textiles being lowered [1] - The Chinese Ministry of Commerce expresses opposition to unilateral tariff measures and emphasizes the need for Mexico to correct its protectionist approach [1] - A trade and investment barrier investigation has been initiated by China against Mexico in response to the proposed tax measures [1] Group 2 - Recent statements from Mexican officials indicate that the tax proposal aims to support future reviews of the US-Mexico-Canada Agreement (USMCA) [2] - China encourages countries to resolve trade differences through economic agreements but insists that such agreements should not hinder global trade or harm China's legitimate interests [2] - The article emphasizes the importance of stable and healthy development of China-Mexico trade relations amidst rising trade protectionism [2]

商务部新闻发言人就墨西哥国会审议通过对非自贸伙伴的提税提案答记者问。 有记者问：据墨西哥当地媒体报道，当地时间12月10日，墨西哥参众两院审议通过对非自贸伙伴的提税提 案，新税率将于2026年1月1日起生效。我们也注意到，与墨政府9月向国会提交的提案相比，此次审议通过 的版本中，一些税目和税率做了调整。请问商务部对此有何评论? 答：我们注意到有关报道，将密切关注墨方措施落地情况，并进一步评估相关影响。本次审议通过的提案在9 月基础上做了部分调整，部分汽车零部件、轻工产品和纺织服装等产品的提税税率有一定幅度下调。 但总的 来看，有关措施一旦落地仍会实质性损害包括中国在内的相关贸易伙伴利益。 中方一贯反对各种形式的单边加征关税措施，希望墨方及早纠正这种单边主义、保护主义的错误做法。 为维 护中国相关产业利益，商务部已于9月底依法对墨启动了贸易投资壁垒调查，目前调查正在进行中。 我们也注意到，近期墨方有高级官员在接受采访时表示本次提税将服务于《美墨加协定》未来审议。 中方乐 见有关国家通过经贸协议解决经贸分歧，但任何协议不应以影响全球贸易发展为条件，不得损害中方正当利 益。希望墨方高度重视、稳妥行事。 中方高度重视 ...

中方一贯反对各种形式的单边加征关税措施，希望墨方及早纠正这种单边主义、保护主义的错误做法。 为维护中国相关产业利益，商务部已于9月底依法对墨启动了贸易投资壁垒调查，目前调查正在进行 中。 我们也注意到，近期墨方有高级官员在接受采访时表示本次提税将服务于《美墨加协定》未来审议。中 方乐见有关国家通过经贸协议解决经贸分歧，但任何协议不应以影响全球贸易发展为条件，不得损害中 方正当利益。希望墨方高度重视、稳妥行事。 中方高度重视中墨经贸关系，积极推动双边贸易投资合作健康稳定发展。在当前国际形势复杂多变、贸 易保护主义阴云密布的背景下，期待墨方同中方相向而行，加强经贸领域沟通对话，妥善管控分歧，深 化务实合作，共同维护好双边经贸关系大局。 人民财讯12月11日电，商务部新闻发言人就墨西哥国会审议通过对非自贸伙伴的提税提案答记者问。有 记者问：据墨西哥当地媒体报道，当地时间12月10日，墨西哥参众两院审议通过对非自贸伙伴的提税提 案，新税率将于2026年1月1日起生效。我们也注意到，与墨政府9月向国会提交的提案相比，此次审议 通过的版本中，一些税目和税率做了调整。请问商务部对此有何评论? 答：我们注意到有关报道，将密切 ...

Group 1 - ICE cotton futures prices have shown a weak oscillating trend since the fourth quarter, with the main contract dipping to a low of 63 cents per pound due to the U.S. government shutdown causing data absence and global trade uncertainties, as well as unfavorable changes in U.S. cotton production estimates and export conditions [1] - The USDA's December supply and demand report indicates a slight increase in global cotton ending stocks, with initial stocks raised by 120,000 bales, production estimates reduced by 290,000 bales, and consumption estimates lowered by 270,000 bales, resulting in a net increase of 40,000 bales in ending stocks, reflecting overall stability [2] - The U.S. cotton production estimate was raised by 150,000 bales, while consumption was reduced by 100,000 bales, leading to a 200,000 bale increase in ending stocks, totaling 4.5 million bales, with a notable increase in the beginning stocks contributing to this rise [3] Group 2 - The U.S. weekly export report shows a significant increase in weekly cotton contracts, with a total of 66,300 tons signed, marking a 258% week-over-week increase and a 28% year-over-year increase, with Vietnam and Mexico being the largest buyers [4] - Brazil's cotton planting area is expected to decrease due to falling prices and adverse weather conditions affecting planting schedules, with the Mato Grosso state predicting a production of 2.58 million tons, a decrease from previous estimates [5] - In contrast, Pakistan's spinning mills are operating at a high rate, while Indian and Vietnamese mills are experiencing a downward trend in operating rates, with Pakistan's mills performing at their highest levels in three years [6][7] Group 3 - The EU's textile and apparel imports from China, Vietnam, Bangladesh, and the U.S. increased by 10.68% year-over-year in the first nine months of 2025, with a total import value of €436.75 billion, while U.S. textile and apparel imports showed a slight decline in August [8] - The USDA's December report forecasts China's cotton production for 2025/2026 at 7.3 million tons, a 5% increase year-over-year, while India's production is estimated at 5.22 million tons, indicating limited adjustment potential for both countries [9]

证券研究报告 | 策略定期报告 2025 年 12 月 10 日 11 月 CPI 同比增幅扩大，各类挖机、装载机销量同比改善 ——行业景气观察（1210） 本周景气度改善的方向主要在部分资源品、消费服务和信息技术领域。上游资源 品中，金属价格多数上涨，水泥价格改善；中游制造领域，11 月各类挖掘机、装 载机销量三个月滚动同比增幅扩大。信息技术中，11 月集成电路进口、出口同比 增幅扩大，10 月全球半导体销售额同比增幅扩大。消费服务领域，11 月服装、 鞋类 CPI 同比增幅扩大，中药材价格上涨。11 月 CPI 同比增幅扩大，PPI 降幅 略有扩大，"反内卷"政策持续推动供给出清。推荐景气较高或有改善的有色、 建材、工程机械、中药、纺织服饰、造纸、存储器、集成电路等。 ❑【本周关注】11 月 CPI 同比增幅扩大，PPI 降幅略有扩大，"反内卷"政策持续 推动供给出清，PPI 回暖趋势不变。细分项目中：1）受极端天气与季节性供应收 缩驱动，鲜菜鲜果价格同比转正，为 CPI 回暖贡献主要增量，粮食、奶类、酒类、 畜肉类降幅均有不同程度收窄；2）受换季需求提振，服装鞋帽价格改善，旅游、 教育、交通工具等出行消 ...

华升股份公告称，拟通过发行股份及支付现金购买深圳易信科技97.40%股份，并向控股股东募资配套 资金。公司股票于2025年6月10日开市起停牌，停牌前20个交易日收盘价累计上涨22.81%，同期上证指 数涨1.73%，纺织服装指数涨6.56%。剔除大盘因素涨幅为21.08%，超20%；剔除同行业板块涨幅为 16.25%，未超20%。公司已采取保密措施，将按要求查询并披露内幕信息知情人交易情况。 ...

Core Viewpoint - Tianhong International Group (02678) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 155,500 shares at a total cost of HKD 712,400 [1] - The buyback price per share ranges from HKD 4.52 to HKD 4.60 [1]

上市公司：凤竹纺织（600493），江南高纤（600527），航民股份（600987），百隆东方（601339）， 浙文影业（601599），台华新材（603055），健盛集团（603558），新澳股份（603889），迎丰股份 （605055），华生科技（605180），富春染织（605189），夜光明（873527），云中马（603130） 2016-2025年1-10月纺织服装、服饰业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国纺织服装行业市场行情动态及投资潜力研究报告》 2025年1-10月，纺织服装、服饰业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 13684个，和上年同期相比 ...

Core Viewpoint - Nanshan Zhishang (300918.SZ) experienced a significant drop of 12%, reaching a new low of 15.15 yuan, with a total market value of 7.794 billion yuan due to the upcoming unlock of restricted shares [1] Group 1 - Approximately 71.4286 million restricted shares will be unlocked on December 10, accounting for 14.11% of the company's total issued share capital [1] - The unlocked shares are from a targeted placement to institutional investors [1] - Analysts suggest that the unlocking of restricted shares typically leads to an increase in market supply, which can result in a decline in stock prices [1]