英国BOOHOO集团供应链顾问Asheem Sobti，瑞士AGENOR HOLDING LIMITED 首席执行官 Rudolf M.Lukacek，加拿大Fashion Pride Canada Inc.采购总监 Emily Ruth Kozie，俄罗斯Lady & Gentleman City渠道总监Sviatoslav Ipatov以及罗马尼亚罗领国际有限公司执行总监Liviu Rosca等外商代表在现场分享了采 购需求。 会后自由交流环节，因双方空前高涨的热情而秒变"火爆"现场。来自全球的采购商们手握意向企业名录，迫不及待地寻找心仪的供应商；而本土企业的代 表们更是有备而来，带着样品、 样册和iPad 中存储的工厂视频，主动上前进行推介。 本次国际直采会以"赣贸优品 惠通全球"为主题，汇聚英国、法国、德国及俄罗斯等41个国家和地区的150余位国际采购商，参会采购商覆盖快时尚品牌、 零售商、跨境电商平台等多元领域，直采对接会现场吸引来自英国、瑞士、加拿大、俄罗斯及东盟等国家和地区的80余位国际采购商与近100余家本土企 业参会，为供需双方提供了精准高效的对接平台，为江西纺织服装产业发展注入了强劲的国际 ...

环球市场动态 " 十 五 五 " 辅 导 读 本 中 的 增 量 信 息 股 票 新一轮美联储官员发声较为鸽派， 美联储 12 月降息预期回升，全球 市场周一回暖。A 股小幅上涨，市 场继续关注中日紧张关系；港股止 跌，科技股反弹明显；欧洲股市收 高，俄乌和谈取得进展进一步提振 市场；美股大幅反弹，科技股上涨 明显推动纳指涨 2.7%，金龙中国指 数同样大涨。 外 汇 / 商 品 交易员权衡乌克兰与俄罗斯达成和 平协议的前景，周一国际油价漲超 1%；美联储 12 月降息预期升温， 国际金价格上涨 0.4%。 固 定 收 益 周一美国国债上涨，长端领涨。美 联储官员再放鸽。市场上调对美联 储 12 月降息预期。2 年期美国国债 拍卖表现良好。亚洲债市交投清淡， 但表现稳健。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 11 月 25 日 ▪ 中央印发两本 "十五五" 辅导书籍，在经济增速方面，辅导书籍就 2035 远景目标所需的经济增速给出具体指 引，其中暗含引导物价回升或汇率在未来适度升值的诉求。在宏观政策方面，辅导书籍透露财政 ...

Core Viewpoint - Cixing Co., Ltd. (300307.SZ) has announced a plan to issue A-shares to specific investors through a simplified procedure, with a total fundraising amount not exceeding RMB 30 million, aimed at funding various projects related to knitting machinery and technology development [1][2]. Group 1: Share Issuance Details - The share issuance will target no more than 35 specific investors, including qualified institutional investors and other eligible entities [1]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the issuance date [1][2]. - The total number of shares issued will not exceed 30% of the total share capital before the issuance [2]. Group 2: Fund Allocation - The net proceeds from the issuance will be allocated to three main projects: 1. Production of 1,500 units of 3D integrated knitting machines and 50 units of medical special knitting machines, with a total investment of RMB 20 million [2][3]. 2. Development and industrialization of 1,170 units of high-end multifunctional special computer knitting machines, with an investment of RMB 10 million [2][3]. 3. Research on digital analysis and testing technology for knitted fabric structures, with an investment of RMB 1.5 million [2][3]. - The total investment for these projects amounts to RMB 31.5 million, with the company planning to raise RMB 30 million [3]. Group 3: Shareholder Structure - As of the announcement date, Yuren Wisdom holds 17.09% of the company's shares, making it the controlling shareholder, while the actual controller, Sun Pingfan, controls 34.19% of the shares [4]. - The issuance will lead to an increase in the company's share capital, but the actual control will remain unchanged despite a decrease in the controlling shareholder's percentage [4]. Group 4: Financial Performance - For the third quarter of 2025, the company reported a revenue of RMB 383.06 million, a decrease of 24.39% year-on-year, and a net profit attributable to shareholders of RMB 16.01 million, down 37.01% [9][10]. - For the year-to-date period, the company achieved a revenue of RMB 1.49 billion, a decline of 16.54%, and a net profit of RMB 122 million, down 60.71% [9][10]. - The cash flow from operating activities was negative at RMB -50.81 million for the year-to-date period [10].

Core Insights - The textile and apparel industry in Shandong is undergoing a significant transformation driven by AI technology, moving towards smart creation and customization [2][5] - The recent "Skills Empowerment" vocational skills competition showcased the integration of AI in fashion design, highlighting its role in generating design inspiration and enhancing visualization [2][3] - Shandong's textile industry is increasingly focusing on high-value products and brand development, with local companies achieving notable success in e-commerce and fashion events [4][5] Industry Trends - AI is being utilized in the design process, allowing for the creation of 3D templates and advanced customization, which marks a shift from traditional methods [2][3] - The competition theme "Breaking Boundaries, Practical Application, Innovation" emphasizes the importance of quality and foresight in fashion design [2] - Companies like Weiqiao Textile and Daiyin Group are investing heavily in AI and automation, achieving high levels of production efficiency and innovation [3][4] Talent Development - The Shandong Vocational College of Fashion has adapted its curriculum to include new majors that align with the industry's evolving needs, reflecting a shift in educational focus [3][4] - Continuous collaboration between educational institutions and local enterprises is aimed at producing skilled professionals for the textile and apparel sector [4] Market Opportunities - The local textile industry is leveraging cultural heritage to inspire design, aiming to enhance its market presence and brand recognition [4][5] - The rise of e-commerce, particularly during events like "Double Eleven," indicates a growing market for local brands, with significant logistics activity reported [4]

Core Viewpoint - In 2025, the textile manufacturing and branding sectors faced external pressures, including tariff impacts and macroeconomic challenges, yet leading companies demonstrated strong operational resilience. Looking ahead to 2026, the manufacturing sector is expected to see a gradual easing of tariff disruptions, while the branding sector should focus on recovery opportunities and high-growth niche markets [1][2][3]. Textile Manufacturing Sector - The textile manufacturing sector experienced significant pressure from tariff impacts in April 2025, leading to short-term order fluctuations and reduced capacity utilization, which negatively affected profits. However, leading OEM companies maintained their long-term advantages, with some showing operational improvements by Q3 2025 [2]. - Tariff disruptions are anticipated to gradually diminish, with a positive outlook for orders from leading OEMs in 2026. Companies have adjusted pricing and product designs in response to tariffs, and the U.S. apparel market demand remains healthy [3][6]. Branding Sector - The branding sector has been under continuous pressure due to macroeconomic factors and weather-related impacts during the Q3 2025 autumn-winter transition, leading to decreased sales for some mass-market sports brands. However, there is potential for domestic brands to improve operations and capitalize on retail recovery opportunities, drawing lessons from the experiences of overseas leading brands during the 2008 financial crisis [4][6][7]. Outdoor Sports Sector - The outdoor footwear and apparel segment is one of the highest-performing areas within the industry, with a projected market size of 102.7 billion yuan in 2024, reflecting a year-on-year growth of 16.6%. The sector is expected to continue its growth trajectory, with a forecasted CAGR of 16.0% from 2024 to 2029 [5]. - Beyond outdoor footwear and apparel, other outdoor equipment segments, such as bicycles and smartwatches, are also experiencing high growth cycles, indicating a robust demand for outdoor activities and related products [5]. Investment Strategy - The textile manufacturing sector is expected to recover from tariff-related disruptions, with leading OEMs likely to see profit margins improve by the end of 2025. The sector is projected to benefit from stable order growth and enhanced manufacturing capabilities in the medium to long term [6][7]. - The branding sector continues to face challenges but has the potential for recovery, as domestic brands are well-positioned to emerge from the downturn by focusing on product innovation and maintaining healthy cash flows [6][7].

中信证券研报称，2025年，纺织制造与品牌端分别经历了外部环境的压力测试，关税冲击与宏观环境压 力扰动龙头公司经营，但龙头公司仍展现了优异的经营韧性。展望2026年，我们判断制造板块的关税扰 动有望逐步消退，品牌端建议关注复苏机遇及高增细分赛道。综合梳理三条投资主线：一、纺织制造板 块中，关税扰动逐渐消退，长期增长趋势不改，同时2026年各龙头代工厂订单展望积极，盈利能力有望 触底回升，同时部分龙头公司仍存在较大估值回升弹性。二、品牌服饰板块中，参考海外龙头品牌公司 走出2008年金融危机的经验，通过低谷期修炼内功，本土品牌有望抓住零售复苏带来的经营改善机遇。 三、户外运动主线，户外鞋服是鞋服行业中的景气度最高的赛道之一，行业增长呈现提速趋势。同时除 户外鞋服以外，部分户外装备赛道同样处于高景气周期。 ...

Core Insights - Recent policies in multiple regions focus on financial support to expand consumption, particularly emphasizing the listing of consumer enterprises and guiding financial institutions to utilize consumption and elderly re-loan services effectively [1][2] Group 1: Support for Quality Consumer Enterprises - Supporting the listing of quality consumer enterprises is a key focus of financial policies in various regions, which aims to enhance corporate credibility, expand quality supply, and optimize consumption structure to meet diverse demands [1][2] - As of November 24, 2023, 18 consumer enterprises have been listed domestically this year, including 13 automotive companies, 2 light manufacturing companies, 1 machinery equipment company, 1 textile and apparel company, and 1 electronics company [2] Group 2: Increased Credit Support - In addition to leveraging capital markets, regions are increasing credit support for consumer enterprises, with initiatives encouraging financial institutions to enhance credit allocation in key consumption sectors such as accommodation, dining, cultural and entertainment, and tourism [2][3] - Experts believe that increasing credit support for consumer enterprises will promote healthy development in service consumption and elderly re-loan sectors, injecting momentum into the recovery of the consumption market [3] Group 3: Tailored Financial Strategies - The financing needs of consumer enterprises are diverse, necessitating precise financial support strategies tailored to different types of enterprises, such as enhancing trade-in financing services for goods consumption enterprises and increasing credit support for service consumption enterprises [3] - Recommendations include expanding the scale of service consumption re-loans, focusing on sectors like cultural tourism and elderly care, and adjusting subsidy structures to favor upgraded consumption such as smart terminals and green appliances [4]

Core Viewpoint - Nanxun Holdings (01982) reported a 1.6% year-on-year increase in revenue for the six months ending September 30, 2025, reaching approximately HKD 28.305 billion, while net profit attributable to shareholders rose by 12.7% to HKD 336 million, reflecting strong performance in its fabric business and robust sales in men's and women's knitted products [1][1][1] Financial Performance - Revenue for the period was approximately HKD 28.305 billion, marking a 1.6% increase compared to the previous year [1] - Net profit attributable to shareholders was HKD 336 million, representing a 12.7% year-on-year growth [1] - Earnings per share were reported at 14.7 HKD cents, with an interim dividend of 11 HKD cents per share [1] Business Drivers - The increase in net profit was primarily driven by improved performance in the fabric business and sustained strong sales in men's and women's knitted products, leading to a rise in gross profit [1] - The growth in gross profit was partially offset by increased transportation costs due to rapid shipping volumes and higher employee costs resulting from business expansion [1]

古麒绒材今日上涨0.97%，全天换手率35.25%，成交额5.25亿元，振幅7.89%。龙虎榜数据显示，机构净 卖出2837.62万元，营业部席位合计净买入925.72万元。 深交所公开信息显示，当日该股因日换手率达35.25%上榜，机构专用席位净卖出2837.62万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.04亿元，其中，买入成交额为4255.58 万元，卖出成交额为6167.48万元，合计净卖出1911.90万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买二、买四、卖一、卖二、卖三、卖 五，合计买入金额2005.56万元，卖出金额4843.18万元，合计净卖出2837.62万元。 近半年该股累计上榜龙虎榜10次，上榜次日股价平均跌2.91%，上榜后5日平均跌3.36%。 资金流向方面，今日该股主力资金净流出567.80万元，其中，特大单净流入465.67万元，大单资金净流 出1033.47万元。近5日主力资金净流入8610.13万元。（数据宝） 古麒绒材11月24日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | ...

Core Viewpoint - The company, Zhejiang Weixing Industrial Development Co., Ltd., reported improved order intake driven by winter clothing replenishment, while maintaining a cautious outlook on overall industry demand [1] Group 1: Order Intake and Production Capacity - Recent order intake has improved due to increased demand for winter clothing replenishment, although the overall industry sentiment requires further observation of winter clothing consumption performance [1] - The company operates overseas production bases in Bangladesh and Vietnam, both showing positive development. The Vietnam industrial park has seen rapid revenue growth and significant improvement in operating losses, although capacity ramp-up will take time. As of the first half of 2025, overseas production capacity accounted for 18.48% of total capacity, with plans for further enhancement through technological upgrades and global production layout [1] Group 2: Financial Performance - The company recorded a foreign exchange net loss of 22.8585 million yuan in the first three quarters, influenced by international exchange rate fluctuations. The overall gross margin has improved this year due to product and customer structure optimization and advancements in smart manufacturing [2] Group 3: Competitive Advantages and Tariff Impact - The company differentiates itself from international leader YKK by focusing on a "product + service" model, emphasizing comprehensive service for clients. It has developed advantages in product diversity, fashion, innovation, and supporting capabilities, while enhancing production efficiency through smart and flexible manufacturing systems to respond quickly to market demands [3] - The direct impact of tariffs on the company is limited, as its products are primarily delivered to clients' own or designated garment processing enterprises, with minimal direct exports to Europe and the U.S. However, changes in end-consumer country tariffs and the international trade environment may indirectly affect the textile and apparel industry [3]