Market Performance Review - In November, all major stock indices experienced declines, with the adjustment range expanding compared to the previous month. As of November 28, the Shanghai Composite Index fell by 1.67%, the Shenzhen Component Index by 2.95%, and the ChiNext Index by 4.23% [4][13] - The market faced external disturbances, leading to increased downward pressure, particularly after the Federal Reserve hinted at no interest rate cuts in December and concerns over valuation bubbles in the overseas AI industry [4][13] Future Outlook and Investment Views - The report suggests a cautious approach, waiting for triggers for a spring market rally. It notes that the current market phase is characterized by a lack of positive guidance, making it difficult for the market to transition smoothly from the first phase of the bull market to the second [5][31] - The report emphasizes the importance of policy direction in determining market style, recommending a focus on commercial aerospace and low-altitude economy sectors for December, given recent policy developments and upcoming rocket launches [6][32] Sector Performance - Defensive sectors showed resilience, with the top-performing industries in November being comprehensive (4.07%), banking (2.99%), and textile and apparel (2.95%). In contrast, technology and growth sectors like computers and automobiles faced significant declines [17][19] - The report highlights a shift towards defensive strategies, as previously strong sectors like technology continue to adjust while traditional defensive sectors outperform [17][19] High-Frequency Data Tracking - The report indicates a slight recovery in personal investor sentiment, with the sentiment index reaching 2.24% as of November 28, although overall sentiment declined throughout November [25][27] - Financing sentiment has also decreased, with net outflows observed in financing accounts, indicating a retreat of high-risk capital from the market [27][28]

Investment Rating - The report suggests prioritizing investments in foreign trade, followed by domestic demand, with a focus on the export manufacturing sector for clearer performance recovery by 2026 [38]. Core Insights - In September 2025, US apparel and accessories retail sales grew by 6.7% year-on-year, although the inventory-sales ratio declined both year-on-year and month-on-month [38]. - The current overseas K-shaped consumption trend shows strong performance in both high-end and mass value-for-money segments [38]. - Key targets for investment include Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International, with specific focus areas in home textiles, affordable luxury, and low valuation high dividend companies [38]. Summary by Sections Industry Data Tracking - In October 2025, China's apparel retail sales increased by 6.8%, while textile and apparel exports decreased by 12.6% [16]. - The cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [18]. Market Performance - The A-share textile and apparel sector rose by 2.75% in the last week, outperforming the broader market [6]. - The current PE valuation for the textile and apparel sector stands at 20.65 times, below the historical average of 24.70 times [10]. Key Announcements and News - Huitai Textile reported a 6.7% decline in revenue for the six months ending September 30, 2025, primarily due to tariff disruptions and low capacity utilization [33]. - Kappa's parent company reported a 49% increase in profit for the first half of the fiscal year, indicating strong brand and operational performance [34].

Core Viewpoint - Guosheng Securities maintains a "Buy" rating for Shenzhou International (02313), highlighting its solid fundamentals and potential for revenue growth as core customer orders normalize, with expectations for the company to enter a phase of supply-demand imbalance and improved profitability by 2026 [1] Customer Trends - Recent improvements in core customer trends, particularly with Nike and Fast Retailing, are expected to drive a compound annual growth rate (CAGR) of over 10% in revenue from 2025 to 2026 [1] - Nike's inventory in North America has normalized, leading to a positive outlook for order recovery by 2026; Fast Retailing projects a 10.3% revenue growth for FY2026, while Adidas continues to perform well across regions [1] - Other customers are also expected to see healthy order growth, with PUMA currently in a stabilization phase [1] Product Categories - The leisure category is anticipated to grow rapidly in 2025, with significant events like the Winter Olympics and World Cup in 2026 expected to accelerate growth in the sports category, although the proportion of leisure products may decrease compared to 2025 [1] Long-term Asset Investment - The company has consistently invested in long-term asset construction, leading to a unique integrated supply chain that is expected to enhance market share [2] - By the end of 2024, the workforce is projected to reach 103,000, a 12% year-on-year increase, with further growth expected in 2025 [2] - The company is expanding overseas production capacity, particularly in Vietnam and Cambodia, which currently account for over 50% of garment production capacity, with plans to enter Indonesia [2] Industry Growth Potential - The demand for functional sportswear is expected to continue growing, providing long-term order support for the company [3] - The company is well-positioned to leverage its superior fabric development capabilities to enhance collaboration with leading sports brands, thereby strengthening competitive advantages [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][8]. Core Insights - The company's core brand, Bosideng, shows steady growth, with a revenue of 65.7 billion RMB in the first half of the fiscal year 2025/26, representing an 8% year-on-year increase. The main brand generated 57.2 billion RMB, also up 8% year-on-year [6][8]. - The overall revenue for the first half of the fiscal year reached 89.3 billion RMB, a 1.4% increase year-on-year, with a net profit of 11.9 billion RMB, up 5.3% year-on-year, although this was below expectations [6][8]. - The company plans to distribute a cash dividend of 0.063 HKD per share [6]. Financial Performance Summary - The company reported a gross margin of 50.03% for the first half of the fiscal year, an increase of 0.15 percentage points year-on-year, primarily due to the higher proportion of down jacket sales [8]. - The revenue breakdown shows that the down jacket business accounts for 73.6% of total revenue, while OEM management contributes 22.9%, women's wear 2.8%, and diversified clothing 0.7% [4][8]. - The company expects net profits for the fiscal years 2025/26, 2026/27, and 2027/28 to be 39.4 billion RMB, 44 billion RMB, and 48.6 billion RMB, respectively, with year-on-year growth rates of 12%, 11.7%, and 10.4% [8][10]. Stock Performance - The stock price as of November 28, 2025, was 4.96 HKD, with a 12-month high of 5.2 HKD and a low of 3.41 HKD. The market capitalization is approximately 414.99 billion RMB [2][6]. - The price-to-earnings (P/E) ratio is projected to be 13 times for the fiscal year 2025/26, decreasing to 11 times by 2027/28 [10].

Market Overview - The A-share market has shown a significant downward trend in November, contrasting sharply with the optimistic expectations at the beginning of the month, with the Shanghai Composite Index declining by 1.67% and the ChiNext Index falling by 4.23% [1][2] - Defensive sectors such as banking and textiles performed relatively well, while growth sectors like technology and automotive faced substantial declines, with the computer industry down by 5.26% [1][2] Key Factors Influencing Market Performance - A notable cooling in global artificial intelligence investment themes has directly impacted the performance of growth sectors, initiated by a significant pullback in U.S. tech stocks, with the Nasdaq index experiencing a maximum drop of 7.37% in November [2][3] - Domestic economic recovery momentum remains insufficient, as indicated by a drop in the manufacturing Purchasing Managers' Index (PMI) to 49.0, and a 5.5% year-on-year decline in profits for industrial enterprises [3][4] - The tightening of global liquidity conditions has also exerted pressure on risk assets, with U.S. non-farm payrolls increasing by 119,000 in September, leading to a shift in market expectations regarding the Federal Reserve's interest rate policies [3][4] Market Behavior and Trends - As the year-end approaches, institutional investors are adopting strategies to lock in profits and preserve performance, leading to a shift from high-valuation sectors to low-valuation defensive stocks, resulting in significant market structure differentiation [4][5] - The overall market turnover has decreased from around 2 trillion to approximately 1.7 trillion, indicating reduced liquidity and increased volatility in individual stocks [4][5] Investment Strategy and Outlook - A "defensive + growth" allocation strategy is recommended, balancing stable cash flow from defensive sectors like banking and utilities with increased exposure to high-growth areas such as energy storage and military industries [6][7] - The energy storage sector is expected to grow over 40% due to rising demand and policy support, while the military sector benefits from ongoing national defense modernization efforts [6][7]

Investment Rating - The report maintains a "Buy-A" rating for the company [3][9] Core Views - The brand down jacket segment leads to steady revenue growth, with inventory turnover significantly improving [4][9] - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% year-on-year [3][4] Revenue Breakdown - The brand down jacket business generated revenue of 6.568 billion yuan, up 8.3% year-on-year, with the Bosideng main brand contributing 5.719 billion yuan, also up 8.3% [4][5] - The OEM processing business saw revenue decline to 2.044 billion yuan, down 11.7% year-on-year [4] - Women's clothing revenue decreased by 18.6% to 251 million yuan, while diversified clothing revenue fell by 45.3% to 64 million yuan [4] Channel Performance - Self-operated channels generated revenue of 2.411 billion yuan, up 6.6%, while wholesale channels achieved 3.701 billion yuan, up 7.9% [5] - The company added 88 retail stores, bringing the total to 3,558, with a net increase of 3 self-operated stores [5] Profitability Metrics - The overall gross margin for FY2025/26 H1 slightly increased by 0.1 percentage points to 50.0%, while the brand down jacket business gross margin decreased by 2.0 percentage points to 59.1% [6][8] - The net profit margin increased by 0.5 percentage points to 13.3% due to various factors including reduced financial expenses and stable goodwill impairment in women's clothing [8] Cash Flow and Inventory Management - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [8] - The net cash flow from operating activities improved significantly to -1.084 billion yuan from -3.483 billion yuan in the previous year [8] Financial Forecast - The company is expected to achieve net profits of 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan for the fiscal years 2026, 2027, and 2028 respectively [9][11] - The projected P/E ratios for 2026, 2027, and 2028 are 13.5, 12.1, and 11.1 times respectively [9][11]

Investment Rating - The report provides a positive outlook for the consumer sector, indicating a strong market performance with various sub-sectors showing significant gains [3]. Core Insights - The consumer sector experienced a broad increase in stock prices, with notable weekly gains in social services (+3.92%), retail (+3.45%), textiles and apparel (+2.75%), and home appliances (+1.78%) [3]. - The implementation of the "3+10" consumption matrix aims to create a market space worth trillions, focusing on areas such as elderly products and consumer electronics as core sectors [3]. - The report highlights the government's efforts to boost inbound tourism and consumption through policy measures, resulting in a near doubling of tax refund sales from January to September [3]. Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive rise, with leading stocks such as Hai Xin Food (+45.38%) and Mao Ye Commercial (+51.11%) showing exceptional performance [3][12]. - The report notes a structural contradiction in the consumer market, where supply exceeds demand but quality supply is insufficient, prompting a shift towards quality enhancement [3]. Industry News and Key Company Announcements - The Ministry of Commerce reported a significant increase in tax refund sales, indicating a robust recovery in inbound consumption [3]. - The report mentions the launch of a new brand by Zhongxin Tourism, which has seen a 300% increase in search volume for winter sports products, reflecting growing consumer interest [15]. - The report also discusses the introduction of stringent safety standards for mobile power supplies, enhancing product safety and quality in the consumer electronics sector [15].

Market Overview - On the last trading day of November, A-shares ended with a slight rebound, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index increasing by 0.85%, and the ChiNext Index up by 0.7% [1] - The total market turnover was 1.59 trillion yuan, a decrease of 125.4 billion yuan from the previous day, marking the lowest turnover since August 4, with three consecutive days of declining turnover [1] Index Performance - In November, the A-share market continued to experience fluctuations and corrections, with the growth style indices suffering the most. The STAR 50, ChiNext Index, and CSI 500 fell by 6.24%, 4.23%, and 4.08% respectively [1][2] - The CSI A500 and CSI 300 indices decreased by 2.55% and 2.46% respectively [1] Sector Performance - In terms of sector performance for November, the top-performing industries included comprehensive, banking, textile and apparel, and petroleum and petrochemicals, while the worst-performing sectors were computer, automotive, electronics, and non-bank financials [4][5] - The comprehensive sector saw a rise of 4.07%, banking increased by 2.99%, textile and apparel rose by 2.95%, and petroleum and petrochemicals grew by 2.90% [5] ETF Trends - The "Global Vision, Betting on China" top ten core ETFs experienced a decline of 2.98% in November, but recorded a year-to-date increase of 29.53%, significantly outperforming the CSI 300 index by 14 percentage points [8] - The A500 ETF (512050) saw a weekly increase of 2.15% and a monthly decline of 2.73%, with continuous net inflows, totaling 5.84 billion yuan on the previous day and 23.53 billion yuan over the past 20 days [8][10] - The securities-themed ETFs collectively saw a net inflow of 67.79 billion yuan in November, with a year-to-date net inflow of 902 billion yuan [19] Policy and Economic Outlook - The implementation plan issued by six departments aims to enhance the adaptability of supply and demand for consumer goods, with a target to optimize the supply structure by 2027 and establish a high-quality development pattern by 2030 [15][16] - The focus on boosting consumption has been highlighted as a primary task for economic work in 2025, with various policies being developed to support this goal [16] Securities Industry Insights - The securities industry is expected to see accelerated mergers and acquisitions, enhancing overall competitiveness and moving towards the goal of building a first-class investment bank [20] - The performance of listed securities firms showed significant improvement in the first three quarters of 2025, with total operating income reaching 419.56 billion yuan, a year-on-year increase of 42.55% [20][21]

（文章来源：证券时报网） 证券时报·数据宝统计显示，真爱美家所属的纺织服饰行业，目前整体涨幅为0.17%，行业内，目前股价 上涨的有59只，涨幅居前的有真爱美家、华生科技、ST尔雅等，涨幅分别为8.10%、4.29%、3.40%。股 价下跌的有40只，跌幅居前的有欣龙控股、泰慕士、古麒绒材等，跌幅分别为5.23%、3.70%、3.39%。 公司发布的三季报数据显示，前三季度公司共实现营业收入7.24亿元，同比增长16.16%，实现净利润 2.30亿元，同比增长310.28%，基本每股收益为1.5994元，加权平均净资产收益率15.95%。（数据宝） 真爱美家股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至09:35，该股目前上涨8.10%，股价报63.80元，成交417.36万股，成交金额2.62亿元，换手率 3.05%，该股最新A股总市值达91.87亿元，该股A股流通市值87.29亿元。 ...

Group 1 - The A-share market showed mixed performance on November 26, with major indices fluctuating, while sectors like pharmaceuticals and semiconductors saw gains, whereas shipbuilding and aerospace sectors faced declines [1] - The net outflow of main funds in the Shanghai and Shenzhen markets reached 11.01 billion yuan, with 15 sectors experiencing net inflows, particularly automotive, textile and apparel, and comprehensive industries, each exceeding 300 million yuan [1] - The basic chemical industry led the net outflow with 1.13 billion yuan, followed by social services, real estate, and non-bank financial sectors, each exceeding 600 million yuan [1] Group 2 - Five stocks recorded net inflows exceeding 1 billion yuan, with a total of 63 stocks seeing net inflows above 100 million yuan [2] - The CPO concept stocks continued to strengthen, with New Yisheng and Zhongji Xuchuang attracting net inflows of 1.646 billion yuan and 1.306 billion yuan, respectively [3] - Yangguang Power saw a net inflow of 1.243 billion yuan, while Inspur Information reported a net inflow of 1.128 billion yuan, with the company announcing a share buyback of 2.25 billion yuan [4] Group 3 - At the market close, the main funds experienced a net outflow of 1.541 billion yuan, with retail and food and beverage sectors leading in net inflows [5] - Three stocks, including Yaowang Technology and Dongxin Co., saw net inflows exceeding 100 million yuan at the close, with Dongxin Co. hitting the daily limit [6]