Group 1 - The core point of the article highlights the recent decline in the stock price of Nanshan Zhishang, which has dropped 4.71% to 20.22 CNY per share, with a total market capitalization of 10.234 billion CNY and a cumulative decline of 10.49% over the last three days [1] - Nanshan Zhishang, established on April 29, 2007, and listed on December 22, 2020, is primarily engaged in the production and sale of fabrics and clothing, with revenue composition including 46.70% from fine woolen fabrics, 29.83% from clothing, 12.04% from ultra-high fiber, 9.94% from nylon fiber, and 1.50% from other sources [1] Group 2 - From the perspective of major fund holdings, the Fuyong Fund has a significant position in Nanshan Zhishang, with the Fuyong Fuxin Mixed A Fund holding 127,800 shares, accounting for 5.53% of the fund's net value, making it the fourth-largest holding [2] - The Fuyong Fuxin Mixed A Fund has experienced a floating loss of approximately 127,800 CNY today, with a total floating loss of 30,290 CNY during the three-day decline [2] - The fund was established on March 16, 2018, with a current scale of 7.317 million CNY, and has achieved a year-to-date return of 13.51% and a one-year return of 30.42% [2]

Investment Rating - The report maintains a "Recommended" investment rating for 361 Degrees (1361.HK) [3][11]. Core Insights - The company reported a strong operational performance in Q3 2025, with a 10% year-on-year increase in retail sales for both the main brand and children's clothing, and a 20% increase in overall e-commerce platform revenue [3][6]. - The company is actively enhancing its operational performance through product upgrades, brand building, and channel development, including collaborations with Meituan for online sales [6]. - The company is positioned to benefit from the growth in both adult and children's apparel segments, alongside the sports and outdoor activity market, indicating strong resilience in both short and long-term growth [6]. Financial Summary - Revenue projections for 2025-2027 are estimated at 113.4 billion, 126.6 billion, and 140.8 billion CNY, representing year-on-year growth of 12.5%, 11.7%, and 11.2% respectively [6][9]. - Net profit forecasts for the same period are 12.9 billion, 14.7 billion, and 16.6 billion CNY, with growth rates of 12.5%, 13.4%, and 13.0% [6][9]. - The company maintains a gross margin of approximately 41% and a net margin of around 11.4% [9]. Key Financial Ratios - The projected P/E ratios for 2025-2027 are 8.7, 7.7, and 6.8, indicating a potentially attractive valuation [9]. - The projected ROE for 2025-2027 is around 14.7% to 14.6%, suggesting stable profitability [9]. - The asset-liability ratio is expected to be around 28.4% in 2025, indicating a healthy balance sheet [9]. Operational Highlights - As of September 30, 2025, the company has expanded its national store count to 93, reflecting ongoing channel development [6]. - The company is the official partner of the 20th Asian Games, enhancing its brand visibility and market presence [6].

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2025年10月14日，上工申贝（sh600843）触及涨停，涨停价13.73元，涨幅10.02%，总市值97.92亿元， 流通市值64.42亿元，截止发稿，总成交额4.84亿元。 根据喜娜AI异动分析，上工申贝涨停原因可能如下，政府征收补偿+通航业务布局+员工持股： 1、公司 公告显示，获得政府征收高额补偿2.43亿，预计增加净利润1.75亿元，这将显著改善公司现金流，缓解 当前业绩承压、现金流压力大的状况，对股价形成直接利好。 2、公司积极进行业务转型，设立5.5亿元 注册资本子公司拓展通用航空新业务，布局碳纤维复材和轻型飞机业务。随着国家对通航产业的重视和 支持，该业务布局具 ...

头豹分类/制造业/纺织服装、服饰业/服饰制造 Copyright © 2025 头豹 服装行业 "科技 + 时尚" 转型现状与前景分析报告 头豹词条报告系 列 张 朱 张栩铭、朱嘉悦 2025-09-10 未经平台授权，禁止转载 行业分类： 制造业/服饰制造 摘要 服装行业涵盖衣物、鞋履、配饰等，具备遮羞、护体、装饰和标识功能。行业特征包括原材料成本高、出口市场多元化及周期性强。电商与直播电商推动市场规模持续增 长，同时受货币政策宽松及宏观经济复苏影响，中国服装出口市场规模增长。未来，政府支持性政策、中国服装产品的价格优势及全球市场份额将驱动服装行业市场规模持 续增长。中国服装在全球产业中具备价格、品质、设计竞争力，出口规模有望实现增长。该报告由墨尔本大学金融专业张栩铭及上海大学悉尼工商学院国际贸易专业朱嘉悦 于2025年8月完成。 2025年 服装行业词条报告 行业定义 服装是衣物、鞋履、配饰等穿戴物品的总称，通常在日常语境中被称作衣服。它具备遮羞、护体、装饰和标识等主要功能。服装的遮羞功能 源于人类本能的羞耻心，其核心作用在于遮蔽身体。同时，服装的护体功能体现在对人体的保护上，它能够维持热平衡以适应气候变 ...

新华财经北京10月13日电 完备的纺织服装产业链是闽南小城石狮市重要的"城市名片"。如今，在绿色 化、智能化发展浪潮中，石狮的传统制造产业开启了转型升级的新征程。而这背后，不断创新的电力服 务，安心、绿色、智慧的用电生态，成为企业"逐浪前行"的底气。 "电等企业"保障安心发展 在石狮锦尚智能制造园，泉州鹏泰服饰有限公司生产车间的设备正有序运转。"过去我们需要自己协调 各部门办理用电手续，现在从入驻园区就享受到供电服务，省时又省心！"该公司负责人说。 入选2025年度福建省"未来独角兽企业"的信泰（石狮）科技有限公司从事鞋服纺织新材料等研发、生 产，是科技创新、智能制造赋能传统产业的典型代表。企业的数智化升级对供电能力和质量提出了更高 的要求，为建设"5G智慧工厂"，该公司向供电部门申请变压器增容。 为提升重点大客户服务质效，国网石狮市供电公司针对省市重点项目实施"项目长双经理制"专项服务机 制：即在原有客户经理基础上，又增设了由供电所分管领导、营销部分管领导直接担任的"项目长"。 得益于这一服务模式的创新，企业办电需求得到快速响应。工作人员上门为信泰（石狮）科技有限公司 量身定制增容方案，新安装了一台2000 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance exceeding the market by more than 5% within the next six months [34]. Core Insights - The consumer sector showed mixed performance during the recent holiday period, with certain segments like textiles and apparel outperforming the market, while others like media and consumer services lagged [3][8]. - The overall market remains stable, with expectations for improved consumer demand due to macroeconomic policies and increased liquidity [3]. - The travel and tourism sector experienced significant growth, with domestic travel reaching 8.88 billion person-trips and generating revenue of 809 billion yuan during the holiday [11]. - The beauty market is evolving, with domestic brands gaining traction as they respond quickly to consumer needs [4]. - The food and beverage sector, particularly high-end liquor, is expected to maintain strong demand, while non-premium products face challenges [5][22]. Summary by Sections Market Overview - The A-share market saw a slight decline, with the CSI 300 index down by 0.51% during the week of October 6-10 [3][8]. - The textile and apparel sector rose by 1.67%, while consumer services and media sectors fell by 2.81% and 3.58%, respectively [3][8]. Social Services - The travel sector benefited from increased travel during the holiday, with a notable rise in both domestic and outbound tourism [11]. - Recommendations include focusing on OTA platforms and leading hotel groups that are likely to benefit from the travel surge [4]. Food and Beverage - The holiday period saw a 41.1% increase in jewelry sales, driven by rising gold prices and consumer spending [4][18]. - The liquor market is characterized by a clear divide between premium and non-premium products, with premium brands expected to gain market share [5][22]. Retail and Consumer Goods - Retail sales during the holiday period showed positive growth, with specific categories like organic food and national brands performing particularly well [18]. - Major retail players reported significant sales increases, with some achieving over 40% growth in specific categories [14]. Media and Entertainment - The film industry faced challenges during the holiday, with total box office receipts down 13% year-on-year [5][20]. - Companies with strong IP reserves in gaming and film are recommended for investment [5]. Key Company Updates - Companies like Huazhu Group and Ctrip reported significant increases in guest numbers and bookings during the holiday, indicating strong performance in the hospitality sector [12]. - Retailers such as Chongqing Department Store and Pinduoduo saw substantial sales growth, highlighting the effectiveness of targeted marketing strategies [14].

（文章来源：新华财经） 进口方面，我国大宗商品进口量中，来自共建国家的占64.6%，比重较去年同期提升1.1个百分点。今年 以来，海关总署与共建国家对口部门共签署了100余份合作文件，其中农食产品准入文件70余份。我国 农产品进口值中，来自共建国家的占到了69.1%，比重较去年同期提升了3.1个百分点。 出口方面，对共建国家出口电子信息产品增长16.6%、高端装备增长37%、风力发电机组增长58%，出 口纺织服装、食品、家具、汽车等"衣食住行"商品均实现了增长。 新华财经北京10月13日电海关总署副署长王军13日在国新办举行的新闻发布会上表示，前三季度，我国 对共建国家进出口17.37万亿元，同比增长了6.2%，高出同期我国整体进出口增速2.2个百分点。 ...

Market Overview - On October 10, A-shares saw all three major indices decline, with the Shanghai Composite Index down 0.94%, the Shenzhen Component Index down 2.70%, and the ChiNext Index down 4.55% [1] - The STAR 50 Index experienced the largest drop at 5.61% [1] - Approximately 2,770 stocks in the market rose, while the total trading volume in the Shanghai and Shenzhen markets was 25,156 billion RMB, showing a slight decrease compared to the previous trading day [1] - The financing balance reached a new high of 24,257 billion RMB on October 10 [1] Index Performance - The daily and year-to-date performance of major indices is as follows: - Shanghai Composite Index: -0.94%, +16.27% YTD - Shenzhen Component Index: -2.70%, +28.24% YTD - ChiNext Index: -4.55%, +45.37% YTD - STAR 50 Index: -5.61%, +46.89% YTD [2] Sector Performance - The top-performing sectors included: - Building Materials: +1.92% - Coal: +1.37% - Textile and Apparel: +1.30% - The sectors with the largest declines were: - Electronics: -4.71% - Electrical Equipment: -4.46% - Computers: -3.70% [6] Fund Flow Analysis - On the previous trading day, the ETF market saw a significant net inflow of 27.956 billion RMB, primarily driven by stock ETFs, which accounted for 27.461 billion RMB of the inflow [7] - The inflow for thematic ETFs was particularly strong at 18.658 billion RMB, while broad-based and sector ETFs saw inflows of 5.180 billion RMB and 4.120 billion RMB, respectively [8] - Notably, the semiconductor chip ETF and the STAR 50 ETF were among the top beneficiaries of fund inflows, receiving 7.077 billion RMB and 5.857 billion RMB, respectively [9] Industry Insights - In the chemical sector, a new policy aims for an average annual growth of over 5% in the value added of the petrochemical industry from 2025 to 2026, which could improve the long-term supply-demand dynamics and profitability of cyclical products [10] - In the livestock sector, there is an increasing expectation of a market reversal as the price of live pigs decreased by 4.6% in late September, prompting analysts to recommend focusing on high-quality pig farming companies with strong financials [11] - The insurance sector reported a 2.4% year-on-year increase in health insurance premium income, indicating potential for recovery in insurance stocks following a period of adjustment [12]

Core Insights - During the National Day and Mid-Autumn Festival holiday, 28 institutions conducted 90 "buy" ratings covering 80 stocks, indicating strong institutional interest in the market [1] Industry Distribution - The 80 stocks are distributed across 20 industries, with the pharmaceutical, electronics, automotive, and textile sectors having the highest representation, each with no fewer than 5 stocks [2] Pharmaceutical Sector - The pharmaceutical sector has 12 stocks under institutional coverage, including several innovative drug companies. The total scale of China's innovative drug licensing transactions reached $61.8 billion in the first half of the year, surpassing the record of $51.9 billion for the entire year of 2024, indicating increased global recognition of Chinese innovative drugs [5] - As a benchmark for Chinese innovative drug companies, BeiGene is expected to achieve profitability by 2025, marking its transition from a research investment phase to a commercialization phase [5] Electronics Sector - The electronics sector has 10 stocks under institutional coverage, focusing on chips and large models. The demand for global computing power, storage, and high-speed connectivity is entering an exponential growth phase, benefiting key areas such as AI server manufacturing and optical communication [5] Textile and Apparel Sector - The textile and apparel sector has 6 stocks under institutional coverage, including segments like gold jewelry and clothing. The industry has seen numerous brand activities, with outdoor brands continuing to grow rapidly due to effective cost management [6] - The demand for gold jewelry is expected to remain strong due to rising gold prices and the consumption peak season [6] Notable Stocks - Among the stocks receiving "buy" ratings, 7 stocks have garnered attention from 2 or more institutions, including BYD, Seres, and New Australia Holdings, which received attention from 3 institutions [7] - New Australia Holdings benefits directly from the rising prices of Australian wool, with the Eastern Market Composite Index increasing by 7.7% month-on-month and 41.8% year-on-year [10] - Xizi Clean Energy has also received attention from 2 institutions, with a strong recommendation based on its innovative solar thermal power technology [10] Technology Sector - 18 companies involved in popular technology fields such as computing power, artificial intelligence, and semiconductors have received "buy" ratings. Notable performers include Kaipu Cloud and Chip Origin, with year-to-date gains exceeding 100% [13] - Chip Origin, a leading semiconductor IP service provider, expects significant revenue growth, with a projected 145.8% year-on-year increase in new orders by Q3 2025 [14] Institutional Research - Four companies have received over 100 institutional research inquiries this year, indicating strong interest and confidence in their growth potential [15]

Consumer Macro Strategy - The report highlights three major events that influenced consumer market trends over the past two weeks, including stable growth in overall consumption during the Mid-Autumn and National Day holidays, with a notable increase in outbound tourism but fewer domestic consumption highlights leading to a post-holiday decline in related sectors [3][10] - The Q3 earnings preview indicates that while the overall consumer service sector remains stable compared to Q2, consumption-related products face high base pressure in Q4, and other sectors are in a positioning phase after negative earnings surprises in Q3 [3][10] - The ongoing US-China technological competition is expanding into the consumer sector, with new tariffs announced by the US on imports from China, posing challenges for export-oriented consumer companies [3][10] New Consumption Manufacturing - The two-wheeler market showed strong performance in Q3, with healthy inventory levels in downstream channels, but the industry faces a critical test in Q1 2026 [21] - The pet industry is experiencing weaker performance in the off-season, but the upcoming Double Eleven shopping festival is expected to act as a catalyst [21] Light Industry Manufacturing - In the home furnishing sector, domestic demand remains weak due to unhealed real estate issues, while external demand faces increased tariff risks, with significant tariff hikes announced by the US [24] - The new tobacco sector is seeing intensified actions against illegal e-cigarettes in the US, benefiting legitimate brands, while HNB products maintain strong production schedules in Japan and Europe [27] - The packaging paper market is experiencing a bullish sentiment with frequent price increases expected [27] Textile and Apparel - The apparel retail sector showed a year-on-year growth of 3.1% in August, but sales weakened in September and during the National Day holiday due to weather conditions and timing changes [29] - The report suggests focusing on brands with unique market positions and those showing significant performance advantages in sub-sectors [29][30] Beauty and Personal Care - The beauty sector is recovering after a previous decline, with cosmetic retail sales increasing by 5.1% year-on-year in August, indicating a positive trend [31] - Recommendations include focusing on leading brands with strong performance and those undergoing successful reforms [31] Home Appliances - TV panel prices remained stable in early October, with various sizes maintaining consistent pricing [32] - Gree Electric's new product line aims to capture the online market segment, enhancing its competitive position [32][33] Retail and E-commerce - Offline retail shows signs of stabilization, with supermarkets performing well while department stores face slight pressure [34] - The jewelry sector is benefiting from rising gold prices, enhancing consumer acceptance and brand premium capabilities [34] Social Services - The report expresses optimism for high-value dining and the recovery of mid-to-high-end restaurants, alongside stable growth in tourism and education sectors [35] - The tea beverage market is expected to see a decline in performance due to policy impacts, with leading brands like Mixue Ice City and Gu Ming showing growth potential [36]