Group 1 - The company plans to repurchase its A-shares through centralized bidding, with a total repurchase fund of no less than RMB 100 million and no more than RMB 200 million [1] - As of November 30, 2025, the company has repurchased a total of 30.559001 million shares, accounting for 0.6958% of the total share capital, with a total payment of RMB 100 million [1] - The highest purchase price was RMB 4.02 per share, and the lowest was RMB 2.51 per share [1] Group 2 - The company will strictly adhere to the relevant regulations during the repurchase period and will disclose information timely based on the progress of the repurchase [2]

文｜任倩 在全球化与地缘交织的复杂时代，"供应链"一词从未像今天这样，既代表着经济命脉的韧性，也暴露出脆弱与不确定。过去全球化建立在效率优先、成本驱 动的流动供应链之上，如今叠加国家属性，重新排兵布阵已成为共识。 在这一领域，斯坦福大学商学院的李效良教授是其中一位备受关注的学者。他从事供应链研究40年，曾提出的经典"3A"理论——敏捷（Agility）、适应 （Adaptability）、协同（Alignment），成为无数企业与政府制定战略的重要参考。这一理论在2004年金融危机、2011年日本大地震等事件中得到了残酷而 准确的验证。 十如研究院委员会主席李效良 以下为对话： 「暗涌」：为什么会选择加入十如研究院？ "很多人当时只关心效率，追求'精益'的极致，"李效良回忆，"但一个链条拉得越长、越紧，它就越容易断裂。"因此，"敏捷"是为了应对突发波动；"适 应"是为了响应结构性变化；"协同"，则是为了让链条上的每一个环节，不再是孤立的利益追逐者，而是命运的共同体。但近年来，他观察到更深层次的变 化： "我们的世界正在从一个'全球化的世界'转向一个'多个世界体系的共存'。"他分析，疫情、贸易摩擦、气候危机等都 ...

Consumer Industry - The consumer market in mainland China has shown a mild recovery since 2025, with cautious consumer sentiment expected to continue into 2026, leading to a new normal characterized by moderate growth and structural differentiation in demand [1] - Companies can seize growth opportunities by focusing on product positioning, channel layout, and technology application, while also exploring overseas markets as a strategic path for growth [1] - The report suggests a dual strategy for investment: allocate to defensive sectors with stable cash flow and strong demand resilience, while also actively pursuing high-growth structural opportunities [2] Automotive Industry - In November, BYD's passenger car sales reached 474,921 units, showing a year-on-year increase of 8.7% but a month-on-month decline of 5.8% [3] - NIO delivered 36,275 new cars in November, marking a significant year-on-year increase of 76.3% and a month-on-month increase of 10.2% [4] - Xpeng Motors delivered 36,728 units in November, reflecting a year-on-year increase of 18.9% but a month-on-month decline of 12.6% [5] - Li Auto delivered 33,181 new cars in November, with a year-on-year decrease of 31.9% and a month-on-month increase of 4.5%, impacted by supply chain bottlenecks [8] - Leap Motor achieved total deliveries of 70,327 units in November, a year-on-year increase of 75.1% [8] - The report emphasizes the importance of maintaining caution regarding short-term fluctuations while focusing on structural opportunities in the automotive sector [11]

「 供应链必须回答的新课题。 」 文 ｜ 任倩 在全球化与地缘交织的复杂时代，"供应链"一词从未像今天这样，既代表着经济命脉的韧性，也暴露出 脆弱与不确定。过去全球化建立在效率优先、成本驱动的流动供应链之上，如今叠加国家属性，重新排 兵布阵已成为共识。 在这一领域，斯坦福大学商学院的李效良教授是其中一位备受关注的学者。他从事供应链研究40年，曾 提出的经典"3A"理论——敏捷（Agility）、适应（Adaptability）、协同（Alignment），成为无数企业与 政府制定战略的重要参考。这一理论在2004年金融危机、2011年日本大地震等事件中得到了残酷而准确 的验证。 "很多人当时只关心效率，追求'精益'的极致，"李效良回忆，"但一个链条拉得越长、越紧，它就越容易 断裂。"因此，"敏捷"是为了应对突发波动；"适应"是为了响应结构性变化；"协同"，则是为了让链条上 的每一个环节，不再是孤立的利益追逐者，而是命运的共同体。但近年来，他观察到更深层次的变化： "我们的世界正在从一个'全球化的世界'转向一个'多个世界体系的共存'。" 他分析，疫情、贸易摩 擦、气候危机等都不是孤立的事件，它们共同指向一个核心 ...

Group 1: Automotive Industry - The delivery data for new forces in November shows a weakening of the year-end peak season effect, with significant purchase discounts from automakers [1] - Recommended stocks include NIO and Xpeng Motors, with a focus on low valuation and performance realization [1] - In the parts sector, recommended stocks are Fuyao Glass for its strong performance and overseas expansion, and Wuxi Zhenhua, Huguang Co., and Bojun Technology for their cheap valuations [1] Group 2: Aerospace and Construction Materials - The commercial aerospace sector is entering a new phase of rapid development, with a three-year action plan recently announced [2] - Investment opportunities are highlighted in the rocket sector with companies like Chaojie Co., Gaohua Technology, and Zhongheng Design, as well as in the satellite sector with firms such as Shaanxi Huada and Shanghai Port [2] Group 3: Real Estate - The sales amount for the top 100 real estate companies in November was 244.3 billion yuan, a year-on-year decrease of 36.8% and a month-on-month decrease of 11.7% [3] - Cumulative sales for the top 100 companies from January to November reached 3 trillion yuan, with a year-on-year decline of 18.8%, indicating a worsening trend [3] - Investment suggestions focus on structural alpha opportunities, recommending China Jinmao, China Merchants Shekou, China Resources Mixc Life, and Greentown Service [3] Group 4: Company Research - Water Sheep Co. has announced an employee stock ownership plan, reflecting confidence in long-term development [4] - The plan involves up to 938 participants and a funding source of no more than 51.04 million yuan, with shares repurchased at 20.46 yuan per share [4] - The repurchased shares will not exceed 2.49 million shares, accounting for 0.64% of the total share capital [4]

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：了解到贵公司欧洲地区的业务涨势良好，请问其中业 务具体有无包含欧盟国家？ 联发股份（002394.SZ）12月3日在投资者互动平台表示，公司欧洲地区的业务包含部分欧盟国家。 ...

人民财讯12月3日电，中共浙江省委关于制定浙江省国民经济和社会发展第十五个五年规划的建议发 布，其中提到，以先进制造业集群为着力点统筹推进传统产业焕新升级、新兴产业发展壮大、未来产业 科学布局。扎实推进新型工业化，联动推进制造强省、网络强省和标准强省、品牌强省、质量强省建 设，实现产业结构显著优化、发展质效显著提升。持续实施"腾笼换鸟、凤凰涅槃"攻坚行动，深化国家 传统制造业改造升级示范区建设，大力推进传统产业技术改造、设备更新和生态化改造，增强质量技术 基础能力，推动传统产业高端化、智能化、绿色化发展。推动重点产业提质升级，巩固提升绿色石化、 纺织服装、电气机械、家居家电等产业的优势地位和竞争力。积极推进历史经典产业提升发展。着力打 造新兴支柱产业，加快人工智能、新材料、新能源、航空航天、低空经济、生物医药等新兴产业集群发 展。建立未来产业投入增长机制，探索多种技术路线、典型应用场景、可行商业模式、市场监管规则， 聚焦人形机器人、脑机接口、类脑智能、量子信息、生物制造等领域，布局建设一批未来产业先导区。 深入实施服务业高质量发展"六大高地"工程，提高现代服务业与先进制造业、现代农业融合水平，促进 生产性服务 ...

Core Insights - Myanmar's garment exports increased by 9% in the first six months of the 2025-2026 fiscal year compared to the same period last year, driven by regional economic integration and supportive policies [1] - The textile and garment industry accounts for approximately 7% of Myanmar's GDP and over 60% of its industrial product exports, with a focus on "processing" and expanding into markets like China, South Korea, and ASEAN [1][2] - The Myanmar garment manufacturing sector is expected to reach a production value of $5 billion by 2025, with employment projected to grow to between 1.2 million and 1.6 million over the next decade, and the industry scale anticipated to increase to $15 billion [1][2] Industry Support and Development - The Myanmar government prioritizes the textile and garment industry, providing legal protections, tax incentives, and other policy support [2] - A new "ten-year strategic plan" has been launched by the Myanmar Garment Manufacturers Association to enhance infrastructure, market networks, and financing channels [2] - The introduction of an online trading system facilitates raw material imports and finished product exports, while trade exhibitions are being utilized to explore market opportunities [2] Collaboration and Market Opportunities - The signing of the upgraded China-ASEAN Free Trade Area 3.0 agreement presents new opportunities for the Myanmar textile and garment industry [3] - Myanmar can leverage China's advantages in raw materials and equipment technology to enhance local processing and supporting capabilities [3] - Enhanced cooperation between China and Myanmar in areas such as raw materials, capacity layout, cross-border settlement, and market expansion is expected to promote stable employment, export growth, and quality improvement in Myanmar's textile and garment sector [3]

缅甸政府高度重视纺织服装业，将其列为优先发展产业，给予法律保障、税收优惠与其他政策支持。缅 甸纺织服装业正积极推进产业从"加工"走向价值链上游。今年，缅甸服装制造商协会发布了新的"十年 战略计划"，主要通过完善基础设施和市场网络建设、扩大融资渠道等加快推动产业发展。新的线上贸 易系统也为原材料进口和成品出口提供了便利。缅甸服装制造商协会会长敏梭对记者表示，该协会还通 过举办和参与贸易展会等，积极挖掘缅甸纺织服装业市场机遇，拥抱新技术、升级生产体系。 《 人民日报 》（ 2025年12月03日 15 版） 缅甸纺织服装业高度重视对华合作。截至2025年9月，缅甸共有纺织服装企业约700家（含配套工厂）， 中资企业占比超过60%，主要集中在仰光、勃固和伊洛瓦底等地区。据缅甸中国企业商会纺织服装分会 统计，在缅甸的中资纺织服装企业为当地提供约45万个就业机会，约占全行业的3/4。缅甸高贝斯（勃 固）有限公司负责人徐勇介绍，近年来，缅甸政府越发重视职业教育和劳动力培训体系建设，多次邀请 中国职业学校赴缅与当地企业合作开展职业技能培训项目。 随着中国—东盟自贸区3.0版升级议定书正式签署，缅甸纺织服装业升级迎来新机遇。 ...

Core Insights - Nanshan Zhishang has been recognized as a benchmark case in the first national list of excellent supply chain enterprises in the textile and apparel industry due to its innovative "Five Transformations" business model and outstanding supply chain management capabilities [1][5] Group 1: Supply Chain Advantages - The supply chain advantage of Nanshan Zhishang stems from its over 20 years of building an integrated "fabric and clothing" industry chain and a data-driven "end-to-end collaborative system" [3] - The company has established a closed-loop process from raw material procurement to final delivery, achieving an annual production capacity of 16 million meters of fine woolen fabric and 750,000 high-end suits, serving both international luxury brands and customized production for key industries [3] Group 2: Five Transformations Business Model - The "Five Transformations" business model includes marketing precision, design collaboration, supply agility, flexible manufacturing, and lifelong service, which enhances supply chain digital transformation and achieves data integration and collaboration across all business links [5][9] - This model allows for a closed-loop supply chain management system that is precise, efficient, flexible, and sustainable, addressing industry pain points and providing a basis for quality improvement [11] Group 3: Sustainability and ESG Integration - Nanshan Zhishang implements green supply chain management to ensure raw material traceability, energy conservation, emission reduction, and product recycling, incorporating ESG (Environmental, Social, and Governance) criteria into its supplier evaluation system [11] - This approach not only helps the company expand high-end collaborations but also encourages other enterprises to accelerate their digital, intelligent, and green transformations, promoting a stronger position for the Chinese textile and apparel industry in the global supply chain [11]