近日，水星家纺"全球引领，共塑未来"2025战略发布暨秋冬整训会在绍兴隆重举行。发布会上，国际权 威咨询机构弗若斯特沙利文(Frost & Sullivan)郑重宣布：水星家纺专业床品全球销量第一[1]。 权威认证：全球专业床品领导者实至名归 沙利文大中华区主管合伙人兼总裁王晨晖揭晓了多项市场地位声明：水星家纺凭借卓越的市场表现，成 功问鼎专业床品全球销量第一。同时，水星家纺在多个核心细分品类持续领跑市场：连续两年全球被芯 销量第一[2]、连续四年全国被芯销量第一[3]、连续三年全国结婚床品销量第一[4]、连续三年全国健康 睡眠床品销量第一[5]、连续两年全国儿童床品销量第一[6]、连续两年全国蚕丝被销量第一[7]。这份耀 眼的成绩单，是水星家纺产品力、渠道力与品牌力的综合体现，为其全球引领战略提供了有力的市场根 基。 同时，现场还发布了《2025 中国被芯白皮书》。今年是被芯白皮书调研发布的第六年，从2020年起， 水星家纺受中国家用纺织品行业协会委托，联合中国睡眠研究会，对国人睡眠问题进行调研，定期发布 被芯白皮书，剖析国民睡眠状态，研究消费者的被芯使用习惯，并科普健康睡眠、品质生活的新理念。 科技破局： ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have released important announcements, highlighting significant developments and performance forecasts that may impact investor decisions [1]. Company Announcements - **Saili Medical**: The therapeutic hypertension vaccine project by its affiliate, Huajiyuan Biotechnology, faces significant uncertainty despite recent market interest in innovative drugs. The company holds a 15.61% stake in Huajiyuan, which reported a revenue of 26,800 yuan and a net loss of 2,382,300 yuan for 2024 [3]. - **Renfu Pharmaceutical**: Shareholder,招商生科, has secured a loan commitment of up to 750 million yuan from招商银行武汉分行 to increase its stake in Renfu Pharmaceutical. The planned share buyback will occur within six months starting from July 3, 2025, with a maximum purchase price of 25.53 yuan per share [4]. - **China Merchants Energy Shipping**: The company has received a new multi-purpose heavy-lift vessel, "Mingshi," as part of its order for four eco-friendly vessels. The fleet now includes 102 operational bulk carriers, with 16 vessels on order for future delivery [5]. - **Shangwei New Materials**: The company announced a significant stock price fluctuation, with a 30% increase over two days. A share transfer agreement was signed, potentially changing the controlling shareholder to Zhiyuan Hengyue, pending shareholder approval [6]. - **Northern Rare Earth**: The trading price for rare earth concentrates has been adjusted to 19,109 yuan per ton for Q3 2025, based on market conditions [7]. - **Baotou Steel**: Similar to Northern Rare Earth, Baotou Steel has proposed an adjustment of the rare earth concentrate trading price to 19,109 yuan per ton for Q3 2025 [9]. - **Shanghai Mechanical & Electrical**: The company received approval from the Shanghai State-owned Assets Supervision and Administration Commission for the transfer of 51.137 million shares from its controlling shareholder, Shanghai Electric, without changing control [10]. Performance Forecasts - **Eyer Communication**: The company expects a net profit of approximately 463 million yuan for the first half of 2025, a year-on-year increase of about 121.13%, driven by growth in the IoT sector [12]. - **Tianbao Infrastructure**: The company forecasts a net profit of 90 million to 130 million yuan for the first half of 2025, representing a year-on-year increase of 1581.8% to 2329.27% due to tax recoveries [13]. - **China Shipbuilding**: The expected net profit for the first half of 2025 is between 2.8 billion and 3.1 billion yuan, reflecting a year-on-year increase of 98.25% to 119.49% due to improved production efficiency and order structure [14]. - **Shanghai Xiba**: The company anticipates a net profit of 99 million to 118 million yuan for the first half of 2025, a year-on-year increase of 136.47% to 181.85%, primarily due to non-recurring income [15]. - **Longyuan Technology**: The expected net profit for the first half of 2025 is between 26 million and 31 million yuan, reflecting a year-on-year increase of 116.61% to 158.26% [16]. - **Zhengbang Technology**: The company forecasts a net profit of 190 million to 210 million yuan for the first half of 2025, marking a return to profitability driven by increased pig sales [17][18]. - **Bolong Technology**: The expected net profit for the first half of 2025 is between 22 million and 28 million yuan, a year-on-year increase of 123.09% to 183.93% due to successful project deliveries [19]. - **Haitou Shares**: The company anticipates a net profit of approximately 380 million yuan for the first half of 2025, a year-on-year increase of about 233.10% due to favorable market conditions [20]. - **Chuangjiang New Materials**: The expected net profit for the first half of 2025 is between 24 million and 29 million yuan, reflecting a year-on-year increase of 42.35% to 72% [21]. - **Hudian Shares**: The company forecasts a net profit of between 1.65 billion and 1.75 billion yuan for the first half of 2025, a year-on-year increase of 44.63% to 53.4% [22]. - **Taiping Bird**: The company expects a net profit of around 77.7 million yuan for the first half of 2025, a decrease of approximately 55% due to declining retail performance [23]. - **China Satellite**: The company anticipates a loss of between 21.2 million and 41.2 million yuan for the first half of 2025, attributed to reduced contract fulfillment and increased operational costs [24]. - **ST Yatai**: The company expects a loss of between 12.6 million and 20.9 million yuan for the first half of 2025, primarily due to cash flow issues and increased non-recurring expenses [25]. Major Contracts - **Bai Da Group**: The company signed a significant leasing contract for the Hangzhou Department Store, with a rental agreement of 375 million yuan per quarter, increasing by 4.5% every three years [26]. Shareholding Changes - **Baoshui Technology**: A major shareholder plans to reduce their stake by up to 1% through market transactions between August 4 and November 3, 2025 [28].

资料显示，爱旭股份成立于1996年8月，主营业务是研发、生产、销售太阳能电池和组件。 爱旭股份：预计上半年预亏1.7亿–2.8亿元 7月10日晚，爱旭股份（600732）发布2025年半年度业绩预告，公司预计上半年实现归属于母公司所有 者的净亏损1.7亿元至2.8亿元，预计实现扣除非经常性损益后的净亏损4.1亿元至5.2亿元。 所属行业：电力设备–光伏设备–光伏电池组件 长城军工：预计上半年预亏2500万–2950万元 7月10日晚，长城军工（601606）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股 东的净亏损2500万元至2950万元，预计实现扣除非经常性损益后的净亏损3500万元至4100万元。 资料显示，长城军工成立于2000年11月，主营业务是军品业务与民品业务。 所属行业：国防军工–地面兵装Ⅱ–地面兵装Ⅲ 长源东谷：预计上半年净利润预增62.65%-88.88% 7月10日晚，长源东谷（603950）发布2025年半年度业绩预告，公司预计上半年实现归属于母公司所有 者的净利润1.55亿元至1.8亿元，同比增长62.65%-88.88%；预计实现扣除非经常性损益后的净利润1.5亿 ...

Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

2025 年 07 月 07 日 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3472 | 0.32 | 2.85 | 1.4 | | 深证综指 | 2076 | -0.43 | 3.81 | 1.13 | ◼ 风险提示：海外经济衰退超预期，国内经济复苏不及预期（详见正文） ◼ (联系人：傅静涛/韦春泽/王胜) 去产能是慢变量，去产量是快变量——策略一周回顾展望 (25/06/30-25/07/05) ◼ 一、反内卷需要区分"去资本开支""去产能""去产量"。 ◼ 反内卷政策加码，唤醒了市场对 2016-17 年的供给侧的记忆。我们认为， 2016-17 年供给侧改革经验，可以拆解成三个核心要素：一是"去产能"， 包括淘汰落后产能，也包括抑制新增资本开支，使得远期产能形成下降。 二是"去产量"，通过一般产能关停、限产，使得国内周期品供需格局快 速改善。三是需求侧刺激的影响不可忽略，2015-16 年两轮房地产量价齐 升，后续棚改货币化安置，都是需求侧重要支撑因素。 ...

行 业 及 产 业 纺织服饰 2025 年 07 月 06 日 美越达成新贸易协议，ISPO 上海户外运动展启幕 看好 ——纺织服装行业周报 20250706 本期投资提示： 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 重要信息回顾： 相关研究 《 NIKE 发布最新业绩，带动产业链修复 ——纺织服装行业周报 20250629》 2025/06/29 《618 大促收官，消费复苏即将步入低基 数窗口——纺织服装行业周报 证券分析师 业 研 究 / 行 业 点 评 证 券 研 究 报 告 20250622》 2025/06/22 ⚫ 本周纺织服饰板块表现强于市场。6 月 30-7 月 4 日， SW 纺织服饰指数上涨 1.4% ...

湖北美尔雅股份有限公司收到上海证券交易所关于2024年年度报告的信息披露监管工作函。公司回复内 容涵盖主营业务、内部控制否定意见、煤炭贸易业务、服装团购业务、预付账款和在建工程六个方面。 内部控制方面，公司与中通南方开展煤炭贸易业务过程中存在开具不具备商业实质的商业承兑汇票等问 题，导致财务报表出现重大错报。煤炭贸易业务方面，公司与贵州盘煜签订煤炭贸易合同，存在预付款 未能完成交货仍然持续付款的情况。服装团购业务方面，公司与广东威仕顿签订合作协议，支付1000万 元保证金，但尚未促成实质性团购业务订单。预付账款方面，2024年预付款项期末余额为1.36亿元，同 比增长84.63%。在建工程方面，报告期末在建工程3837.38万元，同比增长150.40%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 业绩披露要点 湖北美尔雅股份有限公司2024年实现营业收入3.30亿元，同比下滑27.42%，其中服装业务、医疗业务及 其他业务收入分别为2.86亿元、2979.86万元及1361.31万元。直营店平均门店收入275.58万元，加盟联 ...

行 行业月报 业 国补夯实家居业绩改善基础，持续关注高景气的宠物食品行业 证 研子行究业助理评级 家居用品 中性 造纸 中性 6 月 2 日至 6 月 30 日，轻工制造行业跑赢沪深 300 指数 1.12 个百分点：SW 轻工制造（3.62%）VS 沪深 300（2.50%）；纺织服饰行业跑输沪深 300 指 数 0.56 个百分点：SW 纺织服饰（1.94%）VS 沪深 300（2.50%）。 轻工制造 纺织服饰 行业发展情况 证券分析师 袁艺博 yuanyb@bhzq.com 1-5 月，社会消费品零售总额家具类为 757.40 亿元，同比增长 21.40%。 1-5 月，社会消费品零售总额服装、鞋帽、针纺织品类为 6,138.40 亿元，同 比增长 3.30%。 行情回顾 研 ——轻工制造&纺织服饰行业 7 月投资策略展望 究 分析师： 袁艺博 SAC NO： S1150521120002 2025 年 07 月 03 日 本月策略 研 究 报 告 重点品种推荐 欧派家居 增持 索菲亚 增持 森马服饰 增持 探路者 增持 乖宝宠物 增持 前 5 月家具内销增长较快，以旧换新国补下半年持续推进。1-5 ...

盛德鑫泰：中标约2.17亿元火电需用钢管项目 7月3日晚，盛德鑫泰（300881）发布公告称，公司中标"宝山、阳西、南阳等火电项目"的需用钢管，中 标金额约2.17亿元（含税），占公司2024年度经审计营业收入的8.15%。该项目采购单位为上海锅炉厂 有限公司，中标标的为S30432、HR3C高等级不锈钢。 资料显示，盛德鑫泰成立于2001年10月，主营业务是各类工业用能源设备类无缝钢管的生产、研发和销 售。 所属行业：钢铁–特钢Ⅱ–特钢Ⅲ 高铁电气：控股子公司中标7176.16万元项目 7月3日晚，高铁电气（688285）发布公告称，控股子公司宝鸡保德利电气设备有限责任公司中标新建上 海至南京至合肥高速铁路沪宁段（江苏段）项目，中标金额为7176.16万元（含税）。该项目为国铁集 团管理甲供物资（四电物资）接触网关键零部件，包含腕臂底座、腕臂装置、定位装置等。 资料显示，高铁电气成立于1989年9月，主营业务是铁路电气化接触网系统设备、城市轨道交通供电系 统设备及轨外产品的研发、设计、制造和销售。 所属行业：机械设备–轨交设备Ⅱ–轨交设备Ⅲ 藏格矿业：麻米措矿业取得建筑工程施工许可证 7月3日晚，藏格矿业（ ...

公司报告 | 公司点评 锦泓集团（603518） 证券研究报告 TW 授权加速落地，云锦价值禀赋凸显 城市旗舰店落子苏州 2025 年 4 月，Teenie Weenie 苏州中心城市旗舰店空降苏州，包含六大 主题区域：年轻线、童装区域、TWRC 区域、男装区域、女装区域以及咖 啡区域，门店以常青藤经典形象为基因，融入现代审美元素，构建复古情 怀与现代生活美学的 Teenie Weenie 生活方式体验馆。 推动 IP 与消费场景深度融合 2024 年 IP 授权业务收入为 3356 万元，同比增长 88%，毛利率 99%， 云锦业务收入为 8137 万元，同比增长 64%，毛利率 75%。IP 授权和云 锦业务营收增速快、盈利高，未来有望成为公司业绩的重要增量。 1）成功打造标杆授权品类。Teenie Weenie 以经典学院风基因与小熊 IP 为原点，通过空间场景化、体验情感化强化核心客群价值连接。线下渠道 透过新店态构建多元化消费场景，上海武康路的 Teenie Weenie 品牌概 念店融合品牌历史文化故事，打造 Z 世代社交消费新地标；线上渠道创新 大秀即直播模式，将九月学院风主题秀场与直播间实时联 ...