美方关税可能导致来自孟加拉国的服装订单被推迟。 ...

Group 1: Industry Trends - The popularity of sun-protective clothing reflects changing consumer preferences and the evolution of fashion trends, with over 70 billion garments produced annually in China, providing more than eight pieces per person globally [1] - The rise of outdoor activities has led to increased demand for specialized clothing such as cycling, hiking, and camping apparel, indicating a shift towards health and wellness in consumer choices [1] - The emergence of various fashion styles, such as "Korean style" and "dopamine dressing," showcases the dynamic nature of aesthetic preferences and the desire for self-expression through clothing [2] Group 2: Cultural Influence - The trend of "Guochao" (national tide) in fashion signifies the revival of traditional Chinese culture, with 54.4% of young respondents favoring national-style clothing as their daily wear [3] - The integration of traditional patterns and modern designs in clothing reflects a growing cultural confidence and appreciation for heritage [3] Group 3: Technological Advancements - The clothing industry is increasingly supported by technological innovations, including smart temperature control fabrics and lightweight materials, enhancing performance in extreme conditions [3] - The shift towards intelligent production lines and AI-driven design processes illustrates the transformation of traditional manufacturing into a more efficient and innovative sector [4] - Continuous improvements in supply quality and consumer demand fulfillment are expected to drive the future growth of the clothing industry, contributing to a "beautiful economy" [4]

Core Viewpoint - After exiting the real estate business, the founder of YOUNGOR, Li Rucheng, is gradually divesting financial assets, with a total transaction amount of 4.2 billion yuan in the past year [2][3]. Financial Asset Divestment - YOUNGOR has sold financial assets including CITIC shares, CITIC Bank, Boqian New Materials, and Shangmei shares, with a cumulative transaction amount of 4.175 billion yuan over the past 12 months, accounting for 10.13% of the audited net assets at the end of 2024 [2]. - The financial assets are classified as "measured at fair value with changes recognized in other comprehensive income," meaning their value fluctuations do not affect current profits and losses, only dividend income impacts current investment income [2]. Strategic Shift - YOUNGOR has emphasized a "return to core business" strategy, which is a reason for the divestment of financial assets [2]. - The company announced in 2019 its intention to focus on its clothing business and cease financial equity investments outside its core operations [2]. - In late 2023, YOUNGOR officially rebranded to YOUNGOR Fashion, signaling a shift back to its original business focus [2][8]. Historical Context - YOUNGOR's investment strategy included significant stakes in various sectors, including finance, real estate, technology, and consumer goods, with notable investments in CITIC Securities and Ningbo Bank [3][4]. - The company achieved peak performance in 2014, with total assets exceeding 100 billion yuan and investment income accounting for over 60% of total profits [6]. Real Estate Exit - In 2024, YOUNGOR made a decisive move to exit the real estate sector, which had become less profitable due to market conditions, with profit margins dropping from 30% in 2015 to below 5% in 2023 [7]. - The company plans to gradually liquidate remaining land reserves through cooperative development or asset sales [7]. Fashion Business Focus - YOUNGOR aims to establish itself as a "world-class fashion group," transitioning from a diversified expansion model to a focused approach [8]. - The company is implementing a series of transformation measures, including brand differentiation and channel upgrades, to enhance its market position [9][10]. Market Challenges - Despite proactive measures, YOUNGOR faces challenges in the fashion sector, with a significant decline in revenue from its main brand YOUNGOR, which saw a year-on-year drop of 11.14% in 2024 [10]. - The company must address the increasing competition from emerging domestic fashion brands and international players, which poses a threat to its market share and brand influence [11].

Stats by year ] Total Crned Number of sales all William. 855 :40% ESS ...... e is 2000 ... .. .. .. 1500 22 1000 2020 不要 6 Number of sales and amount by year o 159 SPER SEASE 8 Stats by month ol sake ned Number by county 17.6 LaTS Od -2010 6-0-2019 a Uf Aug-2019 Number of sales and an y 2010 Jun-2019 May-2010 0 9/0 60 6月27日，国家统计局公布2025年1—5月份全国规模以上工业企业利润情况。 数据显示，1—5月，规模以上工业企业利润累计同比下跌1.1%，增速较4月下跌2.5个百分点。5月份，当月规模以上工业企业利润同比下降9.1%，较4月下降 12.1个百分点，为去年10月以来最大跌幅，表明工业企业经营压力有所增大。 从主要分项看，"两重两新"政策推动装备制造业和高技术制造业企业利润增长，1— ...

Core Viewpoint - The textile industry is facing significant challenges and opportunities in its transition to a low-carbon economy, driven by climate change and regulatory pressures, with a focus on sustainable practices and renewable energy usage. Group 1: Climate Change Impact - The year 2024 is projected to be the hottest on record globally, exacerbated by global warming and El Niño events, leading to extreme weather events in China [1] - The textile and apparel industry accounts for 10% of global carbon emissions, surpassing the combined emissions of international aviation and shipping [1] Group 2: Industry Initiatives and Achievements - China's textile industry has reduced greenhouse gas emissions intensity by over 60% from 2005 to 2022, with a further 14% decrease in the last two years [1] - By the end of 2024, the percentage of textile and apparel companies setting climate goals has increased from 83% to 90%, with 67% of companies having processes to identify and assess climate risks [1] - Renewable energy usage in the textile sector reached 36% of total energy consumption in 2024, with 86% of this being biomass energy [2] Group 3: Challenges for SMEs - The textile industry has a high proportion of small and medium-sized enterprises (SMEs), which face challenges in carbon reduction capabilities and high costs of renewable energy [2] - A survey of 105 specialized enterprises revealed that while 91% have engaged in green investments, only 40% conduct carbon audits, indicating a lack of planning in low-carbon transitions [3] Group 4: Regulatory Pressures and Recommendations - The EU's Sustainable Product Ecodesign Regulation (ESPR) will come into effect in 2024, expanding ecological design requirements across product lifecycles, pushing for improvements in environmental performance [3] - Recommendations for the industry include enhancing green governance systems, fostering collaborative innovation, and promoting global cooperation for sustainable development [4]

昔日"股神"雅戈尔（600177.SH）加速抛售多年来的持仓。 截至6月23日的过去一年累计成交金额41.75亿元，达到2024年末未经审计净资产的10.13%。 上述持股被计入"其他综合收益金融资产"，即仅将分红收入可计入当期投资收益，股价波动和处置均不 影响当期损益， 大举出售股票，可被视为公司对回归主业战略的贯彻。 雅戈尔董事长李如成在2024年股东大会上表示："退出房地产，逐步减少财务性投资是大环境下的顺势 而为，对经营业绩影响很大，但对企业是顺应经济形势不得不做的事。" 公司出售的资产中涉及中信股份、中信银行等为其来长期稳定分红的核心标的。 对尚未完成业务转型的雅戈尔而言，抛售该类资产或对长期收益产生负面影响。 投资板块2024年为雅戈尔带来收益超22亿元，贡献接近八成。 同期时尚服装业务净利润仅4.3亿元，同比降幅44%。 公司近年来持续推进并购策略，在服装品牌、线下零售等领域频繁落子。 2024年，公司与法国高端手工皮鞋品牌CORTHAY合作，在北京SKP、武汉SKP、南京德基等高端够中 心开设3家独立店。 以15.3亿元收购"童装届的爱马仕"、法国高端儿童时尚品牌Bonpoint。 同时大笔资 ...

设计是服装产业的灵魂，也是连接技术与艺术的桥梁。波司登联合浙江大学打造人工智能创新应用实 验室，通过持续迭代AI算法，形成了最懂用户设计语言的垂直领域的AI大模型"BSD.AI美学大脑"，实 现从设计构思到虚拟成衣交付的全流程数字化闭环，头样开发时间从100天缩短到27天，样衣开发成本 降低60%以上。2024年，首款AI设计的单壳冲锋衣上市即成为爆款，8款AI生成花型和9款成衣同步推 向市场，验证了技术与艺术的深度融合。目前，波司登正建设"苏州市人工智能创新应用实验室"，推 动AI技术从辅助设计向创意决策升级。 生产制造是产业升级的主战场。在常熟智能工厂，波司登构建起行业标杆级的智能制造体系：关键生 产环节自动化率达90%，自主研发的GiMS工业互联网平台实现上下游企业深度协同，产品交付周期缩 短至7—10天。通过AI与APS系统的深度融合，自主排产覆盖率突破70%，智慧物流"当日达""次日 达"成为常态。绿色转型也同步推进，工厂能耗在线监测系统100%覆盖，摊薄单位产品碳足迹，建成 行业首个"近零碳"示范工厂，获得国家级绿色工厂与绿色供应链"双认证"。 "波司登的实践，是中国纺织工业数实融合的生动缩影和产 ...

今年以来—— ●国省政策持续发力，推动全省工业经济运行总体平稳 ●在外部冲击影响加大的背景下，各项工业经济指标稳定增长 ●尽管工业经济发展仍面临一定压力，"进"的势能仍在不断叠加 "接下来，各地要倒排工期、挂图作战，全力稳存量、添增量、降减量，力争全省工业经济实现'时 间过半、任务过半'。"6月12日，全省工业领域攻坚"双过半"暨赋能市（州）工作视频会议召开，"你追 我赶"的冲刺氛围充满会场。 目前，上半年经济工作全面进入压线冲刺关键阶段。冲刺全省工业领域"双过半"，四川面临何种形 势？该如何攻坚半年目标？ 看形势 主基调是"稳"、大方向在"进" "成都组织100余户企业赴欧洲、中东、中亚等地开拓市场，签订采购合同金额超60亿元。"会上， 成都市经济和信息化局相关负责人亮出"成都造"出海"抢"订单的成绩单。眉山市经济和信息化局相关负 责人也同步积极信号：今年以来，眉山锂电、电子信息、医药等重点产业总体增长稳定。 从全省工业来看，主基调是"稳"、大方向在"进"。今年以来，国省各项政策持续发力，推动全省工 业经济运行总体平稳。在外部冲击影响加大的背景下，各项工业经济指标稳定增长，显得十分可贵。尽 管工业经济发展仍 ...

证 券 研 究 报 告 【宏观专题】 工业盈利：外需敞口与弹性分析 ❖ 核心观点 4 月以来，外部环境出现急剧变化。4 月政治局会议强调，"着力稳就业、稳企 业、稳市场、稳预期"。此处，稳企业的内涵，我们理解或包括稳定企业盈利。 因而，有必要进一步研究外部环境变化对企业盈利的影响幅度以及需要的政策 对冲力度。简言之，工业企业（与出口相关）的外需敞口，内外需盈利弹性。 我们的估算表明，工业部门营收端的外需敞口或在 16.2%左右。从两个路径分 析出口变动对企业盈利影响，路径一为影响工业企业营收与利润率。路径二为 影响全社会总产出进而影响工业企业盈利。1 个百分点的出口变动，工业盈利 增速或变化 0.41%至 0.43%。 内需弹性方面，类似的分析估算表明，最终消费增速变化 1 个百分点，工业盈 利增速或变化 0.54%。资本形成增速变化 1 个百分点，工业盈利增速或变化 0.7%。换言之，1 个百分点的出口变动，需要的对冲力度可能是 0.76%的最终 消费的增速变化或 0.59%的资本形成的增速变化。从 4 月政治局会议来看，最 终消费的政策加码方向为"大力发展服务消费，尽快清理消费领域限制性措施， 设立服务消 ...

昨天（6月12日），一场聚焦能效提升、碳资产管理和绿色制造的创新合作在苏州启动。国网（苏 州）城市能源研究院联合波司登集团、江苏常铝铝业集团股份有限公司、常熟市古里镇党委、国网常熟 市供电公司，共同签署"能碳先锋·红色网格"共建协议，以党建为引领打造"零碳工厂"示范项目，推动 服装和铝业两大产业链绿色转型。 活动现场，专家解读了《"能碳先锋·红色网格"结对共建赋能低碳发展共建方案》《企业绿色低碳 发展相关政策解读及实践分享》、最新绿色电价政策。 据了解，通过搭建资源共享、优势互补的合作平台，该项目将形成更多可复制、可推广的"党建 +双碳"模式，未来在苏州更多重点产业集群推广。 今后，五方将重点在三大领域展开合作。在碳资产管理方面，能源研究院专家团队将为企业提供碳 盘查、碳足迹认证等服务，建立科学碳管理体系。在能效提升方面，国网常熟市供电公司党委联合国网 （苏州）城市能源研究院技术骨干担任"低碳顾问"，开展能效诊断，推广光储充一体化微电网。在绿色 制造方面，以波司登、常铝为链主企业，带动上下游企业共建"零碳工厂"试点。 "这次合作最大的亮点是形成政企研协同机制。"国网（苏州）城市能源研究院相关负责人介绍，电 网 ...