发布会现场 每经记者 周程程 摄 目前，我国一些原本生产服装的工厂纷纷转产防护服等防控物资，防护服等产能逐渐提高，确诊病例数量在不断下降的情况下，这些产能是否会用于出口？ 对此工业和信息化部消费品工业司副司长曹学军表示，一个多月以来，通过动员企业复工复产，支持企业技改扩产扩能，加强人员、物资、运输的保障协 调，我国防护服的产能和产量得到了快速增长。 曹学军指出，目前，防护服的生产供应已经由十分紧缺转为能够满足需求。国务院联防联控机制物资保障组每日协调保障湖北地区防护服的数量达到了25万 件，已经连续十几天超出湖北地区的需求。虽然现在全国现有确诊的病例数量在下降，但防护服的生产供应仍不能放松。 曹学军表示，下一步，在充分保障湖北地区需求的同时，要兼顾全国其他地区的防控需要，同时也会引导企业注重疫情形势的变化，增强生产柔性，确保产 品质量按需组织生产，提升有效供给能力。 每经记者｜周程程 每经编辑｜陈旭 3月4日，国务院联防联控机制就做好疫情防控重要医疗救治设备促产保供工作情况举行发布会。 "我们也注意到，目前疫情在全球多个国家出现，部分地区疫情在加剧，防护物资也出现了紧缺的情况。"曹学军表示，中国是防护服生产的 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of $45.2 based on a 49X PE for 2025 [10][11]. Core Insights - The company reported strong Q3 performance, with revenue of $1.76 billion, a 30% year-over-year increase, and net profit attributable to shareholders rising 156% to $140 million [11][12]. - All regions showed accelerated growth compared to Q2, with significant contributions from functional apparel, outdoor apparel, and ball sports segments [11][12][13]. Financial Summary - Projected total revenue for 2024A to 2027E is as follows: - 2024A: $5.183 billion - 2025E: $6.435 billion (up 24.1%) - 2026E: $7.530 billion (up 17.0%) - 2027E: $8.656 billion (up 15.0%) [3][6] - Projected net profit attributable to shareholders for 2025-2027 is: - 2025E: $511 million - 2026E: $650 million - 2027E: $818 million [10][11]. Segment Performance - **Functional Apparel**: Revenue grew 31% YoY, driven by strong performance in women's Arc'teryx and footwear. Direct-to-consumer (DTC) sales increased by 46% [12]. - **Outdoor Apparel**: Revenue increased by 36% YoY, primarily due to Salomon's strong performance. DTC sales rose by 67% YoY [13]. - **Ball Sports**: Revenue grew 16% YoY, with significant growth potential through partnerships with leading distributors [14]. Long-term Growth Outlook - The company has outlined a 5-year strategy targeting low to mid-double-digit revenue CAGR from 2025-2030, with expectations of improved operating margins across all segments [15].

初冬时节，在山东省泰安市的网红旅游村王林坡村，各种秋裤的文化宣传语吸引游客驻足观看。看着样 式繁多、物美价廉的秋裤，研学的孩子们也想给妈妈送温暖。 新华社音视频部制作 目前，姚家坡村有370余户村民，其中160余户从事秋裤加工，带动本村及周边村1600余人就业。 2022年，泰安市组建纺织服装产业链，目前全市共有纺织服装企业2000余家，其中规模以上企业145 家，泰安市纺织服装产业链不断以"智改数转"激活发展新动能。 记者：李小波 这些接地气的秋裤，都是来自附近的姚家坡村。姚家坡村有40多年的秋裤加工历史，目前年产秋裤8000 万条，是远近闻名的针织加工专业村，小村"织"出富民大产业。 ...

Core Insights - Morocco's clothing exports to the EU reached €1.36 billion in the first half of 2025, marking a 2.6% year-on-year increase, but its market share declined from 3.4% to 3.1% due to rising competition from Asian producers [1] - The shift in the European market towards lower-cost production countries is evident, with significant market share growth for Cambodia (30.4%), India (15.4%), Vietnam (17.3%), and Pakistan (16.6%) [1] - Morocco remains the largest African clothing supplier to the EU and ranks eighth globally, despite facing challenges from other African countries like Tunisia and Turkey, which saw declines in their export figures [1][2] Industry Analysis - Approximately 76% of clothing imported by Europe comes from Asia, reflecting a 19% increase, indicating a shift in European consumer preferences towards the mid-to-low-end market [2] - The competitive landscape is further complicated by potential indirect effects of U.S. tariffs, which may drive some Asian exports towards Europe, intensifying competition for Moroccan suppliers [2] - To maintain market share, Morocco's textile industry must focus on quality improvement, leveraging geographical advantages, and enhancing responsiveness rather than solely competing on price [2] - Innovation is essential for the textile sector to increase local added value and sustain competitiveness in the evolving global market [2]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 13.36 RMB based on a 20x PE for 2026 [4][9]. Core Insights - The company experienced a slight revenue increase in Q3 2025, with a year-on-year growth of 0.86%, while profit growth outpaced revenue growth. The gross profit margin (GPM) improved to 45.2%, and net profit attributable to shareholders (NPAtS) rose by 3.03% year-on-year [4][9][10]. - The international market outperformed the domestic market in Q3, with button revenue growth surpassing that of zippers. The improvement in GPM is attributed to scale effects from revenue growth [10][11]. - The company is expected to see sequential growth improvement in Q4 2025, driven by seasonal factors and a low base from Q4 2024. The company is positioned to capture more market share due to its competitive advantages and expansion into overseas production bases [11] Financial Summary - For 2023A, total revenue is projected at 3,907 million RMB, with a growth rate of 7.7%. The net profit attributable to shareholders is expected to be 558 million RMB, reflecting a 14.2% increase [3]. - The forecast for 2025E includes total revenue of 4,850 million RMB, with a growth rate of 3.7%, and net profit of 680 million RMB, indicating a slight decrease of 2.9% [3][4]. - The earnings per share (EPS) for 2025E is adjusted to 0.58 RMB, with projections of 0.67 RMB for 2026E and 0.74 RMB for 2027E [4][9].

Core Insights - The textile and apparel industry in Shandong Province is experiencing significant growth, with industrial added value increasing by 4.1% and 1.1% respectively in the first three quarters of the year, outperforming national averages by 0.9 percentage points and 3.5 percentage points [1] Industry Development - The digital development level of the textile and apparel industry in Shandong has rapidly improved, leading the nation in areas such as smart factory construction, digital printing, and personalized customization [1] - The coverage rate of digital transformation among large-scale textile enterprises has exceeded 90% [1] AI Integration - The industry is leveraging the development of industrial internet platforms to integrate and efficiently utilize resources across the entire process, including research and design, procurement, production, marketing, and logistics [1] - During the event, the Shandong New Textile (Yarn and Fiber) Industry Brain was launched, aiming to enhance resource allocation through artificial intelligence technology and accelerate the establishment of a modern textile and apparel industry system [1]

Core Insights - Shanghai Jialinjie Textile Co., Ltd. reported strong financial performance for the first three quarters of 2025, with revenue of 918 million yuan, a year-on-year increase of 3.49%, and a net profit of 56.83 million yuan, representing a significant growth of 213.66% [1] - The company is well-positioned to benefit from national policies aimed at upgrading traditional industries, particularly in the textile and apparel sector, which is being encouraged to evolve towards high-end, intelligent, and green development [2] - Jialinjie has enhanced its core competitiveness through smart and green manufacturing initiatives, including the establishment of a smart factory and recognition as a national-level "green factory" [3] - The company has strengthened its supply chain resilience and global competitiveness by integrating its production processes and collaborating with international brands, which contributes to its market position [4] Financial Performance - For the first three quarters of 2025, Jialinjie achieved an operating income of 918 million yuan, reflecting a 3.49% year-on-year growth [1] - The net profit reached 56.83 million yuan, with a net profit attributable to shareholders of 51.99 million yuan, marking increases of 213.66% and 205.46% respectively [1] - The sales net profit margin improved to 6.19%, indicating a significant enhancement in profitability [1] Industry Trends - The Chinese government has prioritized the construction of a modern industrial system, emphasizing the need for high-end, intelligent, and green development in traditional industries like textiles [2] - Jialinjie's strategic alignment with national policies positions it favorably for growth in the evolving market landscape [2] Competitive Advantages - The company’s smart factory project has been recognized as a "first batch of excellent smart factories," utilizing IoT and digital twin technologies to optimize production processes [3] - Jialinjie is the first company in mainland China to join the Bluesign Alliance and has received multiple international certifications, enhancing its reputation in sustainable manufacturing [3] - The integration of its supply chain from fiber to finished products allows for comprehensive control and innovation, exemplified by its collaboration with PrimaLoft on sustainable fabric solutions [4]

Core Insights - Vietnam's textile and garment exports reached $34.8 billion from January to September 2025, marking a 7.7% year-on-year increase, with a target of $48 billion for the entire year [1][1][1] Export Performance - The total export value of Vietnam's textile and garment industry is $34.8 billion for the first nine months of 2025, with ready-made garments accounting for $27.8 billion [1] - The industry exports to nearly 140 countries and regions [1] Dependency on Imports - The industry is highly reliant on imported raw materials, with cotton being 100% imported and synthetic fibers having an import ratio of 90%-95% [1] - There are limitations in design, branding, and distribution due to constraints in funding and human resources [1] Challenges and Opportunities - The shift of low-cost orders to countries with cheaper labor is diminishing Vietnam's advantage of "cheap labor" [1] - To enhance competitiveness, companies need to invest in automation and smart technologies, update management practices, and focus on high-end, specialized, and eco-friendly products [1] Strategic Recommendations - Accelerate the development of domestic raw material sources and plan the construction of textile and garment industrial clusters to form a complete supply chain [1] - Establish product development and design centers to improve production efficiency and added value, promoting sustainable development in the textile and garment sector [1]

Core Viewpoint - The "Henan Province Steel Industry Quality Improvement and Upgrading Action Plan" aims to enhance the efficiency, innovation, and environmental performance of the steel industry by 2027, focusing on resource integration, technological upgrades, and the establishment of a modern steel industry system [1][3][4]. Group 1: Overall Requirements - The plan targets the construction of a modern steel industry system with high-end, intelligent, and green development, aiming to eliminate inefficient production capacity and enhance profitability and innovation by 2027 [4][5]. - By the end of 2025, all production capacity below the energy efficiency benchmark will undergo technological upgrades or be eliminated, with a goal of achieving ultra-low emissions [4][5]. Group 2: Key Tasks - **Optimize Industrial Layout**: The plan emphasizes controlling total steel production capacity and guiding it towards regions with strong resource and market advantages, while promoting integrated layouts among steel, coking, and sintering industries [5][6]. - **Accelerate Enterprise Restructuring**: Support for advantageous enterprises to integrate steel resources through various methods, including capital increases and mixed ownership reforms, is encouraged [5][6]. - **Strengthen Industrial Regulation**: The plan includes a graded evaluation of enterprises to promote breakthroughs in safety, energy conservation, and environmental protection [6][7]. Group 3: Product Structure Upgrade - **Enhance Technological Innovation**: The plan aims to strengthen the research and development capabilities of major innovation platforms and promote the development of high-end steel products [8][9]. - **Develop a Distinctive Product System**: It focuses on adjusting product structures to enhance market supply and build a competitive product system, particularly in high-end steel products [9][10]. Group 4: Green and Intelligent Transformation - **Promote Equipment Upgrades**: The plan supports the upgrade of compliant production equipment and encourages the implementation of capacity replacement projects [10][11]. - **Enhance Green and Low-Carbon Levels**: New and expanded steel projects must meet energy efficiency and environmental performance standards, with a shift towards electric arc furnace short-process steelmaking [10][11]. Group 5: Policy Support and Industry Ecosystem - **Strengthen Policy Support**: The plan emphasizes the role of financial institutions in supporting the steel industry's transformation and development through various financing methods [12][13]. - **Encourage Industry Self-Regulation**: The steel industry association is tasked with guiding enterprises to adhere to national policies and avoid disorderly competition [12][13].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 62.9 Hong Kong Dollars, reflecting a -24% potential downside from the current price [8][9]. Core Insights - The company is expected to see net profit attributable to shareholders grow from 0.89 billion Euros in 2025 to 1.05 billion Euros in 2027, with year-on-year growth rates of 6.5%, 8.7%, and 7.6% respectively [8][9]. - In Q3 2025, the company reported revenue of 1.33 billion Euros, a 9% increase year-on-year, with Miu Miu showing a 29% growth despite a high base from the previous year [9][10]. - The North American market is leading growth with a 20% increase, driven primarily by Prada, while the Greater China market showed slightly better-than-expected holiday performance [9][10]. Financial Summary - Projected total revenue for the company is expected to increase from 5.43 billion Euros in 2024 to 6.72 billion Euros in 2027, reflecting a compound annual growth rate of approximately 7.8% [2][5]. - Gross profit is forecasted to rise from 4.34 billion Euros in 2024 to 5.39 billion Euros in 2027, maintaining a gross margin of around 80% [2][5]. - The company's net profit is projected to grow from 0.84 billion Euros in 2025 to 1.05 billion Euros in 2027, with a net profit margin of approximately 15.5% [2][5]. Brand Performance - Miu Miu's revenue growth is attributed to high-quality growth and significant same-store sales contributions, with plans for further store expansion [10]. - Prada's leather goods are showing improved performance, and the brand is focusing on enhancing creativity and marketing for iconic products [10]. Regional Performance - Revenue growth by region in Q3 2025 was as follows: Asia Pacific +10%, Europe +2%, North America +20%, Japan -1%, and Middle East +10% [9][10]. - The North American market's growth is notable given the high base from the previous year, indicating strong brand performance despite challenging conditions [9][10].