此次改革还通过"进境口岸+属地"分段监管模式，实现物流的高效协同，钦州港海关负责口岸检查，贵 港海关承接目的地查验，地方政府保障运输应急，形成"40分钟口岸查验、4小时运抵目的地、1日完成 通关"的监管链条。 中新网南宁7月12日电 7月12日，广西壮族自治区商务厅介绍，为助力广西建设国际羽绒加工贸易中 心，中国(广西)自由贸易试验区携手南宁海关，推出全国首创的进口非疫区水洗羽毛羽绒分段监管快速 通关新模式，有效激发产业集聚发展活力。 羽绒产业是广西传统优势产业，广西企业每年需要从泰国等国家进口大量原材料，但在传统监管模式 下，进口水洗羽毛羽绒需经上海、宁波等口岸清关后陆运至广西，或绕道香港转西江水运抵达广西，物 流耗时长，严重制约产业发展。 2024年，中国海关总署批复广西开展改革试点，并实现全国首票18.5吨进口水洗羽毛羽绒在广西钦州港 口岸快速通关。 上述改革实施后，进口水洗羽毛羽绒通过钦州港口岸进境直达广西，物流距离缩短约1500公里，整体通 关时间压缩70%。其中，首票泰国进口货物仅用8天时间，便实现"港到厂"无缝衔接。 下一步，广西自贸试验区将深化改革，扩大试点企业范围，优化跨境贸易生态链，推动羽 ...

Group 1 - The Beijing Consumer Association has established a comprehensive service system that has handled 930,400 consumer complaints since the last council was formed in 2017, recovering economic losses of 260 million yuan for consumers [1] - The 96315 hotline service system has been upgraded, with an average daily registration of over 425 complaints across five lines, significantly reducing complaint handling time through a closed-loop mechanism [1] - A new "green channel" for consumer dispute resolution has been launched, allowing companies to autonomously resolve nearly 20,000 complaints in 2024 with a resolution rate of 94%, thereby reducing the time and effort required for consumers to protect their rights [1] Group 2 - The Beijing Consumer Association has conducted nearly 100 comparative tests in key consumer areas, covering over 6,000 brands, which have influenced the formulation or improvement of product standards [2] - A total of 57 special investigations have been organized to address prominent issues in the consumer sector, providing references for drafting regulations such as the "Single-Use Prepaid Card Management Regulations" and the "Beijing Tourism Regulations" [2] - Consumer rights protection networks have been established across large shopping malls, tourist attractions, and communities, enhancing accessibility to consumer rights services [2]

证券代码：001390 证券简称：古麒绒材 安徽古麒绒材股份有限公司 投资者关系活动记录表 | 方面加大投入，进一步扩大经营规模、提升市占率， | | --- | | 力争成为高规格羽绒材料领域的全球品牌企业，促进 | | 行业的高质量发展，并用良好的业绩回报广大投资者。 | | 二、互动环节 | | 1、请简要介绍公司的主要产品的核心技术及技术来 | | 源、技术所处阶段。 | | 答：公司深耕羽绒羽毛产品领域，主要核心技术 | | 集中在羽绒羽毛材料清洁生产工艺及检测技术、功能 | | 性羽绒羽毛材料研发领域，技术来源主要为自主研发： | | 1、羽绒羽毛清洁生产工艺技术及检测技术：包括 | | 羽绒生化联合精洗工艺、消减粉尘的羽绒羽毛水洗工 | | 艺、抑菌功能羽绒的生产技术、羽绒羽毛精洗回用水 | | 去污效能的检测方法、羽绒羽毛粉尘及钻绒复合性能 | | 的检测技术、低浴比浸淋式羽绒羽毛水洗工艺、羽绒 | | 多级筛选装置以及使用方法、复合式羽绒清洗烘干一 | | 体装置、羽绒脱水烘干设备； | | 2、功能性羽绒羽毛材料研发：羽绒表面修饰技术、 | | 自清洁功能性羽绒的生产技术、拒水羽绒的除尘烘 ...

在资本与产业深度融合的背景下，中国羽绒行业迎来历史性时刻。5月底，安徽古麒绒材（001390）股 份有限公司(股票代码：001390)正式登陆深交所主板，这家深耕羽绒材料领域二十余载的企业，以技术 突破与绿色发展双轮驱动，赋能羽绒材料行业实现高质量发展。 技术壁垒突破：标准制定者 古麒绒材的核心竞争力源于其深厚的技术积淀与专利壁垒。作为同时掌握高蓬松度鹅绒量产技术与羽绒 材料拒水技术专利的企业，公司通过24年的研发积累，构建了差异化的技术矩阵。 绿色制造赋能：政策红利下的可持续发展标杆 在全球碳关税政策升级的背景下，古麒绒材的绿色工厂认证与清洁生产体系成为其核心竞争壁垒。公司 通过国家级"绿色工厂"认证，并设计建造了日处理万吨的中水回用系统。古麒绒材的绿色制造不仅符合 政策导向，更直接推动了经营效率的提升。 在欧盟CBAM(碳边境调节机制)政策下，古麒绒材的低碳优势进一步凸显。公司获评国家级"绿色工 厂"及"安徽省循环经济示范单位"，其羽绒加工业务本质是对禽业养殖废弃物的资源化利用，完全符合 《绿色低碳转型产业指导目录(2024年版)》的要求。 公司的"年产2800吨功能性羽绒绿色制造项目"将进一步强化其环保 ...

研究早观点 2025 年 7 月 1 日 星期二 市场走势 资料来源：最闻 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,444.43 | 0.59 | 供需情况有望改善 | | 深证成指 | | 10,465.12 | 0.83 | | | 沪深 | 300 | 3,936.08 | 0.37 | | | 中小板指 | | 6,528.34 | 0.87 | | | 创业板指 | | 2,153.01 | 1.35 | | | 科创 | 50 | 1,003.41 | 1.54 | | | 资料来源：最闻 | | | | | 分析师： 李召麒 【宏观策略】海外市场周观察（20250623~20250629） 【山证农业】农业行业周报（2025.06.23-2025.06.29）-看好海大集团的投资 机会 【行业评论】化学制药：创新药动态更新：BGB-43395：在既往三线 ...

证券研究报告 | 2025 年 07 月 01 日 晨会集萃 制作：产品中心 重点推荐 《电新|威力传动（300904）首次覆盖：风电齿轮箱稀缺标的，看好放量 带来的业绩&估值弹性》 看点一：减速器产能落地，随着订单高增有望利润释放。2024 年公司精 密风电减速器生产建设项目已建设完成，在 25 年销量快速提升的趋势下， 单台制造及人工费用将明显下降，预计 2025 年减速器业务毛利率可修复 至 16.6%，较 24 年提升 10pcts。看点二：增速器放量在即，看好后续经 营杠杆释放利润弹性。2024 年 10 月，公司与金风科技正式签署全面合作 战略协议及联合开发合作协议，奠定后续订单基础，从价值量看，以三一 重能披露数据看，齿轮箱（增速器）占比为 23%，是减速器价值量的 9 倍， 进一步打开成长空间，看好经营杠杆释放利润弹性，预计公司未来三年增 速器业务毛利率分别为 5%/23%/23%。公司为齿轮箱稀缺标的，增速器业 绩弹性大，我们预计公司 2025-2027 年归母净利润分别为 0.52/3.05/4.24 亿元，同比增长 275.1%/490.3%/38.7%，PE 分别为 74.8、12.7 ...

重磅研报 【宏观】高频半月观—6 月延续"抢出口"，成色几何？——20250629 【宏观】5 月企业盈利再度转负的背后——20250627 【金融工程】沪深 300、深证成指、创业板指确认日线级别上涨—— 20250629 【金融工程】择时雷达六面图：本周估值与拥挤度分数弱化—— 20250628 证券研究报告 | 朝闻国盛 gszqdatemark 杨然 2025 06 30 年 月 日 朝闻国盛 中钨高新（000657.SZ）-背靠五矿集团，全球领先的钨一体化巨 擘 今日概览 研究视点 【煤炭】地缘政治加剧天然气价格波动，欧洲煤炭市场再度补库催化煤 价——20250629 【纺织服饰】波司登（03998.HK）-FY2025 圆满收官，期待产品创新驱 动羽绒主业持续增长——20250627 作者 【固定收益】债市的季节性及其来源——20250629 【固定收益】财政的新特点与后手——20250629 【固定收益】央行呵护，资金平稳跨季——流动性和机构行为跟踪—— 20250628 【银行】短暂回调后，银行股怎么看？——20250629 【有色金属】中钨高新（000657.SZ）-背靠五矿集团，全球领先的 ...

但从上市公司的业绩看，去年服装行业调整对羽绒服赛道的影响有限。财报显示，波司登羽绒服业务收 入增速有所下滑，但同比依然增长了11%至216.7亿元，羽绒服贴牌加工业务收入33.7亿元，同比增长 26.4%，相比之下女装和多元化服装业务分别下降了20.6%和增长2.8%。 记者注意到，多家上市公司也有类似的情况，海澜之家（600398.SH）羽绒服2024年收入25.6亿元，同 比增长2.2%；加拿大鹅2025财年中国市场收入约为4.3亿加元，同比增长1%。 上海良栖品牌管理有限公司创始人程伟雄告诉第一财经记者，虽然市场环境有所变化，但中国羽绒服穿 着普及率远低于欧美市场，长期仍有增长空间。 大众羽绒服市场将面临新一轮价格、规模、营销层面的"血拼" 中国服装协会数据显示，国内羽绒服的市场渗透率在10%左右，远低于发达国家30%到70%的水平。此 外，记者了解到，随着羽绒服装新国标的落地和去年爆发的网售假羽绒产品事件，也让部分消费者转向 购买品牌羽绒服，也加快了市场集中度的提升，也利好头部品牌。 在经历了2024年暖冬和羽绒涨价风波之后，国内羽绒服赛道依然保持增长。6月27日波司登 （03998.HK）公布202 ...

Core Viewpoint - The investment philosophy of "prefer new stocks over old ones" has been validated in the A-share market, with the deep new stock index showing a cumulative increase of 6.18% year-to-date, outperforming several key indices [1][2]. Group 1: Performance of New Stocks - The deep new stock index has outperformed major indices such as the ChiNext Index, STAR 50, CSI 300, CSI 500, and CSI 1000, indicating a strong performance in the market [1][2]. - The investment strategy focusing on new stocks has become a core strategy in the A-share market, although not all new stocks possess long-term investment value [2]. Group 2: Company Overview - Guqi Down Material - Guqi Down Material (001390.SZ) is positioned as a leading enterprise in the Chinese down material industry, with a strong competitive edge established across four dimensions [3][4]. - The company has significant technological barriers, including core patents in fluorine-free water-repellent technology and nano-level surface treatment processes, which enhance its product quality and market competitiveness [4]. - Guqi Down Material is actively involved in setting industry standards, which further solidifies its leading position in market share and technological advancement [5]. Group 3: Customer Structure and Market Position - The company has established strong relationships with leading brands such as Bosideng and Hai Lan Home, as well as military supply chains, ensuring stable demand and growth opportunities [6][7]. - Guqi Down Material's military orders are expected to yield higher profit margins, with projected sales in the military sector exceeding 50 million yuan in 2024 [7]. Group 4: Policy Alignment and Market Trends - The company benefits from long-term trends in consumption upgrades and green environmental policies, with significant investments in water recycling systems that align with national "dual carbon" strategies [8]. - Guqi Down Material's products are positioned to capitalize on the growing demand for high-quality down products, with a notable potential for domestic substitution as the import dependency for high-end goose down remains at 58% [8]. Group 5: Financial Performance and Growth Potential - The company has demonstrated robust financial performance, with a projected annual revenue growth rate of 20.37% and a net profit growth rate of 31.67% from 2022 to 2024 [11]. - The PEG valuation model indicates that the company's stock price may be undervalued relative to its growth potential, suggesting a strong investment opportunity [12].

Economic Development - The county's GDP reached 8.398 billion with a growth rate of 6.4% in the first quarter, driven by primary, secondary, and tertiary industries growing at 3.4%, 5.7%, and 7.9% respectively [3] - Retail sales of consumer goods increased by 7.8%, and total import and export volume reached 5.824 billion [3] - Fixed asset investment grew by 11.2% year-on-year from January to April, with public budget revenue reaching 733 million, a growth of 6.93% [3] Project Construction - A total of 120 key projects have been selected for implementation this year, with a total investment of 39.32 billion [4] - The county has adopted a "concurrent approval" system, reducing technical report review time by 40% and overall approval time by over 60% [4] - The major project "Jinhong Down Products" was completed from approval to construction in just 3 months, with over 100 projects expected to start construction by the end of the year [4] Policy and Financial Support - The county has organized two batches of special bond project applications, with 25 projects approved by the provincial development and reform commission, totaling 20.038 billion [5] - Two projects received central budget funding of 41.05 million, and another project received provincial basic construction investment of 20 million [5] Green Energy Transition - Renewable energy installed capacity reached 585.2 thousand kilowatts by the end of April, accounting for 88.6% of the total installed capacity [6] - Renewable energy generation reached 242 million kilowatt-hours from January to April, representing 62.7% of total generation and 23.7% of the county's total electricity consumption [6] - Ongoing construction of wind power projects is expected to generate 575 million kilowatt-hours annually, with projected revenue of 172 million and tax contributions of 24.46 million [6]