证券日报网讯 1月28日，华利集团在互动平台回答投资者提问时表示，公司将继续专注运动鞋制造主 业，持续拓展新客户，提升国际化运营和管理能力，保持业绩和运营的稳健发展，同时也将积极与资本 市场沟通，传递公司的经营理念和投资价值，努力增进市场认同和价值实现。 （文章来源：证券日报） ...

2025年GDP超140万亿元，比上一年增长5.0%，数据很漂亮。但我身边，有人觉得钱难挣生意难做，有 人想跳槽却发现工作难找。 第三，传统行业不是不能干，关键是换个干法，专注培育新质生产力，转向高质量发展。你看现在国内 一些运动鞋厂家，市值在世界上也很高。它的工厂里，用大数据预测爆款，用柔性供应链快速响应。同 样是做鞋，干法完全不一样。所以，如果你在传统制造业，想想能不能往智能化方向靠；如果你做销 售，学学怎么用AI工具提高效率；如果你开小餐馆，饭菜美味的，扫码点餐、外卖运营玩得溜的，生 意都不会差。 有人说：我既不在风口行业，也没想好怎么转型，是不是就只能干等着？ 不是。因为咱们国家很重视"投资于人"。 这种"温差"到底是怎么回事？今天一条视频告诉你，这个5.0%背后藏着什么。 国家统计局的报告里有几个数字特别值得看。2025年，高技术制造业增加值增长9.4%，装备制造业增 加值增长9.2%，都是GDP增速的将近两倍。3D打印设备、工业机器人、新能源汽车产品产量,分别增长 52.5%、28.0%、25.1%。但与此同时，房地产开发投资下降了17.2%。 这意味着什么？如果你是做AI开发的、搞智能制造的、在 ...

Core Viewpoint - Longxing Tianxia, a professional sports footwear manufacturer backed by major brands like Li Ning and Anta, has officially initiated its A-share listing process, aiming to list on the Shanghai Stock Exchange despite facing challenges such as high customer concentration and competitive pressures in the industry [1]. Group 1: Company Performance - Longxing Tianxia has shown steady growth in its financial performance, achieving a revenue of 4.211 billion yuan in 2023, with a net profit of 207 million yuan. The company expects a revenue increase of 32.71% to 5.588 billion yuan in 2024, with net profit rising to 278 million yuan [2][3]. - The company’s revenue structure indicates that running shoes are the primary source of income, contributing 2.068 billion yuan in 2024, accounting for 37% of total revenue [3]. Group 2: Production and Capacity - Longxing Tianxia has established a global production network with 27 factories across China, Vietnam, and Indonesia, employing a total of 27,458 staff, including 12,324 foreign employees. The company produced nearly 50 million pairs of footwear in 2024 [5]. - The company has been shifting production capacity overseas, with the sales proportion from its Vietnam base increasing from 25.68% in 2023 to 39.32% in 2024 [5]. Group 3: Industry Context - The Chinese sports footwear manufacturing industry has seen significant growth, with market size increasing from 23.4 billion yuan in 2019 to 47.8 billion yuan in 2023, reflecting a compound annual growth rate of 19.6%. The industry is expected to continue growing, potentially exceeding 70 billion yuan by 2028 [5]. - The industry is characterized by high competition and a trend towards specialization, which presents both opportunities and challenges for manufacturers like Longxing Tianxia [9]. Group 4: Customer Concentration and Risks - Longxing Tianxia faces risks associated with high customer concentration, with the top five clients accounting for 86.74% of revenue in 2023 and 88.86% in 2024. Li Ning is the largest client, contributing 24.76% of sales [7]. - The company’s gross profit margin has declined from 19.18% in 2023 to 17.56% in 2024, indicating pressure on profitability [10]. Group 5: Strategic Goals and IPO Plans - The primary goal of Longxing Tianxia's IPO is to leverage capital market resources to overcome development bottlenecks and expand production capacity in Vietnam and Indonesia, while also investing in smart and digital factory upgrades [11]. - The company acknowledges the risks associated with the IPO process, including the possibility of not passing the review or failing to issue shares, which could impact its market position [11].

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

Group 1 - The core viewpoint of the report is that the company, Yue Yuen Industrial Holdings Limited (00551), is rated as "outperforming the industry" with a target price of HKD 19.46, corresponding to a 10.5 times price-to-earnings ratio for 2026 [1] - According to Euromonitor, the global athletic footwear market is projected to reach USD 167.7 billion in 2024, with a forecasted mid-single-digit growth over the next five years [1] - The report highlights that the global athletic footwear market is concentrated, with the top 10 brands expected to account for 57% of the market share by 2025, and Yue Yuen is the largest athletic footwear manufacturer with over 10% shipment share [1] Group 2 - The company is expected to benefit from a reduction in tariff disruptions by 2026, with major brand clients maintaining controllable inventory levels, and brands like Nike accelerating product innovation [1] - The report anticipates stable growth in manufacturing revenue by 2026, supported by improvements in newly built capacity and resolution of uneven capacity utilization issues [1] - The company is expected to see a rebound in performance, driven by proactive optimization of customer numbers and structure, and the development capabilities linked to high-quality brands [2]

Core Viewpoint - CICC initiates coverage on Yue Yuen Industrial Holdings Limited (00551) with an "outperform" rating and a target price of HKD 19.46, corresponding to a 10.5x P/E ratio for 2026, highlighting the company's position as a global leader in athletic shoe manufacturing and its expansion in the Greater China retail market [1] Group 1: Market Overview - According to Euromonitor, the global athletic footwear market is projected to reach USD 167.7 billion in 2024, with a forecasted mid-single-digit growth over the next five years [1] - The market share among global athletic footwear brands is concentrated, with the top 10 brands expected to account for 57% of the market by 2025 [1] Group 2: Company Performance - Yue Yuen is the largest athletic shoe manufacturer globally, with an estimated shipment volume share exceeding 10% [1] - The company's subsidiary, Pou Chen Corporation, is a leading athletic footwear and apparel retailer in Greater China [1] Group 3: Future Outlook - The report anticipates that tariff disruptions may weaken by 2026, and major brand clients' inventory levels are under control, which bodes well for revenue stability [1] - The acceleration of product innovation by brands like Nike, along with the growth of several premium brands, is expected to contribute to stable growth in manufacturing revenue by 2026 [1] - Improvements in previously established production capacity and load balancing issues are expected to enhance manufacturing performance [1] Group 4: Financial Projections - The company is expected to achieve a dividend yield of 8.2% by 2026, providing a margin of safety for investors [2] - Earnings per share are projected to be USD 0.23 and USD 0.24 for 2025 and 2026, respectively, with a CAGR of -0.4% from 2024 to 2026 [2]

Core Viewpoint - CICC reports that Yue Yuen Industrial Holdings Limited (00551) is a global leader in athletic shoe manufacturing and is expanding its retail business in Greater China, with a diversified global production base. The initial coverage gives an "outperform" rating with a target price of HKD 19.46, corresponding to a P/E of 10.5x for 2026 [1]. Industry Overview - The athletic shoe industry has significant growth potential and is becoming increasingly concentrated. According to Euromonitor, the global athletic shoe market is projected to reach USD 167.7 billion in 2024, with a mid-single-digit growth rate expected over the next five years. The top 10 brands are anticipated to hold a market share of 57% by 2025, indicating a concentrated market structure [2]. - Yue Yuen is the largest athletic shoe manufacturer globally, with an estimated shipment share exceeding 10%. Its subsidiary, Pou Chen Corporation, is a leading athletic apparel retailer in Greater China. For 2024, Yue Yuen's revenue and net profit attributable to shareholders are projected to be USD 818 million and USD 39 million, respectively, with the manufacturing segment accounting for 69% of revenue and 89% of net profit [2]. Competitive Advantages - The company has strong development capabilities for mid-to-high-end footwear, allowing it to establish deep ties with major international brands such as Nike and Adidas, as well as long-term collaborations with other renowned brands like Asics and New Balance. The top five customers are estimated to account for 80-90% of the manufacturing segment's revenue [3]. - Yue Yuen is at the forefront of global capacity expansion, with a diversified layout of production bases [3]. Business Outlook - With overseas brand inventories at manageable levels and accelerated product innovation, the manufacturing segment's performance is expected to stabilize and grow. By 2026, tariff disruptions may lessen, and major brand clients, exemplified by Nike, are focusing on product innovation. This, combined with the growth of several premium brands, is expected to lead to stable revenue growth in the manufacturing segment [4]. - The company is anticipated to improve its performance due to the resolution of previous capacity ramp-up issues and uneven capacity utilization [4]. Market Differentiation - The company is expected to restart growth by actively optimizing its customer base and structure, leveraging its development capabilities and global capacity layout to ensure performance certainty. The forecasted dividend yield for 2026 is 8.2%, providing a margin of safety. Potential catalysts include the recovery of clients and orders exceeding expectations, as well as improvements in production efficiency [5]. Earnings Forecast and Valuation - The company is projected to have EPS of USD 0.23 and USD 0.24 for 2025 and 2026, respectively, with a CAGR of -0.4% from 2024 to 2026. The current stock price corresponds to a P/E of 8.6x for 2026. Based on a P/E of 10.5x for 2026, the target price is set at HKD 19.46, indicating a 23% upside from the current price, with an initial coverage rating of "outperform" [6].

Core Viewpoint - CICC's report highlights Yuanyuan Group (00551) as a global leader in athletic shoe manufacturing, with a strong presence in the Greater China athletic footwear and apparel retail market, and a diversified global production base. The report initiates coverage with an "outperform" rating and a target price of HKD 19.46, corresponding to a 10.5x P/E for 2026 [1]. Industry Overview - The athletic shoe industry has significant growth potential and is becoming increasingly concentrated. According to Euromonitor, the global athletic shoe market is projected to reach USD 167.7 billion in 2024, with a mid-single-digit growth rate expected over the next five years. The top 10 brands are anticipated to hold a 57% market share by 2025, indicating a concentrated market structure [2]. Company Positioning - Yuanyuan Group is the largest athletic shoe manufacturer globally, with an estimated shipment share exceeding 10%. Its subsidiary, Pou Sheng International, is a leading athletic footwear and apparel retailer in Greater China. In 2024, the company's revenue and net profit attributable to shareholders are projected to be USD 818 million and USD 39 million, respectively, with the manufacturing segment accounting for 69% of revenue and 89% of net profit [2]. Development Capabilities - The company has strong development capabilities for mid-to-high-end footwear, allowing it to establish deep partnerships with major international brands such as Nike and Adidas, as well as long-term collaborations with Asics, New Balance, Salomon, and Arc'teryx. The top five clients are expected to contribute 80-90% of manufacturing revenue [3]. Manufacturing Business Outlook - With overseas brand inventories at manageable levels and accelerated product innovation, the manufacturing business is expected to return to stable growth. The reduction of tariff disruptions by 2026 and the improvement of previously uneven capacity utilization are anticipated to enhance manufacturing performance [4]. Market Differentiation - The company is expected to benefit from actively optimizing its client base and structure, which could lead to renewed growth. The combination of development capabilities and global production layout is projected to provide earnings certainty. The forecasted dividend yield for 2026 is 8.2%, offering a margin of safety. Potential catalysts include the recovery of client orders and better-than-expected production efficiency [5]. Earnings Forecast and Valuation - The company is projected to have EPS of USD 0.23 and USD 0.24 for 2025 and 2026, respectively, with a CAGR of -0.4% from 2024 to 2026. The current stock price corresponds to an 8.6x P/E for 2026. Based on a 10.5x P/E for 2026, the target price of HKD 19.46 indicates a 23% upside from the current level, with an "outperform" rating initiated [6].

Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].

Group 1 - High-quality stocks have shown strong performance since October, with low P/E index rising over 8% and performance stocks index increasing over 6% [1] - Tianfeng Securities suggests focusing on three investment themes for the upcoming spring market: AI technology breakthroughs, economic recovery driven by internal and external resonance, and the rise of undervalued dividend stocks [1] - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced over 30% from their yearly highs, excluding ST stocks [1] Group 2 - Aima Technology and Lianmei Holdings have reported significant year-on-year net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% [2] - Lianmei Holdings is positioned as a comprehensive energy service provider with significant growth potential, supported by its strategic location and successful investment ventures [2] - Institutions have shown interest in stocks like Transsion Holdings and Huali Group, with insurance funds holding over 100 million yuan in these stocks as of the end of Q3 [2] Group 3 - Companies like Ousheng Electric, Transsion Holdings, and Lianmei Holdings have demonstrated substantial dividend payouts over the past three years, with cumulative dividend rates exceeding 190% [3] - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually [3] - Lianmei Holdings has announced multiple shareholder return plans, highlighting its commitment to investor returns [3] Group 4 - The table lists high dividend yield stocks with significant cumulative dividends over three years, including Ousheng Electric (4.58% yield, 249.05% cumulative dividend), Transsion Holdings (4.46% yield, 214.61% cumulative dividend), and Lianmei Holdings (4.54% yield, 199.10% cumulative dividend) [4] - Other notable stocks include Ganyuan Food (5.02% yield), Huali Group (4.48% yield), and Aima Technology (3.09% yield) [4]