浙商证券研报指出，悍高集团是境内五金及户外家具制造领域的龙头企业，主营业务收入和盈利能力稳 健增长。公司自产比例提升，规模优势显现，同时海外企业经营压力增大、国产五金加速替代进口产 品，在多渠道销售模式支撑下，有望加快产能扩张及市场投放节奏，未来成长可期。公司五金类产品随 铺设产能投产，市占率加速提升，借助品牌化优势提高盈利能力，拉动国产五金行业消费升级；户外家 具方面，公司借助户外用品市场在全球持续扩大，产品在境内外同时放量，形成公司发展第二曲线。首 次覆盖给予"买入"评级。 ...

Core Viewpoint - The stock of Jiaxin Silk has shown a positive trend with a year-to-date increase of 9.68%, reflecting a stable performance in the textile and apparel industry [1][2]. Financial Performance - For the first half of 2025, Jiaxin Silk reported a revenue of 2.472 billion yuan, representing a year-on-year growth of 1.12%. The net profit attributable to shareholders was 113 million yuan, with a growth of 0.47% [2]. - Cumulative cash dividends since the A-share listing amount to 1.452 billion yuan, with 479 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 21, the stock price of Jiaxin Silk rose by 2.05% to 6.46 yuan per share, with a trading volume of 39.68 million yuan and a turnover rate of 1.36%. The total market capitalization stands at 3.618 billion yuan [1]. - The net inflow of main funds was 889,100 yuan, with large orders accounting for 17.41% of purchases and 15.17% of sales [1]. Business Overview - Jiaxin Silk, established on March 29, 1999, and listed on May 11, 2010, is primarily engaged in the production and sale of silk, satin, clothing, and related products. The revenue composition includes clothing (52.05%), silk products (22.31%), hardware (11.46%), fabric (5.94%), silkworm cocoons (3.28%), and others [1]. - The company operates within the textile and apparel sector, specifically in non-sports clothing, and is associated with concepts such as C2M, cross-border e-commerce, and green power [1]. Shareholder Information - As of June 30, the number of shareholders for Jiaxin Silk reached 30,600, an increase of 3.27% from the previous period. The average circulating shares per person decreased by 3.16% to 14,890 shares [2].

Core Insights - The event held in Zhuhai served as a "supermarket" for local enterprises to connect and find partners, showcasing a new model of "display + negotiation" [1][3] - Over 80 enterprises from key industries participated, with a total of 39.1 billion yuan in supply and procurement demand orders announced [3] - The Zhuhai Municipal Bureau of Commerce is implementing innovative measures to support enterprises in navigating complex international markets [4][5] Group 1: Event Overview - The Zhuhai supply-demand matching event was organized by the Zhuhai Municipal Bureau of Commerce and the Zhuhai Municipal Bureau of Industry and Information Technology [1] - The venue was divided into sections for various industries, facilitating better communication among entrepreneurs [1] Group 2: Participation and Outcomes - The event attracted over 80 enterprises from industries such as smart home appliances, electronics, and new energy, along with more than 30 supermarket companies [3] - A total of 5 billion yuan in intended orders was reached during the event, with procurement orders amounting to 1.24 billion yuan and production capacity orders of 2.67 billion yuan [3] Group 3: Government Support and Future Plans - The Zhuhai Municipal Bureau of Commerce is launching a series of initiatives to help enterprises stabilize and grow, including risk prevention workshops and a currency risk hedging fund [4] - By 2025, the bureau plans to organize at least five supply-demand matching events in emerging fields like cross-border e-commerce and live-streaming e-commerce [5]