"国风也能打动老外" 见到上海证券报记者时，自勤工艺品老板娘聂自勤正准备去北京参加一家媒体的访谈节目。今年4月， 聂自勤面对镜头时，"如果美国客户不要，那我就给南美客户"的一番回应让她意外走红，被称为"义乌 最牛老板娘"。彼时，美国对华部分商品加征关税，她主营的万圣节礼品业务遭遇较大冲击。 如今，聂自勤位于义乌国际商贸城一区的店铺焕然一新。曾经摆满南瓜灯、骷髅摆件等万圣节道具的货 架，被琳琅满目的国潮创意品取代，红彤彤的店面衬着满溢中国风的商品，在一众商铺中格外亮眼。 "我们今年加大了国风系列产品的布局力度，趁着万圣节订单收尾后的空档期盘活店铺资源，算是给自 己闯出了一条'第二增长曲线'。"聂自勤笑着告诉记者，这些富含东方韵味的饰品不仅在国内市场受欢 迎，更俘获了一众海外客商的心。 几位"义乌老板娘"一起学习阿拉伯语。记者 朱翔 摄 ◎上海证券报记者 杨烨 初冬的义乌，微微寒意裹挟着烟火气漫过街巷。早上八点整，义乌国际商贸城迎来崭新的一天。停车场 进出口，车流排起长龙；商贸城主通道上人头攒动，脚步声与交谈声此起彼伏。 过去一年，全球贸易风起云涌，不少义乌老板娘开始寻找新航向，锚定新航标。做万圣节礼品的聂自 勤 ...

Core Viewpoint - The "2025 Industry Light Conference" aims to unite the building materials and home furnishing industry to address challenges and seize opportunities for high-quality development [1] Group 1: Industry Trends and Policies - Current national policies provide a solid foundation for the high-quality development of the building materials and home furnishing industry, with initiatives from the Ministry of Commerce and the Ministry of Housing and Urban-Rural Development stimulating demand for smart and green consumption [3] - The industry is transitioning from being mere material providers to "builders of a better life," with a focus on enhancing living quality through bathroom spaces [3] Group 2: Company Initiatives and Innovations - The company, represented by Hengjie Group, is actively responding to policy and market changes by integrating product innovation with scene applications, launching systematic solutions, and initiating a nationwide renovation campaign [3] - Hengjie Group emphasizes the importance of value competition, urging the industry to invest resources in user experience and to break through internal competition through technology, standards, and services [3] Group 3: Industry Collaboration and Future Vision - Three key initiatives were proposed: continuous innovation in products, technology, and services to support the construction of "good houses"; enhancing collaboration across the entire industry chain to improve overall competitiveness; and adhering to long-term and user-oriented principles to provide real value to consumers [3] - The company expresses a desire to collaborate with industry peers and media to promote positive energy and sustainable development within the building materials and home furnishing sector [3]

Core Insights - The Chinese government has introduced a plan to enhance the adaptability of supply and demand in consumer goods, aiming to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, with a focus on high-quality development by 2030 [1] Group 1: Development Goals - By 2027, China aims to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1] - By 2030, the goal is to achieve a high-quality development pattern where supply and consumption interact positively, with a steady increase in consumption's contribution to economic growth [1] Group 2: Key Consumption Areas - The three trillion-level consumption sectors include elderly products, smart connected vehicles, and consumer electronics [1] - The ten hundred-billion-level consumption hotspots cover categories closely related to daily life, such as baby products, smart wearables, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national fashion apparel [1] Group 3: Current Market Trends - In the first ten months of this year, the trade-in policy for consumer goods has generated over 2.4 trillion yuan in sales, benefiting more than 360 million people [3] - Retail sales of home appliances, furniture, and communication equipment have seen approximately 20% year-on-year growth, maintaining a rapid growth rate [3] Group 4: Regulatory and Standardization Efforts - The State Administration for Market Regulation has released 22 national standards related to energy and water consumption for daily consumer goods, enhancing the supply of quality products to meet consumer demand [3] - The plan emphasizes the development of energy-efficient and environmentally friendly products suitable for rural areas, including efficient range hoods, gas stoves, water heaters, and bathroom products [3][4]

Market Performance - On November 26, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14%[1] - The total trading volume in both markets was less than 1.8 trillion yuan, showing a slight decrease compared to the previous period[1] - A total of 1,661 stocks rose while 3,409 stocks fell across the two markets[1] Sector Analysis - Leading sectors included pharmaceuticals, commercial retail, chemical pharmaceuticals, semiconductors, and food and beverage, which showed significant gains[1] - Weaker sectors included shipbuilding, aerospace, gaming, and electronic chemicals, which experienced declines[1] - The semiconductor and innovative drug sectors, previously underperforming, showed strong rebounds[1] Fund Flow - On November 26, net inflows were 11.472 billion yuan for the Shanghai Stock Exchange and 24.999 billion yuan for the Shenzhen Stock Exchange[3] - The top three sectors for net inflows were communication equipment, semiconductors, and components, while the largest outflows were from ground weaponry, marine equipment, and large state-owned banks[3] Economic Policies - A new plan aims to enhance the adaptability of consumer goods supply and demand, targeting the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027[4] - The plan emphasizes the importance of rural consumption upgrades and the development of e-commerce and logistics systems in rural areas[6] Industry Trends - The medical device market in China is projected to reach 1.22 trillion yuan by 2025, with a 27.8% increase in the number of medical device manufacturers by the end of 2024[9] - The Beijing "15th Five-Year Plan" focuses on increasing the proportion of new energy vehicles and improving supporting infrastructure for them[10] Fund Distribution - Year-end fund distributions have exceeded 200 billion yuan, with equity funds distributing nearly 50 billion yuan, significantly higher than the total for the previous year[12] - The total trading volume of ETFs reached 370.264 billion yuan, with stock ETFs accounting for 116.7 billion yuan and bond ETFs for 150.3 billion yuan[13]

Core Viewpoint - The article emphasizes the importance of enhancing the adaptability of supply and demand in the consumer market to strengthen domestic circulation and address external challenges, as outlined in a new implementation plan by six government departments [1][4]. Group 1: Current Market Situation - The consumer market in China is experiencing a clear upgrading trend, with final consumption expenditure contributing 53.5% to economic growth in the first three quarters of this year [1]. - There is a structural contradiction characterized by an oversupply of low-end products and a shortage of high-quality offerings [1]. Group 2: Technological Innovation - Technological innovation is identified as a key driver to address supply-demand mismatches, with companies like Joyoung leveraging consumer big data to significantly boost smart product sales [2]. - A full-chain digital system should be established to connect user demand, intelligent design, and flexible production, particularly in key industries like home appliances and furniture [2]. Group 3: Rural Market Adaptation - Improving supply-demand adaptability in rural areas is crucial, focusing on precise demand matching rather than merely delivering goods [3]. - Encouragement for companies to develop energy-efficient appliances suitable for rural environments is highlighted, along with the need for improved logistics and commercial facilities [3]. Group 4: Green Transformation - The green transition is seen as a new space for consumption growth, with over 90% of sales in energy-efficient appliances last year coming from first-level energy efficiency products [3]. - Support for green low-carbon consumption in sectors like new energy vehicles and high-efficiency appliances is recommended [3]. Group 5: Policy Shift - The new plan signifies a shift in consumption policy from merely stimulating demand to a dual approach of enhancing both supply and demand [4]. - The application of new technologies and the emergence of unique products are expected to unlock greater market potential, serving as a significant engine for economic growth [4].

Core Points - The 2025 Wuhan (Hankou North) Commodity Fair will open on November 20, continuing its 16-year tradition of attracting numerous businesses to showcase their products and innovations [1] - The fair has evolved from a sales-focused event to a platform for launching new products and exploring business collaborations [4][5] Group 1: Company Participation and Impact - Companies like Feidiao Electric have participated multiple times, using the fair as a key platform for brand visibility and product showcase, leading to a nearly 30% increase in sales [3] - Wuhan Jing Tian Yi Shang Trading Co. has shifted its focus from merely selling products to showcasing new designs and seeking e-commerce partnerships, reflecting a broader trend among participants [4] - The founder of Wuhan Tangqihe Coffee noted a 50% increase in sales after leveraging the fair for brand promotion and expanding service offerings [5] Group 2: Business Transformation and Growth - Wuhan Qimengdie Clothing Co. transitioned from traditional wholesale to e-commerce, inspired by the fair's dynamic environment and the presence of online influencers [5][6] - The fair has facilitated significant business growth for participants, with some like Wang Jitao expanding their operations and securing contracts worth millions annually [10] Group 3: Diverse Offerings and International Appeal - The fair features a wide range of products, including fresh flowers from around the world, attracting both local and international buyers [7][8] - The event has become a vital networking opportunity, allowing businesses to connect with potential clients and partners, enhancing their market reach [9][10]

Group 1 - The company has been exporting products to several EU member countries, making Europe its second-largest export region [2] - The company's products have been exported to France, Italy, Poland, Netherlands, Belgium, Spain, and Portugal, among others [2] - Additionally, the company also exports to other significant European markets, including the UK [2]

Core Viewpoint - The Public Security Bureau has intensified efforts to combat online infringement and counterfeiting crimes, resulting in over 2,600 criminal cases and the arrest of 15,000 suspects this year, thereby enhancing consumer protection and promoting a safe online shopping environment [1][2]. Group 1: Law Enforcement Actions - The police have adopted a proactive policing approach, utilizing a new operational model that combines "professionals + mechanisms + big data" to enhance intelligence gathering and case analysis [2]. - A total of 8 typical cases of online infringement and counterfeiting crimes have been highlighted, showcasing the effectiveness of law enforcement in dismantling criminal networks [1][2]. Group 2: Case Summaries - In Liaoning, 41,000 counterfeit down jackets were seized, with a case value exceeding 50 million yuan, leading to the arrest of 10 suspects [3]. - In Zhejiang, 25,000 counterfeit automotive wheels and 15,000 trademark labels were confiscated, with a case value of 230 million yuan, resulting in 12 arrests [4]. - In Anhui, 20,000 counterfeit bathroom products were seized, with a case value of 21 million yuan, leading to the arrest of 6 suspects [5]. - In Guangdong, 44,000 counterfeit watches and 669,000 components were confiscated, with a case value of 140 million yuan, resulting in 32 arrests [6][7]. - In Guangxi, 13,000 rolls of substandard electrical cables were seized, with a case value of over 31 million yuan, leading to the arrest of 30 suspects [8]. - In Chongqing, 38,000 bottles of counterfeit daily chemical products were seized, with a case value of 15 million yuan, resulting in 10 arrests [9]. - In Sichuan, counterfeit bags worth 73 million yuan were involved, with 22 suspects arrested [10]. - In Shaanxi, counterfeit smart toilets valued at over 70 million yuan were seized, leading to the arrest of 7 suspects [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company experienced a year-on-year decline in revenue performance in Q3 2025, attributed to industry pressures, but demonstrated effective cost control with improved gross margins across product categories and stable operating cash flow, indicating enhanced profit quality [1][7]. - The company is expected to benefit from its "whole home" strategy and organizational restructuring, which align with changing consumer habits and channel dynamics, potentially increasing market share [7]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 13.214 billion yuan, a year-on-year decrease of 4.79%, and a net profit attributable to shareholders of 1.832 billion yuan, down 9.77% [7]. - In Q3 2025 alone, revenue was 4.973 billion yuan, reflecting a 6.10% decline year-on-year, while net profit dropped 21.79% to 814 million yuan [7]. - The company’s gross margin improved to 37.19%, up 1.65 percentage points year-on-year, despite rising expense ratios leading to a decline in net profit margin [7]. Revenue and Profit Forecast - The company’s revenue is projected to decline further in 2025 before recovering in subsequent years, with estimates of 17.970 billion yuan in 2025, 18.999 billion yuan in 2026, and 20.395 billion yuan in 2027 [2][9]. - Net profit forecasts for 2025, 2026, and 2027 are 2.431 billion yuan, 2.665 billion yuan, and 2.966 billion yuan, respectively, with corresponding PE ratios of 13.4, 12.2, and 11.0 [2][10]. Key Financial Metrics - The company’s total assets are projected to be 33.387 billion yuan in 2025, with total liabilities of 13.403 billion yuan, resulting in a debt-to-asset ratio of approximately 40.1% [8][10]. - The return on equity (ROE) is expected to decline to 12.5% in 2025, with a gradual recovery to 13.5% by 2027 [10].

Core Viewpoint - Dongpeng Holdings is a leading player in the domestic ceramic tile industry, focusing on the research, production, and sales of ceramic products, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Dongpeng Holdings reported revenue of 4.501 billion, ranking 2nd in the industry, with Marco Polo leading at 4.938 billion [2] - The main business composition includes glazed tiles at 2.457 billion (83.73%), sanitary ceramics at 200 million (6.81%), and bathroom products at 172 million (5.86%) [2] - The net profit for the same period was 349 million, also ranking 2nd, with Marco Polo at 1.062 billion [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Dongpeng Holdings was 33.74%, down from 36.29% year-on-year, lower than the industry average of 39.52% [3] - The gross profit margin was 31.10%, slightly down from 31.23% year-on-year, but still above the industry average of 23.08% [3] Group 3: Executive Compensation - Chairman He Xinming's compensation for 2024 was 2.4324 million, a decrease of 504,900 from 2023 [4] - General Manager He Ying's compensation for 2024 was 2.3079 million, down by 596,300 from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.23% to 27,800 [5] - The average number of circulating A-shares held per shareholder decreased by 0.23% to 41,100 [5] Group 5: Business Highlights - Despite a 3.9% year-on-year decline in revenue, the net profit increased by 13.1% [5] - The retail channel for ceramic tiles saw an 8.03% increase in revenue, with a 14.96% increase in sales area [5] - The company maintained stable profit margins and strong cash flow, with a cash flow from operations of 651 million, an increase of 162 million year-on-year [6]