10月4日，南丹县里湖瑶族乡瑶寨，家家户户传来"唧唧复唧唧"的机杼声，白裤瑶同胞忙着纺纱织 布。 黎凤珍坐在老旧木纺车前，双脚轻踩踏板，手中梭子如游鱼般在经纬间穿梭。梭声唧唧，一天光阴 便织就3米白布。在此之前，她和姐妹们已花半年光阴制作粘膏；入冬后，又要在白布上作画、染色、 脱膏……整套工序需耗费整整一年。这就是传承千年的白裤瑶绝活——粘膏染，而黎凤珍，正是国家级 非遗项目瑶族服饰的自治区级代表性传承人。如今，她制成的白裤瑶盛装，每套价值超万元，贵的不是 布料，而是时光里沉淀的匠心。 时间回溯到8月底，天刚破晓，黎凤珍便与乡亲们踏着露珠走进深山。他们肩扛竹梯、手提木桶， 去收集粘膏。粘膏树只生于白裤瑶聚居地，树干上布满了密密麻麻的刀痕，像是岁月的印记，又像外化 的年轮。每年4月，白裤瑶必派人进山，在树干上砍凿。时间越久，粘膏渗出愈丰。 晨光透过密林，黎凤珍仰头望去，高耸的粘膏树上，乳白色的粘膏液正从刀痕中缓缓渗出。他们小 心翼翼地用木片将粘膏刮入桶中，高处则需架梯采摘。"粘膏黏性极强。"黎凤珍轻声解释，"我们都会 备一桶清水，一旦沾手必须立即清洗，否则只能回家用火灰揉搓才能化解。" "山中蚊虫叮咬，日头又毒 ...

研究报告 Research Report 8 Oct 2025 Burberry Group (BRBY LN) 首次覆盖：百年英伦奢侈品牌复兴，看新管理团队与 Daniel Lee 如何驱动品牌价值回归 Reviving a Century-Old British Luxury House: How the New Management Team and Daniel Lee Are Driving Burberry's Brand Value Rebound: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 £12.02 目标价 £14.50 市值 4.34bn / US$5.85bn 日交易额 (3 个月均值) US$18.32mn 发行股票数目 360.98mn 自由流通股 (%) 97% 1 年股价最高最低值 13.72-6.28 注：现价£12.02 为 2025 年 10 月 06 日收盘价 资料来源： Fact ...

海南三亚：逛商场成外国人旅游新潮流 中新社三亚10月3日电 题：海南三亚：逛商场成外国人旅游新潮流 作者 张月和 "我的妻子喜欢购物，三亚的商场很符合她的喜好，她看到有很多喜欢的服装品牌"，10月2日，在海南 三亚大悦城购物中心，俄罗斯游客奥列格(Oleg)和妻子开启"买买买"模式。 10月2日，海南三亚，外国游客在购物中心内挑选商品。张月和 摄 风光旖旎的滨海城市三亚一向受到外国游客的喜爱，除了在海边沙滩晒日光浴，逛商场正成为外国人来 三亚旅游的"新宠"。在三亚多个商场内，常见外国游客的身影。丰富的品牌商家、舒适的购物环境、便 利的支付方式，为入境游客消费创造了良好条件。 "俄罗斯已经开始降温了，我给妹妹买了一条围巾当礼物。"俄罗斯游客亚瑟(Arthur)手捧一杯饮品，和 朋友穿梭于不同商家。他说，三亚的天气比较炎热，商场里的恒温环境很舒适，"而且业态丰富，有不 同国家的美食，我们吃了日料，味道很不错"。 10月2日，海南三亚，外国游客在购物中心与机器人互动。(三亚大悦城 供图) 10月2日，海南三亚，外国游客在购物中心内挑选商品。张月和 摄 奥列格习惯用现金付款，他说，在商场里可以兑换现金，非常方便。萨米 ...

Core Insights - Yiwu's sports goods and equipment exports reached 6.78 billion yuan in the first seven months of this year, marking a 16.8% year-on-year increase, with exports to the US, Canada, and Mexico totaling 1.88 billion yuan, up 10% [1] - The upcoming 2026 FIFA World Cup is driving Yiwu's economy, as local businesses optimize product strategies across design, category expansion, and intellectual property protection to seize market opportunities [1] - The shift from "manufacturing dividends" to "intelligent manufacturing advantages" reflects Yiwu's adaptation to diverse consumer demands and stricter market regulations [1] Market Customization - There is a significant difference in consumer preferences across countries, with US consumers focusing on functionality and sustainability, Canadian consumers favoring family-oriented leisure sports equipment, and Mexican consumers showing a preference for culturally themed football merchandise [2] - Yiwu merchants are responding to these preferences by offering personalized and localized products, which enhances product value and helps avoid price competition due to product homogeneity [2] Brand and Intellectual Property - The strict intellectual property protections associated with the World Cup necessitate compliance in the design phase to avoid infringement disputes, which is crucial for maintaining export markets and building brand reputation [2] - Transitioning from OEM to self-owned brands is essential for Yiwu to compete on the global stage, emphasizing the need to enhance competitiveness within regulatory frameworks [2] Response to Global Events - Yiwu's ability to quickly respond to global events, such as the World Cup and other major occasions, showcases its flexible market mechanisms and strong supply chain integration, which are vital for navigating economic fluctuations [2] Long-term Transformation - The World Cup economy serves as a temporary surge but also as a long-term transformation opportunity for Yiwu, highlighting the necessity for Chinese SMEs to upgrade their thinking from speed to quality, scale to brand, and manufacturing to intelligent manufacturing [3] - Yiwu's proactive approach positions it as a leader rather than a follower in the global economic landscape, reflecting the vitality of China's private economy [3]

Core Insights - The article highlights how Yiwu, known as the "world supermarket," is proactively preparing for the upcoming 2026 World Cup by optimizing product strategies to meet international market demands [1][12][15]. Group 1: Market Preparation - Merchants in Yiwu are experiencing a gradual increase in orders as they adapt their product offerings to align with the specific needs of different countries and regions [1][15]. - A merchant named Wen Congjian has created a "World Cup" themed catalog that includes diverse fan apparel designs, catering to the host countries of the USA, Canada, and Mexico, which has attracted immediate interest from overseas clients [1][3]. - Yiwu merchants are conducting research on cultural customs and fan preferences to customize products, such as offering minimalist styles for the European market and vibrant designs for South America [11]. Group 2: Intellectual Property and Product Design - Wen Congjian has prioritized intellectual property protection by applying for over 40 design and appearance patents for fan apparel in overseas markets since the beginning of the year [5]. - Merchants are also collaborating with cross-border e-commerce platforms to analyze consumer demand through big data, allowing for timely adjustments in production and inventory strategies [11]. Group 3: Export Growth and Economic Impact - According to Yiwu Customs, the total export value of sports goods and equipment reached 6.78 billion yuan in the first seven months of the year, marking a 16.8% year-on-year increase [19]. - Exports to the World Cup host countries (USA, Canada, Mexico) amounted to 1.88 billion yuan, reflecting a 10% increase [19]. - Historical data indicates that Yiwu's market share for World Cup-related products was approximately 70% during the last World Cup in Qatar, showcasing the significant economic opportunities presented by the event [14][15]. Group 4: Production Capacity and Logistics - To meet the rising demand for World Cup-related products, many Yiwu manufacturers are expanding production capacity and optimizing processes to ensure timely delivery of orders [20][21]. - A knitting factory has increased its production efficiency by adding 20 new machines last year, while another factory can produce around 30,000 hats and 10,000 scarves daily [23][27]. - The rapid development of logistics, particularly in cross-border e-commerce, has facilitated quicker and more cost-effective shipping, enhancing customer satisfaction [31].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance compared to the previous year [3]. Financial Performance - In H1 2025, the company achieved revenue of 11.825 billion yuan, a year-on-year decrease of 11.83%, and a net profit attributable to shareholders of 989 million yuan, down 1.82% year-on-year [3]. - For Q2 2025, the company recorded revenue of 6.222 billion yuan, a year-on-year decline of 7.27%, but a quarter-on-quarter increase of 11.05% [3]. Segment Performance - The apparel segment saw production increase by 2.82% year-on-year, with a unit selling price of 851 yuan, up 7.19%, and a unit gross profit of 462 yuan, up 2.79% [4]. - In H1 2025, the silicon manganese and silicon iron segments reported significant increases in gross profit per ton, with silicon iron gross profit up 51.93% and silicon manganese up 37.18% [5]. - The caustic soda segment experienced a gross profit increase of 47.11% per ton, while the PVC segment saw a decrease of 4.02% [6]. - The coal segment's gross profit per ton fell significantly, with a 40.68% year-on-year decline, and the investment income from Yongmei Mining decreased by 23.28% [7]. Dividend Policy - The company maintained a high dividend payout ratio, reaching 90.92% in 2024, resulting in a current dividend yield of 6.06% [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company demonstrates strong profitability and a high dividend policy, with a 2024 dividend payout ratio reaching 90.92%, corresponding to a current dividend yield of 6.06% [3][4]. - The company is recognized as a leader in the silicon iron industry, with its circular industrial chain synergy gradually becoming evident [4]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 11.825 billion yuan, a year-on-year decrease of 11.83%, and a net profit attributable to shareholders of 989 million yuan, down 1.82% year-on-year [1]. - The second quarter of 2025 saw operating revenue of 6.222 billion yuan, a year-on-year decrease of 7.27%, but a quarter-on-quarter increase of 11.05% [1]. - The company's silicon iron production in the first half of 2025 was 792,800 tons, an increase of 6.85% year-on-year, with a gross profit per ton of 772 yuan, up 51.93% year-on-year [2]. - The company’s caustic soda production was 363,200 tons, with a gross profit per ton of 1,669 yuan, reflecting a year-on-year increase of 47.11% [2]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 18.90% and 22.61% to 2.055 billion yuan and 2.266 billion yuan, respectively, with a new forecast for 2027 set at 2.485 billion yuan [4][5]. - The report provides a detailed financial summary, indicating a projected revenue decline in 2025, followed by a slight recovery in subsequent years [5][19]. Dividend Policy - The company has consistently maintained a high dividend policy from 2020 to 2024, with total cash dividends amounting to 16.79 billion yuan in 2024 [3].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance in the first half of 2025 met expectations, demonstrating resilience in profitability despite the downturn in the ferroalloy and caustic soda PVC industries. The report anticipates limited further decline in the industry, with the company's performance gradually stabilizing [2][11] Financial Summary - Total revenue for 2025 is projected at 27,006 million, a decrease of 4.9% from 2024 - Net profit attributable to shareholders is expected to be 2,054 million, reflecting an increase of 11.2% from 2024 - Earnings per share (EPS) is forecasted to be 0.73 yuan for 2025, with a gradual increase to 0.89 yuan by 2027 - The return on equity (ROE) is expected to improve from 8.8% in 2024 to 11.1% in 2027 [4][12] Industry Performance - The ferroalloy segment showed stable operations, with silicon iron and silicon manganese production at 79.28 and 9.58 million tons respectively in the first half of 2025 - The PVC and caustic soda segments experienced production growth, with PVC output at 54.33 million tons and caustic soda at 36.32 million tons, reflecting increases of 2.54 and 2.11 million tons respectively [11][12] Valuation - The target price for the company has been raised to 13.14 yuan, based on a price-to-earnings (PE) ratio of 18 times for 2025, which is slightly below the industry average of 21.33 times [11][13]

Group 1: Agricultural Development - Inner Mongolia is a significant agricultural production base in China, leading in beef, mutton, and milk production, with grain output exceeding 700 billion jin for five consecutive years [1][2] - In 2024, Tongliao City achieved a grain output of 194.1 billion jin, marking the 21st consecutive year of increased production [2] - The local government is investing 98 million yuan in grain storage and processing improvements from 2023 to 2025, enhancing the entire grain supply chain [3] Group 2: Meat Industry - Inner Mongolia is recognized as a "meat warehouse," with a focus on developing the beef industry, particularly in Tongliao City, which has a cattle population of 3.955 million [4] - The brand value of "Tongliao Beef" is estimated at 27.16 billion yuan, reflecting the region's reputation for high-quality beef [4] - In the previous year, Inner Mongolia produced 3.008 million tons of pork, beef, mutton, and poultry, maintaining its leading position in beef and mutton production [4] Group 3: Dairy Industry - Inner Mongolia is the largest dairy production area in China, with the highest number of dairy cows and milk output, contributing significantly to the national dairy supply [5][6] - The total output value of the dairy industry chain in Inner Mongolia exceeds 200 billion yuan, with milk production reaching 7.767 million tons last year [6] - The region is enhancing its dairy production through modern farming techniques and a complete industry chain from feed cultivation to product sales [6] Group 4: Cashmere Industry - Ordos City in Inner Mongolia is renowned for its high-quality cashmere, being one of the largest cashmere production areas globally [7] - The cashmere industry is evolving towards high-end and branded products, with a focus on quality and design improvements [7] - Sustainable practices are being implemented in cashmere production to balance economic and ecological benefits [7]

Core Insights - Copenhagen Fashion Week showcased the ongoing popularity of oversized styles, expected to thrive in Spring/Summer 2026 [1] - Key fashion items identified include oversized blazers, loose shirts, long coats, wide-leg pants, and oversized hoodies [1] Group 1: Trends and Styles - Low-saturation colors, stripes, checks, and artistic prints are trending, alongside loose denim and oversized jackets [2] - Layering techniques, material contrasts, and proportion balance are emphasized in styling, with a focus on achieving a chic yet effortless look [3] - Vintage polka dots emerged as a highlight, with soft tones like beige and brown reflecting autumn/winter vibes [4] Group 2: Unique Fashion Elements - The trend of wearing lingerie as outerwear was prominent, showcasing a unique Nordic approach to sensuality through bold combinations [5] - The "puffy pants" trend is gaining attention, characterized by a flared silhouette that offers versatility in styling [6] - Scarves are becoming essential accessories, with various innovative styling ideas presented during the event [7] Group 3: Key Apparel and Footwear - T-shirts remain a staple in Nordic casual fashion, with recommendations for deep colors like burgundy and mustard yellow for the autumn/winter season [8] - Work jackets are gaining popularity for their rugged yet formal appeal, suitable for both casual and business-casual settings [10] - Knee-high boots, especially those with belts, are trending, offering a rugged charm that pairs well with various outfits [11] Group 4: Denim Trends - Despite a resurgence of skinny jeans on the runway, baggy jeans remain the mainstream choice in Nordic casual fashion, particularly in dark tones [13]