于本回顾期间六个月内，公司的核心成衣业务与去年同期相比实际有所改善，收入增加而亏损减少。惟 预期成衣业务于本年度余下时间将持续面对挑战，以及无锡一棉投资将持续为公司带来重大亏损。 格隆汇11月21日丨长江制衣(00294.HK)公布截至2025年9月30日止六个月之中期业绩。于回顾期内，收 入约为8559万港元，集团录得亏损5331万港元(2024/25年首六个月亏损3177万港元)。此亏损再度由于计 入集团于无锡一棉投资有限公司(集团拥有49%股权)之投资录得亏损4774万港元所致。然而，此亏损并 不会对集团的现金流量产生负面影响。 ...

节庆需求推动黄金进口创新高 印度10月黄金进口额达到147.2亿美元，较去年同期增长近两倍。本财年前7个月（4月至10月），黄金 进口累计达412.3亿美元，同比增长21.44%，高于去年同期的340亿美元。 瑞士是印度最大的黄金进口来源国，占比约40%，其次是阿联酋（超过16%）和南非（约10%）。数据 显示，10月从瑞士进口额激增403.67%至50.8亿美元。本财年前7个月，从瑞士进口增长10.54%至154亿 美元。 黄金在印度进口总额中占比超过5%。作为全球第二大黄金消费国，仅次于中国，印度的黄金进口主要 满足珠宝行业需求。目前黄金价格在新德里徘徊在每10克12.9万卢比左右。白银进口同样大幅增长，10 月进口额跳升528.71%至27.1亿美元。 贸易逆差创纪录 印度10月黄金进口创下历史新高，同比飙升近三倍至147.2亿美元，推动该国商品贸易逆差扩大至创纪 录的417亿美元。这一逆差数据远超市场预期，凸显出节庆需求和美国关税双重压力对印度贸易账户的 冲击。 根据印度商务部周一公布的数据，该国10月黄金进口额较去年同期的49.2亿美元大幅增长，增幅接近 200%。印度商务部长Rajesh Agra ...

Core Insights - India's goods trade deficit reached a record high of $41.7 billion in October, driven by a surge in gold imports and the impact of U.S. tariffs on exports [1][2] Trade Deficit and Imports - The trade deficit significantly exceeded Reuters poll estimates of $28.8 billion and surpassed the previous record of $37.8 billion set in November 2024 [2] - Gold imports in October amounted to $14.7 billion, marking an increase of nearly 200% compared to the same month last year, with consumers estimated to have spent $11 billion during the five-day festival period [2] Exports and Tariff Impact - Exports to the U.S. declined for the second consecutive month, falling 8.5% year-on-year in October to $6.3 billion due to the 50% tariffs implemented at the end of August [3] - Despite the decline, the U.S. remained the largest export destination for India, with shipments worth $52 billion in the first seven months of the fiscal year [3] - Key exports such as gems and jewelry fell by 29.5% to $2.3 billion, while engineering goods decreased by 16.7% to $9.4 billion [4] Future Outlook - Merchandise imports are expected to decrease in November and December 2025 as gold imports decline post-festival season, alongside a potential increase in exports [5] - India's current account deficit is projected to widen to 2.4-2.5% of GDP in the third quarter of the fiscal year ending March 2026, with a CAD to GDP ratio of around 1.2% for fiscal year 2026 if U.S. tariffs remain in place [6] Trade Negotiations - Ongoing trade negotiations between the U.S. and India have yet to yield a deal, although both sides are softening their positions, with hints from U.S. President Trump about potential tariff reductions [7] - India has increased oil and gas purchases from the U.S. to address the trade surplus and is expected to buy agricultural products as well [7]

（原标题：21专访｜杨敏贤：纺织业零碳园区，需从洗水工艺、能源转型突破） （十如研究院委员会委员、溢达集团副董事长杨敏贤，受访者供图） 21世纪经济报道记者卢陶然、李德尚玉 桂林、北京报道 2025年政府工作报告做出明确部署，提出扎实开展国家碳达峰第二批试点，建立一批零碳园区、零碳工 厂。 11月10日，国家发展改革委、国家能源局联合印发《关于促进新能源消纳和调控的指导意见》指 出，"创新新能源集成发展模式，推进零碳园区建设。"此前，国家发展改革委、工业和信息化部、国家 能源局等部门也发布了《关于开展零碳园区建设的通知》等专项文件。 从十如的经验来看，绿色建筑在设计阶段相对容易，聘请设计师、选用可持续材料基本能满足要求。但 运营维护完全不同，需要在工厂运营的每一日、每一处落实可持续理念。技术和设备可以购买，规则可 以制定，但可持续发展不能依靠规则和监督，需要让可持续理念从一项项具体措施，内化为每一位员工 无需提醒的自觉。我们通过成立绿色发展委员会、推广绿色办公实践、建立全方位的员工关怀体系等方 式，系统性地培育这种文化。 21世纪：纺织业建设零碳园区有哪些独特的重点和难点？ 杨敏贤：纺织业建设零碳园区的难点首 ...

Group 1 - The core viewpoint of the news is that Xinha shares experienced a decline in stock price, with a current trading price of 9.15 yuan per share and a total market capitalization of 3.848 billion yuan [1] - As of November 13, Xinha shares have seen a year-to-date price increase of 5.78%, with a 3.86% increase over the last five trading days, a 12.68% increase over the last 20 days, and a 14.66% increase over the last 60 days [1] - The company has experienced net outflows of main funds amounting to 8.1039 million yuan, with significant selling pressure observed [1] Group 2 - Xinha Co., Ltd. is located in Xiamen, Fujian Province, and was established on June 7, 2006, with its listing date on October 26, 2020. The company specializes in the design, production, and sales of mid-to-high-end women's clothing [1] - The main business revenue composition includes ready-to-wear clothing at 97.59%, accessories at 1.55%, and other supplementary items at 0.86% [1] - As of September 30, the number of shareholders for Xinha shares was 15,300, a decrease of 4.40% from the previous period, while the average circulating shares per person increased by 2.61% to 26,876 shares [2] Group 3 - For the period from January to September 2025, Xinha shares achieved operating revenue of 1.055 billion yuan, representing a year-on-year growth of 3.65%, and a net profit attributable to the parent company of 10.3768 million yuan, reflecting a significant year-on-year increase of 135.47% [2] - Since its A-share listing, Xinha has distributed a total of 651 million yuan in dividends, with 223 million yuan distributed over the past three years [2]

Core Viewpoint - The recent trade agreement between China and the U.S. has left India in a precarious position, as it has become a victim of the U.S.-China trade war, with significant repercussions for its economy and exports [1][2]. Group 1: India's Trade Dynamics - Modi's strategy of balancing relations with both Russia and the U.S. has backfired, leading to increased tensions and punitive tariffs from the U.S. [3][5]. - India is now the world's largest buyer of Russian oil, importing 1.9 million barrels per day in 2024, which has drawn the ire of the U.S. [4]. - The U.S. has imposed a 50% punitive tariff on Indian exports, severely impacting India's competitive position in the global market [6][11]. Group 2: Economic Impact - The punitive tariffs have led to a collapse in India's exports to the U.S., particularly in key sectors such as textiles, jewelry, and seafood, with orders evaporating by nearly 40% [11][13]. - The economic situation has forced the Indian government to reconsider its diplomatic approach, with the foreign minister making multiple visits to Washington in a short period [13]. Group 3: India's Global Standing - While the U.S. and China have reached a consensus, India finds itself sidelined, lacking the leverage to negotiate favorable terms [14][16]. - India's aspirations to become the "world's factory" and replace China are challenged by its infrastructural and logistical shortcomings, as well as a lack of trust from both the U.S. and China [18][19]. Group 4: Conclusion - The recent developments highlight India's miscalculations in foreign policy, as it has not emerged as a winner in the ongoing trade disputes, but rather as an unintended casualty [20][21].

Core Insights - Macau's total export value for the first three quarters of 2025 increased by 2.1% year-on-year to 10.31 billion MOP, with re-exports rising by 2.8% and local product exports declining by 3.7% [1] - Total import value decreased by 3.7% to 91.49 billion MOP, resulting in a trade deficit of 81.18 billion MOP [1] - In September 2025, total export value reached 1.11 billion MOP, up 11.7% year-on-year, while total imports increased by 9.3% to 11.32 billion MOP [2] Export Performance - Exports to mainland China and Hong Kong increased significantly, with values of 0.93 billion MOP (up 59.9%) and 7.35 billion MOP (up 3.2%) respectively [1] - Exports to the US and EU saw declines of 4.7%, with values of 0.22 billion MOP and 0.16 billion MOP respectively [1] - Non-textile exports rose by 3.9% to 9.28 billion MOP, while textile and garment exports fell by 11.8% to 1.03 billion MOP [1] Import Performance - Total imports from mainland China and the EU decreased by 1.8% and 5.7% respectively, while imports from Hong Kong increased by 7.0% [1] - Consumer goods imports fell by 2.2% to 66.19 billion MOP, with clothing and footwear decreasing by 6.5% to 8.71 billion MOP, while gold jewelry increased by 10.3% to 8.41 billion MOP [1] - In September 2025, imports of gold jewelry and food & beverages surged by 62.0% and 16.0% respectively, while handbags and wallets decreased by 10.9% [2] Trade Deficit - The total trade deficit for the first three quarters of 2025 was 81.18 billion MOP, with a monthly deficit of 10.21 billion MOP in September [1][2] - The trade deficit for the third quarter of 2025 was recorded at 27.59 billion MOP [2]

Group 1 - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai, organized by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Calvin Tsang, Chairman of Eclat Textile Co., Ltd., participated in the conference and spoke on the topic of building a smart, green, and responsible supply chain ecosystem [1] - The discussion highlighted the increasing importance of AI technology in the textile industry, particularly in response to labor cost considerations and demographic changes [1] Group 2 - AI is being utilized in quality inspection processes, such as fabric inspection, where technology replaces manual checks to enhance efficiency and accuracy [2] - The application of AI is expected to grow within the industry, simplifying approximately 80% of tasks while still requiring human oversight for final decisions [2]

Core Insights - The 14th Jiangsu (Shengze) Textile Expo and 2025 Suzhou Bay Fashion Week opened on October 15, showcasing Shengze's reputation as a textile hub with over 2,500 textile enterprises, including two Fortune Global 500 companies, and an annual trading volume exceeding 200 billion yuan in the Oriental Silk Market [1][2] - The event highlighted Shengze's commitment to innovation and modernization in the textile industry, positioning it as a leader in China's textile modernization efforts, with a focus on sustainable and high-quality development [1][3] Group 1 - The opening ceremony featured the release of the Wujiang Textile Industry Transformation and Upgrade Strategy, the Shengze Textile Industry Transformation Platform, and the "Smart Green Together" initiative for low-carbon development [2] - The digital platform "Cloud Textile City" was launched, along with the signing of several projects aimed at enhancing green innovation and blockchain technology in the textile supply chain [2] - The event included the "Oriental Cup · 2025 China Women's Wear Design Competition," showcasing designs that utilized high-quality fabrics from Shengze, emphasizing the transformation from fabric to finished garments [2] Group 2 - The Shengze Textile Expo has evolved into a high-level platform for industry trends and global resource connections, featuring over 300 textile enterprises and more than 1,500 global buyers for a three-day supply-demand matching event [3] - The expo will host nine fashion shows, three top industry competitions, and two international conferences, reinforcing the theme "The World Fabric Looks at Shengze" and promoting high-end textile leadership [3] - Key figures from various textile and fashion associations, as well as government officials, attended the opening ceremony, highlighting the collaborative spirit of the industry [3]

Group 1 - The 14th Jiangsu (Shengze) Textile Expo and the 2025 Suzhou Bay Fashion Week opened, showcasing the strategic upgrade of the Wujiang textile industry towards high-end, digital, green, international, and brand-oriented development [1] - Over 300 outstanding textile enterprises and more than 1,500 global buyers participated in a three-day supply-demand matching event, featuring nine fashion shows and three top industry competitions [1] - The event highlighted the launch of several key industrial parks and innovation platforms aimed at supporting the transformation of the textile industry, focusing on high-end textiles, new materials, intelligent equipment, and modern services [1] Group 2 - The "Yunfang City" digital platform was launched to facilitate deep integration of online and offline textile trade, providing comprehensive services from information to transactions [2] - A supply chain financial digital platform alliance was initiated, partnering with major banks to support textile enterprises with innovative financial solutions [2] - The 2025 Oriental Cup China Women's Wear Design Competition concluded with awards presented, showcasing designs that utilized high-quality fabrics from Shengze [2]