实行公铁联运和海铁联运 黄骅港中欧班列2025年开行突破百列 （来源：河北日报） 转自：河北日报 本报讯（王雅楠、付秀智）2025年12月31日10时，一列满载78个标准集装箱的中欧班列从沧州黄骅港启 程，一路向西经内蒙古二连浩特口岸出境，全程8000公里，预计15天后抵达俄罗斯莫斯科。截至当日， 黄骅港中欧班列2025年累计开行101列，装载标准集装箱3024个，总货重达28259.226吨，总货值超10亿 元。 此次班列发运的货物来自沧州、天津、山东东营等地，主要包括机械设备、自行车、无纺布、轮胎等产 品。 自"黄骅港—莫斯科"和"黄骅港—阿拉木图"两条中欧班列线路开通以来，黄骅港班列运行版图持续扩 大，打开了河北货物通往欧洲的新通道。其中，"黄骅港—莫斯科"中欧班列从黄骅港始发，经石家庄国 际陆港铁路场站，由内蒙古二连浩特口岸出境，运行时长约15天。"黄骅港—阿拉木图"中欧班列则从黄 骅港出发，由新疆霍尔果斯口岸出境，最终抵达阿拉木图，全程4570公里，运行时长约8天。 近年来，通过实行公铁联运和海铁联运两种模式，黄骅港中欧班列市场辐射范围不断扩大。在稳固沧州 及周边地区货源的同时，黄骅港与上海港、宁波 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [15]. Core Insights - The textile and apparel sector has shown weaker performance compared to the overall market, with the SW textile and apparel index rising by 0.6%, lagging behind the SW All A index by 2.2 percentage points [3][4]. - The report highlights that the retail and wholesale sales of the company for FY26 Q3 have shown a high single-digit decline year-on-year, which aligns with expectations, while inventory levels remain healthy [10][13]. - The report anticipates a gradual recovery in domestic demand throughout 2026, with specific focus on high-performance outdoor apparel and discount retail segments [9][12]. Summary by Sections Textile Sector - The report recommends focusing on the Australian wool price cycle and the growth of non-woven fabrics, with a projected wool production of 244,700 tons for the 25/26 fiscal year, a decrease of 12.6% year-on-year [9]. - The demand side is expected to improve as downstream brands and manufacturers reduce inventory levels, leading to a replenishment demand [9]. - Companies like New Australia and Nobon are highlighted as beneficiaries of the rising wool prices and the growth in non-woven fabric products [9]. Apparel Sector - The company, Tabo, reported stable operational indicators for FY26 Q3, with a focus on improving retail capabilities and inventory management, while demand recovery is still awaited [10][11]. - Nike is expected to enhance product innovation and retail capabilities, with a cautious approach to inventory management for 2026, which is anticipated to positively impact the industry [11][14]. - The report suggests positioning in Bosideng for the winter season, as favorable weather conditions are expected to boost sales, alongside a potential recovery in the women's apparel segment [12][15]. Industry Data - From January to November, the total retail sales of clothing, shoes, and textiles reached 1,359.7 billion yuan, reflecting a year-on-year growth of 3.5% [25]. - In November, textile and apparel exports amounted to 23.87 billion USD, showing a year-on-year decline of 5.2%, with apparel exports down by 10.9% [32]. - Cotton prices have seen an increase, with the national cotton price index reported at 15,457 yuan per ton, up by 2.2% [33].

行 业 及 产 业 纺织服饰 2025 年 12 月 28 日 滔搏 FY26Q3 运营稳健，期待 Nike 复苏带动产业链 看好 ——纺织服装行业周报 20251228 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 相关研究 《滔搏（06110）点评：三季度基本符合 预期，经营指标健康，需求仍待回暖》 2025/12/23 《 Nike 连续两个财季正增长，澳毛涨价周 期持续强化——纺织服装行业周报 20251221》 2025/12/21 《寒潮催化下看好波司登，Nike 修复看好 运动制造——纺织服装行业周报 20251214》 2025/12/14 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的 ...

Group 1 - The article highlights the growing presence of Chinese brands and products in Africa, particularly through the use of recognizable takeaway bags that have become popular among local residents [3][6][10] - Brands like "霸王茶姬" and "曼玲粥店" have not yet established physical stores in Africa, but their takeaway bags are already familiar to the local population, indicating a strong brand recognition [3][6] - The demand for reusable bags in Africa has surged due to strict regulations against single-use plastic bags, with 34 African countries implementing punitive measures against plastic bag usage by 2019 [19][21] Group 2 - The Chinese non-woven fabric industry has seen significant growth, with a production capacity of 8.56 million tons in 2024, accounting for 60% of global capacity [36] - The cost of Chinese non-woven fabric is notably lower than that of similar products from other countries, with an export price of $2.92 per kilogram compared to higher prices from Taiwan, Turkey, and Germany [36] - China's robust petrochemical industry, which has developed through strategic investments and technological advancements, supports the production of non-woven fabrics, making them both affordable and high-quality [42][50]

Core Insights - The official launch of the Hainan Free Trade Port will occur on December 18, 2025, marking a significant milestone in China's economic strategy [1][2]. Policy Benefits - Tax Policy: The number of zero-tariff items will expand from 1,900 to 6,600, increasing the proportion to 74%. Corporate income tax will be reduced to 15%, and goods with over 30% added value will be exempt from tariffs when sold to the mainland [2]. - Trade Facilitation: A regulatory model of "one line open, one line controlled" will be implemented, allowing for the free flow of goods, capital, and personnel, with customs efficiency expected to improve by over 40% [2]. - Financial Opening: The cross-border asset management pilot will expand to 10 billion yuan, with QFLP/QDLP pilots launched to attract global capital [2]. Investment Opportunities - **Shennong Seed Industry**: Positioned as a leader in seed technology, expected to benefit from the modern seed industry cluster in Yajiao Bay, with projected revenue exceeding 20 billion yuan by 2027 [4]. - **Kangzhi Pharmaceutical**: Aimed at leveraging the three-child policy and flu season, with anticipated performance exceeding expectations in Q4 2025 [5]. - **Xinlong Holdings**: Transitioning to cross-border business in non-woven fabrics, benefiting from Hainan's Free Trade Port policies [6]. - **Luoniushan**: Focused on agricultural industrialization and land value appreciation, with significant potential from the horse racing industry policy in 2025 [9]. - **Hainan Development**: A dual beneficiary of infrastructure and photovoltaic sectors, with a notable increase in northbound capital holdings [10]. - **Haima Automobile**: Leading in the hydrogen energy industry, with a new MPV model set to launch in Thailand in Q4 2025, benefiting from RCEP tariff reductions [11]. - **Jingliang Holdings**: A pioneer in tropical agriculture and cross-border trade, launching a series of Hainan specialty food products in Q4 2025 [12]. - **Haide Co., Ltd.**: The only financial stock in Hainan, with significant growth potential in cross-border asset management [13]. - **Hainan Highway**: Valued for its infrastructure and land reserves, with a projected increase in commercial real estate occupancy rates [14]. - **Hainan Ruize**: A leader in green building materials, with confirmed participation in major infrastructure projects [15]. - **Haixia Co., Ltd.**: Dominating logistics in the Qiongzhou Strait, with plans to enhance cross-border trade flow through a new "green channel" [17][20]. - **Caesar Travel**: Positioned to lead in high-end tourism and cruise economies, with expected explosive growth post-border closure [18].

1. Industry Investment Rating No investment rating provided in the report. 2. Core Viewpoints - The demand in the polyolefin market continues to be weak, and the market is oscillating weakly. For PE, the supply pressure remains due to the expected increase in the start - up rate and the approaching of the demand off - season, leading to a pattern of increasing supply and weakening demand. For PP, the weak supply - demand situation persists in the short term, with inventory accumulating and the demand side lacking follow - up [1][2][3]. - The recommended strategy is to remain on the sidelines for single - side trading, with the market expected to be weakly oscillating in the short term. For inter - period trading, conduct a reverse spread on the L01 - 05 contract when the price is high. For inter - variety trading, narrow the L - P price spread when it is high [4]. 3. Summary by Directory 3.1 Polyolefin Basis Structure - L主力合约收盘价为6643元/吨（-31），PP主力合约收盘价为6275元/吨（-12）；LL华北现货为6620元/吨（-40），LL华东现货为6750元/吨（-60），PP华东现货为6310元/吨（-40）；LL华北基差为 - 23元/吨（-9），LL华东基差为107元/吨（-29），PP华东基差为35元/吨（-28） [1] 3.2 Production Profit and Operating Rate - PE开工率为84.1%（-0.5%），PP开工率为77.6%（-0.5%）；PE油制生产利润为202.2元/吨（-107.2），PP油制生产利润为 - 497.8元/吨（-107.2），PDH制PP生产利润为 - 568.5元/吨（+0.0） [1] 3.3 Polyolefin Non - Standard Price Difference No specific data summary provided for this section in the given content. 3.4 Polyolefin Import and Export Profits - LL进口利润为59.3元/吨（-70.0），PP进口利润为 - 273.0元/吨（+0.0），PP出口利润为 - 22.4美元/吨（+0.0） [1] 3.5 Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为48.1%（-0.9%），PE下游包装膜开工率为50.2%（-0.5%），PP下游塑编开工率为44.1%（+0.0%），PP下游BOPP膜开工率为62.6%（+0.0%） [1] 3.6 Polyolefin Inventory - For PE, the social inventory increased slightly month - on - month, and the absolute inventory level was relatively high compared to the same period. The LLDPE social inventory also increased further during the week. For PP, the inventory continued to accumulate [2][3]

Core Insights - The article highlights the deepening cooperation between Wuhan, China, and various regions in South Korea, focusing on the development of a modernized Wuhan as a national economic center through international collaboration [3][4]. Economic Cooperation - Wuhan aims to become a national economic center by integrating into global industrial chains, with bilateral trade between Hubei Province and South Korea projected to reach 17.4 billion yuan by mid-2025, marking a 24% year-on-year increase [3][4]. - The collaboration has shifted from traditional trade to new sectors such as optoelectronics, new energy, smart connected vehicles, and high-end equipment manufacturing [4]. Technological Innovation - The partnership in technology innovation is emphasized, with Wuhan and South Korea collaborating on hydrogen energy, where South Korea leads in hydrogen stations and fuel cell vehicles [4]. - Wuhan has established a comprehensive hydrogen energy industry chain, and joint efforts in research and development are evident, as seen in the discussions at the China-South Korea Hydrogen Energy International Cooperation Conference [4]. Logistics and Trade - The logistics capabilities of Wuhan as a national commercial logistics center have significantly improved, exemplified by the direct shipping route between Busan and Wuhan, which saves three days compared to previous routes [5]. - The introduction of the "Ezhou-Incheon" international cargo route has further enhanced the efficiency of transporting high-value goods, allowing for rapid market response [5]. Cultural Exchange - Cultural interactions between Wuhan and South Korea are increasingly vibrant, with various events promoting mutual understanding and friendship, including K-POP competitions and ceramic art exhibitions [6]. - The activities span multiple sectors, including economy, education, culture, sports, and tourism, enriching the relationship between the two regions [6].

Core Insights - The article discusses the innovative urban renewal practices in Jiangsu, particularly in Nanjing, Changshu, and Nantong, which have been recognized as national models for addressing common challenges in urban renewal [1] Group 1: Urban Renewal Practices - The Shiliu New Village in Nanjing has transformed from a dilapidated area into a modern residential community, accommodating 200 returning residents with improved facilities [2] - The area covers 16,000 square meters and previously housed about 1,500 residents in substandard conditions, with over 40% of homes under 35 square meters [2][3] - The renewal strategy involved community participation and government support, optimizing land use and resource allocation through lifecycle management [2][3] Group 2: Industrial Area Revitalization - Changshu's old industrial area has been successfully transformed into the Yantian Intelligent Manufacturing Industrial Park, with a 100% occupancy rate in its first phase [4][5] - The area, previously characterized by low efficiency and complex land ownership, has seen a collaborative approach among multiple landowners to facilitate redevelopment [4][5] - The new industrial park is expected to significantly increase tax revenue, with two companies alone covering the previous tax output of 3.4 million yuan from 27 businesses [5] Group 3: Fire Safety in Urban Renewal - Nantong has developed a "classification and compensation" mechanism to address fire safety challenges in urban renewal projects, categorizing projects based on their renovation needs [7][8] - The city has introduced a dual framework of local regulations and technical guidelines to support urban renewal, ensuring compliance with modern safety standards while preserving historical buildings [8] - Ongoing projects in Nantong are utilizing these new guidelines to enhance safety measures and facilitate the revitalization of older structures [8]

Core Insights - The article discusses innovative urban renewal practices in Jiangsu, specifically in Nanjing, Changshu, and Nantong, which have been recognized as national models for addressing common challenges in urban renewal [1][2][6] Group 1: Urban Renewal Practices - Nanjing's Shiliu New Village has transformed from a dilapidated area into a modern residential community, utilizing a collaborative approach involving government support and resident participation [1][2] - The project in Shiliu New Village includes 282 new residential units with a variety of sizes, accommodating 70% of residents who chose to return [2] - The urban renewal strategy in Shiliu New Village emphasizes optimizing land use and resource allocation through comprehensive lifecycle management [1][2] Group 2: Industrial Area Revitalization - Changshu's old industrial area has been successfully transformed into the Yantian Intelligent Manufacturing Industrial Park, with a 100% occupancy rate for its first phase [3][4] - The revitalization involved breaking down land ownership barriers and encouraging multi-owner collaboration for autonomous updates, which has led to increased efficiency and productivity [3][4] - The new industrial park has attracted companies that are planning significant expansions, indicating a positive economic impact [4] Group 3: Fire Safety in Urban Renewal - Nantong has developed a "classification strategy + safety compensation" mechanism to address fire safety challenges in urban renewal projects [6][7] - The city has introduced a technical guideline that categorizes projects and provides tailored solutions to meet modern fire safety standards while preserving historical buildings [6][7] - Nantong's dual framework of local regulations and technical guidelines aims to streamline the approval process and enhance safety in urban renewal efforts [6][7]

Group 1 - The core business of the company includes the research and production of non-woven fabrics [1] - The company’s subsidiary, Chengdu Rainbow Group New Materials Technology Co., Ltd., provides fabric for electric blankets and related semi-processed material services [1]