资金流向方面，主力资金净流入140.09万元，特大单买入110.04万元，占比2.55%，卖出195.06万元，占 比4.52%；大单买入651.55万元，占比15.09%，卖出426.44万元，占比9.88%。 截至9月30日，苏美达股东户数3.26万，较上期减少16.35%；人均流通股40079股，较上期增加19.55%。 2025年1月-9月，苏美达实现营业收入874.23亿元，同比增长0.56%；归母净利润11.04亿元，同比增长 10.25%。 分红方面，苏美达A股上市后累计派现24.74亿元。近三年，累计派现13.05亿元。 机构持仓方面，截止2025年9月30日，苏美达十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股5347.92万股，相比上期减少310.38万股。 责任编辑：小浪快报 11月24日，苏美达盘中上涨2.02%，截至10:13，报10.61元/股，成交4318.10万元，换手率0.31%，总市 值138.65亿元。 苏美达今年以来股价涨18.80%，近5个交易日跌0.09%，近20日跌0.09%，近60日跌4.50%。 资料显示，苏美达股份有限公司位于江苏省南京市长江 ...

Core Insights - The textile and apparel industry in Jieyang, particularly in Puning, is set to exceed a total scale of 153 billion yuan in 2024, with the textile and apparel sector alone reaching 135 billion yuan, indicating significant growth potential for the region [1] - Puning has been selected as one of the first pilot cities in the province for the "cross-border e-commerce + industrial belt" initiative, which is expected to drive high-quality economic development in the area [1] - The city is focusing on transforming its industrial chain towards high-end, intelligent, and green development, leveraging its strengths in textile and apparel to enhance its economic performance [1] Industry Structure - Puning has established a complete textile and apparel industry chain, with over 7,000 related enterprises, including 246 large-scale companies, highlighting the robustness of its industrial ecosystem [2] - The Puning Textile and Dyeing Environmental Comprehensive Treatment Center is recognized as the first provincial characteristic industrial park in Jieyang, aiming to strengthen the industry chain through the introduction of high-end projects [2] - In the first nine months of this year, the total output value of Puning's textile and apparel industry reached 108.3 billion yuan, reflecting an 8.9% growth, solidifying its position as the primary pillar of the local industrial system [2] Future Development Plans - Puning plans to develop a high-standard "14th Five-Year" plan for the textile and apparel industry, outlining future directions, content, and goals for the next five years [3] - The city aims to enhance the recognition of Puning's textile and apparel brands and promote brand creation initiatives [3] - Collaboration with renowned universities, such as Donghua University in Shanghai, will be pursued to support talent training and research outcomes in the textile and apparel sector [3] - The city will accelerate the development of the "cross-border e-commerce + industrial belt" ecosystem, fostering more cross-border e-commerce enterprises to expand the reach of Puning products globally [3]

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

《通知》提出，中西部地区要增强茧丝保障能力，优化蚕桑区域布局，集成推广绿色高质高效技术模 式；提升绸缎加工能力，支持企业升级改造现有坯绸生产线，推动传统织绸企业优化效能；完善印染配 套能力，承接东部地区印染和纺织服装产业转移，补齐丝绸印染关键技术短板。东部地区要强化技术研 发能力，推动高端丝绸面料、智能装备等高新技术、产品研发；提升产品设计能力，加强丝绸相关非物 质文化遗产保护，开发相关衍生和联名产品；打造品牌竞争力，加快融入全球纺织高端价值链，打造中 国消费名品。同时，在东西部地区协调联动中，要搭建信息平台，建立转移项目和承接地区信息库，持 续完善数据库内容；开展项目对接，举办招商推介、项目洽谈等活动，精准对接产业转移需求；加强跟 踪服务，强化用地、用能等要素保障，支持企业加快项目建设。 据介绍，下一步，商务部将会同有关部门完善工作机制，强化沟通协调，指导各地加快落实"东绸西 固"各项举措，持续推动茧丝绸产业高质量发展。 转自：中国质量报 本报讯 （记者丁 莹）中西部地区延伸产业链条，夯实产业发展基础；东部地区强化科技引领，促进产 业提质升级；以东促西加强协调联动，推动产业协同发展。近日，商务部等7部门联合 ...

11月18日，由省商务厅主办的第十六届辽宁省跨国采购洽谈活动在沈阳开幕。本次活动主题为"产 业链全球 跨采拓天下"，旨在通过商贸洽谈增进交流合作，助力辽宁企业开拓多元化国际市场，实 现"足不出辽"对接优质境外采购商。 此次活动结合辽宁产业特点，以较强针对性邀请了来自35个国家和地区的120位境外采购商、"世界 500强"企业及境内外知名商协会代表，与我省500余家外贸企业"面对面"深入对接，涵盖机电设备、化 工医药、纺织服装、五金建材、轻工工艺品、食品及农产品等领域。活动还将组织部分采购商赴沈阳、 抚顺、辽阳三市实地考察对接，充分挖掘辽宁企业与境外采购商的合作潜力，既回应了我省外贸企 业"家门口"获取国际市场订单的迫切诉求，又扩大了辽宁产品在国际市场的知名度和影响力。 跨国采购洽谈活动已成为辽宁同世界加强经贸合作的重要纽带和辽宁企业"链接"国际市场的便捷通 道。2012年创办以来，跨国采购洽谈活动累计邀请来自世界55个国家和地区的1100多家优质采购商，同 4500余家辽宁企业开展贸易洽谈，达成了一大批采购意向。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [2][31] Core Insights - In October 2025, the total retail sales reached 46,291 billion, with a nominal year-on-year growth of 2.9%, slightly exceeding expectations; excluding automobiles, the retail sales of consumer goods grew by 4.0% [12][21] - The overall consumption sentiment showed a decline due to significant drag from appliances, automobiles, and petroleum, while optional consumption was positively influenced by the dual festivals and Double Eleven shopping event [12][21] - The online retail sales for the first ten months of 2025 increased by 9.6%, with October's online retail sales at 15,086 billion, reflecting a year-on-year growth of 8.1% [24][25] Summary by Sections Overall Retail Data - The total retail sales for January to October 2025 amounted to 412,169 billion, with a nominal year-on-year growth of 4.3%, and excluding automobiles, the growth was 4.9% [12][21] - In October, the retail sales of goods and dining revenue were 41,092 billion and 5,199 billion respectively, with year-on-year growth of 2.8% and 3.8% [12][21] Retail Data Above Designated Size - In October, the retail sales above designated size reached 17,782 billion, with a year-on-year growth of 1.6% [13] - The dining revenue for October showed a year-on-year increase of 3.7%, while the retail sales of goods grew by 1.4% [13] Online Retail Data - The online retail sales for the first ten months totaled 127,916 billion, with a cumulative year-on-year growth of 9.6% [24] - The physical online retail sales for January to October reached 103,984 billion, accounting for 28.4% of total goods retail and 25.2% of total retail sales [24]

Economic Overview - In October, the year-on-year growth of social retail sales was 2.9%, slightly above the expected 2.7% but down from the previous 3%[1] - Fixed asset investment showed a cumulative year-on-year decline of 1.7%, worse than the expected -0.7% and previous -0.5%[1] - Real estate development investment fell by 14.7% year-on-year, slightly worse than the expected -14.5% and previous -13.9%[1] Production and Investment - Industrial value-added growth dropped to 4.9% in October, down from 6.5% in September, reflecting a decline of 1.6 percentage points[5] - Fixed asset investment saw a significant decline of 3.6 percentage points to -10.7% year-on-year in October[3] - The decline in investment was influenced by land acquisition costs, which fell by 18.8 percentage points to -14.3%[3] Real Estate Market - The sales area of new commercial housing decreased by 6.8% year-on-year, worsening from a previous decline of 5.5%[1] - The average down payment ratio for home purchases increased to 68.4%, indicating a trend of reduced leverage among buyers[24] - The year-on-year decline in housing prices across 70 cities continued, with sales volume down 15.1% and sales value down 17.1%[24] Consumer Behavior - The decline in retail sales was primarily driven by weak commodity retail, with a notable drop in "old-for-new" product sales such as automobiles and home appliances[2] - Service consumption showed resilience, with restaurant income improving by 2.9 percentage points to 3.8% year-on-year[12] - E-commerce promotions helped mitigate some declines, particularly in categories like communication equipment and textiles[12] Future Outlook - Short-term economic disruptions are expected to weaken but remain manageable, with policies in place to support growth[4] - Potential risks include overdrawn consumer demand and inter-company debt settlements affecting investment[4] - The introduction of 500 billion yuan in special bonds and policy financial tools is anticipated to bolster economic resilience in the fourth quarter[4]

11月14日，黑牡丹（维权）盘中下跌2.00%，截至13:00，报9.79元/股，成交1.01亿元，换手率0.99%， 总市值101.04亿元。 机构持仓方面，截止2025年9月30日，黑牡丹十大流通股东中，南方中证房地产ETF发起联接A （004642）位居第五大流通股东，持股653.16万股，相比上期减少3.82万股。香港中央结算有限公司位 居第七大流通股东，持股639.80万股，相比上期减少83.00万股。 责任编辑：小浪快报 黑牡丹所属申万行业为：房地产-房地产开发-住宅开发。所属概念板块包括：土地流转、江苏国资、证 金汇金、破净股、PPP概念等。 截至9月30日，黑牡丹股东户数2.78万，较上期减少13.97%；人均流通股37136股，较上期增加16.24%。 2025年1月-9月，黑牡丹实现营业收入24.43亿元，同比增长34.79%；归母净利润6379.21万元，同比减少 19.62%。 分红方面，黑牡丹A股上市后累计派现27.20亿元。近三年，累计派现3.91亿元。 资金流向方面，主力资金净流出539.58万元，特大单买入398.72万元，占比3.93%，卖出1033.65万元， 占比10.1 ...

Core Insights - In the first ten months of this year, the Beijing-Tianjin-Hebei region achieved a record high export value of 1.2 trillion yuan, marking a year-on-year growth of 5.6% [1] Trade Performance - The total import and export value for the Beijing-Tianjin-Hebei region reached 3.91 trillion yuan, with exports contributing significantly to this figure [1] - The region maintained stable trade relations with over 240 countries and regions [1] Key Export Products - Major export products included auto parts, textiles and clothing, integrated circuits, ships, and pharmaceuticals, with respective growth rates of 12.8%, 4.4%, 4.9%, 176.5%, and 37.5% [1] Role of Private Enterprises - Private enterprises played a crucial role in exports, contributing 561.86 billion yuan, which represents a growth of 15.7% and accounts for 46.9% of the total export value in the region [1] Export Partners - Exports to countries involved in the Belt and Road Initiative reached 696.62 billion yuan, reflecting a growth of 7.9% and constituting 58.2% of total exports [1] - Exports to ASEAN and EU grew by 5.4% and 2% respectively, while exports to Latin America, Africa, and Central Asia increased by 14.6%, 31.9%, and 40.2% respectively, indicating a diversification of markets [1]

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, with specific recommendations for companies such as Bosideng and Anta [2][8]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 0.8% from November 3 to November 7, 2025, surpassing the SW All A index by 0.2 percentage points [3]. - October textile and apparel exports faced pressure, with a year-on-year decline of 12.6%, but recent US-China trade negotiations may help restore the export chain [8][10]. - The report highlights the potential for growth in the outdoor apparel segment due to the upcoming winter season and the Milan Winter Olympics, recommending brands like Bosideng and focusing on the recovery of women's apparel [10][12]. Summary by Sections Industry Performance - The textile and apparel sector showed strong performance compared to the market, with the SW apparel home textile index increasing by 2.2% and the SW textile manufacturing index rising by 1.0% during the same period [3][4]. Recent Industry Data - Retail sales for clothing, shoes, and textiles totaled 1,061.3 billion yuan from January to September, reflecting a 3.1% year-on-year growth [28]. - In October, China's textile and apparel export value was $22.26 billion, down 12.6% year-on-year, with textile exports at $11.258 billion (down 9.0%) and clothing exports at $11.004 billion (down 16.0%) [35][36]. Market Trends - The report notes that the recent easing of tariffs by the US may positively impact the export chain, with a recommendation to focus on the sports manufacturing and non-woven fabric sectors [8][10]. - The outdoor apparel market is expected to benefit from increased brand investments in winter sports products, with specific mentions of Anta and Li Ning's new product launches [10][12]. Company Performance - The report reviews the third-quarter performance of companies like Dezhu Fashion, which showed a recovery in profits, with a focus on online and direct sales channels [13][14]. - The report emphasizes the strong brand power and profitability of companies in the mid-to-high-end women's apparel sector, maintaining a "buy" rating for companies like Dezhu Fashion and Geli Si [12][17]. Investment Recommendations - The report recommends investing in sports and outdoor brands such as Bosideng, Anta, and Li Ning, as well as discount retailers like Hailan Home and companies in personal care and home cleaning sectors [10][12].