2026年，是海南自贸港封关后的第一年，自贸港正在积极开启奋斗新征程，各行各业都在抢抓封关后的政策新机遇，打造发展的新热土。 新年伊始，海南就从"十五五"重点发展领域里挑选了上百个优质项目向各界开放。涵盖了全海南18个市县，涉及低空经济、热带农业等诸多领域，吸引了大 批企业纷至沓来。 湖南中南智能装备有限公司总经理 陈国利：海南封关之后，我也是第一时间就到了海口，如果资金到位的话，今年我们能够形成大概2到3亿的装备产值金 额，机遇很多，我们也是更加有信心，在这里落地生根，发展壮大。 外国游客：中国非常的开放了，我们从马来西亚到海南是免签的，买一张机票就可以了，非常方便。 在海南，各行各业都展现了热气腾腾的新气象。新年以来，海南游客数量激增。网络出行平台数据显示，新年第一周（1日-7日），三亚、海口入境游客分 别增长28%和15%，吸引大量来自韩国、泰国、马来西亚、新加坡和澳大利亚等国家的旅客。 佰唯基因生物技术（海南）有限公司总经理 姜甘霖：我们利用海南自贸港政策，已经引进了价值超过500万元的（"零关税"）生物医疗技术设备，为我们节 省了近百万资金。预计今年我们能够形成价值超2000万元的合作项目落地。 儋 ...

"川航777"船长柯斌常年驾驶船舶通行于嘉陵江川渝段，运输豆制品、建筑材料往返于重庆、四川广元 之间。柯斌称，此次夜航的开通，可助力船舶运输降本增效，让船方、货主都从中受益。 重庆市交通运输委员会有关负责人表示，嘉陵江重庆段全线开启夜航，能增强"北煤南运"等能源运输的 稳定性与时效性，也有助于重庆汽车、装备等产品的外运。 接下来，重庆将继续推进航道智慧化建设和滩险整治等工作，努力将嘉陵江打造为更安全、高效、畅通 的"黄金水道"。(完) 嘉陵江重庆段流经合川、北碚、沙坪坝、两江新区、渝中等地，在朝天门汇入长江，是川渝地区通往长 江的重要航道。 近期，随着嘉陵江合川段85公里航道航标设施优化及实船适航试验顺利完成，结合已于2006年底开通夜 航的草街以下68公里航段，嘉陵江重庆段全线153公里航道现已全面具备夜间通航条件。 根据适航试验结果，船舶单日航行时间可由原来的约12小时延长至20小时左右，嘉陵江重庆段153公里 航道的全程航行时间预计从原来的约2天缩短至1天。 中新社重庆1月1日电 (张旭)嘉陵江重庆段全线153公里航道于2026年1月1日正式开启夜间通航，助力通 行船舶提升通行效率、降低运输成本。 ...

行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 32 之 Nike FY2026Q2 经营跟踪： 收入指引偏弱，库存去化符合预期 报告要点 [Table_Summary] FY2026Q2（2025/9/1-2025/11/31）Nike 实现营收 124.3 亿美元，收入表现略超预期（彭博一 致预期 122.4 亿美元），固定汇率下同比持平（原指引低单下滑），美元计价下同比+1%。毛利 率同比-3pct 至 40.6%，主要受北美关税提升及大中华区老旧库存问题影响。SG&A 费用率同 比+0.1pct 及有效税率同比+2.8pct，拖累净利润同比-32%至 7.9 亿元，净利率同比-3pct 至 6.4%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]32 ...

纺服行业点评 Nike 发布 FY2026Q2 业绩，复苏趋势仍待明晰 glmszqdatemark 2025 年 12 月 19 日 推荐 维持评级 [Table_Author] 分析师 高旭和 执业证书： S0590523110007 邮箱： gaoxh@glms.com.cn 研究助理 华思怡 执业证书： S0590124070048 邮箱： syhua@glms.com.cn 相对走势 -20% -3% 13% 30% 2024/12 2025/6 2025/12 纺织服装 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到 任何形式的利益。 评级说明 | 投资建议评级标准 | | 评级 | 说明 | | ...

Core Viewpoint - Shandong Mining Machinery Group is leveraging advanced technology to create equipment that addresses customer pain points, particularly in overseas markets [1]. Group 1 - The company is actively expanding its presence in international markets, focusing on understanding and solving specific challenges faced by clients [1]. - Wang Zigang, the Vice General Manager and Chairman of Shandong Huayun Equipment Technology Co., emphasized the importance of technological innovation in their product offerings [1].

Core Viewpoint - Chongqing aims to establish a product carbon footprint management system by 2030, focusing on green and low-carbon transformation for foreign trade enterprises [1][2]. Group 1: Implementation Plan - The plan includes the development of over 10 national product carbon footprint accounting rules involving enterprises and social entities by 2030 [1]. - It targets over 50 key products for carbon footprint accounting in sectors such as new energy vehicles, laptops, automotive parts, natural gas chemicals, new materials, equipment manufacturing, and specialty agricultural products [1][2]. - The establishment and operational exploration of a product carbon footprint factor database will be a significant focus [1]. Group 2: Support and Services - The plan emphasizes the need for a dynamic classification management directory to support the development of the export foreign trade industry [2]. - It encourages research institutions and enterprises to participate in the formulation of national and industry-specific carbon footprint accounting standards [2]. - A one-stop comprehensive service platform will be created to provide data monitoring, information collection, carbon footprint accounting, and carbon labeling certification services for enterprises [2]. Group 3: Market Integration and Incentives - The plan promotes the integration of carbon footprint accounting with local carbon markets and green electricity policies, making it a key indicator for cultivating green trade demonstration enterprises [3]. - It encourages government and state-owned enterprises to prioritize the procurement of products with lower carbon footprints [3]. - Financial institutions are urged to use carbon footprint certification as a basis for green finance initiatives, including innovative applications linked to carbon footprint [3].

Group 1 - Xi'an Yicai plans to invest approximately 12.5 billion yuan in the Wuhan silicon material base project, focusing on producing silicon monocrystalline polished wafers and epitaxial wafers for advanced integrated circuits [1] - CATL has repurchased 15.99 million A-shares for a total expenditure of approximately 4.386 billion yuan, representing 0.36% of its total A-share capital [1][2] - Tianpu Co. has completed a stock suspension review after a 451.8% increase in stock price from August 22 to November 27, and its shares will resume trading [2] Group 2 - Jiangbolong plans to raise no more than 3.7 billion yuan through a private placement for high-end memory research and development projects [4] - Ashi Chuang intends to raise no more than 900 million yuan for semiconductor material projects and to supplement working capital [5] - Aike Co. plans to acquire 100% equity of Dongguan Qixiang for 2.2 billion yuan, focusing on products applicable in new energy battery and storage fields [6] Group 3 - Xiangyuan Cultural Tourism's subsidiary intends to acquire 100% equity of Jinxiu Lianhua Mountain for approximately 345 million yuan, which operates a national AAAA-level tourist attraction [7] - Zhongding Co. plans to issue convertible bonds totaling no more than 2.5 billion yuan for various projects including smart robots and new energy vehicle systems [9] - Jingtou Development intends to acquire 45% equity of Shanghai Lishi and related debts, aiming for full ownership of the company [10] Group 4 - Luoyang Molybdenum's subsidiary plans to invest 500 million yuan in a fund focusing on technology, healthcare, and consumer goods [11] - Transsion Holdings has submitted an application for H-share listing on the Hong Kong Stock Exchange [12] - ST Zhiyun's controlling shareholder is set to change, with a new entity gaining control over 18.61% of voting rights [13] Group 5 - Chongqing Construction's second-largest shareholder plans to transfer 12.95% of state-owned shares to other state-owned entities [14] - Longpan Technology's subsidiary signed a long-term procurement agreement to supply 106,800 tons of lithium iron phosphate materials, with a total contract value estimated between 4.5 billion to 5.5 billion yuan [15] - Junting Hotel's controlling shareholder will change to Hubei Cultural Tourism Group, with shares resuming trading [16] Group 6 - Hefei Guotou will become the controlling shareholder of Chuanan Technology after a private placement to raise no more than 1.419 billion yuan for various projects [18] - Xianglu Tungsten's shareholder plans to reduce holdings by up to 1.6 million shares, representing 0.49% of total shares [20] - Ankai Micro plans to acquire 85.79% of Siche Technology for 326 million yuan, focusing on AIoT chip design [20]

Summary of China Coal Energy Conference Call Company Overview - **Company**: China Coal Energy - **Period**: First ten months of 2025 Key Points Industry Overview - **Coal Market**: In October, the thermal coal market experienced price increases due to tight supply, rising costs, and winter expectations. The spot price for thermal coal at ports is projected to range between 800-860 RMB/ton in November [2][6][10] - **Coking Coal Market**: Influenced by environmental regulations and winter storage, the coking coal market is expected to show a strong performance in November [2][6] - **Urea Market**: Prices fell in October due to delayed agricultural sowing and rising inventories, with expectations of weak fluctuations in November, pricing between 1,550-1,650 RMB/ton [2][7] - **Polyolefins Market**: Sales prices decreased due to falling international oil prices and oversupply, with expectations of weak performance in November [2][8] - **Methanol Market**: Prices increased in the first ten months due to rising downstream demand and low inventories, but are expected to weaken in November, with prices in the northwest ranging from 1,800-2,000 RMB/ton [2][8] Production and Sales Data - **Coal Production**: In the first ten months of 2025, China Coal Energy produced 113 million tons of commercial coal, a decrease of 630,000 tons year-on-year. Sales reached 212 million tons, down 18.37 million tons [4] - **Chemical Products**: - Olefins and polyolefins production was 1.122 million tons, down 146,000 tons year-on-year; sales were 1.107 million tons, down 158,000 tons [4] - Urea production increased by 274,000 tons to 1.775 million tons; sales increased by 359,000 tons to 2.015 million tons [4] - Methanol production rose by 201,300 tons to 1.6 million tons; sales increased by 26 tons to 1.618 million tons [4] Future Outlook - **Capital Expenditure**: Expected to remain high at approximately 20 billion RMB in 2026, primarily for ongoing projects and equipment upgrades [4][11] - **Coal Supply Stability**: The coal supply is expected to stabilize over the next two years, with a long-term outlook suggesting domestic coal supply may plateau at 5 billion tons [4][14] - **New Energy Initiatives**: The company is focusing on developing wind and solar energy based on its own resources and exploring the potential of abandoned mines for energy storage and carbon capture [4][15] Pricing and Contractual Arrangements - **Long-term Contracts**: 75% of the company's resources are secured through long-term contracts, with stable pricing around 680 RMB, limiting the impact on downstream users [4][10][12] - **Pricing Mechanism**: The pricing mechanism for electricity coal is expected to maintain a base price plus floating price model, with adjustments to the floating reference index to better respond to market changes [4][10] Additional Insights - **Market Dynamics**: The coal price increase is attributed to multiple factors, including supply constraints, demand changes, and seasonal variations in hydropower [4][12] - **Industry Trends**: The cyclical nature of the coal industry is expected to weaken, with a focus on actual conditions and external environmental changes [4][14] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of China Coal Energy's performance, market conditions, and future strategies.

分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 26 之 UA FY2026Q1 经营跟踪：收 入表现优于预期，预计 FY2027 将迎拐点 报告要点 [Table_Summary] FY2026Q2（2025/7/1-2025/9/30）UA 实现营收 13.3 亿美元，同比-4.7%，收入表现优于市场 及公司预期（彭博一致预期 13.1 亿美元，公司先前指引 Q2 营收同比下滑 6%-7%）。毛利率同 比-2.5pct 至 47.3%，主要受关税增加及渠道和区域组合影响，净利率同比转负至-1.4%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]26 之 UA FY2026Q1 经营跟踪：收 入表现优于预期，预计 FY2027 将迎拐点 [Table_Summary ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [5]. Core Insights - Puma's revenue for FY2025Q3 (July 1, 2025 - September 30, 2025) reached €1.96 billion, slightly below market expectations (Bloomberg consensus of €1.98 billion), with a year-over-year decline of 10.4% at constant exchange rates. The gross margin decreased by 2.6 percentage points to 45.2%, primarily due to increased promotional activities in the wholesale channel, inventory clearance, and rising shipping costs. EBIT was €30 million, and the net profit margin turned negative at -3.2% year-over-year [2][4]. Summary by Sections Revenue Breakdown - Sales pressure was attributed to brand strategy adjustments, affecting all regions. Revenue by region at constant exchange rates showed declines: EMEA -7.1%, Americas -15.2%, and Asia-Pacific -9.0%, totaling €910 million, €680 million, and €370 million respectively. The decline in the Americas was mainly due to inventory reduction in the U.S. wholesale channel, while the Asia-Pacific region was impacted by the wholesale channel in Greater China [5]. - Revenue by channel indicated continued pressure on the wholesale channel, with a year-over-year decline of 15.4% to €1.39 billion, while the DTC channel grew by 4.5% to €570 million, driven by a 5.6% increase in e-commerce revenue and a 3.9% increase in self-operated store revenue [5]. - All product categories experienced sales pressure, with footwear, apparel, and equipment revenues declining by 9.9%, 12.8%, and 6.1% respectively, totaling €1.05 billion, €640 million, and €270 million [5]. Inventory Situation - As of FY2025Q3, Puma's inventory increased by 17.3% year-over-year to €2.12 billion. Inventory reduction actions are underway, with expectations for inventory to return to healthy levels by the end of 2026 [9]. Performance Guidance - The company maintains its full-year guidance, expecting a low double-digit decline in revenue year-over-year at constant exchange rates for FY2025, with EBIT losses and capital expenditures around €250 million [9].