过去公司坚定投入长期资产建设，一体化产务链具备稀缺性，市占率有望提升 过去行务需求及客户订单存在波动，但公司始终坚持长期资产建设、稳步扩张产能。该行判断2026年伴 随着核心客户订单的修复，公司有望步入产能驱动增长、工厂利用率饱和、订单结构优化带来盈利质量 优化的阶段。1)2024年末公司员工达到10.3万人，同比增长12%;2025H1末达到11万人，同比增长9%， 该行判断过去数年内成衣工厂招聘员工带来的产能提升、产量释放将在2026年继续体现。2)中长期来 看，公司坚持海外产能扩张，并完善独立一体化产务链建设，目前越南+柬埔寨成衣产能占比估计超过 50%、预计持续提升，后续有望丰富国际化布局、务均进军印尼，为份额提升进一步打开市场空间;国 内产能主要匹配国内及亚洲市场需求，以研发、效率、速度为核心竞争优势。 智通财经APP获悉，国盛证券发布研报称，维持申洲国际(02313)"买入"评级，公司是亚洲最大一体化针 织服饰制造商之一，基本面扎实，伴随核心客户订单需求恢复正常，该行判断公司2026年有望进入产能 供不应求、收入健康增长、盈利质量上行的阶段，估值具备提升空间。 国盛证券主要观点如下： 近期核心客户 ...

Group 1: Consumer Electronics - The wireless electronics category is highly competitive, with opportunities in smart wearable devices and smart security equipment, requiring attention to technological innovation and compliance [1][10] - In the computer category, laptops and tablets show high opportunity scores, with a focus on compliance and patents, while providing quality after-sales service [1][11] - The electronic devices category is rapidly evolving, with significant opportunities in wearable devices and accessories, emphasizing quality and innovation [1][12] Group 2: Office Supplies - The demand for office supplies has increased due to remote work, with three peak sales periods each year, necessitating careful inventory and promotional planning [1][13] - Key products include ink/toner, desktop supplies, and classroom supplies, all showing good market potential [1][13] Group 3: Lifestyle Products - The home improvement category has a high composite score, suitable for sellers with supply chain advantages, focusing on design and after-sales service [2] - Furniture demand is growing, particularly for home office furniture, requiring a balance between functionality and cost [2] - The gardening and yard category has significant demand, with seasonal bestsellers needing attention to quality control and inventory planning [2] Group 4: Fashion Products - The apparel category shows broad growth, especially in women's fashion, requiring sellers to stay on trend and manage sizing effectively [2] - Footwear has many subcategories with growth opportunities, particularly in children's shoes, necessitating attention to size and quality [2] Group 5: Fast-Moving Consumer Goods - The beauty and personal care category is highly competitive, with a focus on natural and organic products, particularly for men's grooming [2] - The grocery category is sensitive to brand perception, with rising demand for health foods, requiring compliance and safety guarantees [2] Group 6: Sports and Outdoor Products - The sports category requires attention to functionality and professionalism, with precise targeting and seasonal marketing strategies [1][22] - Automotive products emphasize compatibility and durability, necessitating detailed information and compliance checks [1][23] Group 7: Industrial Products - Industrial products have strict compliance requirements, necessitating the display of certifications and provision of technical support [1][24] - Outdoor products focus on materials and safety, requiring seasonal promotions and eco-labeling [1][24]