Investment Rating - The industry rating is "Recommended" [5] Core Insights - Anta announced on January 26, 2026, the acquisition of 29.06% of Puma SE for a total of €1.506 billion (approximately ¥12.278 billion), becoming its largest shareholder. This transaction is a key step in Anta's globalization strategy, aiming to integrate its operational capabilities with Puma's global platform, which has an annual revenue exceeding €8.8 billion (2024) [2][14] - Adidas achieved a record high revenue of €24.811 billion in 2025, with operating profit of €2.056 billion exceeding market expectations. The operating profit margin increased by 2.6 percentage points to 8.3%, and the gross profit margin rose to 51.6% [2][14] - VF Corporation reported a revenue of $2.82 billion in Q3 of FY2026, a 4% year-on-year increase (2% growth at constant currency), with a 6% growth in the Americas region after excluding the impact of the sold Dickies brand [3][14] Summary by Sections Investment Recommendations - Manufacturing: Strong expectations for upstream price increases, with wool prices rising since Q3 2025 and domestic cotton prices also starting to rise. Recommended stocks include Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. For growth-oriented midstream, recommended stocks are Jiansheng Group and Kairun Co [3][15] - Brand: Recent signs of recovery in high-end consumption, with potential inflation in 2026 benefiting the consumer sector. Recommended brands with profit elasticity include Jinhong Group, Ge Li Si, Luolai Life, and Stable Medical [3][15] - Procter & Gamble's industrial chain: Recommended stocks include Jieya Co (benefiting from brand-owned capacity transfer), with beneficiaries being Yanjing Co [3][15] Market Review - The SW textile and apparel sector rose by 0.64%, outperforming the Shanghai Composite Index by 1.08%. The top five gainers in the sector included Harsen Co, Zhongwang Fabric, Hongda High-Tech, Mingxin Xuteng, and Aokang International [16] - The main inflow of funds was into Harsen Co, with a net inflow ratio of 10.10%, while the largest outflow was from Sanfu Outdoor, with a net outflow ratio of 4.59% [16][22] Industry Data Tracking - Wool prices increased by 2.49% this week, with a year-to-date increase of 41.94%. The Australian wool market index reached 1689 AUD cents/kg, equivalent to ¥82,085.40/ton [4][35] - The cotton price index in China rose by 3.84% year-to-date, with the 3128B index at ¥16,183/ton [30][32] - In 2025, textile and apparel exports decreased by 2.26% year-on-year, with total exports amounting to $267.79 billion [52]

Core Insights - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 30, 2026, showcasing significant price movements and dividend yields [1][5]. Group 1: Stock Performance - China Gold (600916.SH) leads with a daily increase of 8.74% and a year-to-date increase of 80.12%, with a dividend yield of 2.59% [1][5]. - Jian Sheng Group (603558.SH) follows with a daily rise of 4.01% and a year-to-date increase of 6.23%, offering a dividend yield of 4.91% [1][5]. - China National Foreign Trade Transportation Group (601598.SH) shows a daily increase of 3.10% but a year-to-date decline of 1.32%, with a dividend yield of 5.00% [1][5]. Group 2: Dividend Yields - The average dividend yield for the index is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 times [2]. - Notable dividend yields include Semir Apparel (002563.SZ) at 9.12% and China Shenhua Energy (601088.SH) at 7.83% [1][5]. Group 3: Market Signals - The article mentions the formation of a MACD golden cross signal, indicating positive momentum for the stocks listed [4][8].

Summary of Conference Call for Xin'ao Co., Ltd. Industry Overview - The textile and wool industry is experiencing a significant increase in orders, particularly in the chemical fiber fabric, fur market, and hair industry, with domestic prices rising in line with wool prices [2][3] - Wool prices are expected to maintain an upward trend, potentially reaching levels that are difficult to procure, with a projected increase of 30%-50% throughout 2026 [2][8] Key Points and Arguments - **Order Growth**: High order growth is anticipated for Q4 2025 and January 2026, driven by a recovery in the textile and apparel industry, with a notable 40% increase in wool prices [3][4] - **Production Capacity**: Current lead times are approximately 45 days, with new projects in Ningxia and Vietnam expected to increase production capacity by over 20%. The first and second phases of a 30,000 spindle workshop are under construction, with plans for additional capacity in 2027 [2][5] - **Revenue Growth**: An estimated revenue growth of around 20% is expected due to increased orders and price hikes, although profit growth may not fully align with revenue due to fixed pricing agreements with some foreign trade brands [6][7] - **Wool Price Dynamics**: Wool prices have risen approximately 40% from their lows, and while some cost advantages from previous lower-priced materials exist, new orders will reflect current higher prices. It is expected that over half of the price increase benefits can be converted into company profits [7][9] - **Market Restructuring**: The domestic wool spinning supply chain is the largest in China and the second largest globally. The industry is expected to undergo restructuring, with smaller, less efficient companies exiting the market, leading to increased market share for leading firms [4][19] Additional Important Insights - **Future Outlook**: The company expresses greater confidence for 2026 compared to the past three to four years, aiming for a growth target of around 20% [5][19] - **Impact of Exchange Rates**: Fluctuations in the RMB exchange rate may introduce uncertainties in profit margins, as orders are calculated based on current exchange rates [12] - **Dividends**: While specific dividend amounts are not yet determined, it is expected that the total will not be less than previous years and may increase [14] - **Acquisition Strategy**: The company is considering acquisitions of firms with advanced equipment and lower costs than expanding its own production capacity. The focus is on maintaining a high production capacity utilization rate [20] - **Wool Supply Response**: The supply response from Australian farms to rising wool prices will take at least two years, indicating a sustained upward trend in wool prices for 2026 and 2027 [22] This summary encapsulates the key insights and projections from the conference call, highlighting the positive outlook for Xin'ao Co., Ltd. and the broader wool industry.

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is positioned as a leader in the wool spinning industry, benefiting from both wool and cashmere businesses, which drive growth [14] - The company has implemented a sustainable broadband strategy and global expansion, supporting new growth opportunities [20] - The company is expected to benefit from rising wool prices starting September 2025, which will positively impact product pricing and profitability [5] Summary by Sections Company Overview - The company has over 30 years of experience in the wool spinning industry, focusing on wool yarn, cashmere yarn, and wool tops, with a strong market presence both domestically and internationally [14] - The company has a market share of 1st in domestic and 2nd in international for fine wool yarn, and 2nd in domestic and 3rd in international for coarse cashmere yarn [14] Industry Analysis - The global supply of wool is limited in the short to medium term, with Australia, the largest wool producer, expected to see an 8.4% decrease in production for the 2025-2026 fiscal year [5] - The application of wool is expanding beyond clothing to outdoor, home textiles, and craft sectors, supporting price stability [5] Competitive Position - The company has maintained a leading market share in both domestic and international markets, with competitors primarily being German firms in the wool yarn sector [5] - The cashmere yarn market is seeing a concentration of competition, with the company's market share expected to grow as it expands into high-end markets [5] Financial Performance - The company’s revenue and net profit are projected to grow steadily, with expected revenues of 50.0 billion, 55.3 billion, and 60.5 billion for 2025E, 2026E, and 2027E respectively, reflecting growth rates of 3.3%, 10.7%, and 9.3% [6] - The company’s net profit is expected to reach 4.52 billion, 5.43 billion, and 5.90 billion for the same years, with growth rates of 5.5%, 20.2%, and 8.6% [6] Future Outlook - The company is set to benefit from the expansion of wool yarn production and the enhancement of cashmere yarn quality, leading to potential revenue and profit growth [5] - The company is actively exploring high-value applications and enhancing its product offerings, which is expected to improve its competitive edge [5]

公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 新澳股份（603889）深度研究 宽带战略助力品类及海外扩张，毛价上 升周期或迎新机遇 2026 年 01 月 27 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 联系人：金叶羽 相对指数表现 《25H1 业绩相对稳定，新产能陆续释放》 2025.08.31 《24 年羊绒表现亮眼，整体盈利能力稳 定》 2025.04.28 告 毛纺纱线龙头，羊毛及羊绒业务双驱动。公司深耕毛纺行业 30 余年， 前期以毛纺产品为主，2019 年后再切入羊绒纱线领域，目前主要产品 包括羊毛纱线、羊绒纱线及羊毛毛条，同时配套有改性、染整等完整 产业链。2019 年至今，公司借助可持续宽带战略与全球化布局，支撑 新成长，近年多个新产能项目陆续投产，后续仍有新产能待释放。2024 年公司营收/归母净利润分别 48.4/4.3 亿元，同比+9.1%/+6.0%， 2021-2024 年公司营收/归母净利润 CAGR 分别达+12.0%/+12.8%。 2025Q1-Q3 公司营收/归母净利润 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

Core Viewpoint - The textile industry in China is experiencing a decline in export value, with a reported decrease in both monthly and cumulative export figures for 2025 compared to the previous year [1]. Industry Summary - As of December 2025, the total export value of the textile industry in China reached 24.86 billion, reflecting a year-on-year decrease of 1% [1]. - The cumulative export value for the entire year of 2025 was 259.52 billion, showing a slight decline of 0.9% year-on-year [1]. - A statistical chart detailing the export value of the textile industry from 2019 to 2025 has been compiled based on data from the National Bureau of Statistics [1]. Company Summary - Listed companies in the textile sector include Fengzhu Textile (600493), Jiangnan High Fiber (600527), Hangmin Co., Ltd. (600987), Bailong Oriental (601339), and others [1]. - The report by Zhiyan Consulting provides an in-depth analysis of the market landscape and future prospects for the industrial textile sector in China, indicating a focus on comprehensive industry solutions for investment decisions [1].

Summary of Conference Call Notes Industry Overview - The focus is on the Australian wool industry, specifically the price trends and supply-demand dynamics of wool, with a particular emphasis on New Australia Co., Ltd. (新澳股份, stock code 603889) as a key investment target [1][2]. Key Points and Arguments 1. **Wool Price Trends**: - As of January 20, the price of Australian wool reached 1131 cents per kilogram, marking a 2.5% increase and setting a new high for the current price cycle, surpassing the previous peak of 1032 cents per kilogram in early October [1]. - The cumulative price increase over the first three trading days of the year is 10.8% [1]. 2. **Low Auction Pass Rate**: - The auction pass rate remains low at only 1.7%, indicating strong buyer and seller engagement, which suggests potential for further price increases in the future [1]. 3. **Supply Constraints**: - The Australian Wool Production Forecasting Committee (AWPFC) has revised its forecast for the sheep population to 56.5 million heads for the 2025/26 fiscal year, reflecting a year-on-year decline of 10.3% [1]. - The forecast for greasy wool production is set at 245,000 tons, down 12.6% year-on-year, with further downward adjustments of 2.4% and 2.9% from previous estimates [1]. 4. **Demand Growth**: - At the ISPO Beijing Outdoor Exhibition on January 9, it was noted that Merino wool is gaining popularity due to its excellent dynamic breathability, leading many outdoor brands to launch wool-based product lines, contributing to demand growth [2]. 5. **Improving Orders for New Australia Co., Ltd.**: - Recent order trends for New Australia Co., Ltd. show significant improvement, with wool yarn orders increasing by 10% in August, 40% in September, remaining flat in October, and rising by 25% in November, with December orders also showing positive signs [2]. - Cumulative orders from September to December increased by 11%, with December sales showing a high double-digit growth compared to the low single-digit growth in October and November [2]. 6. **Earnings Forecast**: - The earnings forecast for New Australia Co., Ltd. for 2026 is projected at 550 million yuan, slightly above the consensus estimate of 530 million yuan, indicating that the company is still undervalued with a current price-to-earnings ratio of only 12 times [2]. - A strong buy recommendation is made for New Australia Co., Ltd. based on these projections [2]. Additional Important Insights - The overall sentiment in the Australian wool market is bullish, driven by both supply constraints and increasing demand from the outdoor apparel sector, which may present significant investment opportunities in the near future [1][2].

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

格隆汇1月16日丨新澳股份(603889.SH)公布，公司于2026年1月16日召开职工代表大会，选举张林锋先 生为公司第七届董事会职工代表董事。 张林锋先生将与公司 2026 年第一次临时股东会选举产生的8名董事共同组成公司第七届董事会，任期自 职工代表大会选举之日起至公司第七届董事会任期届满之日止。 ...