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 Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

证券日报网讯 1月27日，开润股份发布公告称，控股股东、实际控制人范劲松解除质押8，740，000 股，占其持股7.26%，占公司总股本3.64%，质押起始日2023年2月15日，解除日期2026年1月26日，质 权人为国泰海通证券股份有限公司。 （文章来源：证券日报） ...

南财智讯1月27日电，开润股份公告，公司控股股东、实际控制人范劲松先生近日办理了部分股份解除 质押手续，本次解除质押股份数量为874.00万股。 ...

安徽开润股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽开润股份有限公司（以下简称"公司""本公司"）于近日收到公司控股 股东、实际控制人范劲松先生的通知，获悉其将所持有的部分股份办理了解除质 押手续，具体事项如下： 证券代码：300577 证券简称：开润股份 公告编号：2026-008 | 信 | 信 | 托 | － | 安 | 享 | 财 | 富 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 家 | 族 | 信 | 托 | 号 | 180 | | | | | | 合计 | 131,244,135 | 54.72% | 24,670,000 | 18.80% | 10.29% | 24,670,000 | 100% | 65,680,726 | 61.63% | 范劲松先生资信状况良好，有足够风险控制能力、履约能力，其质押股份不 存在平仓风险，也不会对公司生产经营、公司治理等产生影响。若后续出现上述 ...

证券代码：300577 证券简称：开润股份 公告编号：2026-007 增加至 53,100 万元，并重新签署了《天津砺思星棠海河创业投资合伙企业（有 限合伙）合伙协议》。宁波浦润并未参与本次后续募集，认缴出资额仍为 2,000 万 元 ， 认 缴 出 资 比 例 由 8% 变 为 3.77% 。 具 体 内 容 详 见 巨 潮 资 讯 网 www.cninfo.com.cn（2025-039）。 2025 年 5 月 30 日，宁波浦润收到砺思星棠海河普通合伙人天津砺思企业管 理咨询有限公司的通知，砺思星棠海河已完成工商变更手续，并取得天津市南开 区 市 场 监 督 管 理 局 颁 发 的 营 业 执 照 。 具 体 内 容 详 见 巨 潮 资 讯 网 www.cninfo.com.cn（2025-044）。 2025 年 12 月 4 日，砺思星棠海河进行了后续募集，认缴金额从 53,100 万元 增加至 78,572 万元，并重新签署了《天津砺思星棠海河创业投资合伙企业（有 限合伙）合伙协议》。宁波浦润并未参与本次后续募集，认缴出资额仍为 2,000 万元，认缴出资比例由 3.77% 变为 2.5454 ...

Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

证券日报网讯 1月21日，开润股份在互动平台回答投资者提问时表示，截至2026年1月20日，公司股东 总人数为9812户。 （文章来源：证券日报） ...

格隆汇1月19日丨开润股份(300577.SZ)公布，截至本公告披露日，公司第二期员工持股计划已将所持有 的800,348股公司股份通过非交易过户的方式过户至员工个人名下或出售。其中，根据绩效考核结果， 公司第二期员工持股计划将所持有的272,512股通过非交易过户的方式过户至员工个人名下，剩余未归 属份额527,836股通过集中竞价交易方式出售（根据《第二期员工持股计划》规定，未归属份额对应权 益归属于公司）。公司实施第二期员工持股计划期间，严格遵守市场交易规则，遵守中国证监会、深圳 证券交易所关于信息敏感期不得买卖股票的规定，未利用内幕信息进行交易。截至本公告披露日，本员 工持股计划不再持有公司股份，所持资产均为货币资金。根据公司《第二期员工持股计划》的规定，公 司第二期员工持股计划终止，后续将进行财产清算和分配等工作。 ...

格隆汇1月19日丨开润股份(300577.SZ)公布，截至本公告披露日，公司第二期员工持股计划已将所持有 的800,348股公司股份通过非交易过户的方式过户至员工个人名下或出售。其中，根据绩效考核结果， 公司第二期员工持股计划将所持有的272,512股通过非交易过户的方式过户至员工个人名下，剩余未归 属份额527,836股通过集中竞价交易方式出售（根据《第二期员工持股计划》规定，未归属份额对应权 益归属于公司）。公司实施第二期员工持股计划期间，严格遵守市场交易规则，遵守中国证监会、深圳 证券交易所关于信息敏感期不得买卖股票的规定，未利用内幕信息进行交易。截至本公告披露日，本员 工持股计划不再持有公司股份，所持资产均为货币资金。根据公司《第二期员工持股计划》的规定，公 司第二期员工持股计划终止，后续将进行财产清算和分配等工作。 ...