According to Zhitong Finance APP, GTHT released a research report stating that Hong Kong-listed textile and apparel companies have shown impressive stock performance during the recent interim report disclosure period. The firm recommends short-term focus on quality targets with cautious or clear interim expectations, potential for full-year performance stabilization, and room for valuation repair: Shenzhou International (02313), Jiangnan Fabric (03306), and ANTA SPORTS (02020). Additionally, global Swiss watch exports (excluding the US) showed month-over-month improvement in July, with Singapore and Hong Kong leading the gains.

GTHT's main observations are as follows:

During the intensive interim report disclosure period, the firm observed relatively strong performance among some Hong Kong apparel stocks. The following companies' gains since interim report release to date are: Yue Yuen Industrial (+10.25%), Samsonite (+0.18%), Crystal International (+13.49%), Xtep International (+16.75%), and Li Ning (+8.78%).

The firm believes the main reasons are: ① Interim reports met or slightly exceeded market expectations, ② Full-year 2025 performance expectations are stabilizing, ③ 2026 performance growth has driving factors, ④ Low valuation and dividend attributes: Yue Yuen Industrial (2025/26 PE ratios of 7.3X/6.5X respectively, corresponding dividend yields of 10%/11%), Samsonite (2025/26 PE ratios of 11X/10X respectively, corresponding dividend yields of 4%/5%), Crystal International (2025/26 PE ratios of 10X/9X respectively, corresponding dividend yields of 5.8%/6.4%), Xtep International (2025/26 PE ratios of 12X/11X respectively, corresponding dividend yields of 4.0%/4.4%), Li Ning (2025/26 PE ratios of 18.6X/17.8X respectively, corresponding dividend yields of 2.7%/2.8%).

July global Swiss watch exports (excluding US) showed month-over-month improvement, with Singapore and Hong Kong leading gains.

In July, Swiss watch export values showed year-over-year changes of: Global/China/US/Japan/Europe/Hong Kong/Singapore at +6.9%/-6.5%/+45.0%/-10.1%/-2.8%/+4.6%/+14.8% respectively, with month-over-month changes of +12.5pct/-12.6pct/+62.6pct/+0.9pct/-1.7pct/+15.2pct/+12.2pct respectively. January-July cumulative year-over-year changes were +1.0%/-17.0%/+24.1%/-4.3%/-0.6%/-11.0%/-1.3%.

July's high growth in the US was due to front-loading exports amid tariff disruptions. Global export values (excluding US) were down 0.9% year-over-year but improved from June's -3.2% month-over-month, with Singapore and Hong Kong leading the gains.

By price segment, January-July watch export values for <200, 200-500, 500-3000, >3000 Swiss francs showed cumulative year-over-year changes of -1.4%/-8.8%/-0.1%/+1.6% respectively, with month-over-month changes of -0.1/+2.5/+0.1/+1.3pct.

Risk warnings: Terminal consumption willingness below expectations, raw material price volatility, intensified competition.