据国家统计局数据显示，2023年我国食品制造业实现营收2.05万亿元，1993-2023年CAGR达到12.49%，预计2024-2029年，中国食品工业总产值将保持在6%-7%的年均增速，食品加工业具有强劲的增长潜力和广阔的市场前景。其中，智能制造方面，据蓝凌研究院调研，全球食品和饮料制造专业人士普遍对AI在质量控制、生产效率提升等方面的能力持乐观态度。高德纳咨询公司预测，到2025年，全球90%的公司将使用ChatGPT等人工智能工具，这将大幅提高生产效率。 

5 月 A 股品牌服饰板块表现好于大盘，美股服装零售公司股价整体上行。重点关注公司中，鲁泰 A、伟星股份、开润股份、太平鸟、海澜之家、特步国际增长领先。

False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

24Q1收入端增长提速，盈利水平快速提升。我们选取11家出口链机械公司，包括柏楚电子、宏华数科、涛涛车业、杭叉集团、安徽合力、春风动力、九号公司-WD、银都股份、杰克股份、凌霄泵业、巨星科技。

2023 年运动鞋服下游品牌零售行业稳步复苏。根据 wind 数据，（1）营收和净利润：2023 行业实现营收 1366.8 亿元，同比增长 12.5%；归母净利润 159.1 亿元，同比增长 18.6%。（2）毛利率及费用率：2023 年行业毛利率为 51.7%（YoY+1.2pct）；2023 年行业销售费用率 31.1% （YoY+0.1pct）；管理费用率为 5.9%（YoY-0.4pct）。（3）营运指标： 行业库存去化顺利，存货周转 107 天（YoY-16 天），应收账款周转 36 天（YoY 持平）。

机械板块 24Q1 收入毛利率温和改善：（1）板块收入和毛利率温和改善：从收入增速看，在经历了 2022 年的增速下降后，板块在 2023 年整体保持相对平稳的增长，23Q4-24Q1 收入增速分别为 3.4%、4.2%。从毛利率看，板块毛利率保持相对平稳。从 ROE 看，机械板块 ROE 波动上升，在 2013、2017、2020 年出现了较多季 度的同比正增长，24Q1 的 ROE 水平与 23 年初接近。（2）季度收入增长较快的是 印包设备、光伏设备、船舶制造等板块，季度毛利率提升较多的是铁路设备、内燃机、其他通用机械、农用机械等板块，24Q1 提升较多的细分板块包括油气装备、纺织服装设备、其他通用机械、农用机械、印刷包装机械等。

逆全球化的高成本、线上渠道快速发展和AI数字化转型推动，推动跨境电商具有长期发展空间。①全球趋势：2022年全球进出口贸易总额达到50.5万亿美元，同比增速放缓至12.5%，逆全球化高成本、疫后线上消费增加、电商渗透率提升；②国内变革：2023年我国进出口总值 41.76万亿元，同比增长0.2%，2023年跨境电商进出口总值2.38万亿，同比增长15.6%，其中出口1.83万亿元，增长19.6%。中国数字经济兴起带动了出口技术复杂度增长，进一步提升了中国在全球价值链的参与度与分工地位，中国出口产业链逐渐向微笑曲线两端延伸；2022年中国高新技术产品出口额占货物出口额的比例达26.5%，我们认为高附加值比重提升，跨境出口电商利润空间打开；跨境贸易往来日益增加以及互联网技术渗透率提升的作用下，中国跨境电商出口规模将持续增长。

False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.