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“旗手”高调归位，持续性如何？业绩高增+“真金白银”稳信心，机构提示券商超额机会_我的网站

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    Foreign tourists explore customized clothing services at the South Bund Soft Spinning Material Market in Shanghai. Photo: VCG
For many overseas travelers arriving in Shanghai, the Bund and the Oriental Pearl Tower are no longer the first stops on their itineraries. Instead, they head straight to the South Bund Soft Spinning Material Market, where custom-tailored outfits have become a signature experience driving "Chinamaxxing," a viral lifestyle trend popular among global travelers.
The market buzzed with energy, with conversations in various foreign languages echoing across storefronts, when a Global Times reporter visited it on a work day. 
Tourists from different countries take body measurements, browse design references, and discuss tailoring preferences with local shopkeepers. 
Evolving from the time-honored Dongjiadu cloth market, the area now hosts more than 280 fabric vendors and tailor studios, forming a complete industrial ecosystem for custom apparel. 
Inside one local shop, two foreign tourists excitedly tried on a series of Tang-style garments, taking photos of their favorite looks before professional tailors record precise measurements for their custom-fit clothing.
Gabbo, an Italian traveler, told the Global Times that he first discovered the market through TikTok and Instagram. As silk markets in Shanghai have grown popular among Italian tourists, he and his travel companion Nicco came specifically to shop for authentic traditional Chinese garments and premium silk pieces.
"I picked out a brown Tang-style jacket and a white shirt, while Nicole got matching white shorts. We wanted to try something new and plan to wear our custom outfits out tonight because the styles are very fashionable," Gabbo said. "The bespoke measuring service is professional and thoughtful, and the whole shopping experience has been wonderful."
Intl tourists emerge as a major force
Benefiting from China's visa-free policy covering Italy, the pair only needed to submit standard tourist documents for entry. They plan to stay in China for roughly two weeks to explore local culture and lifestyles.
Local tailor shop owners have witnessed a striking surge in overseas customer demand. Driven by expanded visa-free policies and viral social media exposure, growing numbers of foreign tourists come to the market for original Chinese-style custom clothing. 
According to shop owner Li, international visitors now account for 30 to 40 percent of her clientele, a dramatic reversal from previous years when domestic customers dominated orders.
"We source fabrics directly from suppliers and hire in-house tailors to eliminate middleman markups. Our bespoke pieces cost only one-third of similar custom outfits in Western countries," Li explained. The shop also offers expedited services tailored for short-stay travelers, allowing visitors to pick up finished garments within days.
All garments feature original in-house designs that retain classic Tang-style outlines with soft, wearable color tones suitable for daily wear. Many foreign customers style the traditional jackets with casual trousers and sneakers, creating unique, modern outfits that blend Eastern aesthetics and Western casual fashion, Li said.
Qian, another tailor with 20 years of industry experience, has also seen robust growth in overseas orders, with her annual order volume rising 20 percent year-on-year. 
Most foreign visitors come for custom-tailored suits and enjoy the full immersive bespoke production process. Her workshop divides labor for suits, shirts and dresses to boost efficiency, once completing a full set of custom clothes and delivering them to a tourist's hotel by 10 p.m. on the very day of ordering. The studio also accepts personalized design drafts brought by international visitors.
Backed by the mature textile supply chain of the Yangtze River Delta, hand-tailored suits at the market cost merely one-quarter of equivalent bespoke outfits in Europe, with 24-hour rush order services available. This year, market foot traffic has increased roughly 30 percent year-on-year, with foreign shoppers making up 60 percent of all customers, the Global Times learned from the market.
Behind the change are China's visa-free policies. China's 240-hour visa-free transit policy covering 55 countries has greatly facilitated cross-border travel. Official data shows China received 22.91 million inbound foreign visits in the first half of 2026, a year-on-year increase of 20.4 percent, China Media Group reported.
From short-term visits to lasting influence

Boosted by China's visa-free policies, the social media trend "Chinamaxxing" has gone viral worldwide. Easier cross-border travel has allowed young foreigners to immerse themselves deeply in authentic Chinese lifestyles, including traditional fitness practices, Chinese dramas and local food culture. 
Beyond garment customization, Shanghai's inbound tourism experience sector continues to expand. Spring Travel recently launched hands-on traditional snack workshops for foreign visitors, focusing on wonton and spring roll making. Tourists can cook, taste homemade snacks and learn the cultural stories behind local cuisine. 
The workshops have received visitor groups from the US, Brazil and Australia and earned wide praise, the Global Times learned from Spring Travel.
Sugiurat Akuto, one foreign participant, said that making Shanghai snacks left him with precious travel memories. Before leaving China, he asked chefs for original recipes, hoping to recreate authentic Chinese delicacies at home and share his unique Shanghai travel experience with family and friends.
Unlike disposable souvenir purchases during routine sightseeing, custom-tailored clothes and learnable cultural skills turn short travel experiences into enduring cross-cultural connections. "These custom outfits will remain precious memories for decades. Even 20 years later, we will still remember custom-tailoring clothes in China. Every time I see these garments in my wardrobe, I will recall this special trip," Gabbo said, adding that distinctive local custom pieces are far more valuable than ordinary travel souvenirs.
Industry analysts note that the Chinamaxxing phenomenon marks a structural upgrade in China's inbound tourism consumption. Driven by optimized visa policies, foreign travelers are shifting from superficial landmark sightseeing to high-value, personalized immersive experiences. Longer stays and upgraded consumption drive coordinated growth of modern service industries and inject new vitality into China's service economy.
Research by the Shanghai Municipal Commission of Commerce shows that inbound tourists who opt for customized consumption stay an average of six to seven days in Shanghai, more than double the city's average 3.21-day stay for general foreign visitors. 
Current cultural tourism experiential products represent only the initial stage of this emerging industry. China's rich cultural resources can be continuously developed into high-quality, replicable tourism offerings for global audiences, Zhang Yi, CEO of iiMedia Research, told the Global Times on Tuesday.
Most importantly, the Chinamaxxing trend boosts people‑to‑people exchanges. One‑off on‑site travel purchases translate into steady overseas demand and repeat orders, helping international audiences gain deeper insight into China's charm, Zhang noted.
。    　　8月26日，“旗手”归位助力沪指重返3900点，券商板块全线躁动，锦龙股份、湘财股份强势封板，长江证券、招商证券、国元证券、广发证券等同步冲高。券商ETF华宝（512000）久违大涨，一举突破10日、20日、半年线等多条均线。　　分析认为，进入下半年，市场转向震荡格局。券商板块估值性价比高且具备业绩支撑，重获市场关注。　　上市券商中期业绩集体高增。券商ETF华宝（512000）跟踪的中证全指证券公司指数已有25只成份股披露中期业绩，整体净利润同比大增51.16%。头部券商业绩全面超预期，中信证券上半年归母净利润233.43亿元，同比增长69.60%，创历史同期最好水平；国泰海通上半年盈利202.6亿元创新高。　　券商估值却处于历史相对低位。

B | 截至8月25日，中证全指证券公司指数市净率PB（LF）仅1.25倍，位于近10年13.21%分位点。　　与此同时，大手笔分红+增持回购，上市券商通过“真金白银”释放股价被低估的信号。截至目前，已有10家上市券商公布了中期分红预案，合计拟派现近170亿元。

C | 国联民生证券、东吴证券、兴业证券、华安证券等多家券商密集实施增持回购，充分彰显了对公司长期价值的认可。　　开源证券认为，一方面，低估值、低配置和资金面因素改善是券商板块具备超额收益的底层逻辑；另一方面，券商板块ROE持续创新高、业务结构持续优化、盈利成长性提升是券商板块估值提升的重要驱动因素。*　　华泰证券表示，市场交易活跃度短期降温，资金风险偏好仍有支撑。

D | 中报窗口下头部券商业绩兑现仍是主线，投行、跟投、直投及国际业务形成增量支撑，板块估值回落。建议把握低估配置窗口。

E | *　　券商ETF华宝（512000）被动跟踪中证全指证券公司指数，一键囊括49只上市券商股，是集中布局头部券商、同时兼顾中小券商的高效率投资工具。场外投资者可关注联接基金（A类 006098、C类007531）。

F | 　　数据来源：沪深交易所、Wind等。截至2026.8.25，锦龙股份、湘财股份、长江证券、招商证券、广发证券在中证全指证券公司指数中的权重占比分别为0.3%、0.53%、1.51%、3.45%、3.34%。　　机构观点来源：开源证券20260802《中央政治局会议稳股市态度积极，看好非银超额》；华泰证券20260823《把握业绩向好下的优质金融机会》。　　ETF基金费用相关说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金，场内交易费用以证券公司实际收取为准，不收取销售服务费。联接基金费用相关说明：华宝中证全指证券公司ETF联接基金（A类）申购费率（前收费）为申购金额200万元（含）以上时1000元/笔，100万元（含）~200万元时0.6%，100万元以下时1%；赎回费率为持有天数7日以下时1.5%，持有天数7日（含）~180日时0.5%，持有天数180日（含）~1年时0.25%，持有天数1年（含）以上时0%；不收取销售服务费。

G | 华宝中证全指证券公司ETF联接基金（C类） 不收取申购费，赎回费率为持有天数7日以下时1.5%，持有天数7日（含）以上时0%；销售服务费为0.4%。　　风险提示：券商ETF华宝（512000）及其联接基金被动跟踪中证全指证券公司指数基日为2007.6.29，发布于2013.7.15。中证全指证券公司指数2021~2025年年度涨跌幅分别为-4.95%、-27.37%、3.04%、27.26%、2.54%；2021~2025年年度波动率分别为24.46%、23.47%、21.17%、36.95%、20.53%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金管理人评估的券商ETF风险评级为R3-中风险，适合适当性评级C3及以上投资者。基金管理人管理的其他基金业绩不构成基金业绩表现保证。基金过往业绩不预示其未来表现，基金有风险，投资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。

H | 中国证监会对本基金的注册，并不表明其对本基金的投资价值、市场前景和收益做出实质性判断或保证。基金有风险，投资须谨慎。责任编辑：杨红卜。

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Published on:00:27:22