Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

[Table_Title] 研究报告 Research Report 25 Feb 2026 国泰海通香江策论 Global Macro Strategy 美伊战云投射国际秩序重构，战略资源迎来反转式价值重估——事件点评 U.S.-Iran Conflict Signal a Reshaping of the Global Order, Driving a Revaluation of Strategic Resources — Event Comment • 进入 2 月后，在阿曼斡旋下，美伊在高压对峙背景下展开间接谈判，分别于 2 月 6 日和 2 月 17 日进行两轮会谈， 并计划于 2 月 26 日在日内瓦举行第三轮谈判。 点评：中东地缘政治的影响或将进入短期极值，但是，百年未有之大变局、国际秩序的重构则更加深入人心，黄 金、航天军工、有色甚至原油等战略资源的价值重估将是大势所趋。 张忆东 Yidong Zhang 周林泓 Amber Zhou yd.zhang@htisec.com amber.lh.zhou@htisec.com [Table_yemei1] 观点聚焦 Investment Foc ...

[Table_Title] 研究报告 Research Report 25 Feb 2026 中国可选消费 China (A-share) Discretionary 大消费渠道脉搏：零食零售春节表现亮眼，引入新模式差异化竞争 Consumer Channel Pulse: Snack Retail Performs Strongly during Chinese New Year, Introducing New Models for Differentiated Competition 省钱超市差异化竞争，其毛利率高于量贩零食。根据地区、商圈类型的不同，省钱超市的前期投资及回本周期均 有所差异。根据专家的测算，在乡镇和县级城市，省钱超市的前期投资约为80-100 万元，回本周期为2年；在一、 二线城市，省钱超市的前期投资约为 130-150 万元（不含转让费），回本周期平约为 3.5 年。货品结构方面，省钱 超市 65%的货品为零食，8-10%为日化百货、10-12%为米面粮油调味品等，11%为烤肠蛋挞等鲜食及潮玩等。日化 百货、米面粮油及鲜食潮玩等产品的毛利率高于零食产品的毛利率，从而也带动省钱超市的毛 ...

[Table_Title] 研究报告 Research Report 25 Feb 2026 中国可选消费 China (A-share) Discretionary 春节海南离岛免税数据健康回归，26 年销售额增速预期提升 Consumer Channel Pulse: Hainan Offshore Duty-free Sales Showed Healthy and Normalized over Chinese New Year, with Sales Growth Forecast for 2026 Expected to Rise 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2026 年 2 月 24 日，海通国际举办海南免税专家会，邀请海南免税专家分享春节期间海南免税数据观点与 26 年行业收入展望与趋势。 春节数据 ...

[Table_Title] 研究报告 Research Report 25 Feb 2026 中国香港服装、鞋类及配饰设计 China (A-share) Hong Kong Apparel, Footwear & Acc Design 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach 寇媛媛 Yuanyuan Kou 林泽宇 Caleb Lin yy.kou@htisec.com caleb.zy.lin@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it [20]. Core Insights - PUMA China is experiencing steady growth, primarily driven by same-store sales and a healthy inventory, with a focus on upgrading stores in key business districts [2][8]. - The product mix is balanced between footwear and apparel, with significant growth in women's apparel and a strong performance from leisure and trendy products [3][9]. - The acquisition of PUMA by Anta is viewed positively, as it is expected to enhance PUMA's market share and technical capabilities while addressing Anta's brand integration challenges [4][10]. Summary by Sections Business Structure and Performance - PUMA China operates under a traditional sports brand business model, with a growing share of direct-operated stores, currently at approximately 30% [1][7]. - The ordering model follows a traditional futures system, with double-digit growth in orders for the first three quarters of 2026 [1][7]. Product and Market Dynamics - The majority of PUMA's products are leisure-oriented, with over 60% of sales coming from this category, and women's apparel sales are on the rise [3][9]. - PUMA's pricing strategy shows clear ranges, with footwear priced between RMB 500-800 and apparel ranging from RMB 300-1000 depending on the season [3][9]. Competitive Landscape - PUMA's main competitors include New Balance and ASICS, with a market positioning strategy that aims for differentiation through product offerings [4][10]. - Recent sales data indicates a divergence among mainstream sports brands, with Adidas showing strong double-digit growth while others like Li-Ning and Anta have faced challenges [5][11]. Future Outlook - The basketball category is anticipated to rebound in 2026, driven by a recovery in youth training and increased participation in sports [12]. - PUMA's focus on localized products remains low, primarily consisting of seasonal and co-branded items, indicating potential for growth in this area [4][10].

研究报告 Research Report 25 Feb 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 跨国药企多次认可，创新转型成果凸显，平台价值值得期待 Multiple Recognitions from MNCs, Clear Progress in Innovation Transformation, Platform Value Highly Anticipated [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$10.06 目标价 HK$13.07 HTI ESG 3.0-2.5-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$115.92bn / US$14.82bn 日交易额 (3 个月均值) US$140.76mn 发行股票数目 11,522mn 自由流通股 (%) 68% 1 年股价最高最低值 HK ...

sui[Table_Title] 研究报告 Research Report 24 Feb 2026 国泰海通香江策论 Global Macro Strategy 美股分化显著，成长有望回归 U.S. Stocks Showed Notable Divergence, Growth Stocks Poised for a Comeback 张忆东 Yidong Zhang 刘念芸 Nianyun Liu 李加惠 Jiahui Li, CFA yd.zhang@htisec.com ny.liu@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [(Table_summary] Please see APPENDIX 1 for English summary) 一、宏观经济数据韧性仍在，但动能放缓 美国四季度实际 GDP 年化季环比初值 1.4%，明显低于市场的预期 2.8%和前值 4.4%，显示美国经济增速在高基数后 出现一定降温。1 月 CPI 数据整体低于预期，核心通胀延续温和下行趋势，为美联储未来数月的政策空间提供一定 余地 ...

[Table_Title] 研究报告 Research Report 大消费渠道脉搏：泡泡玛特和毛戈平 26 年同店持续强劲增长，新秀丽 26 年初回升明显 Consumer Channel Pulse: POP MART & Mao Geping Sustain Robust SSS Growth in 2026E, Samsonite Shows Marked Rebound in Early 2026 24 Feb 2026 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2026 年 2 月 23 日，海通国际举办专家系列会，邀请华南百货专家分享其对春节消费趋势及重点品牌表现的 观察。 根据我们近期对某华南百货 ...

[Table_Title] 研究报告 Research Report 24 Feb 2026 中国可选消费 China (A-share) Discretionary 大消费渠道脉搏：性价比驱动楼市"小阳春"，刚需回暖集中于一二线核心区域 Consumer Channel Pulse: Value-for-money-driven Tailwinds Lift the Housing Market, with End-user Demand Recovery Concentrated in Core Districts of Tier 1-2 cities 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2026 年 2 月 23 日，海通国际举办地产专家会，邀请房地产专家分享近期"地产小阳春"的成因、结构分化、 ...