智通财经APP获悉，香港联交所最新资料显示，1月14日，贝莱德增持特步国际(01368)225.5万股，每股 作价5.2647港元，总金额约为1187.19万港元。增持后最新持股数目约为1.7亿股，最新持股比例为 6.05%。 ...

Core Viewpoint - The event "Marathon Champion City Tour • Xiamen Station" successfully integrated top-level marathon events with urban life, showcasing a vibrant practice of blending "business + culture + sports" in Xiamen [1][11]. Group 1: Event Overview - The event took place on January 11, 2026, in Xiamen, featuring a theme of "Marathon in the Streets" [1]. - It was organized by Xtep in collaboration with several local companies, creating a unique experience that connected historical spaces with modern life [1][11]. Group 2: Innovative Integration - Xtep, as the exclusive sports equipment sponsor, creatively combined the marathon route with the urban landscape of Zhongshan Road, allowing participants to experience the fusion of sports fashion and cultural heritage [3]. - The event featured multiple themed checkpoints along Zhongshan Road, enhancing the experience of both walking and running [3]. Group 3: Product Showcase - The Xtep Champion Edition running shoes, particularly the new 160X 7.0 PRO model, attracted significant attention for their lightweight feel and eye-catching design [5]. - A product experience area showcased various running shoes, allowing participants to try them on and engage with the technology and design concepts [9]. Group 4: Community Engagement - Marathon champions interacted with participants, sharing their experiences and fostering a sense of community [7]. - Influencers and key runners documented the event, amplifying its reach on social media and generating significant online engagement [9]. Group 5: Collaborative Efforts - The event exemplified a collaborative model involving government guidance, corporate sponsorship, and multi-party cooperation, ensuring high-quality execution [11]. - This innovative approach aims to activate historical public spaces and promote the integration of culture, commerce, tourism, and sports [11]. Group 6: Future Aspirations - The event highlighted the potential for sports to empower urban environments and connect historical narratives, promoting a vision of a vibrant, active city life [12].

Market Review - In December, the A-share textile and apparel sector underperformed the broader market, with textile manufacturing outperforming branded apparel. Since January, the sector has shown stronger performance, with textile manufacturing up by 5.1% and branded apparel up by 4.5% [1][15] - Key companies that have led in stock price increases since January include Under Armour (12.5%), New Australia (11.9%), and Geely (11.0%) [1] Brand Apparel Insights - Retail sales of clothing in November grew by 3.5% year-on-year, but the growth rate slowed down, decreasing by 2.8 percentage points compared to the previous month [2] - E-commerce growth in December declined, indicating weak overall apparel consumption demand, primarily due to early release of consumer demand during the "Double 11" shopping festival, rising temperatures, and the delayed Spring Festival peak season [2] - Outdoor apparel categories showed strong growth, with sportswear and outdoor apparel growing by 6% and 10% respectively, while home textiles and personal care categories saw declines [2] - Notable brands with strong growth in the sportswear category include Lululemon (10%) and Descente (6%) [2] Textile Manufacturing Insights - In December, Vietnam's textile exports increased by 8.4% year-on-year, while footwear exports rose by 4.3%, marking a positive turnaround in growth rates [3] - The prices of cotton showed slight increases and decreases, with domestic cotton prices rising by 4.2% and international prices falling by 1.0% in December [3] - Wool prices continued to rise, with a month-on-month increase of 4.4% and a year-on-year increase of 39.9% [3] - Companies in Taiwan showed significant revenue differentiation in December, with overall strong performance driven by World Cup demand, leading to increased order visibility and production capacity expansion [3] Investment Recommendations - Focus on brands with favorable market conditions and recovering upstream orders. The report is optimistic about the recovery of high-end consumption and the growth of the light luxury sports and outdoor segments [5][8] - Recommended brands include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end and outdoor apparel [5][8] - In textile manufacturing, companies like Shenzhou International and Weixing Co. are highlighted for their potential benefits from tariff reductions and Nike's recovery [9]

致：香港交易及結算所有限公司 公司名稱: 特步國際控股有限公司 呈交日期: 2026年1月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01368 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,0 ...

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

Group 1 - Hong Kong sportswear stocks experienced a decline in the afternoon, with Xtep International (01368.HK) falling over 5% [1] - Tmall (06110.HK) dropped more than 4.5%, while China Dongxiang (03818.HK), 361 Degrees (01361.HK), and Yue Yuen Industrial (00551.HK) all saw declines exceeding 3% [1]

Core Insights - The town of Chen Dai in Fujian is a significant hub for the global footwear industry, producing over 1 billion pairs of sports shoes annually, accounting for one in every five pairs sold worldwide [1] - The region hosts more than 7,000 shoe companies and supporting enterprises, fostering leading brands such as Anta, Xtep, and 361° [1] - Chen Dai boasts an industrial cluster with an annual output value exceeding 50 billion yuan and an export value surpassing 18 billion yuan, enhancing its reputation as "China's Shoe Capital" [1] Industry Overview - The local industry ecosystem allows for rapid material sourcing, with a capability to assemble shoe materials within half an hour [1] - Technological advancements are driving innovation and upgrades within the footwear sector in Chen Dai [1]

Group 1 - The core viewpoint of the news is that Hong Kong sportswear stocks have been active recently, with Li Ning leading the gains, reflecting positive market sentiment driven by government policies aimed at boosting domestic consumption [1] - Li Ning's stock price increased by approximately 5%, with a cumulative rise of over 11% in the past four days, reaching a new high in over three months [1] - Other companies such as Anta Sports, Yue Yuen Industrial, and Xtep International also saw stock price increases of nearly 2%, 1.5%, and 1.4% respectively, indicating a broader positive trend in the sector [1] Group 2 - The Central Economic Work Conference held on December 11 emphasized the importance of domestic demand and building a strong domestic market as key tasks for economic work in 2026 [1] - Analysts believe that the consumption outlook for the apparel industry may continue to improve due to substantial policy support for end-consumer spending and expectations of rising household income [1] - The textile and apparel sector is experiencing a rebound in export performance, aided by recent improvements in US-China tariff policies, which is contributing to a recovery in the export chain's overall health [1]

Core Insights - The report emphasizes the optimism surrounding new consumption opportunities driven by quality supply, indicating that the "new consumption upgrade" will extend beyond 2025, focusing on innovative and user-centric supply rather than just cost reduction [3][4] - The report highlights the shift from "internal competition" to "external expansion," noting that Chinese manufacturing capabilities are now positioned to explore global supply chain opportunities, particularly in personal care and home goods [4] - The integration of AI in consumer products is identified as a significant growth area, with AI-powered devices like smart glasses expected to gain traction in 2025 and beyond [5] - The report discusses the K-shaped recovery in purchasing power, suggesting that luxury and experiential consumption will remain resilient as consumers continue to seek status through their purchases [6] Group 1: New Consumption Trends - The essence of new consumption is a supply-driven upgrade, focusing on innovative products that meet previously unmet consumer needs, such as ergonomic furniture and outdoor sports equipment [3] - The report anticipates that the alignment of quality supply and demand will continue to evolve, with new categories emerging beyond those already recognized in the market [3] Group 2: Global Expansion of Quality Supply - Chinese manufacturers are expected to capitalize on their competitive advantages in efficiency and innovation to expand into international markets, particularly through e-commerce [4] - The report notes that the personal care supply chain in China is significantly stronger than in Western markets, presenting a threefold expansion opportunity for Chinese brands abroad [4] Group 3: AI and Consumer Products - AI applications are projected to enhance consumer products, with smart glasses expected to enter mass production and drive new market dynamics [5] - The report suggests that 3D printing will also play a crucial role in the future of AI-enabled consumer goods [5] Group 4: Luxury and Experiential Consumption - The report identifies a persistent demand for symbolic consumption, particularly in luxury goods, as consumers continue to compete for status [6] - The luxury market is shifting towards services and experiences, with brands like Hermes and private jet companies expected to benefit from this trend [6] Group 5: Market Dynamics and Company Performance - The report outlines the competitive landscape for companies in the IP-driven consumer goods sector, emphasizing the importance of a diversified IP portfolio and localized marketing strategies for success [52][58] - Companies like Pop Mart are highlighted for their successful global strategies and the ability to create emotional connections with consumers through their IP offerings [58]

Core Viewpoint - The company Xtep is forming a joint venture with Malaysian distributor Bonia to expand its market presence in Malaysia, aiming to open 50 new stores in the next five years [1] Group 1: Company Strategy - Xtep plans to establish a joint venture with Bonia, a distributor with over 50 years of experience in Malaysia [1] - The company aims to position Malaysia as a "model for overseas expansion" and a showcase for its running brand [1] Group 2: Market Expansion - Xtep intends to open 50 new stores in Malaysia over the next five years [1] - The partnership with Bonia is expected to enhance Xtep's market penetration in the region [1]