（文/霍东阳 编辑/张广凯） 当地时间2月6日晚，米兰圣西罗体育场成为世界瞩目的焦点。 以"和谐"为主题的米兰-科尔蒂纳冬奥会开幕式，通过一场融合意大利文化底蕴与现代创新的视听盛宴，正式拉开第25届冬季奥林匹克运动会的序幕。 中国代表团旗手宁忠岩和张楚桐引领的126人运动员队伍，身着李宁设计的出场服亮相开幕式。一改以往被称为"番茄炒蛋"的红黄配色，李宁为中国代表团 设计了浅蓝与深蓝的羽绒服，搭配白色长裤及同色系围巾。 失去中国代表团官方合作伙伴身份，并未让安踏在米兰缺席，反而转向了宏大的全球化布局。安踏的身份已升维为 "国际奥委会官方体育服装供应商" 。 开幕式上，国际奥委会工作人员及多个国家代表团官员身着安踏服装亮相，使其成为服务全球奥林匹克大家庭的核心力量。 其中，开幕式首支出场队伍希腊体育代表团正是身着安踏亮相。此外，安踏集团还为希腊体育代表团提供室内外领奖服、软壳套装、羽绒服、鞋履及配件 等。 从2025年起，李宁取代安踏，成为2025年至2028年中国奥委会及中国体育代表团官方体育合作伙伴。 除了出场服，李宁也设计了中国体育代表团领奖装备，红、白两色为主色调，"中国红"充分彰显中国文化元素，再正面勾 ...

米兰冬奥会正式开幕，中国运动品牌亮相赛场，关注冰雪运动赛事催化 #米兰冬奥会正式启幕：中国代表团创境外参赛新纪录。 2026 年米兰冬奥会正式开幕，中国体育代表团共 286 人参赛，将参加 7 个大项、15 个分项、91 个小项的比赛， 创境外冬奥会参赛项目、运动员规模之最。 #中国品牌亮相冬奥：李宁作为中国奥委会官方合作伙伴，为中国体育代表团打造出场装备及领奖服，同时赞助 米兰冬奥会正式开幕，中国运动品牌亮相赛场，关注冰雪运动赛事催化 #米兰冬奥会正式启幕：中国代表团创境外参赛新纪录。 2026 年米兰冬奥会正式开幕，中国体育代表团共 286 人参赛，将参加 7 个大项、15 个分项、91 个小项的比赛， 创境外冬奥会参赛项目、运动员规模之最。 #中国品牌亮相冬奥：李宁作为中国奥委会官方合作伙伴，为中国体育代表团打造出场装备及领奖服，同时赞助阿 根廷代表团。 入驻冬奥会 "中国之家"，展示运动科技与东方美学设计成果。 #安踏作为国际奥委会官方体育服装供应商，为希腊、新加坡代表团提供制服，并为 10支中国国家队提供比赛装 备。 积极关注培育第二成长曲线的特步国际、高质价比方向的361度。 FILA赞助中国香港 ...

这届冬奥会不是中国主场，但"中国元素"随处可见。漫步赛场内外，诸多中国品牌见证着中国体育事业 的发展，向世界展示着中国的创新活力与文化自信。 中国冰雪装备备受青睐。在激烈的越野滑雪比赛中，运动员手中的碳纤维雪杖，逾七成出自福建企业彼 尔纤维，以重量更轻、强度更高、风阻更小吸引多国运动员"用脚投票"；上海悠途、杭州体拓等企业的 产品远销美国、英国等多个国家和地区；来自山东潍坊青州市的企业坦博尔不仅服务中国体育代表团的 一些队伍，还为奥地利单板滑雪国家队提供比赛服和训练服；开幕式上，安踏、李宁、匹克等中国运动 品牌纷纷登场，在社交媒体上引发"围观"和点赞…… 专业竞技中，胜负往往决于毫厘。过去，高端冰雪装备市场长期被外国品牌垄断。近年来，中国企业屡 有突破，从提高复合材料的精微与韧性，到研发"黑科技"保暖面料，凭借优良的工艺水准和供应链韧 性，成为专业赛事的信赖之选，展示着中国制造从"量"到"质"的蜕变。 从基础硬件到转播技术、交通调度，中国企业提供的不仅是设备，更是一整套高效、智能的解决方案， 为百年奥运注入了创新活力。 "云端"之外，我们还在见证科技赋能、绿色发展的智慧。 最令人感慨的景象，出现在米兰大教堂附 ...

21世纪经济报道记者董静怡实习生朱丙淇 行业一览 外汇储备规模升至3.4万亿美元，黄金储备持续增持 中国国家外汇管理局数据显示，截至2026年1月末，中国外汇储备规模升至33991亿美元，环比上升 1.23%；央行黄金储备增持至7419万盎司。外汇局指出，受主要经济体财政与货币政策预期影响，美元 指数下跌，推升了非美元资产的估值。 市场分析指出，美元走弱受到多重因素驱动，包括地缘政治风险加剧、以及特朗普暗示对美元贬值持开 放态度引发的抛售潮。此外，关于Kevin Warsh可能当选美联储主席的预期发酵，导致美债震荡上行， 全球资产价格整体上涨。对于跨境企业而言，汇率波动与储备规模的稳定直接关联着资金结算成本与宏 观环境的确定性。 商务部：服务进出口总额破8万亿，2026年将办百场进口促进活动 商务部数据显示，2025年我国服务进出口总额达80823.1亿元，同比增长7.4%。结构上，知识密集型服 务贸易表现亮眼，电信计算机和信息服务出口增长10.5%，显示出中国服务贸易正向高附加值环节跃 升。 与此同时，为平衡进出口发展，商务部宣布2026年将组织超百场"共享大市场·出口中国"进口促进活 动。官方强调将通过" ...

Industry Environment - The rise of Lao Pu Gold has attracted attention from luxury goods giants, with single-store sales exceeding Cartier and Van Cleef & Arpels, and a gross margin of 40% achieved through high-end mall locations and traditional craftsmanship [2][3] - Star Creation Group targets high myopia consumers with a new sports eyewear brand, NSVE, addressing the needs of individuals with over 450 degrees of myopia in sports scenarios, while transitioning stores to focus on professional services [4] - Luxury brands face challenges from the second-hand luxury market and emerging local brands, with sales declines for brands like Michael Kors and Coach, although some have seen recovery through product innovation and marketing adjustments [5] - Domestic sports brands are gaining market share, with Anta leading with revenue of 70.826 billion yuan and a net profit of 15.6 billion yuan, while Nike and other international brands experience slower growth [6][7] - High-end brands struggle as mid-range consumers flock to affordable options, with supermarkets like Sam's Club and Costco seeing high sales of budget down jackets, while premium brands face declining sales due to high prices and quality concerns [8][10] Key Trends - StockX's report indicates a significant increase in sales for nearly 200 brands, with Nike and Jordan leading, while emerging brands like MIZUNO show notable growth [9] - The popularity of affordable down jackets among middle-class consumers reflects a shift towards value-driven purchasing, with brands like Bosideng facing challenges as they move towards higher-end products [10][12] - The outdoor backpack market is evolving, with brands like Salomon and KAILAS capitalizing on the growing trend of trail running, indicating a shift in consumer preferences towards functional and stylish outdoor gear [11] Brand Dynamics - Pop Mart's Labubu IP saw a rapid rise and subsequent market crash, highlighting the volatility of collectible markets and the need for new growth points [13][14] - Li Ning's participation in Milan Fashion Week showcases a blend of high-quality design and sports technology, aiming to resonate with urban consumers [15] - High-end outdoor brands are focusing on immersive experiences to connect with consumers, as seen in the launch of KAILAS's new line that emphasizes natural aesthetics and sustainable materials [16] - Seven Wolves is showcasing a blend of Eastern wisdom and technology at international exhibitions, emphasizing the shift from scale to value in the Chinese apparel industry [17][18] - China Duty Free Group's acquisition of DFS's Hong Kong and Macau stores aims to enhance its global footprint, despite recent fluctuations in performance [19] - Deckers Brands is streamlining its portfolio by closing underperforming brands to focus on more profitable ones like Hoka and UGG [20] - Aokang's AI fashion show represents a new marketing paradigm in the footwear industry, emphasizing digital transformation and consumer engagement [21][22] - Dongfang Tang is launching a pop-up store featuring traditional craftsmanship, aiming to modernize heritage techniques and expand into urban and international markets [23]

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Favorably" investment rating [2]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 1.3% from February 2 to February 6, 2026, surpassing the SW All A index by 2.9 percentage points [3][4]. - The report highlights the impact of the Milan Winter Olympics on the sportswear market, suggesting that the event will catalyze interest in winter sports and boost sales for brands involved in the Olympics [10][11]. Summary by Sections Industry Performance - The SW apparel and home textiles index increased by 2.2%, outperforming the SW All A index by 3.8 percentage points, while the SW textile manufacturing index also rose by 2.2%, exceeding the SW All A index by 3.7 percentage points [3][4]. Recent Industry Data - Retail sales in China for the year reached 50.12 trillion yuan, a year-on-year increase of 3.7% [28]. - In December, textile and apparel exports amounted to $25.99 billion, reflecting a year-on-year decline of 7.4% [34]. - Cotton prices showed a slight decrease, with the national cotton price B index at 15,908 yuan per ton, down 0.2% [39]. Textile Insights - The report expresses confidence in the long-term cycle of Australian wool prices, which stabilized at 1,177 cents per kilogram, with a year-on-year increase of 54.9% [10][41]. - Supply constraints are evident, with a projected 10.3% decrease in the Australian sheep population for the 2025/26 season [10]. Apparel Insights - The opening of the Milan Winter Olympics is expected to enhance marketing opportunities for sports brands, with notable partnerships such as Li Ning and Anta providing official gear for their respective national teams [11][12]. - The report recommends focusing on brands like Li Ning, Anta, and 361 Degrees, which are expected to benefit from increased consumer interest in winter sports [11]. Market Trends - The report anticipates a gradual recovery in domestic demand throughout 2026, with a focus on high-performance outdoor apparel and discount retail [14]. - The competitive landscape is evolving, with brands seeking innovation in channels and products to adapt to changing consumer preferences [14][15].

Key Insights - Temu and SHEIN have suspended their cross-border operations in Turkey, shifting towards localized operations due to regulatory changes [5] - Hungarian Post has signed a memorandum of understanding with Temu to enhance cross-border logistics cooperation [6] - TSMC's 2nm production capacity has been fully booked by major tech companies, indicating strong demand for advanced semiconductor technology [7] - Hesai Technology has partnered with Grab to accelerate the deployment of LiDAR technology in Southeast Asia [8] - Anta is set to open its first store in the United States, marking a significant step in its global expansion strategy [10][13] - Baiotai has signed a licensing agreement for its BAT3306 injection in the Middle East and North Africa, with a potential transaction value of up to $7 million [15] - Alibaba Cloud has been recognized as the global leader in cloud service adoption for Chinese enterprises going abroad [16][18] - OpenAI's first AI headset, Dime, has been revealed, although its initial capabilities may be scaled back due to supply chain challenges [20][22] - Tesla plans to increase investments in AI hardware and energy sectors in China, with a projected capital expenditure exceeding $20 billion by 2026 [24]

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The luxury jewelry market is seeing a rise in interest from high-net-worth individuals towards traditional gold jewelry, which has significantly higher sales per store compared to established luxury brands like Cartier and Van Cleef & Arpels, achieving a gross margin of 40% [1] - The second-hand luxury market and emerging local brands are putting pressure on affordable luxury brands, which are experiencing declining sales, although some brands like Coach and Ralph Lauren are showing signs of recovery through product innovation and marketing adjustments [4] - The domestic sportswear market is undergoing a transformation with local brands capturing 60% of the global market share, led by Anta and Li Ning, which are focusing on technological advancements and channel optimization to build competitive barriers [4] - The demand for affordable down jackets is surging among middle-class consumers, leading to a decline in sales for high-end brands, which are struggling with high pricing and quality concerns [5][7] - The outdoor gear market is evolving with the popularity of trail running, leading to increased interest in trail backpacks, which are expected to see significant market growth by 2030 [8] Industry Environment - The luxury jewelry market is being disrupted by traditional gold jewelry brands that are attracting high-net-worth consumers, leading to a shift in customer traffic away from established luxury brands [1] - The affordable luxury segment is facing challenges due to tightening consumer spending, with brands like Michael Kors and Coach reporting significant revenue declines in Asia, although some are beginning to recover [4] - The domestic sportswear market is witnessing a major shift with local brands like Anta and Li Ning leading in revenue and brand value, while international brands are experiencing slower growth [4] - The affordable down jacket market is thriving as consumers prioritize value, leading to a stark contrast in sales performance between high-end and budget brands [5][7] - The trail running trend is driving demand for specialized outdoor gear, particularly trail backpacks, which are becoming essential for outdoor enthusiasts [8] Top Brand News - Pop Mart's Labubu toy line experienced a significant market crash after initial success, highlighting the volatility of collectible markets [10] - Li Ning showcased its Honor Gold Label series at Milan Fashion Week, emphasizing a blend of high-quality design and sports technology [11] - Deckers Brands announced the closure of two niche brands to focus on more profitable core brands like Hoka and UGG [14] - Aokang held an AI fashion show to innovate marketing strategies in the footwear industry, showcasing a digital transformation approach [16]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in the retail and e-commerce sector, including new store openings, strategic partnerships, and innovative service offerings that indicate growth potential in various segments of the market Sector Review Internet & E-commerce - Douyin is developing a group buying app called 'Dou Sheng Sheng' to enhance user convenience in in-store group buying, indicating a strategic move into local lifestyle services [5] - JD.com has launched national 'consumer goods trade-in' subsidies in 15 provinces, offering a 15% discount on select consumer electronics, which is expected to boost sales [6] - Tmall Global reported that 2,415 new overseas brands opened their first stores in 2025, reflecting a double-digit growth in store openings and a diverse global supply chain [7] Supermarkets & Hypermarkets - Freshippo's budget community supermarket, Chaohesuan NB, has opened its first store in South China, with plans to surpass 400 stores by the end of 2025, marking a significant expansion [8] Apparel - Anta has agreed to acquire a 29.06% stake in Puma, becoming its largest single shareholder, which is part of Anta's strategy to enhance its global influence in the sporting goods market [9] Food & Beverage - Starbucks opened its first intangible cultural heritage concept store in Guangdong, integrating local cultural elements into its brand experience [10] - JD 7Fresh Kitchen is expanding nationwide, focusing on quality dining with transparency in operations and addressing industry pain points [11] - Tiki Easy Coffee has surpassed 1,800 stores, marking its growth as a leading travel coffee brand in China [12] - Starbucks China reported an 11% revenue growth in the December quarter, with same-store sales increasing for three consecutive quarters [13] Miscellaneous - Pop Mart has launched Pop Bakery, venturing into the dessert market and expanding its product offerings beyond toys [14] - IKEA has entered the instant retail market by launching services on JD NOW, covering multiple cities and offering promotional discounts [15] Market Overview - The China Chain Store and Franchise Association (CCFA) reported that over 60% of convenience store operators experienced year-on-year sales growth in 2025, although the growth rate has slowed compared to previous years [16]

每经记者｜孙宇婷 每经编辑｜董兴生 银装素裹的阿尔卑斯雪场还在静待冬奥烽火，中国运动品牌的"冰雪暗战"早已硝烟弥漫。 《每日经济新闻》记者（以下简称每经记者）在采访中了解到，2026年米兰—科尔蒂纳冬奥会，安踏、李宁等国产运动品牌，将从中国代表团延伸至意大利 等多个国家代表团的"战袍"之上。 如果说4年前的北京冬奥会是中国运动品牌的"主场亮相"，那么本届赛事俨然成为面向全球的"科技检阅"。从抵御寒湿气候，到突破速度极限，中国运动装 备正进入"毫秒必争"的硬核竞技时代。 与此同时，苏翊鸣等顶尖运动员也化身为赛场上最具价值的"移动广告牌"，在每一帧镜头中承载着品牌的精密布局。 竞技场上，较量在千分之一秒间展开；赛场之外，一场围绕技术、品牌与曝光的多维战争，也已全面铺开。 随着2026年米兰冬奥会临近，中国冰雪军团的运动装备版图已清晰呈现。本届冬奥会上，安踏集团凭借旗下三大品牌——安踏、斐乐（FILA）及迪桑特， 将为多达13支中国国家队提供专业比赛及训练装备。 其中，主品牌安踏将助力包括短道速滑、速度滑冰、钢架雪车等核心竞速项目在内的10支国家队。FILA品牌正为中国自由式滑雪空中技巧国家队提供装备 支持，持续助 ...