Investment Rating - The report provides a positive investment rating for the children's apparel industry, highlighting its growth potential in the e-commerce sector [8][10]. Core Insights - The children's apparel market has shown consistent growth over the past three years, with online sales increasing significantly, particularly on platforms like Douyin, which saw sales rise from 40.84 billion to 78.95 billion [8][9]. - E-commerce platforms are driving the growth of the children's apparel market, with Douyin's unique content-driven approach enhancing consumer engagement and sales [18][20]. - The report identifies key growth categories within children's apparel, including outerwear, homewear, and ethnic clothing, which have all shown promising sales figures and growth rates [11][14][19]. Summary by Sections E-commerce Trends - The online sales of children's apparel have maintained a growth trajectory, with Douyin contributing significantly to the overall market expansion [8]. - In 2024, the overall growth rate for children's apparel on Taobao is projected at 4.9%, with specific categories like outdoor apparel and ethnic clothing performing exceptionally well [11]. Sales Data - The report details sales figures for various categories, indicating that outerwear and homewear are among the top performers, with sales of 39.12 billion and 24.12 billion respectively in 2024 [11][16]. - Douyin's children's apparel sales are expected to reach 143.88 billion in 2024, with a growth rate of 31.9% for outerwear [20]. Brand Performance - The report ranks leading brands in the children's apparel sector, with Balabala leading in sales at 19.35 billion, followed by Disney and Dave&bella [22][23]. - Notable growth rates are observed for brands like Yaya and Nanny Goose, indicating strong market competition and consumer preference [24][26]. Market Segmentation - The children's apparel market is segmented into various categories, including underwear, homewear, and ethnic clothing, each showing distinct growth patterns and sales figures [6][7][19]. - The report emphasizes the importance of quality and comfort in children's clothing, which is a critical factor for parents when making purchasing decisions [6].

来源：钛媒体 安踏或又新添了一个百亿品牌。 有消息称，安踏集团旗下高端运动品牌迪桑特营收或已突破百亿，成为了继始祖鸟、FILA、安踏儿童 等品牌之后，又一个营收超百亿的品牌。 迪桑特近年来一直保持着高速的增长。根据安踏集团2025年半年报数据显示，以迪桑特、可隆为代表的 其他品牌收入同比大涨61.1%至74.1亿元，其品牌营收占比也从去年同期的13.6%提升至19.2%。 从始祖鸟到迪桑特，安踏已经验证了中高端运动服饰品类的市场价值，并摸索出了一整套从品牌、产 品、渠道到数据拆解、流水分析、成交率的综合方法论。 而随着始祖鸟陷入舆论风波，迪桑特或有望扛起安踏集团增长的大旗。 9年百亿的迪桑特 "当时收购迪桑特，我们清楚看到第一它的商品力很强，第二它是我们想要做的高端专业运动品牌。"迪 桑特（中国）有限公司董事长丁少翔在此前的采访中，曾这样描述迪桑特对于安踏集团的价值。 作为一个以滑雪装备起家的品牌，迪桑特于1935年在日本创立。2016年安踏正式接手迪桑特国内运营， 2019年首次在中国实现盈利，2023年在中国地区实现了年入50亿元的业绩，并计划在2026年左右成为一 个 "百亿品牌"。 如今看来，这个目标 ...

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]

Core Viewpoint - The report from CITIC Securities indicates a gradual recovery in high-end consumption in China since Q3 2025, driven by the wealth effect from rising stock markets, with positive signs from international luxury brands and high-end retail properties [1] Group 1: Recovery Indicators - International luxury brands have shown signs of recovery since Q2 2025, with revenue growth returning in the Asia-Pacific region by Q3 2025 [2] - High-end retail properties in China began to recover at the end of 2024 and early 2025, with improved occupancy rates and sales, particularly in top luxury malls [2] - The global luxury market also entered a recovery phase starting Q3 2025 [2] Group 2: Investment Opportunities in High-End Consumption - The recovery of high-end consumption is influenced by factors such as the proportion of VIC (Very Important Customer) groups, the sequence of consumption based on wealth increase, the elasticity of supply, and consumption trends [3] - Categories with strong initial demand, driven by social status and identity needs, are expected to recover first, while categories with a high proportion of VIC customers and good supply conditions will show more sustained growth [3] - The fastest-growing segments in the luxury market from 2019 to 2025 include luxury cruises, private jets, high-end dining, personal luxury goods, luxury hotels, and high-end home goods [3] Group 3: Recommended Investment Targets - The report recommends focusing on luxury jewelry and leather goods, high-end domestic beauty products, and high-end outdoor sports [4] - Specific companies to watch include gold and jewelry brands like Lao Pu Gold and Chow Tai Fook, beauty brands like Mao Ge Ping, and sportswear brands like Anta Sports [4] - Other areas of interest include high-end commercial real estate, high-end residential real estate, gaming, private aviation, high-end tourism and dining, and premium liquor [4]

来源：新浪基金∞工作室 数据显示，1月12日，港股消费(159735)获净申购2809.58万元，位居当日跨境ETF净流入排名16/207。最 新规模7.92亿元，前一日规模7.59亿元，当日资金净流入额占前一日规模的比例为3.70%。 近5日，港股消费(159735)获净申购4811.1万元，位居跨境ETF净流入排名第25/207。近10日，港股消费 (159735)获净申购4811.1万元，位居跨境ETF净流入排名第42/207。近20日，港股消费(159735)获净申购 4403.47万元，位居跨境ETF净流入排名第56/207。 流动性方面，截止1月12日，港股消费（159735）近20个交易日累计成交金额9.01亿元，日均成交金额 4506.24万元；今年以来，6个交易日，累计成交金额3.78亿元，日均成交金额6299.91万元。 港股消费（159735）现任基金经理为李宜璇。李宜璇自2021年5月25日管理（或拟管理）该基金，任职 期内收益-19.10%。 港股消费(159735)已连续3日资金获净申购，区间净流入额4811.1万元。 港股消费（159735）成立于2021年5月25日，基金全称为 ...

新的一年刚开始，全球奢侈品、美妆及运动服饰行业就迎来密集调整期，人事迭代、资本博弈与战略优 化成为核心主线，行业格局在变革中持续重塑。 奢侈品领域，Givenchy、Dior、爱马仕纷纷启动管理层换防，通过内部人才腾挪与跨集团高管引入，强 化核心品牌竞争力，适配市场需求变化；Alo 截胡 Dior 高管，加速向高端生活方式转型。运动服饰赛 道暗流涌动，在彪马通过人事任命与架构调整破解业绩难题之际，传出安踏拟收购彪马股权布局国际化 的传言，"加拿大巴菲特" 逆势增持困境中的安德玛，押注品牌转型潜力。 美妆行业呈现 "高进高淘" 特征，正面临由增量市场向存量市场切换的压力，高端化成为重要趋势。雅 诗兰黛 "瘦身" 甩卖非核心品牌聚焦高端，巴黎欧莱雅则以新品与多渠道布局抢占增长先机，以"高端 化"自居的国货龙头毛戈平家族解禁即减持引发市场热议。 此外，本土商业自主化趋势凸显，上海新世界新丸中心结束日系合作开启独立运营，彰显本土商业的成 长韧性。 1.Alo 任命前Dior高管Benedetta Petruzzo 为国际业务 CEO 1 月 10 日，洛杉矶运动健康服饰品牌 Alo宣布，任命前Dior、Miu Miu ...

野村证券分析师在报告中指出，安踏体育有望从对彪马的潜在收购中获益。分析师表示，彪马长期在全 球运动休闲、足球及篮球领域积累的品牌优势，恰好能对安踏现有品牌矩阵形成互补，后者目前相对更 聚焦跑步与户外细分市场。相比安踏在中国运动服饰市场展现的运营能力与丰富的多品牌管理经验，彪 马的业务运营（尤其在中国市场）正面临显著挑战。野村认为，若收购达成，安踏在提升彪马本土化运 营方面存在巨大空间，彪马或将成为安踏旗下又一核心品牌。该行维持对安踏的"买入"评级，目标价 117港元。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Anta Sports, Li Ning, and Shenzhou International, with specific price-to-earnings (PE) ratios for FY2026 [9][30]. Core Insights - Fast Retailing's FY2026 Q1 results exceeded expectations, with revenue increasing by 14.8% to 1,027.7 billion JPY, operating profit up 31% to 205.6 billion JPY, and net profit rising 11.7% to 147.4 billion JPY. The company has revised its FY2026 earnings forecast, expecting revenue growth of 11.7% to 3,800 billion JPY and operating profit growth of 17.9% to 650 billion JPY [1][12]. - The sports footwear and apparel sector shows strong resilience amid a volatile environment, with long-term growth potential. Recommended stocks include Anta Sports and Li Ning, with current PE ratios of 14 and 18, respectively [3][18]. - The apparel manufacturing sector is expected to see improved orders in 2026, with recommendations for Shenzhou International and Huayi Group, which are entering a capacity release cycle [3][30]. Summary by Sections Weekly Topic - Fast Retailing's FY2026 Q1 report shows significant growth across all regions, particularly in the Uniqlo division, which has seen revenue and operating profit increases [1][12]. Weekly Viewpoint - The report emphasizes the resilience of the sports footwear and apparel sector, recommending high-quality stocks such as Anta Sports and Li Ning, while also highlighting the potential for recovery in manufacturing stocks like Shenzhou International and Huayi Group [3][18]. Weekly Market Performance - The textile and apparel sector outperformed the market, with the textile manufacturing sector up 2.9% and brand apparel up 2.88% [22]. Recent Reports - The report anticipates stable retail demand in 2025, with a focus on the performance of key companies in the textile and apparel sector [27][28]. Key Company Announcements - The report includes updates on share buybacks and other corporate actions from companies like Jian Sheng Group, indicating ongoing strategic financial management [31]. Industry News - ASICS and FILA have launched new marketing campaigns, reflecting the industry's focus on brand engagement and consumer connection [32]. Raw Material Trends - Cotton prices have shown a year-on-year increase, with domestic cotton prices higher than international prices, indicating potential cost pressures for manufacturers [33][34].

2. 财政部副部长廖岷会见伦敦证券交易所集团首席执行官施维默。廖岷表示，2025年中国经济稳中向 好，有信心有能力保持经济持续健康发展。欢迎伦敦证券交易所集团深化对华合作，共享中国发展红 利。 3. 美国总统特朗普已同意推动一项旨在加强对俄制裁的法案，该法案为特朗普提供了阻止中国、印度、 巴西等国购买廉价俄罗斯石油的砝码。外交部发言人毛宁对此表示，中俄之间的正常经贸能源合作不针 对第三方，也不应当受到干扰和影响。 4. 公安部1月7日派出工作组，成功将重大跨境赌诈犯罪集团头目陈志从柬埔寨金边押解回国。经查，陈 志犯罪集团涉嫌开设赌场、诈骗、非法经营、掩饰隐瞒犯罪所得等多项犯罪。公安机关将于近期公开通 缉首批陈志犯罪集团骨干成员。 5. 广州出台建设先进制造业强市规划，提出加速培育人工智能、半导体与集成电路、新能源与新型储 能、低空经济与航空航天、生物制造等5个战略先导产业，前瞻布局具身智能等6个未来产业，大力发展 智能网联新能源汽车等6个新兴支柱产业。 1. A股窄幅整理，上证指数收跌0.07%报4082.98点，但仍录得连续15根阳线；深证成指跌0.51%，创业 板指跌0.82%，万得全A涨0.08%。市场 ...

据媒体援引未具名消息人士的话报道，在香港上市的安踏体育已提出收购皮诺（Pinault）家族持有的德 国运动服装公司彪马（Puma） 29%的股份。 报道称，该出价是在几周前发出，虽然安踏已为此次收购获得了融资，但情况已陷入停滞。 皮诺的投资控股公司Artemis一直期望任何对其彪马股份的收购出价都能超过每股40欧元（约合46.70美 元）。 据媒体援引未具名消息人士的话报道，在香港上市的安踏体育已提出收购皮诺（Pinault）家族持有的德 国运动服装公司彪马（Puma） 29%的股份。 报道称，该出价是在几周前发出，虽然安踏已为此次收购获得了融资，但情况已陷入停滞。 皮诺的投资控股公司Artemis一直期望任何对其彪马股份的收购出价都能超过每股40欧元（约合46.70美 元）。 彪马股价收盘上涨8.6%，至24.37欧元。 责任编辑：王永生 彪马股价收盘上涨8.6%，至24.37欧元。 责任编辑：王永生 ...