丨证券研究报告丨 行业研究丨专题报告丨纺织品、服装与奢侈品 [Table_Title] 12 月运动制造跟踪：鞋服多环比降速，越南出 口回暖——长江纺服周专题 26W03 报告要点 [Table_Summary] 12 月运动鞋服订单多环比降速，整体景气度仍未现拐点。零售端，12 月美、英表观零售仍具 韧性，其余地区需求有所徘徊，此外美国消费者信心指数却持续下行，并未反映在品牌及上游 业绩中，我们认为是由于增长主要由高端消费拉动，大众服装消费预计仍待修复。出口端，越 南 12 月鞋服出口显著改善，中国仍承压。制造上游 2026H1 业绩确定性更强，下游运动链持 续修复方向确定。品牌服装收入 2025Q4 波动、2026 年盈利预计修复。红利标的仍有望受价值 型投资青睐。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% [Table_Title 12 月运动制造跟踪：鞋服多环比降速，越南出 2] 口回暖——长江纺服周专题 26W03 [Table_Summar ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨安踏体育（02020.HK） [Table_Title] 零售持续承压，后续指引谨慎 报告要点 [Table_Summary] 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比中 单增长，其他品牌零售流水同比增长 35%-40%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 安踏体育（02020.HK） cjzqdt11111 [Table_Title2] 零售持续承压，后续指引谨慎 [Table_Summary2] 事件描述 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比 中单增长，其他品牌零售流水同比增长 35%-40%。 事件评论 丨证券研究报告丨 2026-01-26 港股研究丨公司点评 ...

事件 机构：中信建投证券 研究员：叶乐/黄杨璐 25Q4 安踏主品牌流水下滑低单位数、环比走弱，主要受天气反复、春节错位以及消费疲软影响。公司 电商渠道完成架构整合后仍处于磨合期。25Q4 库销比略大于5 个月，线下折扣稳定、线上折扣有小幅 度改善。FILA 品牌流水25Q4 同比中单位数增长、有所提速，线上线下折扣保持稳定、整体渠道库销比 略超5 个月。 25Q4 所有其他品牌合计流水增长35%-40%。 后续展望：1）流水方面，安踏主品牌继续推进渠道新业态建设提振品牌表现、预计26 年电商销售或有 所改善，FILA 维持现有增长势头，其他品牌保持较好增长；2）业绩方面，2026 年为体育大年，主营 业务中安踏和FILA 品牌市场投入力度依然较大、预计经营利润率或略有下降，迪桑特&Kolon 等品牌利 润率保持现有较高水平，狼爪预计2026 年仍有亏损。 海外需求疲软，影响AMER 海外市场销售：Amer Sports 海外市场销售占比较高，欧美等海外市场如果 出行需求下行，将影响Amer 的销售表现。 公司发布2025 年第四季度营运表现报告：25Q4 安踏品牌、FILA品牌、所有其他品牌零售金额同比分别 ...

机构：广发证券 研究员：糜韩杰 2026 年预计公司有望保持稳健增长。其中，安踏主品牌有望保持稳健增长，主要基于灯塔计划，门店 持续改造，新业态新店型持续跑通，海外继续发力。FILA 品牌势能良好，有望持续保持增长。其他品 牌虽然规模变大，但考虑到品牌竞争力和行业景气度，仍有望保持较快增长。 盈利预测与投资建议。预计公司25-27 年EPS 为4.70/5.12/5.79 元/股，参考可比公司，且考虑公司作为行 业龙头，竞争力强，给予公司26年PE18 倍，对应合理价值102.81 港元/股，维持"买入"评级。 风险提示。安踏主品牌受挫、FILA 和Amer 海外业务低于预期等风险。 所有其他品牌保持高增长。2025Q4，我们预计迪桑特快速增长，可隆预计强劲增长，前者预计主要系 冰雪运动景气度高，品牌在专业运动领域拥有扎实基础，门店结构优质，店效高质量增长，后者预计主 要系户外消费势头良好，品牌持续推进全国化布局，持续加大产品的投入。 公司公告2025 年第四季度及全年营运表现。2025Q4，安踏主品牌零售金额同比低单位数下降，FILA 品 牌零售金额同比中单位数增长，所有其他品牌零售金额同比35-40%增长 ...

纺织服员饰 2026 年 01 月 25 日 本周发布 25 年报前瞻，澳毛周期、无纺布制造可期 -纺织服装行业周报 20260125 相关研究 《安踏体育 (02020) 点评: 全年各品牌 增长指引达成，户外品牌内生动能依然强 劲》 2026/01/22 《品牌服饰表现分化,澳毛周期、无纺布 制造可期 --- 纺织服装行业 2025 年报业 绩前瞻》 2026/01/21 《澳毛复拍价格阶段性新高, 25Q4 港股 运动略超预期 -- 纺织服装行业周报 20260118》 2026/01/18 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 长讨/分享 请务必仔细阅读正文之后的各 ...

业 及 产 业 纺织服饰 2026 年 01 月 25 日 本周发布 25 年报前瞻，澳毛周期、无纺布制造可期 看好 ——纺织服装行业周报 20260125 相关研究 《安踏体育（02020）点评：全年各品牌 增长指引达成，户外品牌内生动能依然强 劲》 2026/01/22 《品牌服饰表现分化，澳毛周期、无纺布 制造可期——纺织服装行业 2025 年报业 绩前瞻》 2026/01/21 《澳毛复拍价格阶段性新高，25Q4 港股 运动略超预期——纺织服装行业周报 20260118》 2026/01/18 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 本期投资提示： / 行 业 点 评 证 券 研 究 报 告 请务必仔细阅读 ...

[Table_Title] 【广发 纺 服 & 海 外 】 安 踏 体 育 （02020.HK） 25Q4 安踏承压，FILA 回暖，其他品牌保持高增长 [Table_Summary] 核心观点： | | | | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 62,356 | 70,826 | 77,464 | 85,221 | 94,684 | | 增长率（ % ） | 16.2% | 13.6% | 9.4% | 10.0% | 11.1% | | EBITDA | 19,708 | 23,861 | 24,689 | 26,748 | 29,797 | | 归母净利润 | 10,236 | 15,596 | 13,142 | 14,325 | 16,198 | | 增长率（ % ） | 34.9% | 52.4% | -15.7% | 9.0% | 13.1% | | EPS（元/股） | 3.61 | 5.52 | ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] Summary by Sections 1. Weekly Insights - Anta's Q4 2025 operational data shows a decline in main brand sales, while FILA and other brands experienced low single-digit negative growth and mid-single-digit positive growth, respectively. For the entire year of 2025, Anta, FILA, and other brands recorded retail sales growth of low single digits, mid-single digits, and 45-50% positive growth [2][3] - Xtep's Q4 2025 operational data indicates that the main brand's retail sales remained flat, with discounts ranging from 70% to 75%. The Saucony brand achieved over 30% year-on-year growth in retail sales. For the full year of 2025, Xtep's main brand and Saucony recorded low single-digit and over 30% positive growth in retail sales, respectively [2][3] 2. Market Review - The Shanghai Composite Index rose by 0.84%, while the SW textile and apparel sector increased by 3.83%, outperforming the Shanghai Composite Index by 2.99% [14] - The top five stocks in the textile and apparel sector by weekly increase were Tianchuang Fashion, Yanjing Co., Mengjie Co., Tanshan Outdoor, and Sanfu Outdoor [14] 3. Industry Data Tracking 3.1. Raw Material Data - The Australian wool market index rose by 6.49% in the week ending January 15, 2026, and has increased by 38.49% since the beginning of 2025 [4][32] - The cotton price index in China decreased slightly, with a year-to-date increase of 1.83% as of January 23, 2026 [26] 3.2. Export Data - In 2025, textile and apparel exports totaled $267.79 billion, a year-on-year decrease of 2.26% [45] - In December 2025, the export value of oilcloth, tents, and sunshades decreased by 8.89% year-on-year [50] 3.3. End Consumer Data - In December 2025, the online retail sales of the apparel industry decreased by 11.93% year-on-year, with a total of 45.55 billion yuan [3.3.4] - The total retail sales of social consumer goods in 2025 grew by 0.9% year-on-year, while online retail sales increased by 8.6% [3.3.5]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese industries of sports apparel, beauty, and jewelry, highlighting the potential for experience-driven growth in 2026 amidst a backdrop of overall consumer trend sluggishness due to economic stability concerns, consumer confidence, and unemployment [1][3]. Core Insights and Arguments Experience-Driven Growth - There is a growing preference among Chinese consumers for experience-driven consumption, driven by: 1. A desire for healthier and emotionally fulfilling lifestyles 2. Strong demand for social relationships 3. Supportive government policies [3][7]. - Companies that successfully provide unique emotional resonance in consumer experiences are expected to capture greater market share and enjoy higher valuation premiums [1]. Key Success Factors for Sustainable Quality Experience - Three critical success factors for providing sustainable quality experiences in offline channels are identified: 1. Controlled store expansion to maintain service quality and avoid internal competition 2. Direct-to-consumer business models for better operational control and rapid feedback 3. Comprehensive employee management systems to ensure high service quality [3][68]. Jewelry Industry Insights - The ancient gold segment in the jewelry industry is projected to continue double-digit growth, with a compound annual growth rate (CAGR) exceeding 50% from 2018 to 2025. This growth is attributed to: 1. Improved craftsmanship leading to better designs 2. The rise of national trends 3. A combination of aesthetic and value preservation demands [3][47]. - Lao Pu Gold is expected to benefit significantly from experience-driven growth due to its controlled store count (47 stores compared to 2,000-6,000 for competitors), direct-to-consumer model, and a well-trained team providing differentiated service quality. The company is projected to achieve a 40% year-on-year profit growth in 2026 [3][76]. Beauty Industry Insights - The beauty industry is expected to grow at a low single-digit rate in 2026, with intense competition. Mao Geping is well-positioned to benefit from experience-driven consumption trends due to: 1. Higher offline presence compared to competitors (approximately 50% vs. less than 25%) 2. Unique value-added personalized beauty and skincare services supported by a large team of trained beauty consultants [3][40]. - Mao Geping is projected to achieve nearly 30% year-on-year profit growth in 2026 [3]. Sports Apparel Industry Insights - The sports apparel industry is expected to achieve low to mid-single-digit growth in 2026, benefiting from increasing health awareness and supportive government policies. Anta is highlighted for its strong multi-brand product portfolio and overseas expansion potential, with a forecasted profit growth of over 10% in 2026 [3][76]. Additional Important Insights - The report emphasizes the importance of emotional value in consumer decision-making, with over 80% of consumers prioritizing emotional value as the second most important factor after product quality [25][26]. - The government is focusing on enhancing consumer confidence and purchasing power through various measures, including promoting wage growth and expanding cultural and tourism consumption [34][32]. - The report also notes the increasing popularity of experience consumption among younger consumers, particularly in areas such as fitness, live music events, and outdoor activities [15][16]. This comprehensive analysis provides a detailed overview of the current state and future potential of the Chinese sports apparel, beauty, and jewelry industries, emphasizing the importance of experience-driven growth and consumer engagement strategies.

从龙马精神、马到成功、千军万马，到千里马，再到春风得意马蹄，马始终与积极向上的寓意紧密相连，兼具精神高度与大众认知度。这些深入人心的文 化意象，使"马"成为一个沟通成本极低、情感共鸣极强的营销符号。 同时，奔跑姿态与运动的核心特质高度同频，速度、耐力、自由驰骋的属性，无需过多诠释便能与运动品牌的核心价值形成共鸣，相较于龙、虎等符号更 易融入产品设计与精神表达。并且马硬朗的形象与奔跑姿态也十分适合被融合进运动产品的外观设计之中。 Unsplash 当新春喧嚣远去，真正能沉淀下来的，是品牌在运动场景中积累的技术口碑、用户资产与品牌认知。未来，只有将生肖文化、运动精神、核心 科技、关键赛道深度融合，在文化符号之外构建起不可替代的竞争壁垒，品牌才能在每一次生肖轮回中，持续领跑市场。 当农历丙午马年的年味渐浓，各大运动品牌的新春营销战也如期打响。从国际巨头到本土先锋，大部分品牌都围绕"马"这一核心符号展开新一轮的营销叙 事。 十二生肖作为中国特有的纪年与文化符号，其周期性循环为品牌提供了稳定而富有创意的营销节点。其中，"马"可以说是备受青睐。象征着速度、力量、 耐力与成功的马，与运动品牌天然存在高度契合。 各大品牌"万 ...