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 ...

时隔四年，冬奥的时针从北京转向米兰。 1月27日，2026年米兰冬奥会中国体育代表团正式成立。平均年龄25岁的126名中国运动员将参与7个大项、15个分项、91个小项的角逐，这也是中国冬奥 会境外参赛项目最多、运动员规模最大的一届。 相较于2022年北京冬奥、2024巴黎奥运，这届非本土举办的冬季奥运在国内市场的关注程度并不突出。转播方面，快手、抖音这些曾多次购买奥运版权的 平台到目前尚未公布获得冬奥版权的消息；而在运动员代言方面，2022年身披30多家品牌代言的谷爱凌，在2026年冬奥开赛前，也仅有不到10家品牌在社 媒平台公开延续、达成合作。 当然，我们也看到了一批中国企业对于奥运营销的关注与重视。TCL在2025年成为国际奥委会TOP全球合作伙伴，蒙牛、阿里巴巴也已经在冬奥赛前陆续 开启一系列营销预热。更早之前，安踏发布10支国家单项队比赛服，签约谷爱凌、林孝埈、孙龙、刘少昂、徐梦桃等一众核心运动员；作为中国奥委会官 方合作伙伴的李宁，也需要在奥运赛场以新身份亮相。 另一方面，正好赶在春节期间的米兰冬奥，其赛程基本集中在北京时间下午至凌晨，不少值得关注的焦点比赛都将在黄金时间播出。在传播层面，有2022 ...

Core Viewpoint - The article highlights investment opportunities in the textile, apparel, and jewelry industries for 2026, focusing on outdoor apparel companies that combine functionality and fashion, distinctive gold jewelry brands amid high gold prices, and leading manufacturers with global layouts and improving customer cycles [1]. Group 1: Outdoor Apparel - The outdoor sports apparel sector is expected to outperform the industry, with brands that effectively blend functionality and fashion showing better growth trends. The market for functional products that cater to diverse consumer scenarios is anticipated to expand further in 2026 [4][7]. - The demand for functional footwear and apparel remains strong, driven by an increasing number of consumers participating in sports and outdoor activities. By 2024, the number of people regularly engaging in sports in China is projected to reach 38.5% [8][10]. - The outdoor apparel market is expected to grow at a CAGR of 10% from 2015 to 2025, outpacing the overall apparel market growth of 3% [8]. Group 2: Jewelry Sector - With gold prices remaining high, brands with distinctive products are expected to perform well. Gold prices have risen significantly, with a cumulative increase of 63% in 2025 and an additional 25% in early 2026, reaching historical highs [27]. - The jewelry sector is projected to benefit from increased consumer interest and spending, as the perception of gold jewelry as a store of value strengthens. The retail sales of gold and silver jewelry in 2025 increased by 12.8%, significantly outperforming the overall retail market growth of 3.7% [29][31]. - The article notes that brands with unique product offerings are likely to continue their strong performance, supported by improved supply levels and consumer aesthetic recognition [31]. Group 3: Global Manufacturers - Manufacturers with a global presence and a diverse customer base are expected to benefit from stable order sources, particularly as overseas brands in leisure and outdoor apparel continue to grow [33][42]. - The article indicates that the inventory levels in the U.S. apparel sector are low, which is expected to stabilize demand for apparel orders in 2026. The inventory turnover efficiency of major brands is improving, suggesting a positive outlook for manufacturers [38][40]. - The operational outlook for outdoor and leisure apparel brands is more favorable compared to traditional sports brands, with higher revenue growth and more optimistic guidance [42][43].

锚定这一方向，江苏出台30余项政策，安排超11亿元专项发展资金，构建起全方位政策支撑体系， 为体育产业发展、"苏超"等赛事落地生根铺路搭桥。 习近平总书记指出，加快建设体育强国，就要坚持以人民为中心的思想，把人民作为发展体育事业 的主体。 体育"是促进经济社会发展的重要动力"，"推动群众体育、竞技体育、体育产业协调发展""冰天雪 地也是金山银山"……习近平总书记高度重视体育产业发展，为体育强国建设指明方向、擘画蓝图。 神州大地上，殷殷嘱托化作奋进力量奔涌向前：赛事经济百花齐放，冰雪经济规模持续突破，体育 企业扬帆出海……中国体育产业正迸发出强劲发展活力，为区域协同发展注入全新动能，更以体育为桥 向世界讲述新时代的中国故事。 "苏超"爆火背后的体育产业潜能 一项地方业余足球赛事，能掀起多少声浪？ 千万级赞助、直播观赛超20亿人次、带动消费达百亿规模、全网话题量超1000亿次……2025江苏省 城市足球联赛（"苏超"）从赛场火到商圈，从江苏燎原全国，交出一份惊艳答卷。 距离新赛季开始还有2个多月，已有24家赞助商就位，其中不乏国际知名品牌，赞助总额超过1个 亿。江苏省体育产业集团董事长顾晔感慨地说："一个省级业余 ...