近期，各地"十五五"规划建议陆续出炉。黑龙江省的"十五五"规划建议提出，加快发展冰雪经济，推动 冰雪运动、冰雪文化、冰雪装备、冰雪旅游全产业链发展，壮大冰雪经济千亿级产业集群；推进冰雪运 动场馆和冰雪体育专业学校建设，培育高水平冰雪人才队伍，发展群众冰雪运动、冰雪赛事。丰富冰雪 文化创意产品供给；发展高端冰雪装备和寒地测试、寒地服装及寒地用品等产业等一系列政策举措。 此外，还有多个北方省份在"十五五"规划建议中提及冰雪经济。例如，吉林省提出，大力发展冰雪经 济，加快推进"冰雪丝路"创新先导区建设，不断提升冰雪旅游品质，打造世界级冰雪品牌和冰雪旅游胜 地；内蒙古自治区提出，发展冰雪产业，壮大冰雪经济；北京市提出，发展冰雪经济，放大新型消费带 动效应。 智通财经APP获悉，12月11日，《辽宁省冰雪旅游高质量发展三年行动计划(2025—2027年)》公开征求 意见，其中提出，培育省级以上滑雪旅游度假地10个，打造冰雪旅游精品线路10条以上，冰雪旅游综合 消费带动效应显著增强，辽宁冰雪品牌影响力全面提升。力争到2027年，全省冰雪旅游年接待人次突破 2.6亿，年综合收入达到2500亿元以上。 据悉，冰雪经济已成为我 ...

2025年的日历进入最后一页，随着"2025体坛榜样年度评选"正式启动，为这一年的忙碌画上一个相对完整的句号。到了年末，行业回顾、趋势盘点又一次 成为常规动作，我们也顺势把视角放回到中国运动品牌这一细分市场。 这一年里，运动品牌们都在忙着各自的布局：有人在加快赞助资源的抢占，有人在跑步这一高频场景持续深挖，也有品牌把重心转向更细分的户外消费人 群。 现在回头看，把这些分散的节点理一理，既能看到行业在过去一年里的真实状态，也能帮助我们更清楚地理解：在即将到来的新周期里，哪些趋势还可能 继续走下去，哪些又会被重新洗牌。年终回望的意义，大概就在这里。 奥运新周期，开启新战事 2025年是新一轮奥运周期的起点。年初，李宁取代安踏，时隔20年再次成为中国奥委会新周期的体育服装顶级合作伙伴。回顾过去，除 2002 年冬奥会 外，李宁在 1992—2004 年间几乎连续"占位"中国奥委会赞助商；而从 2009 年起，安踏接棒阿迪达斯，与中国奥委会合作了长达 16 年，并在这一时期成 长为国产运动品牌行业当之无愧的"一哥"。 进入新周期后，李宁的规划相对明确。围绕2028年奥运会、2026年冬奥会和亚运会等重要节点匹配营销资 ...

Core Insights - The Chinese sportswear brands Anta, Li Ning, and Xtep are experiencing a significant shift from rapid expansion to a phase of contraction, indicating a response to market saturation and growth bottlenecks [1][2] - The industry is transitioning from a focus on store quantity and channel leverage to a deeper transformation centered on brand value, product innovation, and operational efficiency [2] Anta - Anta's success is attributed to its "single focus, multi-brand" strategy, which has allowed it to build a diverse brand portfolio through strategic acquisitions [3] - Despite a revenue increase of 14.3% to RMB 38.544 billion in the first half of 2025, Anta's core brand revenue grew only 5.4%, indicating a slowdown in growth [5] - The company is facing a "revenue growth without profit" dilemma, with net profit declining by 8.94% due to increased competition and the need for discounts to maintain market share [6][7] Li Ning - Li Ning has established a unique position in the market through a single-brand focus, leveraging technology and brand assets, but is now facing growth challenges as market conditions change [8][9] - The company's revenue grew only 3.29% in the first half of 2025, with net profit declining by 11%, highlighting the limitations of its single-brand strategy [9][11] - Li Ning's brand positioning conflicts with consumer perceptions of value, leading to discounting practices that undermine its premium branding efforts [9][11] Xtep - Xtep has focused on becoming the "first choice for Chinese runners," establishing a strong reputation in the running segment through technology and event sponsorship [12] - However, its heavy reliance on the running category has created a "category dependency syndrome," limiting its growth potential in other sports segments [12][14] - The company's market value has been declining, reflecting investor concerns about its narrow growth narrative and limited expansion opportunities [14] Industry Trends - The collective challenges faced by Anta, Li Ning, and Xtep signify a broader industry trend where brands must transition from growth driven by store expansion to creating value and recognition [15] - The future of the industry lies in establishing a brand moat based on core technological advantages and unique cultural expressions, moving beyond cost advantages associated with "Made in China" [15]

安踏体育(02020)发布公告，于2025年12月10日该公司注销1055.98万股已购回股份。 ...

Core Viewpoint - Anta Sports (02020.HK) announced the cancellation of 10.5598 million shares that were repurchased between September 22 and September 30, 2025, on December 10, 2025 [1] Summary by Category - **Company Actions** - Anta Sports has completed the cancellation of 10.5598 million shares [1]

智通财经APP讯，安踏体育(02020)发布公告，于2025年12月10日该公司注销1055.98万股已购回股份。 ...

表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 安踏體育用品有限公司 呈交日期： 2025年12月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 02020 | 說明 | 不適用 | | | | | | | 多櫃檯證券代號 | 82020 | RMB 說明 | 不適用 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股 ...

前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 37.36 万元 | 100.00% | 39.83% | | 建发物业(02156) | 117.92 万元 | 50.08% | 37.09% | | 友邦保险-R(81299) | 16.95 万元 | 100.00% | 35.65% | | 粤海投资(00270) | 6751.79 万元 | 44.09% | 35.26% | | 大家乐集团(00341) | 415.62 万元 | 56.56% | 31.38% | | 比亚迪股份-R(81211) | 27.61 万元 | 86.09% | 30.18% | | 长江基建集团(01038) | 7695.64 万元 | 44.62% | 27.94% | | 京东集团-SWR(89618) | 9.96 万元 | 90.48% | 27.32% | | 中国移动-R(80941) | 418.72 万元 | 74.83% | 26.15% | | 珍酒李渡(06979) | ...

Investment Rating - The report maintains a "Buy" rating for key companies such as Shenzhou International and Huali Group, with specific price-to-earnings (PE) ratios projected for 2026 [9][38]. Core Insights - The textile and apparel industry is experiencing a weak recovery in the Chinese consumer market, while the U.S. and European markets show steady growth. The overall industry inventory is considered healthy, with expectations for upstream order growth driven by stable downstream replenishment [31][32]. - The report highlights the strong performance of direct-to-consumer (DTC) channels in the Asia-Pacific region, particularly in China, where DTC revenue growth is driven by e-commerce [18][23]. - Key investment themes include a focus on high-quality stocks in apparel manufacturing, brand apparel with stable growth or reversal logic, and strong alpha candidates in the gold and jewelry sector [21][22][33]. Summary by Sections Weekly Topic - PVH Group reported a 2% year-over-year revenue increase for FY2025Q3, reaching $2.294 billion, with a notable decline in gross margin due to increased tariffs and a challenging promotional environment [1][14]. Regional Performance - Asia-Pacific: FY2025Q3 revenue decreased by 1% year-over-year, but DTC business showed low single-digit growth, particularly in China [18][23]. - EMEA: Revenue grew by 4% year-over-year, but DTC and wholesale businesses faced declines due to a weak consumer environment [23]. - Americas: Revenue increased by 2%, driven by adjustments in the women's product line, although direct sales faced challenges [23]. Investment Themes - **Apparel Manufacturing**: Recommendations include Shenzhou International (PE of 12x) and Huali Group (PE of 18x), with expectations for improved core customer orders in 2026 [21][31]. - **Brand Apparel**: Focus on companies like Tmall and Anta Sports, with PE ratios of 15x and 16x respectively, and a recommendation for Bosideng (PE of 14x) [21][32]. - **Gold and Jewelry**: Companies like Chow Tai Fook and Chow Hong Ki are highlighted for their strong product differentiation and brand strength, with PE ratios of 17x and 21x respectively [22][33]. Recent Reports - The report emphasizes the importance of maintaining a long-term perspective in the apparel manufacturing sector, with expectations for revenue growth exceeding 10% CAGR from 2025 to 2026 for Shenzhou International [34][38].

全民户外热潮持续升温的当下，冲锋衣从专业登山装备进阶为都市通勤利器，其暴雨防护性、湿气排出 力及耐用强度等核心性能，直接关系消费者在多变环境中的安全与舒适。然而面对品牌宣称的"防 水""透气""耐磨抗撕"，这些性能是否经得起实证考验？水洗后功能会否衰减？ 对此，深圳市消费者委员会联合福田区消委会于近期发布16款冲锋衣比较试验结果。结果显示，虽然16 款品牌样品的撕破强力均符合标准要求，但有过半样品的经向、纬向撕破强力均未超过20N，排名靠 后，涉及石下、海澜之家、凯乐石、骆驼、探路者、北面、特步、狼爪等品牌；抗湿性方面，按照标准 规定水洗3次后，骆驼、狼爪、海澜之家品牌样品的表面抗湿性相对较差。 针对此次比较试验结果，南都·湾财社记者致电探路者、骆驼等企业，其客服均表示会将此事进行上报 后续会有相关人士进行回复。此外，记者还通过邮件方式联系狼爪等多家企业，但截至发稿时，均未收 到相关回复。 16款样品整体质量虽然均表现稳定 但部分样品性能存在明显差异 本次比较试验通过线上电商平台及线下实体店渠道购买，共计16款单壳冲锋衣样品，涉及THE NORTH FACE（北面）、DECATHLON（迪卡侬）、CAMEL（ ...