Core Viewpoint - Amway Co., Ltd. has been recognized as an "Excellent Recognized Laboratory" by Anta Group, enhancing its partnership and sales potential with the leading domestic sports brand [1] Group 1: Company Recognition - The award from Anta Group reflects high recognition of the company's testing accuracy, timeliness, and laboratory operational standards [1] - This recognition is expected to strengthen the collaboration between Amway and Anta Group, potentially increasing sales share [1] Group 2: Brand Impact - The award has industry demonstration effects, which can effectively enhance the company's brand awareness and reputation [1] - The company aims to leverage its brand influence and technical barriers to convert its technical brand advantages into operational performance growth [1] Group 3: Strategic Goals - The company is focused on driving its market value to reasonably reflect its intrinsic value through continuous brand and technical development [1]

8月，Musinsa 与安踏集团结成战略合作伙伴，共同投资成立合资公司"MUSINSA中国"，其中安踏集团持股40%，MUSINSA持股60%，MUSINSA中国将 主导自有品牌"MUSINSA STANDARD"和多品牌集合店"Musinsa Store"等业务在中国市场的发展。 该公司创始人赵万浩2001年将街头服饰论坛发展为综合电商，现运营"Musinsa"与女性平台"29cm"，月活跃用户分别达700万与300万。 报道显示，美国投资公司KKR于2021年入股Musinsa，此次IPO已选定花旗集团与摩根大通担任联席主承销商。 2025年年初，中国安踏集团出资500亿韩元（约合2.6亿元人民币）收购了 Musinsa 约1.7%的股权。 【中国服装圈.第3341期】来源：百度新闻 12月2日消息，韩国最大在线时尚零售商Musinsa宣布启动首次公开募股计划，预计2026年登陆公开市场，目标估值含债务约10万亿韩元（约合481亿人民 币）。 12月14日，MUSINSA STANDARD 的中国首店将于上海淮海百盛开业。作为 MUSINSA孵化的休闲服饰品牌，MUSINSA STANDARD 创立于20 ...

Core Insights - ANTA Sports Products Limited has established itself as one of the top three sportswear companies globally, focusing on high-quality products and global expansion since its founding in 1991 [1] - The brand made its debut at The Running Event (TRE) in December 2025, showcasing its professional running lineup and engaging with the running community [2][3] Product Highlights - ANTA introduced a suite of elite racing products featuring ANTA Nitrogen Tech, including the C-series racing family: ANTA C202 7, ANTA C202 G9 2, and ANTA C10 PRO 2, designed for high rebound and lightweight performance [3] - The ANTA PG7 running shoes, utilizing PG7 midsole technology, cater to the everyday needs of runners with advanced cushioning [4] Cultural Engagement - A "Color Story Zone" at TRE featured designs inspired by runners' stories, including the "Awaken" colorway symbolizing good fortune, which was celebrated through a traditional "Eye-Dotting Ceremony" [5][6] - The ceremony attracted significant interest, with attendees eager to try the special-edition model, reflecting the cultural significance of the "Awaken" colorway [6] Global Expansion and Community Engagement - ANTA has signed endorsement deals with NBA stars and Olympic champions, enhancing its visibility in the sports community [7] - The company launched the "ANTA PG7 Cushion Evolution Global Plan" in 2025, connecting runners across major U.S. cities to foster a global running community [7] - ANTA plans to open a new store in Beverly Hills, Los Angeles, to increase consumer access and brand awareness [7]

安踏"收权"，小红书旗舰店将于年底关闭 安踏集团对新收购的德国户外品牌Jack Wolfskin（狼爪）的整合工作或已展开。 2025年12月2日，狼爪通过其小红书官方账号发布通知，声明"因公司运营策略调整"，品牌的小红书旗 舰店预计于2025年12月31日结束运营。 值得一提的是，此项调整发生在安踏集团宣布以2.9亿美元全资收购狼爪约半年之后，也是前亚玛芬体 育大中华区总裁姚剑被任命为狼爪品牌总裁的第五个月。 安踏集团针对此事向有关媒体回应称，相关情况以闭店通知内容为准。业内则普遍认为，这一动作正是 安踏对狼爪启动渠道整合与品牌重塑的明确信号：狼爪在并入安踏多品牌体系后，其整体业务，尤其是 渠道策略，已步入全新调整阶段。南都湾财社记者就狼爪后续运营策略调整方向向品牌方发起问询，但 截至发稿，尚未收到回应。 JackWolfskin狼爪 (已关注 ( Jack sin 闭店通知 ■以来的支持与陪 因公司运营策略调整,【JackWolfskin狼爪小红书旗舰店】预计准 2025年 本公告发布之日记,我们凉 根据狼爪发布的官方通知，其小红书旗舰店自12月2日起进入运营收尾阶段，将逐步停止销售功能，但 会为已生成的 ...

Core Viewpoint - The Hong Kong Consumption ETF (159735) has experienced significant growth in both share volume and fund size in 2023, despite a recent decline in market performance [1][2]. Group 1: Fund Performance - As of December 2, 2023, the Hong Kong Consumption ETF (159735) has a total share volume of 926 million and a total fund size of 779 million yuan, reflecting a year-to-date increase of 140.06% in share volume and 198.09% in fund size compared to the end of 2022 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - The fund manager, Li Yixuan, has managed the ETF since its inception on May 25, 2021, with a performance return of -15.87% during the management period [1]. Group 2: Trading Activity - The Hong Kong Consumption ETF (159735) recorded a total trading volume of 1.143 billion yuan over the last 20 trading days, averaging 57.17 million yuan per day [1]. - Year-to-date, the ETF has accumulated a total trading volume of 22.285 billion yuan over 223 trading days, with an average daily trading volume of 99.93 million yuan [1]. Group 3: Top Holdings - The ETF's top holdings include Alibaba-W (19.54%), Tencent Holdings (16.59%), and Pop Mart (7.99%), among others, with their respective market values and share counts detailed [2]. - The fund's significant positions reflect a diversified exposure to major players in the Hong Kong consumer market, indicating a strategic focus on high-growth companies [2].

Core Viewpoint - Meituan has launched a "free return shipping" service for apparel and footwear, enhancing the shopping experience for consumers by allowing quick returns within 30 minutes, thus addressing common size-related return issues [1][3][4] Group 1: Service Overview - The new service allows Meituan's black gold and black diamond members to return items without shipping costs, with a maximum return time of 30 minutes [3][4] - Over 50 brands and more than 20,000 stores have adopted this service, including major brands like Nike, Adidas, and Anta [3][4] - This initiative marks the first free return shipping service for apparel and footwear in the instant retail sector [4] Group 2: Consumer Insights - Research indicates that functional apparel, particularly sportswear, is popular among consumers for various activities, and they prefer a "buy now, wear now" experience [4][5] - The return rate for these items is generally low, primarily due to size issues, and consumers desire a quick return process to maintain their immediate usage [4][5] Group 3: Business Impact - The service is fully funded by Meituan, alleviating the financial burden on brands while enhancing customer satisfaction and potentially increasing repurchase rates [4][5] - Brands participating in the service have reported improved sales and customer feedback, indicating a positive impact on their business [5][6] - During the recent Double 11 shopping festival, Meituan's sales for over 800 brands doubled, with sportswear becoming a significant growth area [6]

Core Viewpoint - The report from交银国际 indicates that the mainland consumer market is expected to continue a moderate growth trend towards 2026, with slow overall demand growth but structural differentiation driven by rational consumption and demand upgrading [1] Group 1: Market Trends - The consumer market is undergoing a multi-dimensional transformation, evolving to be more consumer-centric [1] - There is a gradual construction of a new balance in the market, focusing on consumer demand and emphasizing operational efficiency improvements [1] Group 2: Investment Strategy - The report suggests a balanced investment strategy in the consumer sector, combining defensive sectors with stable cash flow and resilient demand as a foundation, while also actively seeking high-growth structural opportunities [1] - Close attention should be paid to new consumption trends and the potential for industry reshaping brought about by technological changes [1] Group 3: Focus Areas - Three categories of companies are highlighted for investment focus: 1. Companies benefiting from supply-demand improvements and expected to release profit elasticity through efficiency gains, such as申洲国际 and伊利 [1] 2. Segment leaders that are quick to capture consumption trends and have rapid growth potential, such as泡泡玛特 and名创优品 [1] 3. Industry leaders with solid growth foundations, strong moats, and cyclical resilience, such as安踏 and华润啤酒 [1]

（文/霍东阳 编辑/吕栋） 12月2日，德国户外品牌狼爪（Jack Wolfskin）在其小红书旗舰店发布闭店通知，宣布"因公司运营策略调整"，该店将于2025年12月31日正式结束运营。公 告称，店铺即日起进入运营收尾阶段，将逐步停止销售功能，但已生成的订单将继续提供完整售后服务至年底。 无时尚中文网创始人唐小唐曾向观察者网表示，中国户外运动的市场的增长仍旧是确定的，"安踏集团收购狼爪的原因还是因为对户外赛道的看好，但相对 而言，中端市场的发展前景远不及高端品牌甚至一些初创品牌。" 这一时点距离安踏体育以2.9亿美元全资收购狼爪仅过去半年多，也是曾任亚玛芬体育大中华区总裁的姚剑调任狼爪品牌总裁的第五个月。这一系列紧密关 联的动作，显示出安踏正加速对狼爪的整合与重塑。 值得注意的是，狼爪仅在小红书平台发布了闭店通知，其他平台均未发布类似信息。而在发布闭店公告后，狼爪小红书账号又发布了一篇偏重内容营销的帖 子，这一细节或许暗示了品牌未来在该平台的运营方向。 对关闭小红书旗舰店，有很多评论认为这可能是源于安踏收购后对产品线和销售渠道的重新整合。 还有业内人士分析称，就公告内容而言，不排除此前狼爪的小红书有单独的运 ...

Core Insights - The mainland consumer market is expected to continue a moderate growth trend through 2026, with slow overall demand growth but structural differentiation driven by rational consumption and demand upgrading [1] - The market is undergoing multi-dimensional transformation, evolving to be more consumer-centric, emphasizing operational efficiency [1] - Investment strategies in the consumer sector should balance defensive and offensive approaches, focusing on stable cash flow and resilient demand while also targeting high-growth structural opportunities [1] Company Focus - Companies benefiting from supply-demand improvements and expected to enhance profitability through efficiency gains include Shenzhou International and Yili [1] - Fast-growing segment leaders that are adept at capturing consumer trends include Pop Mart and Miniso [1] - Industry leaders with solid growth foundations, strong competitive advantages, and cyclical resilience include Anta and China Resources Beer [1] Related Events - Anta Sports reported strong Q3 performance, indicating resilience from its multi-brand strategy and easing pressure on sportswear sales as weather cools [2] - Miniso's Q3 revenue grew by 28% year-on-year, with continued improvement in same-store performance [2] - Yili maintains a "buy" rating from multiple securities firms, highlighting its leading position and growth potential in functional nutrition and deep processing [2] - Shenzhou International emphasizes long-term commitment with improving demand and showcasing its leading advantages [2] - Pop Mart is strengthening its operations in the U.S. market, with expectations for a strong performance in the upcoming peak season [2] - China Resources Beer appointed Xu Lin as an executive director and signed a three-year business travel service agreement with China Resources Digital Technology [2]

12月2日，户外品牌Jack Wolfskin（狼爪）发布闭店通知，宣布因公司运营策略调整，其小红书旗舰店预计于2025年12月31日正式结束运营。 相关通知还提及，自公告发布当天起，该店铺就进入运营收尾阶段，会逐步停止销售功能；不过店铺结束运营前已生成的订单，会持续提供完整售后服务至 2025年12月31日，期间消费者若有售后问题，仍能通过小红书平台联系店铺解决。 狼爪1981年在德国创立，其户外运动产品以功能性、材质、技术性设计等著称，涵盖徒步、自行车、滑雪以及露营等应用场景，2007年进入中国市场。公开 资料显示，截至今年8月，狼爪全球拥有376家门店，亚洲有212家门店。 2025年4月，安踏体育（02020.HK）宣布将全资收购狼爪，基础对价为现金2.9亿美元（约合21亿人民币），这笔交易于6月2日正式完成交割。值得一提的 是，该收购对价较2019年狼爪被其前母公司 Topgolf Callaway Brands Corp. 收购时的4.76亿美元，缩水了近40%，这也和此前狼爪业务表现不佳给前母公司带 来业绩压力有关。 安踏集团曾在收购公告中表示，受益于狼爪独有的材料科技及德国工程设计团队的丰富经 ...