以下文章来源于腾讯财经 ，作者雨山 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 导语： 高端化不能只停留在价格层面。 冬日的北京，寒风凛冽，街头行人纷纷裹紧羽绒服。商场里，波司登门店人流不断。 前不久，羽绒服领军企业波司登国际控股有限公司（03998.HK，以下简称波司登）因一场"误会"，站上舆论风口。 江苏一位消费者在社交媒体发帖称，为父亲购买的波司登羽绒服售价2099元，充绒量却只有86克。帖子发酵后，引发消费者对品牌溢价的质疑。 尽管发帖者随后澄清，这款商务短款羽绒服配有可脱卸内胆，自己只是纠结要不要换成极寒款，但这场"误会"仍将国产羽绒服的高端化困境推 到"聚光灯"下。 图源于网络 腾讯财经 . 波司登官方客服的回应颇为谨慎："充绒量符合国家标准，价格不仅取决于充绒量，还包括许多综合性因素。"这个标准答案难以平息消费者的疑 问：当胖东来将"进价430元，售价597元"直接标在吊牌上，还附带质检报告；当山姆会员店499元就能买到400克充绒量的羽绒服时，波司登凭 " 什么 " 卖到2099元? 86克的争议 谁在定义价值标准 根据羽绒金网2月5日最新数据，当前市场上90%白鹅绒价格约为925.88元 ...

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].

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]

乡村要振兴，活力在青年。省政协委员、波司登股份有限公司董事长高晓东扎根基层多年，深知年轻人 对乡村振兴的重要性。 （来源：新华日报） □ 本报记者 黄 伟 "乡村天宽地阔，年轻人能留在乡村，首先是成家立业，有个好归宿，有份好工作。"高晓东建议，农村 的房屋许多年代较长，应允许群众在符合政策规定、规划要求的前提下，适当更新改造，满足年轻人的 生活需求。与此同时，因地制宜发展富民产业，完善体育、休闲等公共服务设施，根据人口变化趋势统 筹调配教育资源，让年轻人在农村"住有所居""业有所成"，让下一代快乐成长。他表示，乡村也要以包 容心态鼓励年轻人发挥聪明才智，用新理念、新技术推动产业升级，为乡村发展注入新活力。 ...

波司登(03998)发布公告，于2026年2月6日，该公司根据2017购股权计划(采纳于2017年8月25日)发行合 计105.4万股股份。于2026年2月6日，该公司根据2024购股权计划(采纳于2024年8月20日)发行109.5万股 股份。 ...

| 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) | 03998 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2026年1月31日 | | 11,676,156,872 | | 0 | | 11,676,156,872 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 而發行新股或轉讓庫存股份 - 涉及新股 | | | 126,000 | 0.0011 % | | HKD ...

本次监测周期内，波司登、阿迪达斯和斯凯奇以1.89、1.82、1.53的综合热度位列榜单综合热度前三。 女鞋与时尚包包赛道以舒适化主导，文化赋能与轻奢平替成竞争核心 从品牌动态来看，女鞋与时尚包包赛道正经历从"功能导向"向"文化认同与体验驱动"的深刻转型，品牌 竞争已从价格战升级为设计、文化内涵与用户情感连接的全方位较量。 这一趋势在达芙妮集团的国际化战略中得到鲜明体现——9月26日，其子品牌DAPHNE.LAB携手中国设 计师品牌DIDU在巴黎时装周发布"就敢破格"联名系列，推出泡泡糖老爹鞋与方糖过膝靴，由郭碧婷演 绎酷感穿搭，成功将中国设计推向国际舞台。 这一事件标志着品牌从"国民女鞋"向"全球潮流品牌"的跃迁，印证了消费者对文化认同与设计独特性的 强烈需求。CHARLES & KEITH在成都开设中国首家双层旗舰店（564平方米），以"狗牙纹Hobo包"为 核心爆款（售价899元），通过高辨识度设计与亲民价格精准切入学生与职场新人市场。 9月该系列全面铺货，成为秋季现象级单品，充分展现了Z世代对"高性价比+高辨识度"产品的持续偏 好。百丽集团则通过天猫超品日"星光街区"主题，联动TATA与"黄油小熊"推 ...

港股消费股表现坚挺，蒙牛乳业、高鑫零售涨超2%，海底捞、周黑鸭、波司登上涨。 本文源自：金融界AI电报 ...

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].

先是设计端，品牌通过引入奢侈品体系的设计师担任首席设计师，接轨奢侈品设计体系。 和奢侈品高端商圈核心位置让位于高端运动品牌一样，奢侈品高管人才，也在流向高端运动品牌。 去年，波司登聘请LV、Dior 男装艺术总监Kim Jones掌舵AREAL 高级都市线创意总监；2026年伊始，萨洛蒙官宣奢侈品牌 Maison Margiela 的副线品牌 MM6 创意负责人 Heikki Salonen，担任品牌首个创意总监。 市场端操盘手高管的更迭，也同样明显。 今年 1 月，alo任命Alo 任命 Dior 前高管执掌国际业务；lululemon则在两年内连续更换品牌创意和营销总监，新人选均有LV、Armani 等奢侈品从业经验； 而国内市场的迪桑特、FILA，也早在2023年就已陆续吸纳具有奢侈品背景的人才，担任品牌市场部VP。 高端运动品牌已开始从产品到营销，似乎已经全方位向「奢侈品」看齐。 | 维度 | 品牌 | 任命人物 | 职位 | 奢侈品/高端背景 | | --- | --- | --- | --- | --- | | | 波司登 | Kim Jones | AREAL 高级都 市线 创意总监 | Dio ...