春节，中国人一年当中最浓郁的情绪窗口。 每年这个时候，城市CBD都将逐渐清空，高铁站与机场迎来灯火通明。有人从深圳返回湖南、湖北，也有人从北方南下回到广东。方向各异，却都指向一个 目标： 回家 。 这场可追溯至上世纪七八十年代的全国流动，早已成为一种集体经验。尤其是在去年春运突破90亿人次之后，它早已超越一种物理位移，成为一段高度浓缩 的情感旅途。 这是因为，大多数人工作一年带来的疲惫尚未完全消散，家庭关系却又要在短时间内重新拉近。这种现实节奏的错位，使得回家被赋予了更多情绪的浓度。 在这样的一个情绪窗口，波司登携手郭涛、石头父子推出的新春短片——《过年回家穿暖点》，显得更加直击人心。它没有试图制造戏剧冲突来博取眼球， 而是选择一种更接近大众返乡的现实叙事，把"回家"这件事本身完整呈现出来。 一部回归温暖的春节短片，如何成为许多中国家庭自然代入的返乡切片？ 最好的年礼，是带着温暖回家的你。 重构"回家的意义"， 郭涛父子的新春返乡叙事 近几年，过年逐渐变成了一种比较和评判的 " 修罗场 " 。 从工作收入到婚恋进度再到小孩生育，这些人生大事在短时间内被集中拿出来比较。即便提问者的出发点是关心，也容易演变为一种 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

新华社北京1月26日电 题："科技+时尚"，千亿羽绒服"温暖产业"加速发展 新华社记者李傲秋、杨绍功、唐弢 入冬以来，多轮寒潮席卷全国多地，寒冷天气推动全国羽绒服市场迅速升温。中国报告大厅数据显示，2025年我国羽绒服市场规模预计达到 2500亿元、2020年至2025年复合增长率达11.5%，增速明显高于全球平均水平。 记者调研发现，随着消费者对羽绒服的需求从"保暖"向"科技+时尚"拓展，科技赋能、设计创新、监管升级正推动羽绒服产业由规模扩张转向 结构升级、迈向高质量发展。 科技赋能，做强产业根基 原料与工艺是保证羽绒服产品品质的根基。随着行业发展，羽绒服原料、工艺和生产方式的升级正在悄然进行。 走进位于山东汶上县的济宁苏和服装有限公司，自动充绒机正精准地将指定重量的绒毛充进羽绒服内胆。"现在品牌企业普遍使用高蓬松度的 绒毛作为原料，保暖性能更好；而智能设备的应用，能够减少充绒时的误差，提升产品一致性。"公司副总经理王健说。 除了绒毛，面料的升级同样有助于提升羽绒服的性能。业内人士介绍，高密度的功能面料正逐步替代常规化纤面料，可带来防风防水、耐磨 耐脏等效果，并减少羽绒外溢。 2025年10月7日，中国品牌 ...

近日，有"好事者"剪开了标价2299元的波司登商务系列鹅绒服，随即剪开的是仅有86克充绒量的现实。86克，不及一颗普通苹果的重量，在波司登这里被 赋予了2299元的高昂身价。 另一面，一条售价700多元的羽绒裤，充绒量只有3克。网友戏称其为"一层皮的滑雪裤"，更有评论犀利地指出："这哪里是羽绒裤，分明是给面料镀了一 层羽绒的膜。" 这两组数字——2299元对86克，700元对3克——构成极具视觉冲击力的剪刀差，同时，也无情地剪开了波司登苦心经营多年的高端化滤镜。 现实"剪刀差" 根据行业常识，一件能够应对冬季常规寒冷的短款羽绒服，充绒量通常需要在130克至150克以上。86克，在技术参数上或许勉强符合某些轻薄款的标准， 但将其置于"商务"、"高端"且售价超2000元的语境中，便显得有些违和。 这种违和感，被在波司登的官方回应中被进一步放大。"符合国家标准"、"价格由设计、材料、品牌价值等多因素决定"。这是波司登面对质疑时的标准话 术，从法律层面看，或许无懈可击。 然而，现行GB/T14272-2021《羽绒服装》国家标准确实只规定了含绒量（%）和蓬松度等指标，并未对成衣的最低充绒克数做出强制性规定。波司登巧妙 ...

Core Insights - The "warm economy" is gaining traction in the consumer market, driven by increased demand for insulation and heating products amid significant temperature drops and snowfall across various regions in China [1][2] Group 1: Industry Trends - The apparel, home appliance, and home textile sectors are leading the charge in the "warm economy," with companies innovating to meet diverse consumer needs for warmth and comfort [1][5] - Brands like Bosideng are focusing on technological advancements and design innovations, such as "far-infrared heating technology" and high-quality down materials, to attract younger consumers [2][4] - The home appliance sector is seeing a rise in smart and personalized heating products, with companies like Gree and Midea emphasizing features like rapid heating and energy efficiency [5] Group 2: Consumer Behavior - Consumers are increasingly prioritizing product functionality and quality, inquiring about material specifications and performance metrics when purchasing winter apparel [4][7] - There is a shift from basic warmth to a focus on aesthetics and suitability for specific scenarios, indicating a more nuanced consumer demand for heating solutions [7] Group 3: Market Dynamics - Investor interest in "cold wave" and "heating" concepts is rising, with inquiries about companies' strategies and product offerings in the insulation market [6] - Companies are adapting to market changes by diversifying their product lines and enhancing their technological capabilities, as seen with brands like Rainbow Group and Antarctic E-commerce [6][7] - Despite the short-term boost in demand due to weather conditions, companies recognize the need for long-term competitiveness through innovation and brand management [7]

今年冬天，羽绒服市场正经历一场前所未有的变革。一边是高端品牌销量遇冷，另一边则是超市渠道的平价羽绒服被消费者抢购一空。这种冰火两重天的 现象，折射出消费市场正在发生的深刻变化。 曾经备受中产阶层追捧的国际高端品牌盟可睐和加拿大鹅，如今正面临销售困境。盟可睐集团2025年前三季度财报显示，营收6.16亿欧元，同比下滑 1%，结束了连续9年的双位数增长。在北京三里屯和南京德基等高端商圈，曾经门庭若市的门店如今门可罗雀。加拿大鹅的情况同样不容乐观，2025财年 在中国市场的表现持续低迷，甚至传出"卖身"传闻。这两个品牌在中国市场的占比曾分别达到35%和12%，如今却风光不再。 消费者对超市羽绒服的追捧并非偶然。2025年监管部门对羽绒服进行千余批次抽检，整体合格率不足80%，虚标绒子含量、以次充好等问题频发。在这种 背景下，超市渠道凭借严格的品控和透明的定价策略脱颖而出。以胖东来为例，其羽绒服进价457.9元，售价599元，毛利率约23.5%，但充绒量达到213 克，远超同价位国际品牌100多克的充绒量。 超市羽绒服能够做到低价高质，关键在于其独特的商业模式。业内人士指出，在本土供应链和工业水平提升的背景下，工厂生 ...

Group 1 - The People's Bank of China will announce the one-year and five-year Loan Prime Rates (LPR) on January 20 [2] - The National Development and Reform Commission will hold a press conference on January 20 to discuss the implementation of the central economic work conference and the "14th Five-Year Plan" [2] - The central bank has released the "Management Measures for the Identification of Beneficial Owners of Financial Institutions," effective from January 20, 2026 [2] Group 2 - The U.S. stock market will be closed on January 19 for Martin Luther King Jr. Day and will resume normal trading on January 20 [3] - On January 19, U.S. stock index futures fell, with the S&P 500 down 0.88%, Dow Jones down 0.80%, and Nasdaq 100 down 1.11% [4] Group 3 - The ICE U.S. Dollar Index fell by 0.33% to 99.065 points, while COMEX gold futures rose by 1.77% to $4,676.70 per ounce [5] - The onshore RMB closed at 6.9640 against the U.S. dollar, appreciating by 80 basis points from the previous trading day [5] Group 4 - The Hang Seng Index rose by 0.20% to 26,640 points, and the Hang Seng Tech Index increased by 0.23% to 5,768 points [6] - European stock indices closed lower, with Germany's DAX down 1.34%, France's CAC40 down 1.78%, and the UK's FTSE 100 down 0.39% [6] Group 5 - China's GDP is projected to exceed 140 trillion yuan in 2025, with a year-on-year growth rate of 5% [7] - The industrial added value for the year increased by 5.9%, while the service sector's added value grew by 5.4% [8] Group 6 - The U.S. plans to impose a 10% tariff on goods from eight European countries starting February 1, with the rate increasing to 25% by June 1 [9] - The Chinese Ministry of Foreign Affairs has reiterated its stance on the Greenland issue in response to U.S. tariffs [10] Group 7 - The Supreme People's Procuratorate of China has emphasized the need to maintain economic and financial security and to punish serious economic crimes [11] - A satellite internet low-orbit launch of 19 satellites was successfully completed on January 19 [11] Group 8 - Tesla will restart the development of its Dojo 3 supercomputer project, indicating a commitment to AI technology [17] - Ford is reportedly in talks with BYD for battery procurement for hybrid vehicles, reflecting traditional automakers' engagement with China's EV supply chain [18] Group 9 - Vanke has been executed for approximately 1.09 billion yuan, raising concerns about risks in the real estate sector [19][20] - Porsche's sales in China for 2025 are projected to decline by 26.28%, with the company focusing on maintaining a healthy supply-demand relationship [21] Group 10 - ByteDance's AI platform "Kouzi" has announced a 2.0 brand upgrade, integrating new capabilities to enhance user experience [22] - Honor has launched a limited edition smartphone in collaboration with Pop Mart, showcasing cross-industry innovation [24]

Group 1 - The People's Bank of China will announce the one-year and five-year Loan Prime Rate (LPR) on January 20 [2] - The National Bureau of Statistics reported that China's GDP for 2025 is projected to reach 140,187.9 billion yuan, with a year-on-year growth of 5% [8] - The total retail sales of consumer goods in 2025 are expected to be 501,202 billion yuan, reflecting a year-on-year increase of 3.7% [8] Group 2 - The U.S. stock market will be closed on January 19 for Martin Luther King Jr. Day and will resume normal trading on January 20 [3] - The S&P 500 futures fell by 0.88%, while the Dow futures dropped by 0.80% and the Nasdaq 100 futures decreased by 1.11% on January 19 [4] - The ICE U.S. Dollar Index decreased by 0.33%, closing at 99.065 points [5] Group 3 - The Hang Seng Index rose by 0.20% to close at 26,640 points, while the Hang Seng Tech Index increased by 0.23% to 5,768 points [6] - European stock indices closed lower, with Germany's DAX down 1.34%, France's CAC40 down 1.78%, and the UK's FTSE 100 down 0.39% [6] Group 4 - Tesla announced the restart of its Dojo 3 supercomputer project, indicating a commitment to AI technology development [17] - Ford is reportedly in talks with BYD for a battery supply partnership for its hybrid models, reflecting traditional automakers' efforts to engage with China's EV supply chain [18][19] - Vanke has been executed for approximately 1.09 billion yuan, highlighting financial pressures in the real estate sector [20][21] Group 5 - Porsche's sales in China for 2025 are projected to be 41,900 units, a decline of 26.28% year-on-year, attributed to market challenges [22] - ByteDance announced a 2.0 brand upgrade for its AI platform "Kouzi," integrating new features to enhance user experience [22] - Honor launched a limited edition smartphone in collaboration with Pop Mart, showcasing cross-industry innovation [23]

近日，有网友在社交平台发帖称，自己近期购买的一件Calvin Klein Jeans的白色羽绒服，生产商竟然是 波司登。据经视直播，该网友发布的照片显示，该衣服的标签显示，代理商为鹏卫齐商业（上海）有限 公司，生产商为常熟市波司登进出口有限公司，生产地址为江苏省常熟市白茆波司登工业园。 记者致电Calvin Klein上海一门店，工作人员证实，门店此前售卖的部分羽绒服款式，确实由波司登代 工生产。对于品牌为何选择波司登作为代工厂，该工作人员表示，这是品牌公司的决定，门店暂不了解 具体原因。 图 片来自社交平台 另据红星资本局报道，记者就此事向Calvin Klein官方旗舰店客服进行咨询，客服人员表示，品牌在世 界各地多个国家都设有生产据点，且会根据商品工艺以及生产批次的不同，生产商也有所差别。 1月19日，智通财经查阅小红书等社交平台发现，确实有网友发类似帖子。还有不少网友晒出的相关吊 牌显示，波司登还为其他国际服装品牌代工。智通财经查询天猫Calvin Klein官方旗舰店，其男女款羽 绒服售价1300到3000元不等。 图 片来自社交平台 公开资料显示，Calvin Klein是美国时尚品牌。作为极简主 ...

Group 1 - A consumer recently discovered that a Calvin Klein Jeans white down jacket they purchased was manufactured by Bosideng, a prominent Chinese down jacket producer [1][4] - Calvin Klein Jeans is a subsidiary of the American fashion brand Calvin Klein, while Bosideng is known for its large-scale production capabilities and advanced manufacturing equipment [4] - The customer service of Calvin Klein confirmed that the brand has multiple production sites worldwide, and the manufacturers may vary based on product craftsmanship and production batches [4] Group 2 - Bosideng has also been reported as the manufacturer for several Adidas down jackets, sparking discussions among consumers regarding brand and pricing [5] - Some consumers have expressed dissatisfaction with the price differences between down jackets produced by Bosideng for other brands and those sold under Bosideng's own label, leading to returns [5] - Industry expert Zhan Junhao noted that it is common for clothing brands to outsource production to specialized manufacturers, allowing them to focus on design, marketing, and supply chain management [5][6]