Investment Rating - The report maintains a "Buy" rating for companies like Yanjiang Co., New Australia Co., and Shenzhou International, highlighting their advantages in global capacity layout and supply chain [2][10][16]. Core Views - The textile and apparel sector has shown strong performance against the market, with the SW textile and apparel index increasing by 1.6% from October 9 to October 10, outperforming the SW All A index by 2.0 percentage points [2][3]. - The recent U.S. announcement of a 100% additional tariff on Chinese imports starting November 1, 2025, emphasizes the value of companies with established global production capabilities, allowing them to mitigate tariff costs and capture market share in favorable overseas markets [9][10]. - The report identifies a significant opportunity in the Australian wool market, with prices reaching record highs, benefiting companies like New Australia Co. [13][14]. Industry Data Summary - Retail sales in the apparel and textile category totaled 940 billion yuan from January to August, reflecting a year-on-year growth of 2.9% [27]. - In August, China's textile and apparel exports amounted to $26.54 billion, a year-on-year decline of 5.0%, with apparel exports specifically down by 10.1% [34]. - Cotton prices have shown slight fluctuations, with the national cotton price B index at 14,775 yuan per ton, down 0.3% this week [37]. - The Chinese sportswear market is projected to reach 408.9 billion yuan in 2024, growing by 6.0% year-on-year, with Anta's market share increasing [40].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Core Insights - Bosideng, a leading brand in the Chinese down jacket industry, launched its new "Puff" series during Paris Fashion Week, marking a significant step in its global expansion [1] - The launch utilized a dual-mode approach with both offline fashion shows and online cloud showcases, emphasizing the evolution of down jackets towards "lightweight warmth" [1] Company Overview - Bosideng has been deeply involved in the down jacket sector for 49 years, focusing on continuous innovation to enhance both warmth and fashion expression [1] - The "Puff" series aims to break the traditional heavy and bulky image of down jackets, featuring a structured silhouette with intricate tailoring and modernized classical elements [1] Industry Trends - The release during Paris Fashion Week reflects a confident stance of Chinese brands on the global stage, moving away from forced high-end narratives to focus on contemporary consumer lifestyles [1] - Down jackets are increasingly seen not just as tools for warmth but as fashionable items that allow for self-expression and enjoyment of life [1]

户外赛道愈发火热的今天，到底什么样的品牌能够持续为用户带来惊喜？ 蛋叠变向外去 = 111 0 登录 ty and a 12 带着叠变三合一冲锋衣羽绒服，波司登交出了一份亮眼答卷。 深刻洞察都市户外人群核心需求，与顶级面料公司戈尔合作，将数十年羽绒行业经验沉淀赋能都市户外 赛道。波司登做的，不仅是一件衣服，更是带领户外赛道整体向前的决心与勇气。 2025 年 9 月，全球领先的羽绒服专家波司登于四川四姑娘山双桥沟景区举办以"气温多变 穿波司登叠 变"为主题的都市户外体验活动，正式发布 2025 年秋季新品——波司登叠变三合一冲锋衣羽绒服。 来自全国各地的攀登者们统一身着波司登叠变三合一冲锋衣羽绒服，深入徒步胜地四姑娘山，沉浸式感 受波司登叠变三合一冲锋衣羽绒服在不同温度条件下的卓越表现。 ...

Core Viewpoint - The launch of the "Master Puff" series by Bosideng at Paris Fashion Week signifies a successful exploration of the "light warmth" quality of down jackets and represents a meaningful step in the brand's global expansion [1][8]. Group 1: Product Innovation - The "Master Puff" series breaks the traditional heavy and bulky image of down jackets, featuring a structured silhouette with intricate three-dimensional tailoring and layered stitching [7]. - The use of high-loft, high-quality down with fewer impurities, combined with ultra-light and soft babyskin fabric, effectively locks in warmth while reducing weight [7]. - The innovative filling structure allows for precise filling in key areas while leaving non-core areas cleverly "blank," achieving a balance between warmth and lightness [7]. Group 2: Brand Positioning - The choice to unveil the "Master Puff" series during Paris Fashion Week reflects Bosideng's confident stance as a Chinese brand entering the global market, focusing on contemporary consumer attitudes towards a relaxed lifestyle [8]. - The series emphasizes that down jackets are not merely tools for warmth but also fashion statements that express individuality and enjoyment of life [8]. Group 3: Brand Story and Vision - The "Master Puff" series marks a new chapter in Bosideng's brand story, showcasing 49 years of dedication, passion, and relentless innovation in elevating down jackets beyond basic functionality [10]. - The ultimate goal of the company is to transcend physical warmth, aiming for deeper emotional resonance and experience, making each down jacket a source of warmth, confidence, and freedom of expression [10]. - Bosideng's journey, starting in Paris, represents not just a transformation of clothing but a refresh of industry perceptions and the realization of a Chinese brand's global ambitions [12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 波司登國際控股有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.00001 | USD | | 200,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.00001 | USD | | 200,000 | 本月 ...

Summary of the Ice and Snow Sports Industry Conference Call Industry Overview - The ice and snow economy in China has rapidly grown from 500 billion yuan in 2020 to 890 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.19%, indicating strong development momentum [1][4] - As of 2023, there are 2,847 ice and snow venues nationwide, a year-on-year increase of 16.1%. Skiing venues account for 32.84%, while skating venues dominate at 67.16%, suggesting significant growth potential for skiing facilities [1][4] Core Insights and Arguments - The post-Olympic era strategy for China's ice and snow industry focuses on intelligent and digital transformation, accelerating the development of smart R&D elements and the application of digital technologies in ice and snow venues, while also supporting virtual ice and snow sports [1][5] - The consumption scale related to ice and snow activities for the winter season of 2023-2024 is expected to exceed 150 billion yuan, with folk activities accounting for the highest share at approximately 37% and specific projects at 27% [1][6] - Since 2014, the number of participants in ice and snow sports has been steadily increasing, with over 180 million participants recorded in the 10th public review season, and a total of 57.35 million people participating in various sports nationwide [1][6] Popularity of Ice and Snow Sports - The most popular ice and snow sports in China are skiing and skating. Post-Beijing Winter Olympics surveys show that the participation rate for folk activities among adults is 17.73%, while the participation rate for viewing activities is 9.83%, specific project participation is 6.05%, and land project participation is 3.06% [1][8] Consumer Spending Characteristics - Following the Beijing Winter Olympics, 72.73% of respondents reported engaging in ice and snow-related consumption, with 40% spending below 500 yuan and only 2.43% spending over 2,000 yuan, indicating untapped consumer potential [3][9] - The North China region, particularly Hebei Province, shows outstanding performance in ice and snow consumption, with Shandong, Jiangsu, and Xinjiang also ranking in the second tier nationally [3][9] Future Development Trends and Goals - The State Council aims to achieve a total scale of 1.2 trillion yuan by 2030, promoting widespread participation in sports through strategies such as southward expansion, westward outreach, and eastward advancement [3][10][11] Investment Recommendations - Investment focus should be on high-quality core assets, particularly blue-chip stocks like Anta Sports, Bosideng, and Sanfo Outdoor, which are expected to recover from bottoming out. These companies have strong earnings certainty and relatively high dividend yields, with competitive advantages in ice and snow sports brands and high-end skiing equipment [3][14] - Anta is recognized as a pioneer in domestic ice and snow sports brands, enhancing operational efficiency through online and offline strategies, while Bosideng is expanding into the high-end skiing market through international collaborations [3][14][15] Risks Facing the Ice and Snow Sports Industry - The industry faces several risks, including changing consumer preferences that may lead to inventory buildup and performance declines, uncertain penetration rates due to low-temperature environments and seasonal limitations, and seasonal volatility risks that could affect market growth if consumer enthusiasm wanes [3][16]

Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1][2] - The "Best Shareholder Return Listed Company" award emphasizes sustainable profitability and shareholder equity growth, integrating financial metrics with ESG performance [2][6] Group 1: Award Winners - The winners of the "Best Shareholder Return Listed Company" award include COSCO Shipping Holdings, Orient Overseas International, Industrial and Commercial Bank of China, Gujing Distillery, and Bosideng [2][4] - Orient Overseas International has distributed over $14.4 billion in dividends over the past four years, maintaining a stable dividend payout ratio of 50% [5][6] - COSCO Shipping Holdings has distributed cash dividends totaling 113.6 billion yuan over the past four years, with a dividend payout ratio of 50% in the last three years [9][10] - Industrial and Commercial Bank of China has maintained a dividend payout ratio of over 30% since its listing in 2006, with a total cash dividend exceeding 1.5 trillion yuan [12][13] - Gujing Distillery plans to distribute 3.172 billion yuan in cash dividends for 2024, maintaining a high dividend payout ratio [15][16] - Bosideng achieved a revenue of 25.902 billion yuan in the 2025 fiscal year, with a net profit of 3.514 billion yuan, and a high dividend payout ratio of 84.1% [18][19] Group 2: Company Performance - Orient Overseas International reported a net profit of $2.577 billion for 2024, with a basic earnings per share of $3.90 [6][10] - COSCO Shipping Holdings achieved a revenue of 233.859 billion yuan in 2024, with a net profit of 49.172 billion yuan, reflecting a year-on-year increase of 105.78% [10] - Industrial and Commercial Bank of China has maintained a stable net interest margin and steady growth in intermediary business income, with a non-performing loan ratio better than the industry average [13] - Gujing Distillery's revenue for the first half of 2025 was 13.880 billion yuan, with a net profit margin of 27.22% [16] - Bosideng's revenue growth of 11.6% in a challenging industry environment demonstrates its resilience and commitment to shareholder returns [19]

Industry Environment - The domestic watch brand Seagull's 1963 replica watch has seen a 95.63% sales increase during the Black Friday promotion in overseas markets, attributed to its military history and high cost-performance ratio, being priced at only 1/4 of similar foreign products [2][3] - Swiss watch brands are experiencing significant declines in performance due to a cooling Chinese market and U.S. tariff pressures, while domestic brands like Seagull and Fiyta are enhancing international recognition through technological breakthroughs and cultural integration [3] - The market environment presents a replacement opportunity for domestic brands, which could enter a golden era in the high-end market if they improve stability and brand narrative capabilities [3] Fashion Trends - Leggings have evolved from sportswear to everyday wear, but there is a growing trend towards loose-fitting pants, with market share for leggings expected to drop from 46.9% in 2022 to 38.7% by 2025, while loose pants are gaining popularity [4] - Despite the rise of loose pants, leggings remain essential for functional sports scenarios due to their support and feedback, indicating a dual pursuit of functionality and fashion among consumers [4] Streetwear Brands - Traditional streetwear brands are undergoing a "de-street" transformation, with some brands enhancing quality and positioning to reshape their image, as seen with KITH and NOAH, while others like Supreme maintain their original street culture stance [5] - This trend reflects the blurring definitions of streetwear, with brands exploring diverse development paths to create a more open industry landscape [5] Luxury Brands - Luxury brands face challenges in their Qixi Festival marketing due to cultural misinterpretations and severe homogenization, struggling to balance high-end positioning with sales pressures [6][7] - Some brands have achieved limited success through long-term celebrity collaborations and emotional IP creation, but the fundamental issues remain unresolved [7] - Luxury brands are accelerating their entry into the beauty market to counteract traditional market sluggishness, with LVMH's beauty division generating €4 billion, accounting for 10% of the group's sales [8] - The beauty product line is expanding from perfumes to a full range, emphasizing immersive retail experiences, making beauty a key strategy for luxury brands to connect with consumers and enhance brand value [8] Company Dynamics - Anta Sports reported a revenue of 38.54 billion yuan for the first half of 2025, a 14.3% increase, but its stock price fell by 8.27% due to concerns over growth potential and market fatigue [9] - FILA's revenue grew by 8.6% to 14.18 billion yuan, focusing on high-end sports fashion and achieving breakthroughs in professional categories [11] - Youngor's fashion segment saw a 7.8% revenue increase to 3.684 billion yuan, driven by acquisitions, but overall net profit declined by 39.28% due to rising costs [12] - Uniqlo is adapting to market challenges by launching limited edition collaborations and adjusting store strategies, despite facing performance pressures in the Greater China region [13] - Bosideng ranked 45th in BrandFinance's 2025 global apparel brand value list, with a brand value of $2.09 billion, and aims to enhance its international competitiveness [14][15] - Balabala achieved a 6% growth in the children's clothing market by innovating in product, marketing, and experiential retail [16] - Lao Pu Gold reported significant growth in sales and profits, with a gross margin of 38.1%, but faces challenges from increased competition in the ancient gold market [17] - Li Ning's recent event showcased a blend of sports aesthetics and youth culture, launching new collaborations and emphasizing cultural confidence [18]

Core Insights - The article emphasizes the importance of quality in driving innovation and establishing a global leadership position for Bosideng in the textile and apparel industry [3][4][6] Group 1: Quality Management Practices - Bosideng has established a comprehensive quality management system that covers the entire value chain, from design and production to marketing and customer service [4][5] - The company has achieved a product return rate of less than 0.08%, with high-end products seeing a return rate below 0.035%, reflecting its commitment to quality [5] - Bosideng has received numerous accolades, including "World Famous Brand" and "China Industrial Award," and has maintained market leadership in China for 30 consecutive years [5] Group 2: Innovation and Sustainability - The company has built various research and design facilities, accumulating over 1,600 patents, and has been recognized for its industrial design excellence [6] - Bosideng is committed to sustainable development, aiming for net-zero emissions by 2038 and linking executive compensation to climate performance [6] - The company has been rated AAA in ESG by Wind, making it the only apparel company to receive this highest rating [6] Group 3: Industry Leadership and Strategy - Bosideng aims to transition from being a national benchmark to a global leader by focusing on quality, innovation, and sustainability [4][7] - The company actively participates in setting international and national standards, having contributed to over 70 standard revisions [6] - The article highlights the role of quality in enhancing brand value and competitiveness in the global market, positioning Bosideng as a model for other companies [7]