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].

Core Insights - High-end sports brands are increasingly attracting talent from the luxury goods sector, indicating a shift in focus towards luxury branding and marketing strategies [1][3][16] - The trend of hiring executives with luxury backgrounds is evident across both design and marketing roles within high-end sports brands [2][11][14] Design Sector - Bosideng appointed Kim Jones, former artistic director of Dior menswear, as the creative director for its AREAL high-end urban line [2][7] - Nike hired Taka Kasuga, a former designer at Arc'teryx, as the global vice president of apparel design for its ACG product line [2][7] - Salomon announced Heikki Salonen as its first creative director, previously responsible for successful product lines at MM6 Maison Margiela [2][10] Marketing Sector - Alo appointed Benedetta Petruzzo, former CEO of Miu Miu and managing director at Dior, as its international CEO [2][11][13] - Lululemon has made significant changes in its marketing leadership, hiring Lynn Cheah, who has experience with luxury brands like Louis Vuitton and Tory Burch, as its vice president of marketing [2][11] - Descente and FILA have also recruited executives with luxury backgrounds for their marketing departments [2][13] Market Trends - Collaborations between luxury brands and sports brands have been a precursor to this talent migration, with successful partnerships like On and Loewe, and HOKA and Moncler [3][6] - Limited edition products from these collaborations have maintained high resale values in the secondary market, indicating a successful "luxuryization" of sports brands [4][6] Product and Pricing Strategy - High-end sports brands are adopting luxury pricing strategies, with products like Bosideng's long down jacket priced around 4000 RMB and Descente's ski suits exceeding 9000 RMB [16] - Lululemon's winter down jackets are priced around 3000 RMB, reflecting a shift towards luxury positioning in product offerings [18] Retail and Customer Experience - High-end sports brands are strategically locating their stores in luxury shopping districts, often adjacent to luxury brands [18][20] - Store designs are being enhanced to reflect luxury aesthetics, with brands like Descente adopting unique architectural elements similar to luxury brands [21] - Customer service is being elevated to match luxury standards, with personalized experiences and exclusive services being offered [23] Conclusion - The movement of luxury talent into high-end sports brands signifies a broader trend of "luxuryization" within the sports industry, aiming to attract affluent consumers and enhance brand prestige [1][16][29]

此外，省政协委员、苏州市人大常委会副主任黄靖，省政协委员、苏州市政协副主席周俊，省政协 委员、苏州海关驻邮局办事处一级主办龚震等9位委员，分别围绕"抢抓机遇促进跨国公司总部经济发 展""深化制造环节与服务环节融合，推动发展服务型制造""加快推进人工智能在制造业领域创新应 用"等主题，作大会书面发言。 民营经济已在我省经济格局中占据举足轻重的地位，贡献了全省58%以上的GDP、60%以上的投资 和税收收入、80%以上的新增就业和90%以上的经营主体比重。江苏拥有入选全国民营企业500强企业 90家，其中营业收入千亿元以上企业11家，入选世界500强的3家企业均为民营企业。完善中国特色现代 企业制度，加快建设世界一流企业，是推动经济高质量发展的内在要求。省政协委员、波司登股份有限 公司董事长高晓东在大会上作题为《完善中国特色现代企业制度，加快建设更多世界一流企业》的口头 发言。他认为，当前广大民营企业在党的建设、股权优化、组织变革等方面已取得积极成效，但部分企 业在加快发展新质生产力、推进治理现代化、实现代际传承等方面仍面临挑战。为此，他提出三方面建 议：要加快推动落实民营经济促进法相关配套政策法规出台，以制度完 ...

2月1日，上海青浦西虹桥商务区举行2025企业年度盛会，以"跃马扬鞭，奋力再跳"为主题，汇聚政企菁英共话高质量发展，共绘长三角一体化发展新蓝 图。波司登创始人、波司登集团董事局主席兼总裁高德康应邀参会，波司登在地经营企业凭借稳健发展实绩，入选商务区税收20强、服务业10强企业。 波司登入选商务区税收20强企业 波司登入选商务区服务业10强企业 此次盛会是西虹桥商务区深耕高质量发展的成果展示，更是政企同心聚力攻坚的生动实践。会前，青浦区委副书记、区长金晓明等与会领导同企业家代表 进行座谈交流。金晓明表示，"十五五"时期是青浦聚焦国家战略、聚焦重点区域、聚焦主导产业的集中发力期，也是聚力创新发展、聚力动能转换、聚力 补足短板的转型攻坚期。作为青浦发展的动力核，西虹桥将始终以虹桥国际开放枢纽建设和进博会等重大战略为牵引，把握中国企业全球布局的战略机 遇，完善服务体系，提升区域能级，优化产业生态，吸引更多的企业从长三角走入青浦，陪伴更多的公司从西虹桥走向世界。 扎根长三角热土，塑造全球品牌竞争力 波司登入选商务区税收20强企业 、 、、 、 作为主动融入长三角一体化发展、深耕上海国际消费中心城市的龙头企业，波司登与上 ...

呈交日期: 2026年2月3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 | 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: 2026年1月31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 本月底 ...

引言：何为一件高品质羽绒服的真实衡量标准？青海消协权威检测，扒开中国高端制造的"里子" 冬天来临，羽绒服成为人们御寒的刚需装备。但面对市场上令人眼花缭乱的国内外品牌与悬殊的价差， 消费者在选购时难免感到困惑。抛开外在的品牌"标签"，一件羽绒服的价值，究竟由何定义？ 近期，青海省消费者协会(青海省市场监督管理局指导)发布了一份沉甸甸的《羽绒服装比较试验报 告》，将产品的"内里"置于聚光灯下，以科学、公正、全面的检测数据，对羽绒服行业进行了一场 "解 剖式"的审视，其客观数据，也为消费者提供了极具价值的选购参考。 其中，中国品牌波司登极地极寒羽绒服以其卓越的综合表现，在多项关键指标中脱颖而出，以唯一五星 (★★★★★)综合评级的卓越表现，在与包括盟可睐(MONCLER)、加拿大鹅(Canada Goose)、始祖鸟 (Arc'teryx)、北面(THE NORTH FACE) 等国际知名品牌的对比中，不仅力压一众"身价不菲"的国际顶尖 品牌，更以硬核产品力，让世界看到中国高端制造的"里子"！ 图片来源：青海省消费者协会官方网站 一、权威鉴证，一场关于羽绒服的品质大考 本次比较试验并非普通的商业评测，其背后是青海省 ...

Core Viewpoint - The article emphasizes the emotional significance of returning home during the Spring Festival in China, highlighting how this journey transcends mere physical movement and becomes a deeply felt emotional experience [1][2][3]. Group 1: Emotional Context of Returning Home - The return home during the Spring Festival is portrayed as a time when family relationships are reestablished, despite the pressures of modern life [2][6]. - The short film "Dressing Warmly for the New Year" by Bosideng, featuring Guo Tao and his son, captures the essence of this emotional journey without resorting to dramatic conflict, instead presenting a relatable narrative [2][7]. - The film's core message, "Home does not ask for scores, only warmth," challenges the traditional evaluative logic associated with returning home, allowing for a more genuine emotional connection [8][10]. Group 2: Redefining the Meaning of Home - The film redefines the concept of home, suggesting that it is not an endpoint but a starting point for future journeys, thus transforming the act of returning home into a moment of emotional replenishment [10][12]. - The notion of the "best New Year gift" is reframed to emphasize that the presence of loved ones is more valuable than material gifts, reinforcing the importance of emotional connections [12][14]. Group 3: Bosideng's Brand Philosophy - Bosideng's brand philosophy centers around the concept of "warmth," which is not merely a functional attribute but also an emotional value that resonates with consumers [15][16]. - The brand's commitment to warmth is evidenced by its long-standing history and the emotional connections consumers have with its products, as illustrated by user stories of cherished Bosideng jackets [20][25]. - The collaboration with designer Chen Anqi for the "Ma Dao Cheng Gong" series exemplifies how Bosideng integrates contemporary design with its core value of warmth, appealing to younger consumers [22][25]. Group 4: Longevity and Trust in Brand Value - Bosideng's ability to maintain its core value of warmth over 49 years serves as a competitive advantage against brand homogenization, allowing it to resonate deeply with consumers [27][29]. - The brand's reputation for reliability is reinforced by its involvement in extreme weather conditions and its commitment to social responsibility, positioning it as a guardian of societal warmth [30][33]. - Bosideng's narrative transcends mere product marketing, establishing it as a brand that embodies a stable value proposition in an ever-changing world, providing both physical and emotional protection [36].

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]

Core Insights - The Chinese down jacket market is expected to reach a scale of 2500 billion yuan by 2025, with a compound annual growth rate of 11.5% from 2020 to 2025, significantly higher than the global average [1] - Consumer demand is shifting from mere warmth to a combination of technology and fashion, driving the industry towards structural upgrades and high-quality development [1] Group 1: Technological Empowerment - The upgrade of raw materials and production processes is essential for ensuring the quality of down jackets, with high-loft down being widely used for better insulation [2] - Intelligent equipment, such as automatic filling machines, is being adopted to enhance product consistency and reduce errors during production [2] - Digital and automated transformations have significantly reduced production time, with some companies able to produce a down jacket in just three hours [5] - Leading companies like Bosideng are implementing smart manufacturing systems that shorten product delivery cycles to 7-10 days through deep collaboration across the supply chain [5] Group 2: Design Innovation - There is a growing consumer focus on design, lightweight materials, and aesthetics, prompting companies to form specialized design teams to create new products [6][7] - Many brands are integrating traditional Chinese cultural elements into modern designs, enhancing the appeal of down jackets [8] - Artificial intelligence is being utilized in the design process, creating a digital closed-loop from concept to virtual garment delivery, thus reducing development time and costs [8] Group 3: Regulatory Upgrades - Recent discussions highlight the importance of quality in down jackets, leading to enhanced regulatory measures to ensure product standards [9] - Local regulatory bodies are establishing comprehensive quality control systems and conducting regular inspections to ensure compliance with new standards [11] - Industry associations are actively combating counterfeit products and promoting a transparent supply chain through initiatives like the global down traceability system [11]

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 ...