来源：新浪港股 该行预计波司登1HFY26利润端保持稳健的增长 该行预计1HFY26 波司登集团收入保持平稳。虽然由于关税等因素影响使得 OEM 遇到一定波动，但集 团羽绒服主业仍旧保持健康增长势头。其中，该行认为经销渠道在集团更灵活的政策指导下在1HFY26 表现出色，成为业务增长的重要推动；自营业务由于集团战略性在淡季调整销售重点，整体表现平稳。 同时，由于OEM 占比略有下降，该行预计集团1HFY26 利润率有望得到提升，在收入平稳的情况下维 持利润增长的趋势。 波司登与Kim Jones合作发布新系列，彰显了其推动品牌高端化战略升级的坚定决心 2025年10月20日波司登发布了全新的"AREAL高级都市线"，并任命了著名英国设计师、前Dior和 LV男 装艺术总监Kim Jones担任该系列的创意总监。该行认为这一举措充分展现了公司在战略高端化、品牌 国际化与产品创新层面的前瞻性布局。 近期该行调研了波司登全新上海南京东路旗舰店，1HFY26波司登在淡季取得了稳健的零售表现，为即 将到来的旺季奠定基础。 在主力旗舰店装修情况下，1HFY26波司登上海区域仍取得稳健销售表现 波司登上海区域在1HFY26 ...

近期该行调研了波司登全新上海南京东路旗舰店，1HFY26波司登在淡季取得了稳健的零售表现，为即 将到来的旺季奠定基础。 在主力旗舰店装修情况下，1HFY26波司登上海区域仍取得稳健销售表现 波司登上海区域在1HFY26仍旧表现出色，在占据线下销售占比较大的南京东路旗舰店装修数月的情况 下，上海区域线下零售依然取得稳健的增长。该行认为在公司产品和品牌力持续提升的带动下，一方面 上海区域拓展更多高端商圈渠道并对线下零售渠道进行更多精细化的营销管理，带动业绩高质量增长； 另一方面，波司登与经销商紧密配合，提升经销商运营质量，带动经销商零售表现出色。同时，该行了 解到在10月中旬华东区域降温之后，公司在上海区域表现加速提升。 智通财经APP获悉，中金发布研报称，维持波司登(03998) FY26/27年EPS预测0.34/0.38元，当前股价对 应13/12倍FY26/27年市盈率，维持跑赢行业评级，考虑到行业估值中枢上移，该行上调目标价4.6%至 5.89港元，对应16/15倍FY26/27年市盈率，较当前股价有20%的上行空间。 中金主要观点如下： 公司近况 该行预计波司登1HFY26利润端保持稳健的增长 该行预 ...

此外，相关物流概念股也表现活跃，安能物流（09956.HK）大涨10.47%，京东物流（02618.HK）涨1.87%，中通快递-W（02057.HK）涨1.15%。 | | 财业运 FINET | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | J | 09956 | 安能物流 | | 9.600 | +0.910 | 10.47 | | 2 | 03998 | 波司登 | (0) | 4.910 | +0.410 | 9.11 | | 3 | 02298 | 都市朋人 | | 0.345 | +0.025 | 7.81 | | 4 | 09991 | 宝尊电商-W | | - 9.180 | +0.480 | 5.52 | | ટ | 06288 | 进 | | N 27.760 | +1.340 | 5.07 | | 6 | 02331 | 李宁 | | 17.430 | +0.560 | 3.32 | | 7 | 01458 | 昌智能 | | 2.000 | +0 ...

2025.10.21 据经视直播，近日，有网友在社交平台发帖称，其在短视频平台直播间购买的阿迪达斯羽绒服实为雪中 飞代工产品，并表示"不如直接买雪中飞，何苦中间赚差价"。对此，阿迪达斯客服回应称，所售产品均 具备质量保障。 该羽绒服标签显示，经销商为阿迪达斯体育（中国）有限公司，制造商为江苏雪中飞制衣有限公司。 本文字数：1055，阅读时长大约2分钟 10月20日，在短视频平台阿迪达斯官方旗舰店，此前已有消费者在商品评价中提出相同质疑，并展示由 雪中飞代工的标签。 商品详情页显示，该款短款羽绒服填充物为鸭绒，蓬松度600+，绒子含量80%，售价579元。而在同一 平台的雪中飞官方旗舰店内，一款售价519元的短款羽绒服蓬松度达680+，绒子含量为90%。两者价格 相近，但填充物指标存在差异。 阿迪达斯服务热线工作人员表示，具体产品是否代工及代工厂信息门店并不掌握，所有商品均由仓库直 发，以实际出货为准。对于品牌溢价问题，该工作人员称无法回应。 10月21日，智通财经在阿迪达斯京东自营旗舰店发现，该品牌部分羽绒服确实是由雪中飞代工。其中， 一款男士运动短款羽绒服售价869元，就有雪中飞的代工标签。该款商品含有13 ...

Core Insights - The company Tanboer is preparing for an IPO, transforming from a struggling brand to China's fourth-largest domestic outdoor apparel brand with annual sales of 1.3 billion [1][3]. Company Overview - Tanboer was founded by a couple, Wang Yongping and Wang Lili, who initially acquired a struggling down jacket factory in 2004, focusing on affordable yet quality products [3][5]. - The brand initially struggled with brand aging and marketing issues, leading to its delisting from the New Third Board in 2017, with revenue dropping from 660 million to 370 million [5]. Recent Developments - In 2022, Tanboer pivoted to outdoor apparel, launching high-end series for activities like skiing and climbing, and became a supplier for the Austrian Nordic skiing team [5][7]. - The brand has successfully rebranded itself, targeting younger consumers by changing its endorsements from older celebrities to younger stars [5][7]. Financial Performance - Online sales surged by 79.6% in 2024, with over half of the revenue coming from online channels, while offline stores decreased by 40 [7]. - Despite impressive sales growth, the company faces rising production costs, with net profit margin dropping from 11.7% to 5.5% due to increased raw material prices and high marketing expenses, which account for nearly 40% of sales [7][9]. Market Positioning - Tanboer aims to capture the middle-class market by offering a balance of affordability and quality, positioning itself against both high-end brands and lesser-known competitors [9][11]. - The brand's strategy includes maintaining a strong base with its urban light outdoor series while leveraging the high-end line to capitalize on the outdoor trend [9][11].

Group 1 - Bosideng (03998.HK) saw its share price increase by 10.67%, reaching HKD 4.98 [2] - The trading volume for Bosideng amounted to HKD 499 million [2]

Core Viewpoint - Bosideng (03998) has seen a significant increase in stock price, rising by 10.67% to HKD 4.98, with a trading volume of HKD 499 million, driven by favorable weather conditions and positive market analysis [1] Group 1: Weather Impact - The upcoming typhoon "Fengshen" and its peripheral circulation, along with cold air, are expected to bring strong wind and rain to South China and the northern South China Sea [1] - The cold air moving eastward will lead to a drop in temperatures in Jiangnan and South China, creating a favorable environment for winter clothing sales [1] Group 2: Market Analysis - Shenwan Hongyuan has recommended Bosideng, highlighting that the onset of colder weather will directly benefit the company's winter apparel sales [1] - The Spring Festival in 2026 is on February 17, which is 19 days later than the previous year, extending the effective sales window and potentially increasing sales volume [1] - The low base from the warm winter of 2024 is expected to aid in achieving sales targets, while the market is currently favoring high-dividend assets [1] - Bosideng has maintained a dividend payout ratio of 80% or higher, and this trend is expected to continue, supporting the company's performance and valuation growth [1]

Core Viewpoint - Bosideng (03998) has seen a significant increase in stock price, rising by 10.67% to HKD 4.98, with a trading volume of HKD 499 million, driven by favorable weather conditions and positive market analysis [1] Group 1: Weather Impact - The upcoming typhoon "Fengshen" and its associated weather patterns are expected to bring strong winds and rain to South China and the northern South China Sea, which will likely boost demand for winter clothing [1] - Cold air moving south will create a core cooling area in Jiangnan and South China, enhancing the sales environment for winter apparel [1] Group 2: Market Analysis - Shenwan Hongyuan has recommended Bosideng, highlighting that the onset of colder weather will directly benefit the company's winter clothing sales [1] - The Chinese New Year in 2026 falls on February 17, which is 19 days later than in 2025, extending the effective sales window for the peak season and potentially increasing sales volume [1] - The low base from the warm winter of 2024 is expected to facilitate the achievement of sales targets for Bosideng [1] - The market is currently favoring high-dividend assets, and Bosideng has maintained a dividend payout ratio of over 80%, indicating strong future performance and valuation growth [1]

Market Performance Summary - Sinopec Oilfield Service (01033) rose over 12% as the company continues to advance its overseas strategy, with new contract signings increasing by over 70% in the first half of the year [1] - China Hongqiao Group (00931) fell over 13% after a significant 55% surge the previous day, with ongoing discussions regarding potential investments [1] - BYD Electronic (00285) increased over 4% as the company is set to supply power components for NVIDIA's new 800VDC AI server architecture [1] - Horizon Robotics-W (09660) rose over 6% as its HSD technology was first adopted by the ET5 model, with multiple automakers already confirming orders [1] - Bilibili-W (09626) increased over 10% due to strong performance of new games, indicating a gradual release of its commercial value [1] - CRRC Corporation (01766) rose nearly 4% ahead of its third-quarter earnings report, with expectations for continued growth in new train procurement and maintenance [1] - Genscript Biotech (01952) rose over 5% as its EVM14 treatment for squamous cell carcinoma addresses critical clinical needs, leading in clinical development progress [1] - Bosideng (03998) increased nearly 6% following the appointment of renowned British designer Kim Jones as the creative director for its new AREAL high-end urban line [1] - Derin Holdings (01709) fell over 11% after announcing a discounted placement of shares to raise funds for expanding Bitcoin mining operations [1] US Market Highlights - TSMC (TSM.US) rose 0.89% as the first NVIDIA Blackwell wafers were recently produced in the US [3] - Pony.ai (PONY.US) increased 1.76% after partnering with Stellantis for autonomous vehicle solutions [3] - WeRide (WRD.US) rose 2.67% after successfully passing the Hong Kong Stock Exchange hearing, positioning itself to become the first "Robotaxi" stock in Hong Kong [3] - Zeekr (ZK.US) increased 4.48% as pre-sales for the refreshed Zeekr 7X officially began, offering significant pre-sale benefits [3] - iQIYI (IQ.US) rose 8.37% as Morgan Stanley upgraded its target price, citing the long-term growth potential of the domestic IP merchandise market [3] - Taoping (TAOP.US) increased 4.27% after announcing a non-binding letter of intent to acquire 100% of Alphalion Holding Limited [3] - Micron Technology (MU.US) rose 2.17% as several major firms raised their target prices for the company [4] - U.S. Antimony Corporation (UAMY.US) surged 20.02% following its proposal to acquire Larvotto Resources to enhance its critical mineral asset portfolio [4] - Apple (AAPL.US) rose 3.94% as a report indicated strong early sales of the iPhone 17 series in China and the U.S. [4] - Moderna (MRNA.US) increased 4.73% after presenting positive data on its mRNA vaccine pipeline at the IDWeek 2025 conference [4]

每经AI快讯，10月21日，港股波司登(03998.HK)盘中涨超7%，截至发稿，涨5.11%，报4.73港元，成交 额1.5亿港元。 ...