消息面上，2月20日，美国正式取消针对中国10%对等关税及10%芬太尼关税，宣布对全球各国商品加 征10%关税。申万宏源表示，除个别产品被征收双反税外，目前美国对中国大多数商品的关税为基础税 率+10%，与之前对中国加征20%关税相比，本次关税净降10pct，持续跟踪关税政策变化对出口型纺织 制造企业的影响，春节期间港股运动制造企业股价上涨。 此外，米兰冬奥会正式启幕，本次冬奥中国代表团创境外冬奥会参赛项目、运动员规模之最。中国运动 品牌亮相米兰赛场，以中国力量参与世界体育。米兰冬奥比赛热度持续提升，提振冰雪运动及体育赛事 的关注度以及消费热情，建议关注体育板块赛事催化。 体育用品股全线走高，截至发稿，滔搏(06110)涨5.84%，报3.08港元；安踏体育(02020)涨4.32%，报88.2 港元；李宁(02331)涨3.75%，报23.24港元；特步(01368)涨1.31%，报5.41港元。 ...

港股体育用品股拉升，滔搏涨约7%，安踏涨4.3%，李宁涨3.6%，中国动向涨超3%，特步国际、361度 跟涨。 消息上，中金公司指出，冬奥赛事各大运动品牌密集亮相，叠加春节旺季有望催化运动鞋服消费。2026 年2月6日至22日米兰冬奥会顺利举行，各大运动品牌通过赞助国家队和顶尖运动员密集营销。如李宁合 作中国奥委会，为中国健儿提供开闭幕式出场装备、领奖鞋服等，安踏赞助速度滑冰等十支中国国家 队，FILA助力夺金项目中国自由式滑雪空中技巧队，迪桑特则与中国高山滑雪队等长期合作，Salomon 定制了米兰冬奥组委会工作人员的官方制服。冬奥赛事适逢春节消费旺季，而且受益于今年春节旺季时 间更长（2026年9天假期vs.2025年8天），预计运动鞋服终端消费有望环比改善。 此外，2月12日，国民运动品牌361°正式入驻京东秒送，全国160多个城市、超千家门店同步上线。数据 显示，2025年，京东秒送累计入驻时尚商家超千家，包括滔搏、安踏、李宁、鸿星尔克、波司登、特步 等国内零售巨头、运动服饰大牌；营业门店数量同比增长超150%，今年2月以来，京东秒送运动服饰品 类成交额同比增长超230%。(格隆汇) | 代码 | 名 ...

消息面上，2月20日，美国正式取消针对中国10%对等关税及10%芬太尼关税，宣布对全球各国商品加 征10%关税。申万宏源表示，除个别产品被征收双反税外，目前美国对中国大多数商品的关税为基础税 率+10%，与之前对中国加征20%关税相比，本次关税净降10pct，持续跟踪关税政策变化对出口型纺织 制造企业的影响，春节期间港股运动制造企业股价上涨。 智通财经APP获悉，体育用品股全线走高，截至发稿，滔搏(06110)涨5.84%，报3.08港元；安踏体育 (02020)涨4.32%，报88.2港元；李宁(02331)涨3.75%，报23.24港元；特步(01368)涨1.31%，报5.41港元。 此外，米兰冬奥会正式启幕，本次冬奥中国代表团创境外冬奥会参赛项目、运动员规模之最。中国运动 品牌亮相米兰赛场，以中国力量参与世界体育。米兰冬奥比赛热度持续提升，提振冰雪运动及体育赛事 的关注度以及消费热情，建议关注体育板块赛事催化。 ...

全球运动品牌，都在奔向中国。 随着材料技术壁垒逐渐削平，战场变成了开阔的平地。中国市场竞争比欧美更激烈，六百元以下的入门 级运动装备市场已经成为红海，现在战火正在燃烧到更高阶的市场。 近期，第一财经记者采访了数位业内人士。他们认为，中国全民运动方兴未艾，为全球运动品牌带来机 会，但不是所有人都能笑到最后。这些正在大展拳脚的品牌，注定会有人出局，而且前车之鉴不远。 奔向中国 耐克旗下ACG（全天候装备）将全球首家品牌门店开在了北京三里屯。 ACG是耐克的户外运动品类业务线。它所在的三里屯门店，是由一家耐克旗舰店改造而来。 2026.02.23 本文字数：3713，阅读时长大约6分钟 作者 |第一财经 彭海斌 最近两年，耐克在大中华区市场承压。根据耐克最新披露的财报，在2026财年第二季度(2025年9-11 月)，大中华区收入同比下挫17%至14.23亿美元。 今年1月份，耐克大中华区董事长兼CEO董炜卸任，Cathy Sparks成为耐克大中华区副总裁兼总经理。耐 克在中国经历变革，希望ACG能够搭上中国户外运动的热潮，借此恢复公司在中国市场的活力。 第一财经获悉，ACG三里屯门店由耐克直营。滔搏作为耐克在国 ...

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: 滔搏國際控股有限公司 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 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06110 | 說明 | | | | | | | | | | 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 HKD | | 0.000001 | HKD | | 20,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 HKD | | 0.000001 | HKD | | 20,000 | FF301 本月底法定/註冊股本總額： ...

Core Insights - Norrøna has opened its first store in Beijing at SKP, following a temporary pop-up store in Shanghai, marking its renewed commitment to the Chinese market [1][2] - The collaboration with Taobo aims to enhance Norrøna's brand image and drive sales through a high-end retail experience [2][5] - The store's design emphasizes a minimalist aesthetic, aligning with Norrøna's brand identity, and differentiating it from other outdoor brands [3][6] Group 1: Store Opening and Strategy - The SKP store is defined as a boutique with a wider SKU range compared to the Shanghai pop-up, showcasing Norrøna's full product line [2] - Norrøna's product focus includes winter down jackets and wool products, which are currently popular in the Chinese market [2] - The store's opening day saw a positive sales momentum, indicating strong consumer interest and brand recognition [2][3] Group 2: Brand Positioning and Consumer Insights - Norrøna maintains a unique brand positioning by not overloading on SKUs, instead opting for a clear and professional product display [3][6] - Consumers in Beijing exhibit high sensitivity to quality, leading to quick purchasing decisions once brand recognition is established [2][3] - The target demographic for Norrøna at SKP includes affluent consumers willing to pay for quality, differentiating from other retail locations [7] Group 3: Operational Insights and Future Plans - Taobo's strategy involves a deep understanding of the Chinese outdoor consumer market, focusing on lifestyle and consumption needs rather than merely replicating global strategies [6][8] - The collaboration between Taobo and Norrøna has been characterized by extensive communication to align on brand positioning and marketing strategies [5][6] - Taobo is transitioning from a retailer to a full-service brand operator, aiming to integrate market insights, brand promotion, and consumer engagement into its operations [8][10]

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]

Group 1 - The top three companies with net inflow of southbound funds are SMIC (00981) with 458 million, Sanhua Intelligent Control (02050) with 405 million, and Hua Hong Semiconductor (01347) with 390 million [1] - The top three companies with net outflow of southbound funds are China Mobile (00941) with -601 million, UBTECH (09880) with -516 million, and Sanofi (01530) with -357 million [1] - In terms of net inflow ratio, Haitian Flavoring (03288) leads with 76.61%, followed by Southern Hong Kong Stock Connect (03432) with 62.50%, and CIMC (02039) with 59.57% [1] Group 2 - The top ten companies by net inflow include Tencent Holdings (00700) with 272 million and Alibaba-W (09988) with 263 million [2] - The top ten companies by net outflow include Meituan-W (03690) with -287 million and Bilibili-W (09626) with -242 million [2] - The top three companies with the highest net outflow ratio are Dekang Agriculture (02419) at -50.69%, Sanofi (01530) at -47.05%, and Jianfa International Group (01908) at -45.45% [3]

Core Insights - Norrøna, a premium outdoor brand from Norway, has opened its first store in Beijing at the high-end commercial landmark SKP, aiming to connect deeply with local consumers and provide a high-quality outdoor gear experience [1] - The brand, founded in 1929, has a legacy of innovation in outdoor gear, including the introduction of the mountain tunnel tent and being the first European brand to use GORE-TEX® fabric [1] - The Beijing SKP store features a comprehensive product matrix focusing on popular outdoor activities in China, such as skiing, climbing, trail running, and hiking, with significant emphasis on the Lofoten ski series and the Trollveggen climbing series [1] Product Offerings - The store includes specialized product lines like the Tamok series for backcountry skiing, the Senja series for trail running, and the Femund series for everyday outdoor activities, showcasing the brand's diverse offerings and professional advantages [2] - Norrøna's collaboration with Tmall International Holdings Ltd. has led to the establishment of an official flagship store and a temporary experience store in Shanghai, alongside the Beijing SKP boutique [2] Strategic Positioning - The selection of store locations reflects Tmall's strategic thinking in channel layout, with the Shanghai store situated in a hub of outdoor brands and the Beijing store targeting high-net-worth consumers in a premium commercial environment [2] - This strategic positioning allows for effective coverage of core cities and different consumer segments, demonstrating Tmall's deep understanding of the Chinese sports market and resource advantages in key commercial areas [2] Consumer Engagement - Norrøna's operational strategy emphasizes the need for precision and depth in consumer engagement, focusing on how to effectively reach target demographics and build deep connections [3] - The brand has initiated community activities, such as the "Avalanche Safety and Wilderness Medicine First Aid" event, to enhance brand recognition and connection within the core outdoor community through high-level knowledge sharing [3] - Future plans include expanding Norrøna's presence in premium channels in major cities, deepening connections with professional outdoor communities, and enhancing the brand's professional image to build long-term value [3]

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].