证券研究报告 | 2026年03月22日 美股市场速览 弱于大市 资金加速流出，盈利显著上修 价格走势：多数行业回撤，能源与银行较强 本周，标普 500 指数-1.9%（上周-1.6%），纳斯达克综指-2.1%（上周-1.3%）。 风格：大盘价值（罗素 1000 价值-1.3%）＞小盘价值（罗素 2000 价值-1.5%） ＞小盘成长（罗素 2000 成长-1.8%）＞大盘成长（罗素 1000 成长-2.4%）。 3 个行业上涨，21 个行业下跌。上涨的主要有：能源（+2.8%）、银行（+1.7%）、 综合金融（+0.1%）；下跌的主要有：汽车与汽车零部件（-5.4%）、公用事 业（-5.0%）、食品与主要用品零售（-4.7%）、食品饮料与烟草（-4.6%）、 材料（-4.4%）。 资金流向：整体加速流出，少量流入能源 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-155.5（亿美元， 下同），上周为-27.1，近 4 周为-313.9，近 13 周为-464.9。 4 个行业资金流入，19 个行业资金流出，1 个基本持平。资金流入的主要有： 能源（+6.6）、银行（+2.1）、运输（+1.4 ...

酒行业丨市场观察 行业环境 1.被你遗忘的「牛角扣大衣」今年又火了，快拿出来穿！ 关键词 ： 时尚循环,牛角扣大衣,多元风格,解构重塑,朋克贵族 概要 ： 牛角扣大衣在2026秋冬时尚舞台上重新焕发活力，成为多元风格的代表单品。从DIOR 的叛逆朋克贵族设计到Thom Browne的优雅书卷气息，各品牌通过解构重塑、材质创新等方式 赋予其新生命。日系品牌如AURALEE、sacai等也以复古、解构等手法演绎经典。牛角扣大衣 起源于19世纪海军制服，历经军用转民用、影视文化助推（如《帕丁顿熊》），逐渐成为流行 符号。本季品牌大胆改良，推动其回归大众视野，为时尚玩家提供新选择。博主穿搭示范也为 日常搭配提供灵感。 2.厚重靴款再流行，Timberland 仍然是穿搭「万金油」？ 关键词 ： 冬季,厚重靴款,流行趋势,造型搭配,复刻鞋款 概要 ： 今年冬季，厚重靴款重新成为主流趋势。Nike ACG Air Max Goadome等冷门鞋款通过 流行文化传播翻红，而户外品牌如SOREL、DIEMME也聚焦登山靴品类。Timberland凭借与 LOUIS VUITTON等高端品牌的合作提升形象，并通过多元联名（如A ...

Core Viewpoint - Nike's stock has experienced significant declines, dropping 18% in 2026 and 56% over the past three years, yet recent fiscal second-quarter results indicate potential signs of a turnaround [2][3]. Financial Performance - Total revenue for Nike in fiscal Q2 2026 was $12.4 billion, reflecting a 1% year-over-year increase, marking a stabilization compared to previous quarters of declining sales [3]. - Wholesale revenue rose 8% year-over-year to $7.5 billion, indicating a successful strategy shift to strengthen relationships with retail partners [4]. - Nike's Direct revenue fell 8% year-over-year to $4.6 billion, with a notable 14% decline in digital sales [5]. Supply Chain and Inventory Management - Nike maintained disciplined supply chain management, with inventories at $7.7 billion, down 3% year-over-year, allowing for the introduction of new products without heavy reliance on promotions [6][7]. Profitability Challenges - Gross margin decreased by 300 basis points year-over-year to 40.6%, primarily due to higher tariffs in North America, leading to a 32% decline in net income to $792 million and a corresponding drop in earnings per share to $0.53 [9]. Strategic Outlook - Nike's CEO emphasized ongoing efforts to realign teams, strengthen partner relationships, and focus on long-term growth and profitability [10]. - The current price-to-earnings ratio is approximately 31, reflecting depressed earnings that could rebound if the turnaround is successful [11]. - The dividend yield has increased to over 3%, supported by 24 consecutive years of dividend increases, making it an attractive option for investors seeking steady income [12]. Market Position and Future Potential - Despite current challenges, the strength of Nike's brand and the resurgence in its wholesale business suggest continued demand for its products [13]. - The current market conditions may present a buying opportunity for investors, particularly those valuing dividend income, as the company works towards recovery [14].

预计阅读时长 ) mins 锐步在北京奥运的时候，也曾经凭借姚明的代言 风靡一时，但这几年身边基本已经没有人穿锐步 了，商场里也看不到它的门店，锐步这个品牌究 竟是怎么失去存在感的？还有可能起死回生吗? 1958 年，福斯特（Foster）兄弟俩，在英国创立了锐步，这个单词本意是小型南非羚羊。他们的祖父设计了世 界上第一双带钉跑鞋，家族一直在做运动鞋生意，在这样的基础上，锐步的业务迅速发展起来，但一直没能在 美国市场取得突破。 纽约时报的报道显示，上世纪 70 年代，慢跑热潮席卷全美，甚至推动耐克，从一家年销售额几百万美元的小 公司成为运动巨头。只是，对于同样卖跑鞋的锐步来说，直到 1979 年，美国杂志《Runner's World》给他们的 三款产品打出五星好评，品牌才在当地打响了一些知名度。 也是在这一年，一位名为保罗·法尔曼（Paul Fireman）的美国户外用品批发商，在芝加哥的展会上发现锐步， 并且争取到了这个品牌在北美的独家代理权，他还在后来进一步收购了锐步。 而当时间来到上世纪 80 年代，新的流行趋势在美国出现——有氧健身操取代了慢跑。纽约时报指出，随着越 来越多女性开始运动，专门提供健身 ...

This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. Jim Peters | Brown-Forman Jim Peters was named chief financial officer of Brown-Forman, the spirits and wine maker of Jack Daniel's and Woodford Reserve. Peters will join the company on March 31 from Whirlpool, where he has been executive vice president of enterprise transformation since January. Peters joined Whirlpool in 2004, and before taking his current role, he held the ...

Core Viewpoint - Investors are exploring discount opportunities in the sportswear market, particularly with Nike and Lululemon, both of which have seen significant declines in their stock prices [1] Nike - Nike's shares have fallen 69% from their peak as of March 17, and the company is projected to generate $46.7 billion in revenue for fiscal 2026, representing a 9% decline compared to two years prior [3][4] - Under CEO Elliott Hill, Nike is focusing on product innovation, distribution balance, and marketing impact to turn the company around after previous missteps [4] - Nike's global presence and strong brand, supported by a marketing budget that allocates 10% of revenue for branding efforts, provide a competitive edge over smaller rivals [6] - Current market cap for Nike is $79 billion, with a current price of $53.49 and a price-to-sales (P/S) ratio of 1.8, near its lowest in 13 years [8][14] Lululemon - Lululemon's shares are also down 69% from their all-time high, with a 6% sales dip in the latest fiscal quarter attributed partly to the macro environment [8][10] - Revenue growth is projected to increase at a compound annual rate of 4.8% between fiscal 2025 and fiscal 2028, indicating a slowdown from previous years [9] - Lululemon's recent leadership change adds uncertainty, as the company seeks a new CEO to drive growth and product innovation [10] - Despite challenges, Lululemon's financials show a 4.8% revenue increase in fiscal 2025 and a 29% sales surge in China, with an impressive 22.3% operating margin in Q4 [11] - Lululemon's shares trade at a P/S ratio of 1.7, the lowest in 16 years, making it an attractive valuation compared to Nike [14]

Core Viewpoint - The conflict in the Middle East has led to disruptions in shipping lanes and a significant increase in oil prices, which may have far-reaching impacts on global stock portfolios [1] Group 1: Impact on Shipping and Oil Prices - Shipping lanes have been disrupted due to the ongoing conflict in the Middle East [1] - Oil prices have spiked as a result of the conflict, indicating heightened market volatility [1] Group 2: Global Financial Implications - The rise in oil prices raises the risk of ripple effects that could negatively impact stock portfolios worldwide [1]

The new Powerbeats Pro 2 Nike Special Edition is the first time it's linked up with Nike. The buds have the Nike Swoosh on the right bud and the Beats "b" on the left, as well as Nike's two-tone black and yellow colors and its "Just Do it" slogan printed inside the lid. They're available via an early-access lottery today on SNKRS, then they'll launch globally on March 20 for $250. #beats #earbuds #nike #powerbeatspro2 ...

There’s softness in lifestyle sneaker demand across Europe. BNP Paribas equity research senior analyst Laurent Vasilescu doesn’t think there’s a near-term recovery on the way for the category, following series of calls with Dieter Schott, the commercial director and senior executive of Sport 2000. Sport 2000 is a leading sporting goods retailer in Europe — it has 3,000 locations that generated 5.3 billion euros in revenue in 2025. A recent group call focused on category trends and early reads for 2026. M ...

We’re almost 3 months into 2026 and not a single person knows who acquired RTFKT from Nike. https://t.co/pr5rL8VQTz ...