证券研究报告 | 2026年02月01日 美股市场速览 弱于大市 小盘带头回撤，资金加速流出 价格走势：整体边际走弱，小盘显著回撤 本周，标普 500 涨 0.3%，纳斯达克跌 0.2%。 风格：大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-0.5%） ＞小盘价值（罗素 2000 价值-1.0%）＞小盘成长（罗素 2000 成长-3.1%）。 13 个行业上涨，10 个行业下跌，1 个基本持平。上涨的主要有：电信业务 （+9.0%）、技术硬件与设备（+4.6%）、能源（+3.9%）、媒体与娱乐（+3.8%）、 银行（+2.7%）；下跌的主要有：软件与服务（-6.9%）、汽车与汽车零部件 （-3.2%）、医疗保健设备与服务（-3.1%）、商业和专业服务（-2.6%）、 耐用消费品与服装（-1.5%）。 资金流向：资金加速流出，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-84.1（亿美元， 下同），上周为+5.6，近 4 周为+50.1，近 13 周为+1.2。 15 个行业资金流入，9 个行业资金流出。资金流入的主要有：技术硬件与设 备（+40. ...

美股市场速览 弱于大市 小盘带头回撤，资金加速流出 证券研究报告 | 2026年02月01日 价格走势：整体边际走弱，小盘显著回撤 本周，标普 500 涨 0.3%，纳斯达克跌 0.2%。 风格：大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-0.5%） ＞小盘价值（罗素 2000 价值-1.0%）＞小盘成长（罗素 2000 成长-3.1%）。 13 个行业上涨，10 个行业下跌，1 个基本持平。上涨的主要有：电信业务 （+9.0%）、技术硬件与设备（+4.6%）、能源（+3.9%）、媒体与娱乐（+3.8%）、 银行（+2.7%）；下跌的主要有：软件与服务（-6.9%）、汽车与汽车零部件 （-3.2%）、医疗保健设备与服务（-3.1%）、商业和专业服务（-2.6%）、 耐用消费品与服装（-1.5%）。 资金流向：资金加速流出，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-84.1（亿美元， 下同），上周为+5.6，近 4 周为+50.1，近 13 周为+1.2。 15 个行业资金流入，9 个行业资金流出。资金流入的主要有：技术硬件与设 备（+40. ...

NIKE, Inc. (NKE) is a leading company that designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and related services worldwide, with well-known brands including Nike, Jordan, and Converse. It is recognized as one of the world’s largest suppliers of athletic shoes and apparel and a major force in the global sportswear industry. NIKE is headquartered in Beaverton, Oregon, and its market cap is around $91.7 billion. Shares of NIKE have underperformed the broader market o ...

Core Viewpoint - A significant number of large U.S. companies, including Amazon, UPS, Dow Chemical, Nike, and Home Depot, have announced plans to lay off over 52,000 employees, indicating a trend of workforce reduction amid ongoing economic uncertainty and increasing pressure to invest in artificial intelligence [1][4][5]. Group 1: Layoff Announcements - Amazon plans to cut 16,000 jobs in its second round of layoffs within three months, aiming to streamline bureaucracy [7]. - UPS will lay off up to 30,000 employees due to a decrease in package volume for Amazon deliveries, offering voluntary departure incentives [7]. - Dow Chemical will implement a comprehensive operational simplification plan, resulting in the reduction of 4,500 jobs [7]. Group 2: Economic Context - The layoffs reflect concerns from Federal Reserve policymakers and economists about a cooling job market after years of strong hiring [5]. - The U.S. economy added only 50,000 jobs in December, with the median duration of unemployment rising to 11.4 weeks, the longest since 2021 [2][5]. - Despite the increase in layoffs, the overall scale of layoffs in the past year is not considered unusually high compared to pre-pandemic levels [2][5]. Group 3: Labor Market Dynamics - Employers are hesitant to hire new employees or lay off existing ones, leading to stagnation in the job market [5]. - The unemployment rate decreased from 4.5% in November to 4.4% in December, showing signs of stabilization [5]. - The Federal Reserve has cut interest rates by 0.75 percentage points in response to signs of a cooling job market [6].

We recently published Jim Cramer Discussed These 10 Stocks & Commented On Gold Price.  NIKE, Inc. (NYSE:NKE) is one of the stocks Jim Cramer discussed. Athletic apparel giant NIKE, Inc. (NYSE:NKE)’s shares are down by 14% over the past year and are flat year-to-date. The company has struggled due to an ongoing turnaround led by CEO Elliott Hill. NIKE, Inc. (NYSE:NKE)’s stature means that it’s a stock that Jim Cramer regularly discusses. Over the course of the past year, the CNBC TV host has defended Hill ...

本报（chinatimes.net.cn）记者周梦婷 北京报道 近期，国际运动品牌接连做出重大战略调整，继耐克更替大中华区负责人，阿迪达斯亦公布了新的关键 动向。1月27日，阿迪达斯宣布成为2026江苏省城市足球联赛（下称"苏超"）官方战略合作伙伴。此 前，阿迪达斯更多是出现在奥运会、足球世界杯等世界级体育赛事。如今"弯腰"赞助省级赛事，也让外 界颇为惊讶。 两大国际品牌近期的战略调整，凸显了其在华处境已发生根本转变。面对本土品牌和其他国际品牌的持 续围攻，耐克与阿迪达斯的中国市场不仅业绩承压，长期稳固的市场份额也正被蚕食。如今，两者的一 系列动作，无不透露出更为审慎的防御姿态，一场艰苦的"守城之战"已然打响。 阿迪达斯赞助苏超 2026年开年不久，阿迪达斯也有了重量级动作，苏超创立于2025年，2026年仅是其第二次举行，而阿迪 达斯此番赞助可谓是其赞助史上的一次破天荒举动。根据阿迪达斯相关工作人员提供给《华夏时报》记 者的资料，此次阿迪达斯不仅将为赛事提供资金支持，同时也将为13支参赛球队量身打造比赛服、训练 服及配套装备。 据媒体报道，有消息称，阿迪达斯此次花费2100万元（800万现金+13支球队每队 ...

本周，美国多家大型企业公布裁员数万人的计划，这是企业在历经多年大举招聘后开始精简员工队伍的最新信号。 亚马逊（Amazon）、联合包裹服务公司（UPS）、陶氏化学（Dow）、耐克（Nike）、家得宝（Home Depot）等企业表示，合计将裁员逾5.2万人，其中数 家企业称，受经济不确定性持续影响，且人工智能领域的投资压力不断加大，公司需要精简组织架构。 | Large US companies/groups have | | --- | | announced lay-offs of at least 52,000 | | employees in the past week | | Company | Employees impacted | | | --- | --- | --- | | UPS | | 30,000 | | Amazon | | 16,000 | | Dow | | 4,500 | | Home Depot | | 800 | | Nike | | 775 | | Source: Company announcements | FINANCIAL TIME | | 各大型企业公布的裁员 ...

美国多家大型企业本周集中宣布大规模裁员计划，合计将削减超过5.2万个工作岗位。 高盛首席美国经济学家David Mericle表示，企业越来越多地讨论裁员，并似乎希望利用人工智能降低劳 动力成本。 但过去一年，劳动力市场陷入停滞，贸易和人工智能的不确定性使雇主不愿招聘或解雇员工。失业和失 业救济申请有所上升，但两者仍低于疫情前水平。 数据显示，美国12月仅新增5万个就业岗位，失业时长中位数升至11.4周，创2021年以来最长。 企业明确指向降本增效 亚马逊、UPS、陶氏化学、耐克、家得宝等企业纷纷披露裁员方案。企业大多表示削减岗位是为了让组 织更精简、更高效。 周二，UPS首席财务官Brian Dykes对分析师表示，该物流公司将向司机提供买断方案，今年将裁员多达 3万人，以"帮助我们调整规模"，因其为亚马逊配送的包裹数量减少。 亚马逊次日宣布三个月内的第二轮裁员，将裁减1.6万名员工，高级副总裁Beth Galetti在给员工的邮件 中写道，此举旨在"消除官僚主义"。 陶氏化学首席执行官Jim Fitterling周四表示，该化工公司将推进"全面彻底简化运营模式"，将裁减4500 名员工。 就业市场在疫情后 ...

格隆汇1月30日｜据英国金融时报，本周，美国的一些大型企业公布了裁员计划，预计将裁减数万名员 工。这是雇主们在经历了多年强劲招聘之后开始削减员工人数的最新迹象。亚马逊、联合包裹、陶氏化 学、耐克、家得宝等公司宣布将合计裁员逾5.2万人，多家企业表示，在经济持续不确定和人工智能投 资压力加剧的背景下，需要精简组织架构。最近一轮的裁员主要集中在少数几家大型企业当中，但这一 情况凸显出一些美联储的政策制定者以及私人经济学家的担忧，即此前炙热的就业市场正在逐渐降温。 高盛集团美国首席经济学家David Mericle表示："企业正越来越多地讨论裁员事宜，并且似乎急于利用 人工智能来降低劳动力成本。" ...

Core Insights - The sports brand industry is experiencing a duality, with a strong growth in overall market demand but intense price competition, leading to a critical point in the product lifecycle [1][2] Industry Overview - The sports and outdoor market continues to grow, with apparel showing a clear "volume and price increase" trend driven by high-priced brands, while footwear is experiencing a "volume increase and price drop" trend [2][3] - In Q4 2025, the overall sports category saw a slight price increase of 0.9% but a sales volume decline of 1.7%, with outdoor products achieving a sales growth of 13.5% [3] International Brands - Nike is undergoing significant adjustments, with a 15.5% year-on-year sales decline and a market share drop to 9.7%, while Adidas also saw a 6.2% sales decline but maintained a market share of 8.5% [4] - Adidas' basketball shoes and casual shoes are experiencing growth despite overall declines in other categories [4] Domestic Brands - Domestic brands are facing substantial price competition, with a slight decline in market share across four major brands, while professional products are receiving positive market feedback [5] - The pricing strategy of domestic brands has led to only marginal sales increases, particularly in footwear [5] Key Takeaways - The industry shows strong growth potential, with a stable penetration rate in the sports and outdoor sector, while price competition intensifies [6] - Nike is under pressure with ongoing product adjustments, while Adidas stabilizes its market share with specific product growth [6] - Domestic brands are leveraging professional product lines to maintain market presence amidst increasing price competition [6]