行情周报 | 羽绒消费热度降温，市场行情短暂回落；成品绒仍处销售期，刚需采购继续维持

Core Insights - The market confidence in terminal sales has been renewed due to the brewing cold wave, despite a recent decline in down product prices influenced by the end of the "Double Eleven" shopping festival and warmer temperatures [2] Industry Summary - The down market experienced a downturn in the 46th week of 2025, with white goose down, gray goose down, and white duck down prices falling. The short-term consumption heat for down products has cooled rapidly, but the upcoming cold wave has restored market confidence in terminal sales [2] - Raw material prices have stabilized after high-level adjustments, but tight supply and strong price-holding intentions from stockholders have hindered effective transaction volumes [2] - The Chinese apparel category's exports to the U.S. continue to decline, with multiple pressures such as weak terminal consumption and low brand replenishment willingness affecting recovery [2] - In Zhejiang Pinghu, the down jacket production has entered a peak season, with companies ramping up production to meet high order volumes, producing 100,000 down jackets in a month [3][5] - The down jacket refurbishment market has also seen an early peak season, with increased processing and sales activity due to nationwide low-temperature weather [3][7] - In South Korea, down jacket sales have significantly increased, with some styles selling out and restarting production due to the drop in morning temperatures [8][10] Recent Positive Developments - The down jacket production in Pinghu has surged, with companies hiring additional workers to meet the demand, reflecting a mature down jacket industry in the region [3][5] - The refurbishment of down jackets has become a popular topic on social media, with many consumers sharing their experiences and driving demand for related services [7] - In Jilin, the down production season is in full swing, with orders extending into the next year, indicating strong demand for down products [10][12] Recent Negative Developments - China's apparel exports to the U.S. have seen a significant decline, with a 15.7% drop in clothing exports in October 2025 compared to the previous year [15] - The overall container import volume in the U.S. has decreased, indicating a potential slowdown in trade activity [15] - The duck feather and down prices have surged, but as supply increases, prices may face downward pressure due to weak consumer demand [16][19]