国泰海通 · 晨报260113｜纺服、化妆品、速冻食品、计算机

Group 1: Nike and Adidas Market Dynamics - Nike and Adidas are key players in the global sportswear sector, influencing the investment landscape of the A+H textile and apparel sector through their strategic directions and performance fluctuations [2] - The manufacturing side shows a high concentration of leading OEM brands, with Nike and Adidas collectively contributing over 30% to the market, impacting suppliers' capacity utilization and performance volatility [2] - The retail landscape in Greater China is reshaped by the brand momentum of Nike and Adidas, which directly affects the competitive landscape and market share of domestic sports brands [3] Group 2: Supply Chain and Channel Resilience - Core retailers in Greater China, such as Tmall and Baosheng, have deep financial ties with Nike and Adidas, where the inventory cycles and discount strategies of the brands dictate the profitability of these channel partners [4] - The report reviews the fundamental recovery paths of Nike and Adidas over the past five years, considering impacts from the pandemic, Xinjiang cotton events, management changes, and tariff negotiations, to predict future industry trends and their effects on the supply chain and channel partners [4] Group 3: GEO Marketing and E-commerce Opportunities - The shift from SEO to GEO (Generated Engine Optimization) marketing presents significant opportunities for e-commerce operators, who can leverage their understanding of platforms and content marketing to meet brand marketing needs [8] - The Chinese GEO market is rapidly growing, with a projected 215% year-on-year increase by Q2 2025, as over 78% of enterprise decision-makers prioritize AI search optimization in their digital transformation strategies [10] - The transition to GEO is expected to reshape user decision-making paths, with AI-driven recommendations significantly improving customer acquisition conversion rates by 2.8 times compared to traditional search engines [10] Group 4: Food Supply Sector Recovery - The food supply sector has passed its worst phase, with competition becoming more rational, and leading companies are making progress in new products, channels, and markets [14] - The consensus is forming around a slowdown in competition, with the sector's profit margins rebounding in Q3 2025, indicating a potential for recovery in demand and market conditions [15] - The focus on new products and channels is expected to drive growth, with the potential for a "Davis double" effect if performance exceeds expectations amid a low valuation environment [15]