（原标题：更"懂"中国的耐克，要发力了） 作者 | 谢芸子 编辑 | 张帆 进入2026年以来，耐克大中华区动作频频。 首先是高层的人事变动，现任大中华区负责人董炜将于3月31日正式卸任。同时，耐克宣布任命Cathy Sparks为新任大中华区副总裁兼总经理。 董炜于2005年加入耐克，深度参与并见证了大中华区业务发展的多个阶段，其中包括北京奥运会，以及 疫情这一"黑天鹅"事件带来的挑战。 在其任期内，耐克通过上海马拉松、耐克高中篮球联赛、ACG崇礼168等标志性活动，持续推进中国市 场的运动文化发展。 只不过，大中华区近期的业绩表现不那么"如人意"。尽管从整体的财报表现看，这家老牌体育用品集团 正缓慢复苏，逐步摆脱整个行业的下行周期、与近年来的业绩颓势。 耐克的业绩不振始于2022财年，其原因多被归结为DTC策略的受挫、产品创新节奏的变慢，以及在新锐 品牌强势崛起的同时，整个集团更多偏向潮流时尚、对体育市场失焦。 2025财年（2024年6月至2025年5月），耐克全年营收进一步下降至463亿美元，大中华区成为全球跌幅 最大市场，营收下降13%。 耐克营收表现，36氪根据财报数据制图 同年10月，已到退休之 ...

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].

2月13日，港股三大指数早盘震荡走低，截至午间收盘，恒指跌1.79%，恒科指跌1.65%，国企指跌 1.74%。港股消费板块午盘持续震荡，港股通消费ETF华夏（513230）现跌近0.7%，持续打开低位布局 通道。 消息面上，2月11日，国家统计局数据显示，1月份，居民消费需求持续恢复，居民消费价格指数 （CPI）环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨0.8%，环比近6个月最 高。1月份，全国工业生产者出厂价格（PPI）同比下降1.4%，降幅比上月收窄0.5个百分点；环比上涨 0.4%，涨幅比上月扩大0.2个百分点。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消费的 各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 春节将至，年货消费线上线下同步发力，数据显示，抖音平台年夜饭相关产品成交额同比增长92%。截 至2月9日，在海底捞火锅团年聚餐的热度逐渐攀升，目前，全国海底捞已接到除夕用餐预订超5万桌。 ...

2月13日，港股低开，恒生指数跌1.45%，恒生科技指数跌1.59%。港股消费板块开盘后窄幅震荡，港股 通消费ETF华夏（513230）现小幅微跌0.2%附近，持续打开低位布局通道。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消费的 各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 商务部办公厅近日发布关于做好2026年春节假期消费品以旧换新工作的通知，其中提到，各地要加强春 节期间消费品以旧换新补贴资金保障，发挥不同渠道优势，抓好政策实施，更好满足消费需求；顺应春 节年俗、增添年味，鼓励消费者走出家门消费购物。 （文章来源：每日经济新闻） 消息面上，2月11日，国家统计局数据显示，1月份，居民消费需求持续恢复，居民消费价格指数 （CPI）环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨0.8%，环比近6个月最 高。1月份，全国工业生产者出厂价格（PPI）同比下降1.4%，降幅比上月收窄0.5个百分点；环比上 ...

Group 1 - The core sales data for 2025 from Pop Mart indicates that global sales of all IP and product categories have exceeded 400 million units, with THEMONSTERS category alone surpassing 100 million units [1] - Pop Mart's founder Wang Ning announced that by 2025, the company will have over 10,000 global employees, more than 100 million registered members, and LABUBU's annual sales will exceed 100 million units [1] - The company operates in over 100 countries and regions, with more than 700 global stores and six major supply chain bases [1] Group 2 - Huaxi Securities predicts that the high prosperity of emotional consumption will continue into 2026, with the Z generation gradually shifting from product consumption to a combination of product and emotional consumption [2] - The report highlights that service consumption is becoming a crucial driver for domestic demand, with policies emphasizing the potential of service consumption in areas like elderly care, childcare, tourism, and duty-free shopping [2] - The commercial application of AI is expected to accelerate, as evidenced by Meta's acquisition of the Chinese AI company Manus for billions, indicating a potential new wave of development in AI and consumer services [2] Group 3 - The Hong Kong Stock Connect Consumption ETF from Huaxia tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which includes leading companies in traditional service industries as well as high-elasticity assets like Pop Mart and others [2]

冬奥赛场一直有两条"赛道"，一条比拼运动员竞技水平，另一条考验运动品牌科技含量。冰刀、冰鞋、 运动衣、雪杖、雪板……运动员在冰面雪道上每一次冲刺、腾空，都离不开装备的加持。 适合的才是最好的 冰上项目追求"快"与"硬"，雪上项目的挑战则是"冷"与"动"：运动员既要抵御零下30多摄氏度的严寒， 又要应对高强度运动带来的汗湿困扰。这种"冰火两重天"，极易导致湿热积聚后的骤然失温。 本届米兰冬奥会，中国冰雪健儿的装备里，就藏着不少国产体育品牌的"黑科技"。 "微小提升"与"身位超越" 短道速滑，风驰电掣，胜负往往在0.001秒之间决出。 怎么提速？设计师们用上航空航天领域的试验装置——风洞。"都是空气动力学。"安踏集团服配专业装 备部产品总监杨媚清告诉记者，经过1460个日夜、超200次风洞测试，今年中国队短道速滑比赛服的整 体减阻率，比2022年北京冬奥会时又有了1.49%的突破。"例如在短道速滑男子500米个人赛中，这看似 微小的提升，可能就是1.5个身位的超越。" 快，也要安全。冰刀锋利，一旦选手摔倒碰撞，冰刀就是致命威胁。为保护运动员，过去短道速滑服采 用双层结构，内层是防切割材料，强度高，但不吸色，必须搭 ...

Group 1: Core Insights - The report highlights the growth of the silver economy, particularly in the home appliance and light industry sectors, driven by the increasing demand for elderly care products enhanced by AI technology [7][8] - The demand for home care products is expected to rise significantly, with projections indicating that sales of home care devices for elderly individuals living alone will reach 14 million units by 2030, with a compound annual growth rate of 16% [7] - The report identifies three main categories of home care products: life care, emotional companionship, and health safety, which are essential for meeting the needs of the aging population [7] Group 2: Industry Analysis - The home care device segment is positioned as a critical entry point into the elderly care ecosystem, with advancements in AI technology improving monitoring and alert systems for elderly individuals [7] - The report discusses the potential market for elderly care robots, estimating that the market size for care robots in both domestic and international markets could reach tens of billions, driven by the increasing number of elderly and disabled individuals [8] - Smart mattresses are identified as a promising product category, with the domestic mattress market expected to reach approximately 65.9 billion RMB by 2024, and smart mattresses projected to increase their market penetration significantly [9] Group 3: Company Highlights - The leading company in the elderly care technology space is Yingzi Network, which offers a comprehensive home care solution through its "Yingzi Elderly Smart Body" product, integrating various functionalities such as health data monitoring and safety alerts [8] - Other notable players in the elderly care robot market include Ousheng Electric, which specializes in basic care robots, and major technology companies like Midea Group and Haier, which are expanding their product offerings in the elderly care sector [8] - The report emphasizes the strong growth potential for companies involved in the production of smart mattresses, with leading brands like Xilinmen and Mousse Holdings making significant advancements in AI-driven sleep solutions [9]

Core Insights - The traditional corporate annual meeting is facing a decline, with many companies opting to cancel or significantly reduce the scale of their events, reflecting a shift in workplace culture and employee preferences [2][8][10]. Group 1: Trends in Corporate Annual Meetings - The proportion of companies hosting large annual meetings for over 100 people has dropped from 68% in 2019 to 31% in 2024, with projections indicating that less than 20% will maintain this tradition by the end of 2025 [1]. - Many companies are transitioning to smaller gatherings, such as departmental dinners or online events, with a notable increase in cost-cutting measures [1][10]. - The enthusiasm for large-scale annual meetings has diminished, impacting hotel bookings and event planning, with a reported 30% reduction in annual meeting orders this year [9][10]. Group 2: Examples of Corporate Practices - Some companies, like Chasing Technology, are still hosting extravagant events, offering significant rewards such as gold and luxury items, which serve as effective promotional tools [3][4]. - In contrast, companies like Leap Motor have faced criticism for poorly organized events that lack basic amenities, highlighting the disparity in how annual meetings are executed [6]. - Many firms are now choosing to hold meetings in-house or at minimal cost venues, with some opting for self-catered events to save expenses [7][10]. Group 3: Employee Sentiment and Cultural Shift - Employees are increasingly viewing annual meetings as burdensome, with younger generations preferring clear work-life boundaries and expressing dissatisfaction with obligatory participation in such events [10][12]. - There is a growing sentiment among employees that financial rewards or bonuses may be more appreciated than traditional gatherings, reflecting a shift in expectations regarding workplace culture [11][12].

Market Overview - The textile and apparel sector in A-shares has outperformed the broader market since February, with the textile manufacturing segment rising by 3.6% compared to a 2.0% increase in brand apparel [11] - The Hong Kong textile and apparel index has increased by 4.4% since February, also outperforming the market [11] - Notable companies with significant stock price increases include Under Armour (14.9%), Amer Sports (9.7%), and Jiangnan Buyi (9.6%) [11] Brand Apparel Insights - In December, the year-on-year growth of clothing retail sales was 0.6%, with a slowdown in growth compared to previous months [5] - January saw a 32.5% decline in operating income for sports retailer BaoSheng International, indicating pressure on overall clothing retail [5] - E-commerce sales rebounded in January, driven by promotional activities and pre-Spring Festival purchasing [5] - Outdoor apparel categories showed strong growth, with year-on-year increases of 17% for outdoor clothing and 5% for sports apparel [5] - Leading brands in growth include Lululemon (47%), Descente (29%), and Adidas (16%) in the sports apparel segment [5] Textile Manufacturing Insights - Vietnam's textile exports increased by 8.3% year-on-year in January, while footwear exports rose by 7.8% [5] - The macroeconomic environment shows mixed signals, with PMI in Indonesia and India rising, while Vietnam's PMI decreased slightly but remains above 50 [5] - Wool prices have increased by 15.3% since the beginning of the year, with a year-on-year increase of 54.9% as of February 5 [5] - Taiwanese companies are experiencing short-term revenue pressure but show optimistic growth prospects, particularly with the upcoming 2026 World Cup driving demand for football-related products [5] Company Performance Forecasts - Several companies in the textile and apparel sector, including Bailong Dongfang and Tianhong International, are expected to see net profit growth of over 40% [2] - Key drivers for profit growth include increased order volumes, improved capacity utilization, and lower raw material costs [2] - Le Xin Outdoor, a leading global fishing gear manufacturer, is projected to maintain a 23.1% market share in 2024 [2] Investment Recommendations - The report suggests focusing on brands that are likely to benefit from the Spring Festival sales surge and the performance elasticity of upstream suppliers [5] - High-end consumer recovery is anticipated, particularly in the light luxury sports and outdoor segments [5] - Companies such as Anta Sports, Li Ning, and Xtep International are recommended for their strong positioning in the market [5] - The report highlights the importance of the upcoming 2026 World Cup in driving orders for sports apparel and footwear [5]

Market Overview - The textile and apparel sector in A-shares has outperformed the broader market since February, with the textile manufacturing index rising by 3.6% and the brand apparel index by 2.0% [11] - The Hong Kong textile and apparel index has increased by 4.4% since February, also outperforming the market [11] - Notable companies with significant stock price increases include Under Armour (14.9%), Amer Sports (9.7%), and Jiangnan Buyi (9.6%) [11] Brand Apparel Insights - In December, the year-on-year growth of clothing retail sales was 0.6%, with a slowdown in growth compared to previous months [5] - January saw a 32.5% decline in operating income for sports retailer BaoSheng International, attributed to the timing of the Spring Festival [5] - E-commerce sales in January rebounded, driven by promotional activities and pre-holiday purchases, with outdoor apparel leading growth at 17% year-on-year [5] - Key brands showing strong growth in the sports apparel category include Lululemon (47%), Descente (29%), and Adidas (16%) [5] Textile Manufacturing Insights - Vietnam's textile exports increased by 8.3% year-on-year in January, while footwear exports rose by 7.8% [5] - The macroeconomic environment shows mixed signals, with PMI in Indonesia and India rising, while Vietnam's PMI slightly decreased but remains above 50 [5] - Wool prices have increased by 15.3% year-to-date, with a year-on-year increase of 54.9% as of February 5 [5] - Companies like RuHong and GuangYue are experiencing revenue growth due to order continuity and optimized production structures [5] Annual Performance Forecasts - Several companies in the textile and apparel sector, including Bailong Dongfang and Tianhong International, have issued profit forecasts indicating over 40% growth in net profit [2] - Factors contributing to this growth include full order books, improved capacity utilization, and declining raw material costs [2] Investment Recommendations - The report suggests focusing on brands that are likely to benefit from the Spring Festival sales surge and the performance elasticity of upstream suppliers [5] - High-end consumer recovery is anticipated, particularly in the light luxury sports and outdoor segments [5] - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are well-positioned to capture market growth [5] Key Company Earnings Forecasts - Anta Sports is rated "Outperform" with an expected EPS of 4.72 for 2025 and 4.98 for 2026 [6] - Li Ning is also rated "Outperform" with an expected EPS of 1.01 for 2025 and 1.08 for 2026 [6] - Other companies such as Xtep International and 361 Degrees are similarly rated "Outperform" with positive earnings forecasts [6]