作者 | 第一财经 沈晴 继巴黎之后，奥运会的圣火再次来到欧洲时尚之都。北京时间2月7日凌晨，2026年米兰-科尔蒂纳冬奥会开幕式在意大利米兰的圣西罗体育场举行。各 国运动员穿着风格各异的冬季服饰出场，各大品牌集体亮相，成为开幕式的一大看点。 当地时间2月6日至22日、3月6日至15日，米兰-科尔蒂纳冬奥会与残奥会在意大利的米兰和科尔蒂纳丹佩佐举行，在时尚都市与冰雪山地，将上演一场 运动竞技的盛宴。 2026.02. 07 本文字数：1921，阅读时长大约3分钟 继1956年、2006年的冬奥会和1960年的夏季奥运会之后，这是意大利第四次举办奥运盛会。 北部小镇科尔蒂纳丹佩佐是本届主办地之一，这里是欧洲滑雪胜地，位于多洛米蒂山脉的中心地带，拥有设施完善的滑雪场和旅游产业，曾在1956年举 办过冬奥会。 米兰则是人们熟悉的意大利第二大城市，它是全球设计师向往的时尚与设计之都，众多意大利时尚品牌在此诞生，至今仍是阿玛尼、范思哲、普拉达、 芬迪、华伦天奴等奢侈品牌的总部，深刻影响着全球时尚走势。 普拉达科尔蒂纳丹佩佐新店 2月24日至3月2日，秋冬米兰时装周也将举行。奥运东风下，这季也催生了体育运动与奢侈品牌前所 ...

Core Viewpoint - The "Jin Street New Year Celebration" event, themed "Galloping Horses and Abundant Fortune," aims to create an immersive and interactive experience for visitors, blending traditional and modern elements to celebrate the Lunar New Year in Wangfujing [1][20]. Group 1: Event Highlights - The event features various artistic installations, including the "Kingfu Yingmen" arches and the "Golden Bag of Fortune" art piece, which symbolize good fortune and attract visitors for photo opportunities [1]. - A collection of eight horse sculptures, created by master craftsman Zhu Bingren, enhances the cultural significance of the event, embodying themes of progress and aspiration for the New Year [3]. - The entire Wangfujing area transforms into a vibrant display of lights and decorations, creating a festive atmosphere that draws attention from both locals and tourists [5]. Group 2: Thematic Activities - The event introduces three distinct themes: "Trendy Launch" in the South Street, "Experience Collection" in the North Street, and "Light and Shadow Immersion" throughout the entire area, catering to diverse visitor preferences [8][10]. - The South Street features popular brands and interactive experiences, including a pop-up store by Li Ning and an immersive chocolate art exhibition, appealing to younger audiences [10]. - The North Street focuses on deep experiences, showcasing future technologies and cultural products, such as a tech experience area and a section dedicated to traditional crafts, enhancing consumer engagement [12]. Group 3: Interactive Engagement - The event includes an interactive "Jin Street Twelve Moments" activity, where visitors can collect stamps and participate in a lucky draw for creative gifts and vouchers, increasing engagement and enjoyment [18]. - A dedicated service center in the North Street provides visitors with maps and information, facilitating their participation in the event's activities [18]. Group 4: Cultural Significance - The "Jin Street New Year Celebration" has been held for 17 years and is recognized as a key cultural event in Beijing, showcasing the charm of Chinese culture and driving consumer trends [22]. - The event is organized by local authorities and aims to create a seamless online-to-offline shopping experience, enhancing the overall visitor experience during the festive season [22].

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The luxury jewelry market is seeing a rise in interest from high-net-worth individuals towards traditional gold jewelry, which has significantly higher sales per store compared to established luxury brands like Cartier and Van Cleef & Arpels, achieving a gross margin of 40% [1] - The second-hand luxury market and emerging local brands are putting pressure on affordable luxury brands, which are experiencing declining sales, although some brands like Coach and Ralph Lauren are showing signs of recovery through product innovation and marketing adjustments [4] - The domestic sportswear market is undergoing a transformation with local brands capturing 60% of the global market share, led by Anta and Li Ning, which are focusing on technological advancements and channel optimization to build competitive barriers [4] - The demand for affordable down jackets is surging among middle-class consumers, leading to a decline in sales for high-end brands, which are struggling with high pricing and quality concerns [5][7] - The outdoor gear market is evolving with the popularity of trail running, leading to increased interest in trail backpacks, which are expected to see significant market growth by 2030 [8] Industry Environment - The luxury jewelry market is being disrupted by traditional gold jewelry brands that are attracting high-net-worth consumers, leading to a shift in customer traffic away from established luxury brands [1] - The affordable luxury segment is facing challenges due to tightening consumer spending, with brands like Michael Kors and Coach reporting significant revenue declines in Asia, although some are beginning to recover [4] - The domestic sportswear market is witnessing a major shift with local brands like Anta and Li Ning leading in revenue and brand value, while international brands are experiencing slower growth [4] - The affordable down jacket market is thriving as consumers prioritize value, leading to a stark contrast in sales performance between high-end and budget brands [5][7] - The trail running trend is driving demand for specialized outdoor gear, particularly trail backpacks, which are becoming essential for outdoor enthusiasts [8] Top Brand News - Pop Mart's Labubu toy line experienced a significant market crash after initial success, highlighting the volatility of collectible markets [10] - Li Ning showcased its Honor Gold Label series at Milan Fashion Week, emphasizing a blend of high-quality design and sports technology [11] - Deckers Brands announced the closure of two niche brands to focus on more profitable core brands like Hoka and UGG [14] - Aokang held an AI fashion show to innovate marketing strategies in the footwear industry, showcasing a digital transformation approach [16]

北京时间2月7日凌晨三点，2026米兰科尔蒂纳冬奥会开幕式在圣西罗体育场举行。 19天内将有116个项目开展比赛；预计来自90多个国家奥委会的2800名运动员将在2026年米兰科尔蒂纳 比赛中亮相。 从品牌营销的角度来看，奥运舞台是不可多得的金矿。面对全球观众展示产品的科技感与设计，以奥运 舞台作为大型T台，品牌都在花心思交出自己的答卷。 最受关注的是中国代表团，中国代表团由286人组成，其中运动员126人，将参加7个大项15个分项91个 小项的比赛，创下中国代表团境外冬奥会参赛项目、运动员规模之最。 2月7日上午，"中国队蓝羽绒服好看"登上微博热搜，走进开幕式现场时中国队身着李宁品牌出场服。智 通财经了解到，该服装以"冰穹蓝"、"雪山白"为主色调，采用科技感光泽轻薄面料，整体设计融汇现代 冰雪意象，传递"破冰前行"的竞技精神。 国冬奥旗手/图片来源：张楚桐微博 从服装细节来看，双胜纹应用于拉链、袖口、充绒绗线及女款出场服腰带等细节部位。在"双胜纹"基础 上衍生出的"双胜雪花纹"，则运用于后幅"CHINA"字母纹饰，以复合工艺将反光材料融入印花，细腻的 材料勾勒出双胜雪花纹样交叠，在反光材料的映衬下渐次绽开。 ...

Core Viewpoint - The "China House" at the Milan-Cortina Winter Olympics showcases China's advancements in sports technology, aesthetic design, and environmental practices through the partnership with Li Ning, a key brand in Chinese sports [1][3]. Group 1: China House Overview - Established since the 2010 Vancouver Winter Olympics, "China House" serves as a comprehensive support platform for the Chinese sports delegation, promoting Chinese sports spirit and traditional culture while enhancing international sports exchanges [3]. - Located at the Clerici Palace in Milan, "China House" features elements of Chinese culture and celebrations, including a sports culture exhibition, intangible cultural heritage experiences, and interactive areas for traditional winter sports [3]. Group 2: Li Ning's Exhibition - The Li Ning special exhibition within "China House" conveys the spirit of breakthrough and innovation in Chinese sports, showcasing the outdoor and indoor award outfits as well as the entrance gear for the Chinese sports delegation at the Winter Olympics [5]. - The exhibition highlights the evolution of professional equipment for Chinese winter sports, demonstrating Li Ning's support for the sports delegation since 1992 [5]. Group 3: Thematic Exhibition Areas - The "Sports Technology" area emphasizes the technological innovations of Chinese professional sports brands [7]. - The "Guarding Chinese Culture" area showcases Li Ning's achievements in integrating Chinese culture with design [7]. - The "Green Sports" area presents the environmental practices of Chinese professional sports brands [7]. - The "Fashion Sports" area features an AI interactive dressing installation that attracts numerous visitors [8]. Group 4: Event Highlights - The launch night of the exhibition included an immersive light and shadow show themed "China Glory, Li Ning Together," illustrating the 40-year journey of the brand alongside Chinese sports [10]. - Li Ning's founder expressed pride in collaborating with the Chinese Olympic Committee to present the brand's representative sports technology, deep-rooted aesthetics, and sustainable practices on this significant platform [10].

奥运东风下，这季也催生了体育运动与奢侈品牌前所未有的融合，吸引着更广泛的商业合作。 继巴黎之后，奥运会的圣火再次来到欧洲时尚之都。北京时间2月7日凌晨，2026年米兰-科尔蒂纳冬奥会开幕式在意大利米兰的圣西罗体育场举行。各国运 动员穿着风格各异的冬季服饰出场，各大品牌集体亮相，成为开幕式的一大看点。 当地时间2月6日至22日、3月6日至15日，米兰-科尔蒂纳冬奥会与残奥会在意大利的米兰和科尔蒂纳丹佩佐举行，在时尚都市与冰雪山地，将上演一场运动 竞技的盛宴。 各国代表团的队服堪称冬奥赛场的首场竞技。 巴黎奥运会上，意大利代表团服装的平庸表现，在网络上引发关于"阿玛尼翻车"的讨论。本届意大利队依旧延续了与阿玛尼集团的长期合作关系，但摒弃了 多次使用的深蓝色，以乳白色为主调，由旗下运动线品牌EA7设计了一整套白色衣橱，包括羽绒服、飞行员夹克、T恤等套装，以及手套、帽子、背包等配 饰。 继1956年、2006年的冬奥会和1960年的夏季奥运会之后，这是意大利第四次举办奥运盛会。 北部小镇科尔蒂纳丹佩佐是本届主办地之一，这里是欧洲滑雪胜地，位于多洛米蒂山脉的中心地带，拥有设施完善的滑雪场和旅游产业，曾在1956年举办过 ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 6 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之加拿大鹅 972918116公共联系人2026-02-06 23:08:14 [本报告联系人： Table_C ontacter] FY2026Q3：北美亚太齐头并进，直营渠道延续高增 [Tabl e_Author] 分析师： 糜韩杰 分析师： 钟泽宇 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260526020002 021-38003650 020-66336949 mihanjie@gf.com.cn zhongzeyu@gf.com.cn [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 纺织服饰行业:纺织服装与轻工行业数据月报 1.1-1.30 2026-02-02 纺织服饰行业:纺织服装与轻工行业数据周报 1.17-1.23 2026-01-25 纺织服饰行业全球观察之迅销:FY2026Q1 公司业绩再创新高，大中华区收入同增中单 2026-01-25 识别 ...

Group 1 - The 2026 Milan-Cortina Winter Olympics opening ceremony will take place at San Siro Stadium in Milan, Italy, with a Chinese sports delegation consisting of 286 members, including 126 athletes [1] - This Winter Olympics marks the largest participation of Chinese athletes and events outside of China, with a participation rate of 78.4% [1] - Speed skater Ning Zhongyan and short track speed skater Zhang Chutong will serve as flag bearers for the Chinese delegation during the opening ceremony [1] Group 2 - The "China House" at the Milan Winter Olympics serves as a comprehensive service facility for the Chinese sports delegation, promoting Chinese sports spirit and traditional culture while facilitating international sports exchanges [1][2] - Li Ning, as an official partner of the Chinese Olympic Committee, has set up a special exhibition at the "China House," showcasing traditional Chinese culture and winter sports experiences [2] - The "China House" promotes green sports concepts, with Li Ning focusing on sustainable development and showcasing innovations in biodegradable materials and environmentally friendly sports products [2]

如果说显示技术保障了赛事的"好看"，那么中国运动装备的科技进化则在保障赛事的"好用"。除了 TCL，在米兰的冰雪赛场上，中国品牌正通过硬核科技，在全球范围内提供竞技保障。 在2026年米兰冬奥会即将启幕之际，当地时间2月5日，南都湾财社记者从TCL获悉，来自湾区智造的人 文地标"雪绒奇境"米兰冬奥主题馆在意大利米兰中央火车站开馆。 这座位于欧洲腹地的科技人文地标，是粤港澳大湾区乃至中国科技企业全球化布局的一个缩影。据悉， 从显示终端到竞速装备，中国制造已全面渗透进此次冬奥会运行的"毛细血管"。 在"雪绒奇境"馆内，TCL展示了印刷OLED与Micro LED等前沿技术成果。其中包括全球首款印刷OLED 折叠便携显示屏及4K 120Hz印刷OLED显示器。作为下一代显示产业的竞争焦点，印刷OLED技术被视 为中国厂商实现弯道超车的关键。 TCL科技CEO王成表示，这些技术成果将在米兰冬奥会中发挥关键作用，为本届赛事增加活力和激情。 记者注意到，本届冬奥会上，中国品牌为多国运动员冲击金牌提供了"技术靠山"。安踏集团除助力中国 队外，还为希腊、意大利、荷兰等多个国家代表团提供专业装备；李宁品牌则将航天技术引入领奖装 ...

环球市场动态 内 地 宏 观 关 键 是 政 策 发 力 股 票 A 股周四下跌，大消费板块逆市上 涨；港股午后转涨，科技股回暖； 欧洲股市小幅收跌，市场观望情绪 浓厚；美股再度大幅下跌，AI 担忧 持续困扰市场。 外 汇 / 商 品 疲软就业数据和股市下跌，周四美 元指数上升，白银和黄金再现沽压； 伊朗确认将与美国谈判，国际油价 下跌。 固 定 收 益 隔夜股市, 贵金属, 虚拟货币等价 格下挫, 加上就业数据疲软, 美债 成为避险天堂, 创年内最大单日涨 幅。日本 30 年期国债拍卖需求回 暖。欧洲和英国央行均维持利率不 变。穆迪下调印度尼西亚的信用展 望至负面。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 2 月 6 日 ▪ 2026 年一季度内地宏观环境的关键主线是政策的发力。政策的力度和节奏均与 2025 年较为类似。在政策呵 护、低基数效应的双重作用下，2026 年一季度经济有望迎来从低波动向高波动的转变。政策的发力方向将是 2026 年政策与 2025 年的一大差异，预计 2026 年专项债直接作用于经济基本面的比 ...