Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1] Core Insights - As China enters a deeply aging society, the aging population presents both social challenges and significant market opportunities for the silver economy. Companies actively positioning themselves in this sector are expected to experience growth [2] - The silver economy is becoming a crucial growth engine in the consumer market, driven by increased health awareness and the expanding demand for healthcare and age-friendly products among the elderly population [2] Summary by Sections Sports Apparel - The consumption of sports shoes and apparel remains robust in Japan's aging society, with the mass sports industry experiencing growth despite economic downturns. This trend is mirrored in China, where the middle-aged and elderly population is increasingly participating in low-barrier sports like running, leading to a surge in demand for professional running shoes. The sports shoe and apparel market in China is projected to reach 437.7 billion RMB by 2025, with outdoor trail running shoes expected to grow over 150% [2][5][33] Steady Medical - Steady Medical is leveraging its dual-brand strategy with "Winner Steady Medical" and "Purcotton" to tap into the silver economy. The medical segment focuses on high-end wound dressings, with a projected compound annual growth rate (CAGR) of 40.5% from 2019 to 2024, driven by the growing demand for chronic disease care among the elderly. The consumer segment is expanding its adult incontinence product line, with a CAGR of 18.6% from 2019 to 2024, emphasizing safety and comfort [2][58][67] Investment Recommendations - The report suggests focusing on opportunities in the sports industry and age-friendly products within the silver economy. It highlights the potential of domestic sports brands catering to a wide demographic, including both young and elderly consumers. Key recommended stocks include Li Ning, Anta Sports, Xtep International, and 361 Degrees, along with Steady Medical for its strong product offerings in high-quality cotton consumer goods and advanced medical dressings [2][4][57]

2026年02月25日 证券研究报告 | 悦己消费产业链研究之银发经济 关注运动产业和适老化产品企业机会 行业研究 · 行业快评 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 事项：随着中国正步入深度老龄化社会，老龄化既带来劳动力供给趋紧等社会挑战，也蕴含巨大的银发族的消费市场新 机遇。相关企业积极布局有望迎来发展新机遇。 • 国信纺服观点：随着中国老龄化程度逐步加深，银发经济正成为消费市场的重要增长引擎。老龄化虽带来劳动力供给趋 紧等挑战，但同时也孕育着消费新机遇，如健康意识的提升推动大众运动产业蓬勃发展，老年人口对医疗护理、适老用 品的需求持续扩容等。具体来看： 1）运动服饰：日本老龄化社会运动鞋服消费坚挺，大众运动产业逆势增长。参照日本经验，经济低迷与老龄化背景 ...

证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% |  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

|  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 25 日 证券研究报告 [Table_Title] 纺织服装行业全球观察之安德玛 FY2026Q3：泛欧洲和拉美地区销售回暖，营收指引略有上调 [Tabl e_Author] 分析师： 糜韩杰 分析师： 董建芳 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260525060002 021-38003650 dongjianfang@gf.com.cn mihanjie@gf.com.cn 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1/8 972918116公共联系人2026-02-25 16:56:24 [本报告联系人： Table_C ontacter] 安德玛公布 FY2026Q3 业绩（2025 年 10 月-2025 年 12 月）。（1）收入：FY2026Q3 实现营收 13.28 亿美 元，同比下降 4.7%；FY2026Q1-3 实现 ...

国家知识产权局信息显示，特步（中国）有限公司申请一项名为"一种连续性聚酰亚胺包覆纱及其制作 方法"的专利，公开号CN121556193A，申请日期为2025年11月。 专利摘要显示，本发明公开一种连续性聚酰亚胺包覆纱及其制作方法，由热塑性弹性体（TPU、 TPEE）作为皮层材料，经过改性、熔融后通过螺杆挤出，并均匀地包覆在上浆后的聚酰亚胺连续性纤 维的表面，从而得到一款性能优良的纱线。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 天眼查资料显示，特步（中国）有限公司，成立于2002年，位于泉州市，是一家以从事零售业为主的企 业。企业注册资本76196.657049万人民币。通过天眼查大数据分析，特步（中国）有限公司共对外投资 了14家企业，参与招投标项目217次，财产线索方面有商标信息1851条，专利信息2922条，此外企业还 拥有行政许可17个。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in sportswear stocks, with notable gains for companies such as Tmall (5.84%), Anta Sports (4.32%), Li Ning (3.75%), and Xtep (1.31%) [1] - On February 20, the U.S. officially canceled the 10% reciprocal tariffs on China and the 10% fentanyl tariffs, announcing a 10% tariff on goods from all countries. This represents a net decrease of 10 percentage points compared to the previous 20% tariffs on China, positively impacting export-oriented textile manufacturing companies [1] - The Milan Winter Olympics has officially commenced, with the Chinese delegation participating in the largest number of events and athletes in overseas Winter Olympics history. Chinese sports brands are showcased at the Milan event, enhancing global sports engagement [1] Group 2 - The ongoing excitement surrounding the Milan Winter Olympics is expected to boost interest in ice and snow sports, as well as consumer enthusiasm for sports events, suggesting a focus on the sports sector as a catalyst for growth [1]

Core Viewpoint - The sportswear sector is experiencing a significant rise in stock prices following the announcement of tariff reductions by the U.S. on Chinese goods, alongside the commencement of the Milan Winter Olympics, which is expected to boost interest in winter sports and related consumer spending [1]. Group 1: Stock Performance - Tmall (06110) shares increased by 5.84%, reaching HKD 3.08 [1] - Anta Sports (02020) shares rose by 4.32%, reaching HKD 88.2 [1] - Li Ning (02331) shares climbed by 3.75%, reaching HKD 23.24 [1] - Xtep (01368) shares grew by 1.31%, reaching HKD 5.41 [1] Group 2: Tariff Changes - On February 20, the U.S. officially canceled the 10% reciprocal tariffs and 10% fentanyl tariffs on China, while imposing a 10% tariff on goods from all countries [1] - The net reduction in tariffs on most Chinese goods is 10 percentage points compared to the previous 20% tariffs, which is expected to positively impact export-oriented textile manufacturing companies [1] Group 3: Event Impact - The Milan Winter Olympics has officially started, with the Chinese delegation participating in the largest number of events and athletes in overseas Winter Olympics history [1] - The presence of Chinese sports brands at the Milan event is anticipated to enhance global visibility and engagement in sports [1] - The increasing excitement around the Winter Olympics is expected to boost interest in ice and snow sports, as well as consumer enthusiasm for sports events, suggesting a focus on the sports sector as a catalyst for growth [1]

Group 1 - The 2026 Quanzhou Private Economy Development Conference was held, focusing on the theme of "inheriting and promoting the 'Jinjiang experience', deepening comprehensive reforms for market-oriented allocation of factors, and stimulating the vitality of private economic development" [1][5] - The top taxpayers among private enterprises in Quanzhou for 2025 were announced, with Jomoo Group exceeding 900 million yuan in taxes, ranking among the top three alongside Anta and Dali [1][5] Group 2 - The ranking of private enterprises in Quanzhou for 2025 includes one company exceeding 3 billion yuan in taxes (Anta Sports Products Group), one company exceeding 1 billion yuan (Dali Food Group), and one company exceeding 900 million yuan (Jomoo Group) [2][6] - Additionally, two companies exceeded 700 million yuan in taxes (Fujian Heng'an Group and Xtep Group), and one company exceeded 600 million yuan (361 Degrees (China) Limited) [2][6]

Core Insights - Zhang Shuihua, known as the "fastest female nurse," has become a signed athlete for the brand Xtep [1] - Two days prior, Linyin Avenue Custom Board announced Zhang Shuihua as its exclusive brand ambassador [1] - On February 10, the domestic sports eyewear brand hyperrun also signed Zhang Shuihua as a brand elite athlete [1] - Zhang Shuihua has appeared in the signing lists of three different brands within a month and a half of her departure from her previous role [1]