证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 纺织服饰 周专题：服饰重点公司 2025Q2 业绩前瞻 【本周专题】 H 股运动鞋服：2025Q2 流水增速较 Q1 放缓，整体运营情况稳健。2025 年以来 运动鞋服公司终端保持较为稳健的流水趋势，进入 Q2 以来我们判断由于消费环境 的波动 Q2 板块公司整体的流水增速或弱于 Q1。从营运层面看，截至 2025Q2 末 我们预计各运动品牌库销比基本仍在 5 左右的位置，整体保持稳健水平。结合上 半年经营情况，我们预计安踏体育 2025H1 收入增长 10%+，公司经营利润率或 有下降；我们预计李宁 2025H1 收入持平左右，归母净利润预计同比下降 20%； 我们预计特步国际 2025H1 可持续业务收入增长 5%左右，归母净利润同比增长 10%左右；我们预计 361 度 2025H1 收入增长 10%~15%，归母净利润同比增长 10%~15%。 A 股品牌服饰：终端零售平稳，个股业绩分化。我们根据行业情况判断：收入规模 难以增长的公司业绩表现压力较大，而终端表现健康、积极管控费用的部分公司 业绩同比或有增长。我们根 ...

Group 1 - The core point of the article highlights the performance and holdings of the Huaxia Emerging Economy One-Year Holding Mixed A Fund, which has a latest net value of 0.9199 yuan, reflecting a decrease of 0.73% [1] - The fund's performance over the past month shows a return of 1.62%, ranking 2440 out of 3753 in its category; over the past six months, it has returned 3.73%, ranking 2987 out of 3644; and since the beginning of the year, it has returned 0.57%, ranking 2944 out of 3644 [1] - The top ten stock holdings of the fund account for a total of 42.55%, with significant positions in Meituan-W (5.08%), Guoneng Rixin (5.03%), and Mingyang Electric (5.00%) among others [1] Group 2 - The Huaxia Emerging Economy One-Year Holding Mixed A Fund was established on July 27, 2021, and as of March 31, 2025, it has a total scale of 1.324 billion yuan [1] - The fund manager, Sun Yijia, has a background in finance with a master's degree from Shanghai Jiao Tong University and has held various positions in the financial industry since 2008, including roles at China International Capital Corporation and Huaxia Fund Management [2]

Core Insights - The 2026 Spring/Summer Paris Men's Fashion Week saw a significant participation of sports brands, showcasing their innovative designs and collaborations [1][2] - Brands are increasingly focusing on offline exhibition spaces, particularly pop-up experiences, to engage consumers directly with their products [1][7] - The success of past collaborations and trendy products has led many sports brands to adopt a dual strategy of professional sports and fashion to diversify their offerings [4][8] Group 1: Brand Collaborations and Innovations - Adidas debuted a collaboration with designer Willy Chavarria, featuring innovative shoe models Megaride AG and Megaride AG XL [1] - Ecco and White Mountaineering launched a capsule collection emphasizing future outdoor and sportswear designs during the same period [1] - Saucony's pop-up event highlighted its high-end SILO series with the theme "CODED TOGETHER" [1][2] Group 2: Marketing Strategies and Consumer Engagement - Xtep sponsored the historic French local event "Versailles Run" instead of hosting a traditional fashion show, providing overseas runners with the opportunity to experience their 360X 2.0 running shoes [2] - The use of humanoid robots by Yushu Technology to showcase Xtep shoes at the event added a unique marketing angle [2] - Brands like Puma and Adidas have successfully leveraged trendy products to enhance their market position, with Adidas recovering from a downturn through its retro Samba shoes [2][4] Group 3: Brand Positioning and Target Audience - FILA FUSION targets young consumers with a focus on high-end sports fashion, while LI-NING1990 aims at affluent urban dwellers with a luxury casual style [5] - Xtep's new brand XTEP-XDNA is designed to appeal to the growing high-end Z generation market [5] - Luxury brands are also entering the sports market, with products like Dior's B33 and LV Trainer shoes, indicating a trend of crossover between high fashion and sportswear [5][6] Group 4: Professionalism and Product Experience - Sports brands are not overly anxious about competition from luxury brands, as they maintain a technological edge in professional products [7] - The choice to utilize pop-up spaces allows consumers to physically interact with products, enhancing their understanding of the unique features of professional sports gear [7][8] - Adidas emphasized its basketball business during the fashion show, showcasing unreleased products worn by star player James Harden [7]

证券研究报告 纺织服饰 | 服装家纺 港股|首次覆盖报告 hyzqdatemark 2025 年 07 月 01 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 06 月 27 | | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 4.99 | | | 一年内最高/最低（港 | | | | 5.02/3.15 | | | 元） | | | | | | | 总市值（百万港元） | | | | 10,317.73 | | | 流通市值（百万港元） | | | | 10,317.73 | | | 资产负债率（%） | | | | 26.72 | | | 资料来源：聚源数据 | | | | | | 361 度(01361.HK) 投资评级： 买入（首次） ——产品研发提升品牌专业属性，渠道革新夯实公司业绩增长 投资要点： | 盈利预测与估值（人民币） | | | | | ...

人民网巴黎6月30日电 （记者尚凯元）第十三届"凡尔赛跑"29日在法国凡尔赛宫花园鸣枪开跑，吸引了来自全球的23000名跑者参与。这一融合运动与 文化的盛会，展现了全民健身与世界文化遗产的完美结合。本届中国品牌的加入，更是给赛事带来了文化交流新亮点。 参赛者与宇树机器人互动。主办方供图 第十三届"凡尔赛跑"吸引了众多民众参与。主办方供图 "凡尔赛跑"由法国雨果赛事公司创办于2012年，是法国颇具影响力的群众性路跑赛事，赛道穿越凡尔赛宫恢宏的法式花园，沿途经过小特里亚侬宫、凡 尔赛运河等多处历史景观。赛事设有"皇家跑""公主跑""骑士跑"等多个趣味项目，兼具竞技性与文化性，深受各年龄段跑者欢迎。除倡导全民运动理念 外，"凡尔赛跑"亦高度重视文化遗产保护与可持续发展。赛事迄今已成功筹资修复凡尔赛宫花园内8座受损雕像，并种植超过400棵树木，为传承历史与保护 自然贡献力量。 在体坛传媒集团的积极推动下，中国知名运动品牌特步正式成为2025年"凡尔赛跑"的官方服装供应商，这也是该赛事历史上首度携手中国运动品牌。同 时，来自中国的智能机器人企业宇树科技与新能源汽车企业比亚迪也在现场展示"中国智造"的创新成果，为这一历史 ...

研究报告 Research Report 29 Jun 2025 香港服装、鞋类及配饰设计 Hong Kong Apparel, Footwear & Acc Design 伯希和招股书解读：高性能户外服饰领先品牌，成长空间广阔 Pelliot: A leading brand of high-performance outdoor apparel with broad growth prospects matrices [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | | | | | 市盈率 P/E | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | 安踏体育 | Outperform 102.80 | | 19 | 16 | | 申洲国际 | Outperform 154.57 | | n.a. | n.a. | | 李宁 | Outperform 16.00 | | 16 | 14 | | 新秀丽 | Outperfor ...

转自：前瞻产业研究院 行业主要上市公司：探路者(300005.SZ)、泰慕士(001234.SZ)、嘉麟杰(002486.SZ)、三夫户外(002780.SZ)、 安踏体育(2020.HK)、李宁(2331.HK)、特步国际(1368.HK)、361度(1361.HK)等 本文核心数据：企业竞争格局;市场集中度;区域竞争格局;行业竞争力评价 1、中国运动服行业竞争梯队 随着人们健康意识增强和体育消费升级，运动服市场需求旺盛，产业迎来快速发展期。国内众多企业积极布 局，从传统运动品牌到新兴潮牌纷纷涌入，市场竞争日益激烈。 综合考量运动服行业中，企业营收规模和企业运动服业务在总体营收中的占比。安泰体育处于行业第一梯 队，2024年服饰业务营收规模达393.85亿元，遥遥领先其他运动服企业;李宁、特步国际、361度在运动服业 务上也有深度布局，处于行业第二竞争梯队;探路者、棒杰股份、嘉麟杰等在运动服上也具备一定的经营规 模，处于行业第三竞争梯队。 2、中国运动服市场企业竞争力分析 通过对比行业企业运动服业务营收和增速，安踏体育是当之无愧的领导者，2024年公司服饰产品等业务营收 规模达393.85亿元，且在营收实现 ...

吸引更新一代的年轻人，永远都是运动品牌运营发展的关键。 当国内校园赛事不断升温，各大运动品牌也将赞助视野投至「象牙塔」内。不论是CURA阿迪达斯中国大学生路跑联赛，还是此前结束的ASICS亚瑟士x 北大高校接力赛，以及耐克跑百校高校接力挑战赛等，越来越多学生赛事中开始出现品牌的身影。 在这一趋势下，部分高校也开始成立专门的对接部门，吸引校外力量的加入，并借助其资源与专业支持，带动赛事规模和水平的进一步提升。 校企合作，正在迈入新的阶段。 高校赛事，从「象牙塔」破圈 高校体育赛事的热度，已经突破了校门的物理边界。 被称为「小全运会」的北体大校运会，多条视频片段在抖音等平台播放量突破百万，吸引着校外观众涌进体育场；走过六十八届的清华「马约翰杯」，囊 括了各项球类、田径运动，在校园内外流传出「一年比一次，一次比一年」的讨论；还有类似中国大学生篮球联赛（CUBAL）等成名已久的高校赛事， 每年吸引着体育迷的关注与热议。 而当学生们穿上了赞助品牌的装备，当记录与传播的镜头扫过赛道旁广告板上的logo，运动品牌们基于校企合作的赞助布局，也就收获了具象化的回报。 运动品牌们涌进高校体育场 从原本的校内关注到全网热点，从单纯 ...

Group 1 - The core idea of the articles revolves around the concept of "patience business," which emphasizes long-term customer relationships and community engagement over short-term profits [1][6][7] - The "Lion Mountain" community brand is leveraging various activities, such as paddleboard camps and pickleball summer camps, to attract families at affordable prices, fostering a sense of community and loyalty [1][4] - The integration of a points system for community activities, such as donating old clothes for restaurant meals, creates a trust loop among local businesses and residents, enhancing community ties [2][3] Group 2 - Community businesses like "Yang Tai" restaurant adopt unique pricing strategies, such as offering meals at a low margin to encourage frequent visits and deeper community interaction [3][5] - The "service loop" concept is highlighted, where user engagement leads to a transformation of customers into partners, enhancing the overall community experience [4][5] - The articles illustrate various examples of "patience business" across different sectors, including handmade workshops and sports training, showcasing a new commercial ecosystem that blends business with community and culture [5][6] Group 3 - The economic logic behind "patience business" is explained as a shift from traditional quick-return marketing to a model that values long-term customer relationships and community building [6][7] - Businesses are encouraged to maintain calm during market fluctuations by focusing on long-term investments in customer relationships, which can lead to sustainable growth [7] - The essence of "value marketing" is emphasized, where businesses prioritize emotional investment and community participation over immediate profit margins [7]

证券研究报告 2025年6月26日 行业：纺织服饰 增持 （维持） 可选消费：年轻化、品牌化、智能化，驱动 新成长 分析师：袁锐 SAC编号：S0870525060002 分析师：杜洋 SAC编号：S0870523090002 目录 SECTION C o n t e n t 1. 新消费：品牌价值崛起，挖掘年轻消费 ➢ 黄金消费结构分化显著，避险需求推动金价走高； ➢ 古法金与小克重引领新潮流； ➢ 年轻群体成消费主力驱动创新。 黄金消费 潮玩消费 户外消费 科技消费 ➢ 潮玩市场三大驱动力支撑： Z世代消费力崛起、IP商业化加速、技术创新推动； ➢ "谷子经济"高速增长，国潮引领市场； ➢ 谷子经济推动二级市场繁荣。 ➢ AI+消费正从技术探索转向大规模商业化； ➢ 人形机器人量产与应用拓展； ➢ 智能家居与穿戴设备深度升级。 ➢ 户外市场稳步扩容，渗透潜力巨大； ➢ 健康意识与政策技术驱动增长； ➢ 多元化细分趋势崛起："轻户外"引领、消费场景拓展等。 图片来源：上海黄金交易所，人民日报数字传播，MobTech研究院，浙江省纪委省监委网站 3 2. 黄金消费：黄金避险属性凸显，古法黄金带动金饰消费 1. ...