智通财经APP讯，李宁(02331)发布公告，(i)于2026年1月18日，李宁(中国)(公司的间接全资附属公司)认 购金额为人民币7亿元的广发银行结构性存款;(ii)于2026年1月19日，李宁(北京)(公司的间接全资附属公 司)认购金额为人民币2.6亿元的中国银行结构性存款I; (iii)于2026年1月19日，李宁(北京)认购金额为人民币2.4亿元的中国银行结构性存款II;(iv)于2026年1月21 日，上海李宁(公司的间接全资附属公司)认购金额为人民币5亿元的中国银行结构性存款III;及(v)于2026 年1月26日，李宁童装(公司的间接全资附属公司)认购金额为人民币2亿元的招商银行结构性存款。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 LI NING COMPANY LIMITED 李 寧 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） 須予披露交易 理財產品認購事項 理財產品認購事項 董事會宣佈，(i)於 2026 年 1 月 18 日，李寧（中國）（本公司之間接全資附屬公司）認 購金額為人民幣 7 億元之廣發銀行結構性存款；(ii)於 2026 年 1 月 19 日，李寧（北京） （本公司之間接全資附屬公司）認購金額為人民幣 2.6 億元之中國銀行結構性存款 I； (iii)於 2026 年 1 月 19 日，李寧（北京）認購金額為人民幣 2.4 億元之中國銀行結構性 存款 II；(iv)於 2026 年 1 月 21 日，上海李寧（本公司之間接全資附屬公司）認購金額 為人民幣 5 億元之中國銀行結構性存款 III；及(v)於 2026 年 1 月 26 日，李寧童裝（ ...

1月24日，游客从故宫文创空间内走出。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办的全 新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的第二 个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之力，推 动传统文化现代表达。 新华社记者 金良快 摄 1月24日，游客在故宫文创空间内选购商品。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办 的全新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的 第二个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之 力，推动传统文化现代表达。 新华社记者 金良快 摄 1月24日，游客在故宫文创空间内选购商品。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办 的全新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的 第二个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之 力，推动传统文化现代表达。 新华社记者 金良快 摄 来源：新华网 ...

Group 1 - The U23 Chinese national football team has achieved a historic milestone by reaching the Asian Cup finals with an undefeated record, generating excitement among fans [1] - The final match against Japan U23 is scheduled for January 24, with the team being celebrated for its young average age of under 22 years [1] - The popularity of the national team merchandise has surged, with JD.com collaborating with brands like Nike and Karamay to offer discounts on official team gear [1] Group 2 - The semi-final match against Vietnam U23 saw the Chinese team win decisively with a score of 3-0, reigniting national pride among fans [3] - Various Nike jerseys are trending on JD.com, including the 2025 season away jersey made from recycled plastic, highlighting sustainability in sports apparel [3] - The official match ball for the U23 Asian Cup, produced by Karamay, is also available for purchase on JD.com, adding to the event's significance [3] Group 3 - As winter temperatures drop, there is an increased demand for winter sports gear, including insulated vests and thermal clothing from brands like Karamay and Under Armour [4] - JD.com is promoting a wide range of sports equipment, including professional football shoes and protective gear, catering to both casual and serious athletes [5] - The enthusiasm for football extends beyond watching games, with fans actively participating in sports and expressing support for Chinese football [6]

Investment Rating - The report assigns an "Outperform" rating to several companies, including Pop Mart, Anta Sports, Huazhu Group, Li Ning, Miniso, and others, with target prices ranging from 6.99 to 354.00 [1]. Core Insights - The report highlights the enhanced subsidized interest policy for personal consumption loans, which has been extended until the end of 2026, including support for credit card installment payments and the removal of certain limits on subsidy amounts [2]. - Pop Mart's new PUCKY series has gained significant popularity, being referred to as the "electronic wooden fish" due to its unique design and emotional stress-relief features [3]. - Weekly performance shows TCL Electronics (+24.8%), Pop Mart (+23.0%), and others leading the market, while companies like Ecovacs (-1.2%) and Haier Smart Home (-2.2%) lag behind [5][9]. Company Summaries - **Pop Mart**: Recently launched the PUCKY series, which quickly sold out and is now being resold at a premium on secondary markets [3]. The company also repurchased 1.9 million shares [7]. - **TCL Electronics**: Established a joint venture with Sony to take over Sony's home entertainment business, reflecting strategic growth initiatives [8]. - **Huazhu Group**: Engaged in strategic partnerships and is expected to benefit from the ongoing trends in the hospitality sector [4]. - **Li Ning**: Continues to perform well in the market, maintaining a positive outlook with an "Outperform" rating [1]. Industry Dynamics - The report notes significant strategic partnerships, such as Saint Bella's collaboration with Yunji Technology to explore AI and robotics in home care [15]. - The IPO of Busy Ming was oversubscribed by over 1,500 times, indicating strong market interest [10]. - Regulatory developments include the State Council's solicitation of opinions on national standards for pre-made dishes, which could impact the food and beverage sector [10].

Investment Rating - The report assigns an "Overweight" rating for the textile and apparel industry [1]. Core Insights - In Q4 2025, the textile and apparel fund holdings remained stable, with a year-on-year growth of 1.2% in clothing retail sales in December, indicating a slowdown in growth compared to the previous month [3][4]. - The report highlights structural opportunities in exports and notes that the retail data from the U.S. shows resilience, with a continuous decrease in the inventory-to-sales ratio for clothing [4]. Summary by Sections Industry Data Tracking - In December 2025, the retail sales of clothing increased by 1.2%, while textile and apparel exports decreased by 7.4% [18]. - The total retail sales of consumer goods in China increased by 0.9% year-on-year, with clothing and accessories retail sales growing by 1.2% [20]. - The textile and apparel export value for December 2025 was approximately $25.992 billion, down 7.4% year-on-year [20]. Investment Recommendations - The report suggests focusing on companies with strong competitive advantages through diversified production capacity and highlights the importance of order cycle management [4]. - Recommended stocks include: - Bailing Oriental (百隆东方) [16] - Chaoying International Holdings (超盈国际控股) [16] - Anta Sports (安踏体育) [16] - Li Ning (李宁) [16] - Xtep International (特步国际) [16] - Prada (普拉达) [16] - Samsonite (新秀丽) [16] - Jiangnan Buyi (江南布衣) [16] - Taobo (滔搏) [16] - The report emphasizes the potential for mid-to-high-end product orders to show resilience and the positive outlook for cotton prices benefiting related cotton spinning enterprises [4].

Investment Rating - The report recommends a "Buy" rating for key companies including Li Ning, Anta Sports, and 361 Degrees, indicating a positive outlook for their performance in the upcoming years [10][24][27]. Core Insights - The sports footwear and apparel sector is expected to show resilience despite fluctuations in the consumer environment, with long-term growth potential [3][24]. - Li Ning is projected to see a net profit growth of 5.8% to 2.901 billion yuan in 2026, with a current PE ratio of 17 times [3][24]. - Anta Sports is expected to achieve a net profit growth of 6.4% to 14 billion yuan in 2026, with a current PE ratio of 14 times [3][24]. - The report highlights the importance of inventory management, with brands maintaining healthy inventory turnover ratios [1][3]. Summary by Sections 1. Sports Footwear and Apparel Overview - In Q4 2025, domestic sales of sports footwear and apparel faced pressure due to fluctuations in the consumer environment and warmer temperatures, but inventory levels remained stable [1][14]. - Anta's brand sales decreased slightly, while Fila and other segments showed strong growth [1][14]. - The inventory turnover ratio for various brands is estimated to be in the range of 4-5, indicating a healthy level [1][14]. 2. Operational Trends - Companies are focusing on product innovation and differentiated channel strategies to enhance competitiveness [2][16]. - Li Ning launched a new high-end series and innovative running shoes, receiving positive market feedback [2][16]. - Anta is advancing differentiated store construction, with strong performance from its champion stores [2][16]. 3. Market Performance - The textile and apparel sector outperformed the broader market, with a reported increase of 2.28% compared to a decline in the CSI 300 index [29]. - Key stocks such as Dream Jie's shares surged by 22.03%, while others like Anta Sports saw a decline of 6.09% [29]. 4. Company-Specific Insights - Li Ning's revenue is expected to grow by 6.5% in 2026, driven by increased sponsorship and new store formats [23][37]. - Anta Sports is projected to achieve a revenue growth of 10.9% in 2025, with a focus on optimizing product structure and marketing efficiency [23][37]. - 361 Degrees is anticipated to maintain robust sales performance, with a projected revenue growth of 11.4% in 2025 [23][37]. 5. Investment Recommendations - The report suggests investing in companies with strong operational capabilities and growth potential, such as Shenzhou International and Huayi Group, which are expected to benefit from improved order conditions in 2026 [25][27].

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, highlighting strong growth potential in specific segments such as high-performance outdoor brands and non-woven fabric manufacturing [24]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 4.5% from January 19 to January 23, 2026, surpassing the SW All A index by 2.7 percentage points [4][5]. - The report anticipates a recovery in domestic demand in 2026, with a focus on high-growth consumption areas, including high-performance outdoor brands and discount retail [19]. - The Australian wool price has reached a new high, driven by increased demand for sports wool apparel, which is expected to translate into revenue growth for companies in the supply chain [10][18]. Summary by Sections Industry Performance - The textile and apparel sector showed strong performance, with the SW apparel and home textiles index increasing by 4.4% and the SW textile manufacturing index rising by 2.1% during the same period [5]. - Retail sales of clothing, shoes, and textiles totaled 15.215 trillion yuan in 2025, reflecting a year-on-year growth of 3.2% [14]. Market Trends - The report notes a divergence in brand performance, with high-end outdoor and niche sports brands showing significant growth potential, while overall demand growth has slowed due to warmer winter temperatures and delayed holidays [11][14]. - The non-woven fabric industry is expected to benefit from quality upgrades and expanding demand, with companies like Sturdy, Yanjiang, and Nuobang projected to maintain rapid growth [16]. Company Insights - Anta Sports reported a slight decline in retail sales for its main brand in Q4 2025, but overall revenue growth for the group was in the double digits, driven by strong performance from other brands [21]. - The FILA brand achieved mid-single-digit growth in Q4 2025, indicating a positive trend for the brand moving into 2026 [22]. - The report highlights the potential for a rebound in the women's apparel sector, with companies like Ge Li Si and Di Su Shi showing signs of recovery after a period of adjustment [12]. Price Trends - The Australian wool price index reached 1137 cents per kilogram as of January 21, 2026, marking a year-on-year increase of 54.3% [52]. - Domestic cotton prices also saw a slight increase, with the national cotton price B index reported at 15,869 yuan per ton, up 0.6% week-on-week [49].

记者丨 贺泓源 编辑丨高梦阳 耐克跟邓紫棋签约了，这听起来奇怪又合拍。 近日，耐克宣布邓紫棋正式成为其旗下Jordan品牌的全球合作伙伴，这个title并不低。耐克认 为邓紫棋是个不断突破的人，从音乐人到出版小说，还担任自己巡回演唱会的总导演。这和 Jordan很搭。 背后是，耐克在巨大市场压力下，必须更深度地融入中国。 邓紫棋是一个恰当的落点。 今天，我们就来聊下，耐克的邓紫棋经济学。 大家好，我是小贺，欢迎收看本期消费参考。 首先，我们要看到，耐克确实在更深度地拥抱娱乐流量。在邓紫棋之前，耐克已签下了王嘉 尔，title是NIKE和JORDAN的全球合作伙伴。 背后是，在竞争激烈的中国运动市场，文娱明星确实越来越重要了。 此外，安踏品牌签约了王一博为全球首席代言人，FILA签下了杨幂与易洋千玺。 对比之下，耐克的代言人选择，没有完全倾向于流量，有着自己的价值判断。 事实上，与邓紫棋的合作，是耐克中国团队力推的。这也显示出耐克中国团队的话语权越来越 强。 这也体现在，近期耐克刷屏的"苏炳添与广东菜""200K"等品牌视频上。耐克的营销机制正变 得越来越灵活。 2021年，李宁签下肖战成为运动潮流产品全球代言 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The luxury goods sector is shifting towards high-quality growth, with major players like LVMH and Richemont focusing on core business and supply chain control while divesting non-core assets [3] - Retail formats are evolving, with a trend towards "fashion" marketplaces that cater to consumer emotional needs and rational demands, emphasizing unique store experiences and product selection [3] - The sneaker market is becoming more diversified and personalized, with consumers prioritizing comfort and self-expression over limited edition collaborations [5] - High-end malls are experiencing a wave of luxury brand withdrawals, driven by low foot traffic and the rise of online shopping, prompting malls to seek new strategies to attract customers [4][5] - The rise of the "排骨羽绒服" (Ribbed Down Jacket) as a fashion trend highlights the importance of social media influence and consumer demand for unique styles [7] Industry Environment - The luxury goods industry is expected to focus on sustainable growth and strategic investments, with major brands optimizing their asset portfolios to navigate challenges and seize new opportunities [3] - The retail sector is undergoing a transformation, moving from large supermarkets to "fashion" marketplaces that enhance customer experience and engagement [3] - The sneaker industry is witnessing a shift towards comfort and individual expression, with innovations like 3D printing gaining traction among brands [5] - High-end malls are facing challenges as luxury brands withdraw, leading to a need for malls to innovate and adapt to changing consumer behaviors [4][5] Top Brand News - The Swedish outdoor brand Haglöfs is entering the Chinese market with a new concept store, aiming to capture the high-end segment of the outdoor market [8] - The brand Wolf Claw is shifting its strategy towards the mid-to-high-end market under Anta's ownership, closing its online flagship store to focus on physical retail [8] - SUBU, a rapidly growing footwear brand, is gaining popularity for its unique outdoor-inspired designs and practicality, becoming a staple for winter fashion [9] - Lululemon is facing increased competition in the athletic apparel market, with a new report analyzing market trends and consumer preferences [10] - Hermès has implemented price increases on its luxury products, reflecting a strategy to maintain brand exclusivity amid a cooling luxury market [11]