库里的脚，成了过去五个月最热闹的"品牌橱窗"。 自去年11月与安德玛结束长达13年的合作关系后，这位金州勇士队的核心后卫进入了一段罕见的"球鞋空窗期"。在这五个月里，库里像一位有意为之的收 藏家，先后穿着近10个品牌、20多双不同款式的球鞋亮相赛场——耐克、阿迪达斯、彪马、李宁、安踏、锐步，甚至在一次赛前热身中，他还穿上了一双 昂跑的网球鞋。这场被球迷戏称为"乱穿鞋时代"的品牌巡游，是库里在用最直观的方式向外界宣告其商业自主权的回归。 然而，在这场眼花缭乱的"鞋履秀"中，有一个缺席者格外刺眼：库里自己的新签名鞋Curry 13。 这个品牌不仅要有强大的实力，还要把Curry Brand置于一个更显要的位置。 按照安德玛的计划，这款与库里合作的"末代签名鞋"本该在今年2月与一部由库里担任制片人的动画电影《GOAT》同步发售，双方甚至推出了联名配 色。但库里本人的态度却是一道清晰的切割线：他不仅从未在比赛中穿着Curry 13，甚至连原计划在全明星周末为新鞋造势的宣传活动也未见踪影。消息 人士向美媒Front Office Sports透露，库里"没有任何计划"在NBA比赛中上脚这双鞋。当安德玛按规则为这段合作推 ...

责任编辑：刘万里 SF014 来源：安踏集团 责任编辑：刘万里 SF014 来源：安踏集团 ...

最近体育界和政坛传出来一个消息，听起来简直像是个荒诞的冷笑话。 大家可能很难想象，在号称私有财产不可侵犯的地方，竟然有政客动起了"明抢"的念头。 而且这次针对的目标，正是我们非常熟悉的滑雪天才少女——谷爱凌。 这位在冰雪赛场上风光无限的姑娘，如今却成了某些美国政客眼里的"肉中刺"。 美国田纳西州的共和党众议员安迪·奥格尔斯，最近在国会闹出了大动静。 他专门推出了一项法案，名字听起来就很唬人，叫作《正式限制个人在体育相关领域获取年度收益法 案》。 为了方便大家记住，他们还特意缩写成了"奥林匹克法案"。 这个法案的内容简单粗暴：要对特定运动员征收100%的个人所得税。 你没听错，不是30%，也不是50%，而是整整100%。 这哪里是在征税，这分明是想让运动员直接"净身出户"。 奥格尔斯在接受采访时，话里话外都透着一股狠劲。 他公开宣称，任何与所谓"外国对手"合作的美国人，都是对国家的背叛。 他还点名道姓地说，他就是要确保国税局能没收像谷爱凌这类运动员的每一分收入。 在社交媒体上，这位议员更是火力全开，言辞激烈地指责谷爱凌。 他说谷爱凌出生在美国，却在为中国效力，这种支持对手的行为必须付出惨痛代价。 这种逻辑听起来 ...

不过，在随后的电话会议上，彪马首席执行官亚瑟·霍尔德坦言，由于安踏更倾向于直接面向消费者 （DTC）的策略，而不是彪马通过零售商销售的模式，因此短期内彪马在中国的销售额可能会受到影 响。 据悉，大中华区目前仅占彪马销售额的约7%。考虑到安踏的零售运营优势及成功先例，多家券商机构 预期，一旦完成股权收购，这一比例将会提高。 对于彪马在国内市场的销售情况，有知情人士向《每日经济新闻》记者透露："去年其实卖得一般，但 有一说一，彪马的产品力还是不错的，就看安踏接手后，在中国市场能不能翻盘。" 在安踏体育（HK02020）宣布收购彪马29.06%股权后的首份财报发布窗口，德国运动品牌彪马 （PUMA）于当地时间2月26日交出了一份充满转型印记的2025财年成绩单。 在这份财报中，彪马完全没有提及任何关于安踏入股的信息，也未对股权结构变动做出任何评论，展现 出公司管理层专注于内部事务的姿态。但数据本身并不轻松：2025财年全年销售额同比下降约8.1%至 72.96亿欧元；调整后息税前利润（EBIT）为-1.66亿欧元，计入1.92亿欧元重组和商誉减值费用后，报 告期内EBIT达-3.57亿欧元。而彪马方面对2026年的 ...

Core Viewpoint - Puma's financial results for the fiscal year 2025 reflect significant challenges, including an 8.1% decline in sales and a substantial EBIT loss, while the impact of Anta Sports' acquisition remains to be seen [1][4][10]. Financial Performance - Puma's total sales for fiscal year 2025 decreased by approximately 8.1% to €7.296 billion [1][4]. - Adjusted EBIT was reported at -€166 million, and after accounting for one-time restructuring and goodwill impairment costs of €192 million, the total EBIT reached -€357 million [1][4]. - The fourth quarter saw an even sharper decline, with sales adjusted down by 20.7% and gross margin dropping 750 basis points to 40.2% [4]. Strategic Adjustments - The company initiated a series of proactive adjustments, including reducing non-core wholesale operations, clearing excess inventory, and scaling back promotional activities in its own channels [4][6]. - Wholesale revenue fell by 12.8% for the year, with a more pronounced decline of 27.7% in the fourth quarter [4]. Direct-to-Consumer (DTC) Business - The DTC segment emerged as a bright spot, growing by 3.4% and increasing its share from 28.9% to 32.4% of total sales [6]. - In the Asia-Pacific region, sales decreased by 7.4% to €1.595 billion, reflecting a similar trend of declining wholesale and increasing DTC sales [6]. Future Outlook - For fiscal year 2026, Puma anticipates a cautious outlook, projecting a low to mid-single-digit decline in sales and an EBIT loss between €50 million and €150 million [6][7]. - The company plans to invest approximately €200 million in capital expenditures, focusing on logistics and digital infrastructure [7]. - CEO Arthur Hold stated that 2026 will be a "transitional year," emphasizing the need for financial stability and preparation for sustainable growth [7]. Anta Sports Acquisition - Anta Sports announced plans to acquire a 29.06% stake in Puma for approximately €1.5 billion, positioning itself as a major shareholder [8][10]. - Despite the acquisition, Puma's management did not address the stake purchase in their latest earnings report, indicating a focus on internal restructuring until the strategic implications are clearer [10]. - Analysts suggest that Anta's insights into the Chinese market could significantly enhance Puma's growth potential in the region, where its sales currently represent only about 7% of total revenue [10].

证券研究报告·行业点评报告 2026 年 2 月 27 日 江海证券研究发展部 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 纺织服饰行业 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.08 0.18 0.52 绝对收益 -1.56 5.45 20.93 数据来源：聚源 注：相对收益与沪深 300 相比 注：2026 年 2 月 26 日数据 相关研究报告 -19% -10% 0% 9% 19% 28% 2025-02 2025-06 2025-10 2026-02 纺织服饰 沪深300 冬奥会催化冰雪运动热情，建议关注运 动服饰板块 事件： 投资要点： 姓名：张婧 从业经历：经济学硕士，曾在券商研究部，公募基金和保险资 管从事权益研究工作。 分析师声明 本报告署名分析师声明，本人具有中国证券业协 ...

流动性方面，截止2月27日，港股消费ETF银华（159735）近20个交易日累计成交金额18.08亿元，日均 成交金额9040.49万元；今年以来，34个交易日，累计成交金额29.13亿元，日均成交金额8567.66万元。 港股消费ETF银华（159735）现任基金经理为李宜璇。李宜璇自2021年5月25日管理（或拟管理）该基 金，任职期内收益-14.04%。 最新定期报告显示，港股消费ETF银华（159735）重仓股包括泡泡玛特、百胜中国、安踏体育、农夫山 泉、万洲国际、海尔智家、申洲国际、美的集团、李宁、蒙牛乳业，持仓占比如下。 来源：新浪基金∞工作室 2月27日，港股消费（159735）收盘涨0.48%，成交额5056.65万元。 港股消费ETF银华（159735）成立于2021年5月25日，基金全称为银华中证港股通消费主题交易型开放 式指数证券投资基金，基金简称为港股消费。该基金管理费率每年0.50%，托管费率每年0.10%。港股 消费ETF银华（159735）业绩比较基准为经估值汇率调整的中证港股通消费主题指数收益率。 规模方面，截止2月26日，港股消费ETF银华（159735）最新份额为10.91 ...

Group 1: Amer Sports Performance - Amer Sports reported a 27% revenue growth for the fiscal year 2025, reaching $6.566 billion, with an adjusted net profit of $545 million, up from $236 million in 2024 [7][8] - The fourth quarter of 2025 saw a revenue increase of 28% to $2.101 billion, with an adjusted net profit of $176 million, compared to $90 million in Q4 2024 [8] - The management guidance for 2026 indicates a revenue growth of 16-18% at constant exchange rates, with an operating profit margin of 13.1-13.3% [8] Group 2: Silver Economy and Sports Industry - The aging population in China is creating significant opportunities in the silver economy, particularly in the sports industry and products catering to older adults [9][10] - The sports apparel market is projected to reach ¥437.7 billion by 2025, with outdoor trail running shoes expected to grow over 150% [9] - The demand for professional running shoes priced above ¥200 is anticipated to maintain double-digit growth, driven by increased health awareness among the elderly [9] Group 3: Lithium Industry Insights - The lithium market is experiencing tightening supply and low inventory levels, with global lithium demand expected to reach approximately 200,000 tons LCE in 2026 [12][14] - Domestic lithium supply is not yet at large-scale production, with potential disruptions in lithium mica supply and new mining regulations coming into effect in July 2025 [13] - The demand for lithium is being driven by both power and energy storage batteries, with a projected 50% year-on-year growth in energy storage battery shipments [13][14] Group 4: Chemical Industry Policy - Recent tax incentives for marine oil and gas exploration aim to enhance domestic energy security by reducing import costs for essential equipment [15][16] - The policy includes exemptions from import duties for equipment used in oil and gas exploration and a VAT rebate for qualifying imported natural gas [15][16] - These measures are expected to improve project internal rates of return and promote the development of deep-sea oil and gas fields [16] Group 5: Matrix Holdings - Matrix Holdings is positioned as a leading high-end interior design company, with a focus on space design and soft decoration [19] - The company anticipates a significant recovery in revenue and profit starting in 2025, with projected net profit growth of 72%-137% [19][20] - The introduction of an "AI+Design" platform is expected to enhance design efficiency and improve profit margins [20] Group 6: Anfu Technology - Anfu Technology, a leader in the small battery sector, is transitioning towards high-tech fields, including AI and semiconductor manufacturing [21][22] - The company controls 46% of Nanfu Battery, which has shown consistent revenue growth, with plans to acquire the remaining shares [22] - Strategic investments in next-generation optical chips are expected to open new growth avenues for the company [23]

Group 1: Amer Sports Performance - Amer Sports reported a 27% year-on-year revenue growth for FY2025, reaching $6.566 billion, with an adjusted net profit of $545 million, up from $236 million in 2024 [7][8] - The fourth quarter of 2025 saw a revenue increase of 28% year-on-year to $2.101 billion, with an adjusted net profit of $176 million, compared to $90 million in Q4 2024 [8] - The management guidance for 2026 indicates a revenue growth of 16-18% at constant exchange rates, with an operating profit margin of 13.1-13.3% [8] Group 2: Silver Economy and Sports Industry - The aging population in China is creating significant opportunities in the silver economy, particularly in the sports industry and products catering to older adults [9][10] - The sports apparel market is projected to reach ¥437.7 billion by 2025, with outdoor trail running shoes expected to grow over 150% [9] - The demand for professional running shoes priced above ¥200 is anticipated to maintain double-digit growth, driven by increased health awareness among the elderly [9] Group 3: Lithium Industry Insights - The lithium market is experiencing tightening supply and low inventory levels, with global lithium demand expected to reach approximately 200,000 tons LCE in 2026 [12][14] - Domestic lithium supply is not yet at large-scale production levels, and there are potential disruptions in supply due to regulatory changes and production delays [13] - The anticipated demand from both power and energy storage batteries is expected to drive lithium prices upward, with projections suggesting prices may exceed ¥200,000 per ton in the near term [14] Group 4: Chemical Industry Policy Impact - Recent tax incentives for marine oil and gas exploration are aimed at reducing import costs for essential equipment, thereby enhancing domestic oil and gas supply capabilities [15][16] - The policy is expected to improve the internal rate of return for marine exploration projects and support the development of deep-sea oil fields [16] Group 5: Matrix Holdings Performance - Matrix Holdings is positioned as a leading high-end interior design company, with a significant recovery in profitability expected as the real estate market stabilizes [19][20] - The company anticipates a substantial increase in net profit for 2025, projected to be between ¥58 million and ¥80 million, reflecting a year-on-year growth of 72%-137% [19] - The introduction of an "AI + Design" platform is expected to enhance operational efficiency and profitability in the design process [20] Group 6: Anfu Technology's Strategic Shift - Anfu Technology has transitioned from retail to becoming a leader in the small battery sector through its acquisition of Nanfu Battery, which has shown consistent revenue growth [21][22] - The company plans to acquire the remaining shares of Nanfu Battery to enhance profitability further [22] - Anfu is also investing in high-tech sectors, including AI and semiconductor manufacturing, to diversify its business model [21][22]

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 15.03 亿元 | 10.51% | -2.02% | | 中国平安(02318) | 13.20 亿元 | 32.00% | 3.87% | | 腾讯控股(00700) | 8.92 亿元 | 6.75% | -1.56% | | 汇丰控股(00005) | 7.71 亿元 | 17.54% | -1.77% | | 美团-W(03690) | 7.60 亿元 | 23.38% | 1.92% | | 小米集团-W(01810) | 6.98 亿元 | 16.03% | -5.75% | | 新鸿基地产(00016) | 5.85 亿元 | 45.19% | 6.30% | | 紫金矿业(02899) | 5.73 亿元 | 23.75% | 4.90% | | 宁德时代(03750) | 5.49 亿元 | 27.70% | 3.43% | | 友邦保险(01299) | 5.41 亿元 | 24.00% | 5.57% | 前十大沽空偏离值排行 | 股票名 ...