一个危险的思路是砸钱开路。 全球运动品牌，都在奔向中国。 随着材料技术壁垒逐渐削平，战场变成了开阔的平地。中国市场竞争比欧美更激烈，六百元以下的入门 级运动装备市场已经成为红海，现在战火正在燃烧到更高阶的市场。 近期，第一财经记者采访了数位业内人士。他们认为，中国全民运动方兴未艾，为全球运动品牌带来机 会，但不是所有人都能笑到最后。这些正在大展拳脚的品牌，注定会有人出局，而且前车之鉴不远。 来自挪威的高端户外品牌Norrøna，来自英国的专业跑步品牌soar也在2025年进军中国市场。滔搏是这两 个品牌在中国的独家运营合作方，从品牌塑造、市场推广、产品引入，一直到渠道销售都由其负责。 "Norrøna因为是高端户外，产品矩阵完善，我们认为有机会从单店上做拓展。此外，滔搏还推出了跑步 品牌集合店ektos,其中囊括了滔博独家引入的soar、Ciele等跑步品牌。"滔搏高级副总裁张强说。有些价 格段的市场竞争已经非常激烈，而随着国内市场升级和人群需求进阶，"我们认为高单价区间还是有一 些个性化机会的。" 在大众运动领域，耐克、阿迪达斯、李宁和安踏等都有丰富的产品线。这些产品折扣之后的价格，有时 候可以低至200至 ...

特朗普的新一轮关税政策再次挥向全球，而最先感到压力的，便是德国。就在外界仍在讨论德国是否会 继续紧跟美国的步伐时，默茨直接给出了答案——不会顺从，并且下周就将启程访问中国。这不仅仅是 一场简单的外交之行，而是在美国施压之下，德国进行的一次清醒且现实的战略转型。自从默茨上台以 来，他的外交立场一直较为强硬，但这种强硬并非单纯的对抗，而是为了捍卫德国的生存底线。他不止 一次在公开场合对美国划定了红线：你们可以这么做，但我们不会盲目顺从。这句话虽然简洁，却是德 国政坛近年来罕见的对美强硬声明。 在慕尼黑安全会议上，默茨进一步明确表示，旧的国际秩序已经崩塌，美国的全球领导地位早已被挥霍 殆尽。这不仅仅是情绪化的表达，而是德国根据自身利益做出的冷静判断。德国是一个高度依赖出口的 国家，汽车、机械、化工等行业是其经济支柱。宝马、奔驰、大众、西门子、巴斯夫等企业，不仅是德 国的骄傲，更是其就业、税收和国际竞争力的基石。而特朗普的关税政策却完全不顾这些行业的长期规 划，随心所欲地加征关税，税率和规则都随时可能变化，今天威胁制裁，明天扬言退出国际协议。这种 高度不确定的政策环境对长期投资和稳定供应链来说，无疑是一种致命打击。 ...

与此同时，一则关于前总理默克尔可能"复出"担任联邦总统的消息在柏林政界疯传。 当美国挥舞关税大棒、极右翼步步紧逼、经济引擎持续失速，这个欧洲最大经济体突然把目光投向东 方。 2月18日，德国总理弗里德里希·默茨正式宣布：下周访华。 一边是现任总理高调转向中国，一边是前任领袖被推上神坛，两件事看似割裂，实则共同指向一个事 实： 德国正在失去方向，也正在拼命找回方向。 特朗普的关税逻辑，说白了就是把贸易、地缘、领土交易搅成一锅粥。格陵兰岛是丹麦的，关德国什么 事？但在这位总统眼里，欧洲就是一个整体，打谁都一样。 默茨的回应分了三层，第一层是划线。他在莱茵兰-普法尔茨州把话撂得很直接："你们可以这么做，但 我们不会顺从。" 这话听着硬气，但硬气背后是计算，德国是出口型经济体，GDP增速已经连续三年跑输欧元区平均水 平，制造业订单一路下滑，能源成本高得吓人，企业外迁的速度越来越快。继续跟着美国搞"去风险 化"，等于自己往悬崖边挪。 第二层是拉队友，默茨明确表态：欧洲不会跟随美国加征关税，坚持自由贸易立场。这不是道德宣言， 是利益捆绑，欧洲二十七国绑在一起，才有跟华盛顿讨价还价的本钱。 第三层是亮肌肉，他提了一句格陵兰 ...

【文/观察者网 王恺雯】德国总理默茨大年初一在社交媒体拜年，并预告将于近期访问中国。 德国媒体2月19日披露，默茨最近特意与数名中国问题专家共进晚餐，收集他们对此次访华行程的建 议。一名专家透露，默茨希望此行能和中国领导层建立联系。 据路透社报道，默茨18日在基民盟的一场活动上表示，他将在下周访问中国期间寻求合作机会。 默茨说，他此行的目标是讨论"欧洲和德国与中国之间未来的合作"。 "从战略上看，我们有兴趣在世界上寻找那些与我们志同道合、行事方式相近，尤其是愿意与我们共同 塑造未来的伙伴，从而使我们国家继续保持繁荣和高度社会保障。"默茨说。 德媒此前披露，默茨将于2月24日至27日访问中国。这是他去年5月上任以来首次访华。 伍德克是在华欧洲企业界具有影响力的代表人物，目前担任大成全球咨询公司–奥尔布赖特石桥集团 （DGA）合伙人。他认为，默茨此次访华的主要任务之一是为德国工业界争取更加公平的贸易环境。 另据德国《商报》的消息，此次默茨访华将有约30位企业高管随行，包括拜尔制药、大众汽车、西门 子、阿迪达斯、奔驰、汉高、DHL、德国商业银行、宝马、空客等公司。据悉，有意向随行的商界高 管人数远远超过30人。 德 ...

Core Insights - The clean economy is now primarily driven by market fundamentals, achieving record revenues and significantly outperforming fossil fuel benchmarks [1] Group 1: Clean Energy Rankings - The 2026 Carbon Clean 200 list tracks the top 200 public companies generating revenue from clean energy, electrification, and efficiency, focusing on actual financial performance rather than climate pledges [2] - The list serves as an educational tool to highlight top-performing publicly traded firms benefiting from the green transition [3] Group 2: Fashion Industry Performance - Only eight fashion and fashion-adjacent companies made the 2026 Clean 200 list, indicating a limited presence in a sector that heavily influences consumer culture [3] - Inditex, the parent company of Zara, ranked No. 13 with a sustainable revenue ratio of 53.8% and approximately $33.44 billion in sustainable revenue, slightly above the Clean 200 average of 53.7% [4] - Kering ranked No. 64 with a 39.9% sustainable revenue ratio and about $11.05 billion in sustainable revenue, while H&M ranked No. 116 with a 23.3% ratio and $6.23 billion in sustainable revenue [5] Group 3: Sportswear Comparison - Nike ranked No. 57 with sustainable revenue of $12.16 billion and a ratio of 26.3%, while Adidas ranked No. 58 with $12.11 billion in sustainable revenue and a ratio of 31.8% [6] - Puma ranked No. 180 with a sustainable revenue ratio of 25.1% and approximately $3.56 billion in sustainable revenue [6]

Core Insights - NIKE, Inc. is implementing a broad innovation reset to enhance growth, brand relevance, and competitiveness in the athleticwear market [1] - The strategic shift emphasizes performance-led innovation, focusing on advanced technologies and athlete-centric design [2] Strategic Initiatives - NIKE is streamlining its Classics business and restoring NIKE Digital as a premium platform while diversifying its product portfolio and enhancing consumer engagement [3] - The company has launched "Win Now" actions to address immediate challenges and opportunities in product innovation, brand storytelling, and marketplace strategy [3] - NIKE is returning to retail fundamentals by improving consumer assortments, brand storytelling, and visual merchandising to enhance the shopping experience [4] Competitive Landscape - lululemon athletica inc. is experiencing growth through its Power of Three X2 strategy, focusing on product innovation and international expansion [6] - adidas AG is concentrating on brand appeal, product innovation, and operational efficiency to drive growth [7] Financial Performance - NIKE shares have decreased by 18.5% over the past six months, compared to a 17.3% decline in the industry [8] - The company trades at a forward price-to-earnings ratio of 29.03X, higher than the industry average of 26.09X [10] - The Zacks Consensus Estimate indicates a 27.3% decline in fiscal 2026 earnings, followed by a projected growth of 54.1% in fiscal 2027 [11]

2025年，美国政府从关税中收进了2640亿美元的真金白银，财政赤字罕见地下降了。 但同一年，美国的贸易逆差依然高达1.06万亿美元，甚至在11月单月暴 增94.6%，冲到568亿美元。 这就像一边疯狂往口袋里塞钱，另一边口袋却破了个大洞，漏得更快了。财政部长贝森特在2026年2月跑到巴西圣保罗，对着投 资者大谈"公平竞争"，转头却指责中国每年1万亿美元的贸易顺差"让全球经济无法承受"。 一个自己常年逆差超过万亿美元的国家，却要求顺差国"调整"， 这背后的逻辑到底是什么？ 要理解这个矛盾，得从美元本身说起。 美元不是普通的货币，它同时扮演着两个角色：美国人在国内买东西用的钱，以及全世界做生意、存家底用的"全球 货币"。 日本和阿根廷做牛肉生意，用的可能是美元，但这跟美国产的牛肉有没有竞争力一点关系都没有。 这种全球性的使用需求，就像一股巨大的力量， 把美元的币值不断推高。 币值高了，美国货在国际市场上就变贵了，自然更难卖出去；而美国人拿着"昂贵"的美元，却能买到全世界更便宜的商品和服 务。 结果就是，进口永远多于出口，贸易逆差成了这个体系的必然产物。 这个体系给美国带来了实实在在的好处，可以总结为三点：更便宜 ...

来源：Barrons巴伦 作者|坦纳·布朗 编辑|蔡鹏程 重金押注中国市场的欧洲奢侈品集团与美国美妆巨头，近年来市值蒸发了数千亿美元。 曾推动奢侈品十年增长、痴迷品牌标识的中国消费者正在消失。取而代之的，是新一代人——他们把精 明会买当作一种荣耀的徽章。 社交媒体上对"平替"的搜索量在2022年至2025年间增长了两倍。这股潮流反映的不只是勒紧裤腰带。对 中国Z世代而言，找到高品质、可替代西方高端品牌的选择，已经成了一种值得自豪的事，他们在小红 书等平台上分享和庆祝，其狂热程度不亚于过去专属于奢侈品开箱视频的热度。 对投资者而言，其影响十分严峻。根据咨询公司贝恩（Bain & Company）的数据，曾贡献全球约三分 之一销量的中国奢侈品市场，2024年萎缩了18%至20%。这场暴跌，让重金押注中国中产消费升级的欧 洲奢侈品集团与美国美妆巨头，市值蒸发了数千亿美元。 LVMH的股价较2023年高点已下跌约30%。拥有Gucci的开云集团（Kering）自2021年以来已暴跌约 60%。博柏利集团（Burberry Group）的品牌价值在2024年缩水20亿美元，降幅达42%，这家拥有近170 年历史的英国品 ...

Core Viewpoint - The rise of "Chinamaxxing" reflects a growing trend among Western youth to embrace Chinese culture and lifestyle, driven by disillusionment with their own societal conditions and a fascination with China's rapid development [1][2][10]. Group 1: Cultural Trends - "Chinamaxxing" has gained popularity on platforms like TikTok, where users share experiences and practices associated with Chinese culture, such as traditional health methods and lifestyle choices [1][5]. - The trend signifies a shift in perception, where previously dismissed Chinese cultural elements are now celebrated and adopted by Western audiences [5][12]. - Young people are increasingly purchasing Chinese-inspired products and engaging with Chinese media, indicating a broader cultural exchange [2][8]. Group 2: Societal Context - The emergence of "Chinamaxxing" coincides with a perceived decline in the American Dream, as many young Americans face stagnant economic prospects and societal challenges [10][11]. - Observers note that this trend may represent a search for new cultural identities and alternatives to Western norms, as young people look to China as a model of progress [12][14]. - The trend is seen as a response to geopolitical tensions, with some young people seeking to distance themselves from the negative narratives surrounding China [14][15]. Group 3: Media Response - Western media, including the BBC, have acknowledged the trend while expressing skepticism about its implications, often framing it within a narrative of cultural appropriation or misunderstanding [2][6][14]. - Despite the media's critical stance, the popularity of "Chinamaxxing" suggests a significant shift in cultural dynamics, with young people increasingly drawn to Chinese culture [5][12]. - The trend has sparked discussions about the evolving global landscape, where cultural influence is no longer solely dominated by Western ideals [14][15].

Core Viewpoint - The rise of "Chinamaxxing" reflects a growing trend among Western youth to embrace Chinese culture and practices, driven by disillusionment with their own societal conditions and a fascination with China's rapid development [1][2][3]. Group 1: Cultural Trends - "Chinamaxxing" has gained popularity on platforms like TikTok, where users share videos about adopting Chinese lifestyle habits, indicating a shift in cultural perception [1][10]. - The trend is characterized by a blend of traditional Chinese practices, such as health remedies and cultural attire, which were previously viewed as outdated but are now celebrated [2][3][6]. - Influencers like Sherry Zhu are pivotal in promoting this trend, encouraging followers to embrace Chinese culture and practices [3][6]. Group 2: Global Perception of China - The increasing interest in Chinese culture coincides with a decline in the perception of the "American Dream," as many young Americans feel stagnant while observing China's rapid urban and technological advancements [8][9]. - The trend signifies a potential shift in global cultural dynamics, where younger generations are looking beyond traditional Western influences for inspiration [12][13]. - Despite ongoing geopolitical tensions, the trend suggests a growing appreciation for Chinese culture among Western youth, indicating a possible cultural rapprochement [12][13]. Group 3: Economic and Social Implications - The popularity of Chinese brands and cultural products, such as Laobubu dolls and Chinese tea drinks, highlights the expanding influence of Chinese soft power globally [2][4]. - The trend may also reflect a broader acceptance of Chinese standards and infrastructure, as Western societies increasingly interact with Chinese innovations [2][4]. - The phenomenon of "Chinamaxxing" could lead to a re-evaluation of cultural and economic relationships between China and the West, as younger generations seek new cultural narratives [12][13].