[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 6 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之加拿大鹅 972918116公共联系人2026-02-06 23:08:14 [本报告联系人： Table_C ontacter] FY2026Q3：北美亚太齐头并进，直营渠道延续高增 [Tabl e_Author] 分析师： 糜韩杰 分析师： 钟泽宇 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260526020002 021-38003650 020-66336949 mihanjie@gf.com.cn zhongzeyu@gf.com.cn [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 纺织服饰行业:纺织服装与轻工行业数据月报 1.1-1.30 2026-02-02 纺织服饰行业:纺织服装与轻工行业数据周报 1.17-1.23 2026-01-25 纺织服饰行业全球观察之迅销:FY2026Q1 公司业绩再创新高，大中华区收入同增中单 2026-01-25 识别 ...

波司登(03998)发布公告，于2026年2月6日，该公司根据2017购股权计划(采纳于2017年8月25日)发行合 计105.4万股股份。于2026年2月6日，该公司根据2024购股权计划(采纳于2024年8月20日)发行109.5万股 股份。 ...

| 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2026年1月31日 | | 11,676,156,872 | | 0 | | 11,676,156,872 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 而發行新股或轉讓庫存股份 - 涉及新股 | | | 126,000 | 0.0011 % | | HKD ...

环球市场动态 内 地 宏 观 关 键 是 政 策 发 力 股 票 A 股周四下跌，大消费板块逆市上 涨；港股午后转涨，科技股回暖； 欧洲股市小幅收跌，市场观望情绪 浓厚；美股再度大幅下跌，AI 担忧 持续困扰市场。 外 汇 / 商 品 疲软就业数据和股市下跌，周四美 元指数上升，白银和黄金再现沽压； 伊朗确认将与美国谈判，国际油价 下跌。 固 定 收 益 隔夜股市, 贵金属, 虚拟货币等价 格下挫, 加上就业数据疲软, 美债 成为避险天堂, 创年内最大单日涨 幅。日本 30 年期国债拍卖需求回 暖。欧洲和英国央行均维持利率不 变。穆迪下调印度尼西亚的信用展 望至负面。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 2 月 6 日 ▪ 2026 年一季度内地宏观环境的关键主线是政策的发力。政策的力度和节奏均与 2025 年较为类似。在政策呵 护、低基数效应的双重作用下，2026 年一季度经济有望迎来从低波动向高波动的转变。政策的发力方向将是 2026 年政策与 2025 年的一大差异，预计 2026 年专项债直接作用于经济基本面的比 ...

研究报告 Research Report 6 Feb 2026 中国 & 中国 & 香港服装、鞋类及配饰设计 China (A-share) & China (Overseas) & Hong Kong Apparel, Footwear & Acc Design 中国服饰鞋类企业如何在东南亚实现海外品牌和渠道落地 Southeast Asian Apparel Industry Research: How do Chinese Apparel and Footwear Brands Realize Brand and Channel Landing in Oversea Market [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 | 股票名称 | 评级 | | --- | --- | --- | --- | | 安踏体育 | Outperform 开润股份 | | Outperform | | 安踏体育 | Outperform 健盛集团 | | Outperform | | 申洲国际 | Outperform 歌力思 | | Outperform | | ...

Group 1 - The top three brands in the comprehensive heat index are Bosideng, Adidas, and Skechers, with scores of 1.89, 1.82, and 1.53 respectively [2] - The women's footwear and fashion bag sectors are shifting from a "function-oriented" approach to one driven by "cultural recognition and experiential engagement," indicating a competitive landscape focused on design, cultural significance, and emotional connection with consumers [2] - Daphne Group's international strategy is highlighted by its collaboration with Chinese designer brand DIDU at Paris Fashion Week, showcasing a collection that emphasizes cultural identity and design uniqueness [2][3] Group 2 - The popularity of the "high cost-performance + high recognition" products among Generation Z is evident, with the launch of a new series of products in September becoming a seasonal phenomenon [3] - Bosideng's strong performance, with a heat index of 1.89 and a 12-position increase, is attributed to its "light warm technology series" and collaborations with renowned designers, successfully appealing to urban young professionals and outdoor enthusiasts [3][4] - The competitive landscape for down jackets is characterized by a dual focus on "professional brand fashionization" and "the return of domestic brand value," with brands like Yaya and Taiping Bird launching products that meet seasonal demands and resonate with contemporary consumer narratives [4]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong consumer stocks, with notable increases in share prices for companies such as Mengniu Dairy and Sun Art Retail, both rising over 2% [1] - Other companies in the consumer sector, including Haidilao, Zhou Hei Ya, and Bosideng, also experienced share price increases, indicating a positive trend in the market [1]

Core Viewpoint - The article highlights investment opportunities in the textile, apparel, and jewelry industries for 2026, focusing on outdoor apparel companies that combine functionality and fashion, distinctive gold jewelry brands amid high gold prices, and leading manufacturers with global layouts and improving customer cycles [1]. Group 1: Outdoor Apparel - The outdoor sports apparel sector is expected to outperform the industry, with brands that effectively blend functionality and fashion showing better growth trends. The market for functional products that cater to diverse consumer scenarios is anticipated to expand further in 2026 [4][7]. - The demand for functional footwear and apparel remains strong, driven by an increasing number of consumers participating in sports and outdoor activities. By 2024, the number of people regularly engaging in sports in China is projected to reach 38.5% [8][10]. - The outdoor apparel market is expected to grow at a CAGR of 10% from 2015 to 2025, outpacing the overall apparel market growth of 3% [8]. Group 2: Jewelry Sector - With gold prices remaining high, brands with distinctive products are expected to perform well. Gold prices have risen significantly, with a cumulative increase of 63% in 2025 and an additional 25% in early 2026, reaching historical highs [27]. - The jewelry sector is projected to benefit from increased consumer interest and spending, as the perception of gold jewelry as a store of value strengthens. The retail sales of gold and silver jewelry in 2025 increased by 12.8%, significantly outperforming the overall retail market growth of 3.7% [29][31]. - The article notes that brands with unique product offerings are likely to continue their strong performance, supported by improved supply levels and consumer aesthetic recognition [31]. Group 3: Global Manufacturers - Manufacturers with a global presence and a diverse customer base are expected to benefit from stable order sources, particularly as overseas brands in leisure and outdoor apparel continue to grow [33][42]. - The article indicates that the inventory levels in the U.S. apparel sector are low, which is expected to stabilize demand for apparel orders in 2026. The inventory turnover efficiency of major brands is improving, suggesting a positive outlook for manufacturers [38][40]. - The operational outlook for outdoor and leisure apparel brands is more favorable compared to traditional sports brands, with higher revenue growth and more optimistic guidance [42][43].

关键词| DT新叶奖 生物基领域"奥斯卡"——「 2026(第4届)DT新叶奖 」火热申报中，将于第11届生物基大会 正式揭晓获奖名单，并举行颁奖典礼。 首轮报名截止： 2月10日，享独家宣传 。 参选单位&独家宣传 ： 万华化学 光华伟业 双枪科技 裕同包装 华润双鹤 利夫生物 中科国生 聚维元创 糖能科技 京博中聚 骐业科技 瑞恒茂 河南浩森生物 军安绿色新材 华呋新材 麒祥 材料 泰安羽时 元一生物 华澄生物 播下环保 凤登绿能 和塑美 拜科瑞生物 壹科麦 碧嘉材料 科幂仪器 无锡华辰 托摩根生物 谱键科技 碧普仪器 道生生物 德渊化工 漂莱特 碳和新材 微 谱检测 武汉瑞鸣 树合科技 唯铂莱生物 ... ... 生物基创新应用场景有哪些？什么样的生物基应用解决方案值得被关注？ 为进一步挖掘生物基领域的创新应 用产品，「 # 2026DT新叶奖 」已邀 请了 20余 位 来 自 运动鞋服、汽车及零部件、包装、家具家电 等领域 的专 家和高管 加入评委团 。 从品牌用户的角度，生物基材料产品在以上领域应用 需兼顾材料性能带来的更高附加值、应用适配度和替代可行性，产品的合成路径清洁低耗，并能进 一步为终端产 ...

参选单位&独家宣传 ： 万华化学 光华伟业 双枪科技 裕同包装 华润双鹤 利夫生物 中科国生 聚维元创 糖能科技 京博中聚 骐业科技 瑞恒茂 河南浩森生物 军安绿色新材 华呋新材 麒祥 材料 泰安羽时 元一生物 华澄生物 播下环保 凤登绿能 和塑美 拜科瑞生物 壹科麦 碧嘉材料 科幂仪器 无锡华辰 托摩根生物 谱键科技 碧普仪器 道生生物 德渊化工 漂莱特 碳和新材 微 谱检测 武汉瑞鸣 树合科技 唯铂莱生物 ... ... 关键词| DT新叶奖 生物基领域"奥斯卡"——「 2026(第4届)DT新叶奖 」火热申报中，将于第11届生物基大会 正式揭晓获奖名单，并举行颁奖典礼。 首轮报名截止： 2月10日，享独家宣传 。 生物基创新应用场景有哪些？什么样的生物基应用解决方案值得被关注？ 为进一步挖掘生物基领域的创新应 用产品，「 # 2026DT新叶奖 」已邀 请了 20余 位 来 自 运动鞋服、汽车及零部件、包装、家具家电 等领域 的专 家和高管 加入评委团 。 从品牌用户的角度，生物基材料产品在以上领域应用 需兼顾材料性能带来的更高附加值、应用适配度和替代可行性，产品的合成路径清洁低耗，并能进 一步为终端产 ...