呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.00001 USD | | | 200,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.00001 USD | | | 200,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 波司登國際控股有限公司 本月底 ...

引言：何为一件高品质羽绒服的真实衡量标准？青海消协权威检测，扒开中国高端制造的"里子" 冬天来临，羽绒服成为人们御寒的刚需装备。但面对市场上令人眼花缭乱的国内外品牌与悬殊的价差， 消费者在选购时难免感到困惑。抛开外在的品牌"标签"，一件羽绒服的价值，究竟由何定义？ 近期，青海省消费者协会(青海省市场监督管理局指导)发布了一份沉甸甸的《羽绒服装比较试验报 告》，将产品的"内里"置于聚光灯下，以科学、公正、全面的检测数据，对羽绒服行业进行了一场 "解 剖式"的审视，其客观数据，也为消费者提供了极具价值的选购参考。 其中，中国品牌波司登极地极寒羽绒服以其卓越的综合表现，在多项关键指标中脱颖而出，以唯一五星 (★★★★★)综合评级的卓越表现，在与包括盟可睐(MONCLER)、加拿大鹅(Canada Goose)、始祖鸟 (Arc'teryx)、北面(THE NORTH FACE) 等国际知名品牌的对比中，不仅力压一众"身价不菲"的国际顶尖 品牌，更以硬核产品力，让世界看到中国高端制造的"里子"！ 图片来源：青海省消费者协会官方网站 一、权威鉴证，一场关于羽绒服的品质大考 本次比较试验并非普通的商业评测，其背后是青海省 ...

Group 1: Domestic News - Premier Li Qiang emphasized the importance of combining short-term and long-term strategies to effectively promote development and improve people's livelihoods during his research in Shandong [2] - The Central Committee and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", which aims to enhance the capital's functions and promote high-quality regional development [2] Group 2: International News - The ISM Manufacturing PMI for January in the U.S. rose significantly from 47.9 to 52.6, surpassing expectations of 48.5, indicating robust growth in new orders and production [5] - A trade agreement between the U.S. and India was reached, reducing U.S. tariffs on Indian goods from 25% to 18%, with India agreeing to lower its tariffs on U.S. products [6] Group 3: Commodity Market - International crude oil prices fell, with WTI crude down 4.71% to $62.14 per barrel and Brent crude down 4.36% to $66.30 per barrel [7] Group 4: Financial Market - The central bank conducted a 7-day reverse repurchase operation of 750 billion yuan at an interest rate of 1.40%, resulting in a net withdrawal of 755 billion yuan due to 1,505 billion yuan of reverse repos maturing [8] - The money market remained stable, with the DR001 rate rising by 3.65 basis points to 1.364% and the DR007 rate falling by 10.2 basis points to 1.491% [9] Group 5: Bond Market - The bond market experienced fluctuations, with the 10-year government bond yield rising by 0.50 basis points to 1.8150% [9] - In the credit bond market, significant price deviations were noted, with "H0 Zhongjun 02" dropping over 72% and "H1 Bidi 03" dropping over 56% [11] Group 6: Convertible Bonds - The convertible bond market saw a collective decline, with major indices falling by 2.39% to 2.31%, and a total trading volume of 850.83 billion yuan, down 81.89 billion yuan from the previous trading day [14]

Core Insights - The Chinese apparel industry is undergoing significant transformations as companies adapt their strategies to navigate uncertainties and seek growth opportunities in a competitive landscape [1][6]. Group 1: Company Performance and Strategies - Anta's target price has been raised to HKD 117.9, with expected revenue growth of 2%-4% from 2025 to 2027, driven by brand strength and effective cost control [1][3]. - Bosideng reported a revenue increase of 8.3% to CNY 65.7 billion in its down jacket business, which constitutes 73.6% of total revenue, while maintaining a high gross margin of 50% [4]. - Longzi's net profit is projected to surge by 245%-303% to CNY 9 billion to 10.5 billion, largely due to investment gains from asset disposals, highlighting its strategic shift towards women's wear, medical aesthetics, and children's apparel [6][7]. - Geli's forecasted net profit of CNY 1.6 billion to 2.1 billion indicates a successful turnaround, aided by decisive actions to close underperforming stores and optimize resource allocation [7]. Group 2: Industry Trends and Collaborations - The strategic alliance between Fast Retailing (Uniqlo's parent company), Chenfeng Group, and Lutai Textile marks a shift towards collaborative ecosystems in the textile industry, aiming to create a comprehensive production base in Cambodia [9][11]. - This partnership represents a new competitive paradigm, focusing on shared capabilities and risk management, which may redefine the operational landscape of the Chinese textile and apparel sector [11]. - The collaboration emphasizes a dual-engine development approach, retaining high-end processes domestically while relocating labor-intensive production overseas, aligning with national initiatives and responding to global trade dynamics [11].

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Sector**: Increased policy emphasis on consumption, with the "14th Five-Year Plan" and Central Economic Work Conference highlighting its importance. The later Lunar New Year in 2026 is expected to benefit consumer goods sales, particularly in travel-related and spiritual consumption sectors. Companies like Wei Long, Dongpeng, and Baiya are noted for their growth potential [1][3][4]. - **Agriculture Sector**: Expected to perform well in 2026, with most agricultural products in a bottoming phase. Key areas to watch include cattle breeding, pig farming, and edible mushrooms post-Lunar New Year [2][15][16]. Key Companies and Sub-sectors - **Consumer Goods**: - **Wei Long and Dongpeng**: Anticipated growth rates over 20%, currently priced relatively low [4]. - **Baiya**: Strong offline performance, with profits expected to reach 420 million yuan, entering a value phase [6]. - **Traditional Home Furnishing**: - Companies like Gujia Home are recommended as the sector has reached a cyclical bottom, with low valuations and strong recovery potential [7][9]. - **Raw Materials**: - Companies like Xinghao and Bailong Oriental are performing well due to rising raw material prices, with significant growth in order and delivery data [10]. - **Domestic Demand**: - Leading companies such as Bosideng, Luolai Life, and Jiangnan Buyi are expected to outperform the industry average growth in 2026, presenting good investment value [12]. Emerging Markets and New Products - **AI Glasses Market**: Expected growth in 2026-2027, with Ray-Ban Meta glasses projected to exceed 10 million units in shipments by 2026. Companies like Kanglaite Optical and Yutong Technology are recommended for tracking [5]. Investment Opportunities - **Consumer Sector**: - Current best time to invest in the consumer sector as many companies are still in a bear market. The emphasis on consumption by the government is expected to enhance the sector's value [3]. - **Traditional Home Furnishing**: - The sector is at a low valuation and is expected to recover, making it a good opportunity for investment [7][9]. - **Agriculture**: - Post-Lunar New Year, the agriculture sector is expected to enter a recovery phase, with specific focus on cattle, pig farming, and edible mushrooms [16][17]. - **Food and Beverage**: - Companies like Guizhou Moutai and Luzhou Laojiao are highlighted for their potential growth, with the overall sector expected to see a 20-30% increase due to low valuations and potential catalysts [27][28]. Additional Insights - **Consumer Behavior**: The later Lunar New Year is expected to extend the sales season, benefiting various consumer goods [3]. - **Market Dynamics**: The agriculture sector is expected to show a recovery after a period of weakness, with potential for significant returns in the coming quarters [15][16]. - **Investment Strategy**: Focus on companies with strong fundamentals and growth potential, particularly in sectors that are currently undervalued or have strong recovery prospects [12][27].

Group 1 - Jiangsu's "14th Five-Year Plan" has successfully concluded, and the province is now entering the "15th Five-Year Plan" with a focus on high-quality development and economic growth [1][2] - The province's GDP has crossed four trillion yuan thresholds over the past five years, showcasing significant economic progress [1] - The textile and apparel industry in Jiangsu remains a traditional strength, maintaining a trillion-level scale, with a focus on high-end, intelligent, and green development [5] Group 2 - The integration of technology and industry innovation is emphasized, with successful development of over 20 proprietary industrial software products in sectors like aerospace and new energy vehicles [2] - The "fishing and solar" integration model has reached 86.33% in photovoltaic projects, although challenges such as disconnection between research and application remain [6] - The water quality in Taihu Lake has improved, maintaining a Class III standard for the second consecutive year, indicating progress in ecological safety and public welfare [3] Group 3 - The upcoming "15th Five-Year Plan" will outline Jiangsu's development blueprint for the next five years, focusing on strategic innovation and collaboration across education, technology, and industry [4] - The semiconductor laser chip sector aims to enhance its global competitiveness, with plans to leverage domestic and international innovation resources [6] - The logistics industry is experiencing advancements through new technologies, although challenges such as inconsistent standards for unmanned delivery remain [7]

关键词| 生物基大会 |运动鞋服论坛 Bio-based 202 6 #第11届生物基大会暨展览 将于5月20-22日 在中国·上海举办 # 第11届生物基大会暨展览 （Bio-based 2026）以" 9大上下游主题论坛 + 9大同期活动 + 1000 个新品展示 + 1 场创新评选颁奖 "为核心载体，邀请 行业领袖与终端品牌分享 产业趋势、前沿科技创新、生物基材料与应用、下游需求与趋势、项目路演、成果展示等 关键话题，以助推产业绿色低碳 转型。 作为Bio-based 2026的重磅应用论坛 - 第五届运动鞋服用生物基材料论坛 将由 生物基纤维材料全国重点实验室 、 浙江省全省生物基高分子材料 重点实验室、 DT新材料 联合主办 。 越来越多的消费者开始重视运动鞋服和穿戴等生产制造过程中的环境影响，追求可持续、环保的时尚选择。变革正在发生：一些低碳创新材料的诞 生，如生物基弹性体、 纤维素纤维、生物基涤纶、氨纶、锦纶、皮革等商业化生物基材料，正在凸显亮点和价值，逐步取代石油基高分子材料，成 为各大时尚品牌的宠儿。 论坛将邀请 头部生物基纤维和纺织解决方案企业 、 产业化专家和团队 、 全球纱线和纺织龙头 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Li Ning, Midea Group, JD Group, Haier Smart Home, Gree Electric Appliances, Anta Sports, and many others [1]. Core Insights - The discretionary consumption sector has experienced a significant pullback due to the hawkish stance of the Federal Reserve, leading to a decline in global asset prices [4][13]. - The report highlights that the domestic sportswear sector outperformed other segments, while luxury goods and cosmetics faced notable declines [4][13]. - The report provides a detailed analysis of the performance of various sub-sectors, indicating that gold and jewelry, overseas cosmetics, and snacks have shown resilience compared to the MSCI China index [4][11]. Summary by Relevant Sections Weekly Performance Review - The domestic sportswear sector increased by 0.6%, while other sectors such as credit cards, U.S. hotels, and retail saw declines ranging from -0.4% to -5.8% [4][13]. - The report notes that the gold and jewelry sector has outperformed the MSCI China index, with a monthly increase of 14.8% [4][13]. Sector Analysis - The domestic sportswear sector's growth is attributed to increased demand for warm clothing due to colder weather and positive media coverage of brands like Bosideng [15]. - The credit card sector saw mixed results, with Mastercard rising by 2.7% while Visa and American Express declined [15]. - The retail sector's performance was driven by specific companies like China Resources Mixc Lifestyle, which saw a 10.8% increase due to favorable policies [15]. Valuation Analysis - The report indicates that the expected PE ratios for various sectors in 2025 are below their historical averages, suggesting potential investment opportunities [11][18]. - For instance, the expected PE for the domestic sportswear sector is 13.4 times, which is 70% of its past five-year average [18]. Conclusion - Overall, the report emphasizes the impact of macroeconomic factors on the discretionary consumption sector and identifies specific companies and sub-sectors that may present investment opportunities amidst the current market volatility [4][11][18].

纺织服员饰 2026 年 02 月 01 日 安踏收购 PUMA 加码全球化，女装板块迎业绩修复 -纺织服装行业周报 20260201 相关研究 《安踏体育 (02020) 点评：收购 PUMA 29%的股权，推进多品牌全球化战略》 2026/01/28 《本周发布 25 年报前瞻,澳毛周期、无纺 布制造可期——纺织服装行业周报 20260125》 2026/01/25 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 版分分析 看好 请务必仔细阅读正文之后的各项信息披露与声明 本周纺织服饰板块表现强于市场。1 月 26 日 ~ 1 月 30 日, SW 纺织服饰指数下跌 0.7%，跑 ...

近期以来，围绕"羽绒服集体涨价"的讨论在社交媒体持续升温，"越来越贵"成为大众普遍感知。 久谦中台数据显示，2025年第四季度，主流电商平台的羽绒服销售额突破了450亿元，同比增速达到了14.0%，但销量的增幅却仅有5.8%，这意味着，整 个大盘的增长动力有超过六成来自于单价的提升。 | | | 2025年Q4分以版app体育吉衣观 IOP 10 | | | --- | --- | --- | --- | | 品牌 | 25Q4销售额占比 (%) | 销售额同比 (%) | 均价(元) | | 波司登 | 13.05 | 33.0 | 967 | | 肥喷 | 12.64 | 6.1 | 286 | | 雪中飞 | 5.15 | 42.0 | 314 | | 坦博尔 | 3.48 | 39.0 | 628 | | 雅鹿 | 3.47 | 19.0 | 247 | | 高梵 | 2.97 | -8.3 | 1669 | | 艾莱依 | 2.09 | 4.3 | 794 | | 骆驼 | 1.86 | 51.0 | 540 | | 江南布衣 | 1.45 | 31.0 | 1328 | | 美力城 | 1.29 ...