研究报告 Research Report 3 Mar 2026 全球服装、鞋类及配饰设计 Global Apparel, Footwear & Acc Design 全球运动鞋服份额获取或已达瓶颈，服饰大融合时代到来 Global Athletic Footwear & Apparel Share Gains May Be Plateauing, The Era of "Apparel Convergence" Is Arriving Related Reports 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续 拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach (25 Feb 2026) 2026 大消费渠道专家会：puma 中国业绩稳健向上，26 年 ADIDAS 订货增 速最优 2026 Big Consumption Channel Expert ...

China Sportswear: Expert call takeaways: modestly improving outlook post an encouraging CNY On Feb.27, 2026, we invited a sportswear distributor company to share some of the latest updates on the industry, with the tone turning incrementally positive vs. our communication last Dec. The expert called out: 1) Recent sales trend: Feb witnessed encouraging demand with CNY period growing 8-10% yoy, post a muted Jan (down 30-40% yoy on CNY shift and warm weather). 2M26 sales grew by +MSD-DD% yoy across major bran ...

太阳纸业发布业绩快报，展现经营韧性 ——轻工制造及纺服服饰行业周报 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn Email：wush@zts.com.cn | 上市公司数 | 168 | | --- | --- | | 行业总市值(亿元) | 12,099.60 | | 行业流通市值(亿元) | 10,161.23 | 1、《拉夫劳伦量价齐升超预期，米 兰冬奥提升运动景气度》2026-02-09 2、《安踏收购 PUMA 股权，持续推 荐泡泡玛特》2026-02-01 3、《泡泡玛特本周两次回购股份、 新 品 热 度 攀 升 ， 持 续 推 荐 》 执业证书编号：S0740523090002 轻工制造 证券研究报告/行业定期报告 2026 年 03 月 02 日 | 增持（维持） 评级： | 重点公司基本状况 | | | | | | | | | | | | | | --- | ...

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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安踏體育用品有限公司 呈交日期: 2026年3月2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) | 02020 | | 說明 | 不適用 | | | | | | | | 多櫃檯證券代號 | 82020 | RMB | 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 | | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | 0 | | | | HKD | | 0 | | 本 ...

Macro Insights - The upcoming National People's Congress is expected to set the GDP growth target for 2026 at "4.5%-5%" and maintain a CPI target around 2%[6] - Key indicators to watch include whether the PMI can return to expansion territory and if the first quarter credit can achieve a "good start"[6] Market Performance - The overall market performance in January showed a 13.1% increase, while March saw a 31.4% rise, with a year-on-year increase of 82.3%[3] - The coal sector maintained a steady performance with a 11.3% increase in both January and March, and a 25.4% increase year-on-year[3] Investment Recommendations - Focus on sectors benefiting from price increases, such as chemicals, steel, and energy, as well as companies involved in AI and technology[9] - Recommended stocks include Yanzhou Coal Mining, Nanshan Aluminum, and Yanjing Beer, among others[9] Economic Indicators - The central bank's liquidity measures have led to a slight decline in deposit rates, maintaining a stable and loose monetary environment[14] - The carbon market saw a total transaction volume of 8.8 billion tons, with a cumulative transaction value of 587.2 billion yuan[23] Sector-Specific Trends - The environmental sector is expected to benefit from new policies in Zhejiang and Guangxi, promoting solid waste treatment and recycling[22] - The tourism market is projected to perform well throughout 2026, driven by ongoing policy support and consumer demand[26] Risks - Potential risks include unexpected changes in external environments, policy effectiveness, and geopolitical tensions[6] - The coal market faces risks from domestic production exceeding expectations and downstream demand not meeting projections[34]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese consumer industry**, particularly the global expansion strategies of Chinese consumer companies in response to slowing domestic growth and competitive strengths [1][6] - The expansion strategy is evolving from cost and supply chain advantages to a focus on **innovation and brand power** [1][6] Current Globalization Stage - Chinese consumer companies are at different stages of globalization, with sectors like **home appliances, auto, and consumer electronics** being pioneers, while others like **restaurants, jewelry, and cosmetics** are still in early stages [8][9] - The report identifies **seven successful stocks** in the coverage: Midea, Pop Mart, Roborock, Miniso, and potential success stories like Anta and Eastroc [6][8] Path to Success - A **five-dimensional framework** is introduced to evaluate success in global markets: 1. Product strength 2. Competition landscape 3. Channel build-up complexity 4. Branding 5. Policy and regulation risks [6][10] Triggers and Accelerators - **Triggers** for overseas expansion include a mix of 'push' and 'pull' factors, while **accelerators** consist of cross-border e-commerce, social media, outbound direct investment (ODI), and mergers & acquisitions (M&A) [6][10] Margin Trajectory - Margin dilution is common during the early stages of overseas expansion, but long-term margin accretion is achievable with strong pricing power, favorable cost structures, and scale enlargement [6][10] Key Risks - Risks involved in going global are categorized into **external** (geopolitical, legal compliance, competition, cultural) and **internal** (organization/talent, partner relationships, cost management, supply chain/operation) [6][10] Market Positioning - Chinese consumer companies show different positions in developed vs. emerging markets, with a shift towards a **Brand-Premium quadrant** as brands develop core competitiveness [10][17] - Significant international revenues are concentrated in OEM-heavy categories, with **83%** of apparel/footwear OEMs and **56%** of pet care brands expected to derive revenues from overseas by FY25E [17][19] Historical Context - The overseas footprint of Chinese consumer companies has evolved through four phases since the 1980s, with the current focus on localization, brand building, and risk management [9][10] Comparative Analysis - Compared to Japanese consumer companies, Chinese brands have a more concentrated overseas revenue exposure, particularly in OEM-driven categories, while Japanese brands show more diversified success across various sectors [17][21] Future Expectations - The report anticipates a shift in positioning dynamics towards premium branding as Chinese companies enhance their competitiveness through the outlined five dimensions [10][21] Conclusion - The report emphasizes the importance of understanding the evolving landscape of the Chinese consumer industry as companies navigate their global expansion strategies, highlighting both opportunities and risks involved in this transition [1][6][10]

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 纺织服饰 周专题：Amer Sports 2025Q4 业绩表现超预期，经调整后归母 净利润增长 94% 【本周专题】 Amer Sports 2025Q4 业绩表现超预期，经调整后归母净利润增长 94%。Amer Sports 2025Q4 公司营收同比增长 28%至 21.0 亿美元（全 年增长 27%至 65.7 亿美元），分地区看 2025Q4 美洲/大中华区/EMEA/亚 太营收同比+18%/+42%/+21%/+53%至 6.9/5.4/6.0/2.7 亿美元（全年 同比分别+14%/+43%/+19%/+51%），2025Q4 归母净利润同比增长 752%至 1.32 亿美元，经调整后归母净利润同比增长 94%至 1.76 亿美元， 2025 全年归母净利润同比增长 489%至 4.27 亿美元，经调整后归母净利 润同比增长 131%至 5.45 亿美元。 ➢ 展望 2026 年：公司预计报表营收增长 16%~18%，其中 Technical Apparel 分部营收增长 18%~20%，Outdoor Pe ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 纺织服饰 周专题：Amer Sports 2025Q4 业绩表现超预期，经调整后归母 净利润增长 94% 【本周专题】 Amer Sports 2025Q4 业绩表现超预期，经调整后归母净利润增长 94%。Amer Sports 2025Q4 公司营收同比增长 28%至 21.0 亿美元（全 年增长 27%至 65.7 亿美元），分地区看 2025Q4 美洲/大中华区/EMEA/亚 太营收同比+18%/+42%/+21%/+53%至 6.9/5.4/6.0/2.7 亿美元（全年 同比分别+14%/+43%/+19%/+51%），2025Q4 归母净利润同比增长 752%至 1.32 亿美元，经调整后归母净利润同比增长 94%至 1.76 亿美元， 2025 全年归母净利润同比增长 489%至 4.27 亿美元，经调整后归母净利 润同比增长 131%至 5.45 亿美元。 ➢ 展望 2026 年：公司预计报表营收增长 16%~18%，其中 Technical Apparel 分部营收增长 18%~20%，Outdoor Pe ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 1 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之亚玛芬 FY2025Q4：精彩收官，营收高增，所有业务板块、地区和渠道均实现两位数增长 | 分析师： [Tabl | 糜韩杰 | | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | | SFC CE.no: BPH764 | | | 021-38003650 | | | mihanjie@gf.com.cn | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] | 纺织服装行业全球观察之 VF:FY2026Q3：北美地区销售回暖，亚太和 EMEA 地区销售承压 | 2026-02-27 | | --- | --- | | 纺织服装行业全球观察之 Moncler SpA:FY2025：直营渠道延续增长，亚洲市场表现亮眼 | 2026-02-26 | | 纺织服装行业全球观察之亚瑟士:FY2025：业绩持续高增长，FY2026 展望乐观 | 2026-02-25 | 识别风险 ...

行 30986 轻工制造 2026 年 03 月 01 日 业 研 究 关轻注 工制造 纸企发布 3 月涨价函，上海购房政策优化 投资要点： 行 业 定 期 报 告 【周观点】①文化纸企发布 3 月涨价函、涨幅 200 元/吨，玖龙多基地宣布 箱板瓦楞纸提价 50 元/吨，浆价回升叠加招标旺季背景下，预计木浆系纸 价有支撑，看好纸企 Q1 盈利环比改善，持续推荐太阳纸业，关注玖龙纸 业、博汇纸业。②上海进一步优化购房政策，带动家居估值修复，关注后 续楼市小阳春销售情况。③家得宝、劳氏 26 年展望同店持平至+2%低于市 场预期，反映对当前美国疲软的住房市场和高利率环境的谨慎态度。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 相关 ...