智通财经APP获悉，海通国际发布研报称，2026年春节期间华南百货客流下滑，消费分化明显。潮玩赛 道高景气，泡泡玛特(09992)预计全年增长超25%，毛戈平(01318)凭借核心产品维持高双位数增长。箱 包品牌新秀丽(01910)受益出行需求，1-2月同比回升约15%。餐饮服饰表现平淡，黄金珠宝靠金价支撑 销售额。 海通国际主要观点如下： 事件 2026年2月23日，海通国际举办专家系列会，邀请华南百货专家分享其对春节消费趋势及重点品牌表现 的观察。 根据该行近期对某华南百货渠道的调研反馈，该百货渠道2026年春节期间零售市场整体表现平淡，客流 下滑及客单价下降为主要拖累因素 根据专家对多个核心项目的监测，2026年春节假期前六天中有五天商场客流同比录得下跌，仅一天实现 同比增长，整体经营表现低于公司内部预期。尽管车流数据因部分商圈周边停车费用相对较低而普遍上 升，但部分驾车客流可能仅停留于周边项目，并未完全转化为场内实际消费，专家分析指出华南地区消 费者出游人数增多是导致商圈客流同比下降的主要原因之一。 潮玩赛道持续高景气，头部品牌凭借IP运营能力及会员粘性保持强劲增长 根据专家数据，泡泡玛特整体增长强劲 ...

海通国际发布研报称，2026年春节期间华南百货客流下滑，消费分化明显。潮玩赛道高景气，泡泡玛特 (09992)预计全年增长超25%，毛戈平(01318)凭借核心产品维持高双位数增长。箱包品牌新秀丽(01910) 受益出行需求，1-2月同比回升约15%。餐饮服饰表现平淡，黄金珠宝靠金价支撑销售额。 海通国际主要观点如下： 事件 根据该行近期对某华南百货渠道的调研反馈，该百货渠道2026年春节期间零售市场整体表现平淡，客流 下滑及客单价下降为主要拖累因素 根据专家对多个核心项目的监测，2026年春节假期前六天中有五天商场客流同比录得下跌，仅一天实现 同比增长，整体经营表现低于公司内部预期。尽管车流数据因部分商圈周边停车费用相对较低而普遍上 升，但部分驾车客流可能仅停留于周边项目，并未完全转化为场内实际消费，专家分析指出华南地区消 费者出游人数增多是导致商圈客流同比下降的主要原因之一。 潮玩赛道持续高景气，头部品牌凭借IP运营能力及会员粘性保持强劲增长 根据专家数据，泡泡玛特整体增长强劲，1Q25因Labubu IP爆火同比增长40%左右，同比增速仍保持稳 定，基于其强大的IP运营能力(专家预期26年仍会有一款大热 ...

[Table_Title] 研究报告 Research Report 大消费渠道脉搏：泡泡玛特和毛戈平 26 年同店持续强劲增长，新秀丽 26 年初回升明显 Consumer Channel Pulse: POP MART & Mao Geping Sustain Robust SSS Growth in 2026E, Samsonite Shows Marked Rebound in Early 2026 24 Feb 2026 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2026 年 2 月 23 日，海通国际举办专家系列会，邀请华南百货专家分享其对春节消费趋势及重点品牌表现的 观察。 根据我们近期对某华南百货 ...

自上世纪70年代起，FILA便深耕冰雪运动领域，与多位冬季运动先锋人物展开深度合作，将冰雪运动 基因深植品牌文化。1981年，FILA正式推出专为顶级赛事打造的SNOWTIME冰雪运动产品系列，将意 式时尚美学与冰雪运动的功能需求相结合，开启了品牌系统化研发专业滑雪装备的进程。 多年以来，FILA持续与顶级运动员及国家队保持合作，FILA冰雪装备在世界级赛场上不断完成实战检 验，而中国自由式滑雪空中技巧队创造历史的成就，正是这一长期投入的最佳注脚。 本报讯 （记者梁傲男）近日，继徐梦桃在自由式滑雪空中技巧女子个人项目摘得金牌，成为蝉联该项 目米兰冬奥会冠军的历史第一人；王心迪在男子个人项目以完美一跳，圆梦夺魁后，中国队在混合团体 项目中再添一枚宝贵奖牌。在2026年米兰冬奥会上，中国自由式滑雪空中技巧国家队不仅凭借优异表现 一举包揽该项目的5枚奖牌，还达成了全队心愿，成为赛会历史上首支蝉联该项目金牌的国家队。 本届冰雪盛会，中国自由式滑雪空中技巧健儿身披搭载全新FILA4810凌峰科技的比赛服，让专业科技 在顶尖竞赛环境中得到充分检验。作为该中国队的长期合作伙伴，FILA始终以最前沿的技术支持运动 员突破自我 ...

命运仿佛总爱和中国自由式滑雪空中技巧队开个玩笑，四年前北京冬奥会，徐梦桃和齐广璞包揽单人项 目冠军，但最早进行的混团决赛中国队屈居亚军；四年后的米兰，在徐梦桃和王心迪先后登顶个人项目 最高领奖台后，最后进行的混团决赛中国队只收获铜牌。 连续两届冬奥会，空中技巧队都未能包揽三块金牌，但个人项目的蝉联，已经足以让空中技巧队成为雪 上项目的梦之队。套用一句俗语：你永远可以信任空中技巧队！ 打造老中青结合团队，形成集团优势 从成绩来看，女子单人项目三人闯进大决赛，最终徐梦桃卫冕冠军，邵琪拿到铜牌，孔凡钰名列第四， 陈梅婷闯入决赛轮名列第九；男子单人项目更是四人全部杀入大决赛，王心迪实现了个人冬奥会金牌的 突破，李天马拿到铜牌，孙佳旭收获第四名，而老将齐广璞因伤未能完成高难度动作，最终遗憾以第六 名成绩结束了自己冬奥会生涯（或许也是整个职业生涯）。 而在混合团体比赛中，中国队未能包揽全部金牌，最终收获一块铜牌，至此，中国自由式滑雪空中技巧 队在本届赛事中共收获2金3铜。这份成绩单传递出清晰信号，中国队已经在这个项目中形成了集团优 势。 从年龄来看，男女队四名运动员基本都是老中青相结合，同样出生于1990年的徐梦桃和齐广 ...

Core Insights - FILA hosted the "Ice and Snow Style: Champion Glory" outdoor footwear color launch and Chinese New Year experience event in Milan, celebrating the brand's return to its roots and honoring its snow sports heritage [1][2] Group 1: Event Overview - The event featured the launch of two special outdoor footwear colorways designed for the ice and snow event, celebrating FILA's 70-year legacy in Italy [1] - The event included cultural interactions to celebrate the Chinese New Year with media and guests [1][2] Group 2: Product Details - The two footwear models, FILA Snow Wolf 3 and FILA FUSION COMO, are themed "Create for Champions," reflecting the spirit of challenging personal limits [3] - FILA Snow Wolf 3 is inspired by the Dolomites and features a lightweight structure for durability and comfort, designed for extreme mountain conditions [3][4] - FILA FUSION COMO draws inspiration from Lake Como's tranquility, focusing on a balance between urban fashion and outdoor functionality [4][5] Group 3: Technological Integration - FILA supports 12 national teams from six countries at the ice and snow event, providing equipment for various winter sports [5] - The new "FILA 4810 Lingfeng Technology" is utilized by the Chinese freestyle skiing team, aiming for continued success [5][6] - The special footwear models will be available to the general public, merging professional performance with fashion for winter sports enthusiasts [6]

当地时间2月6日至2月22日，第二十五届冬季奥林匹克运动会(以下简称"冬奥会")在意大利米兰举行。 本届冬奥会是我国冬奥会境外参赛项目最多、运动员规模最大的一届。 赛场上是竞技的巅峰对决，赛场边是运动品牌"无声的商战"。从品牌赞助、装备支持到技术竞赛、代言 合作，冬奥会已成为运动品牌全球化竞逐的重要赛场。 其中，安踏集团旗下各品牌为中国国家队13支队伍提供装备支持。FILA支持中国自由式滑雪空中技巧 国家队，还为意大利、荷兰、挪威、加拿大、中国香港等12支代表队提供专业装备，覆盖速度滑冰、短 道速滑、花样滑冰、冰壶、冰球等多个冰上核心项目；迪桑特为中国国家单板滑雪U型场地队和高山滑 雪队提供装备支持；始祖鸟赞助菲律宾代表团开幕式制服；萨洛蒙则为米兰奥组委合作伙伴，为冬奥会 组委会工作人员及其志愿者、火炬手等提供鞋服及装备支持。 另外，安踏品牌为希腊体育代表团提供全套领奖装备与生活装备，产品覆盖室内外领奖服、软壳套装、 羽绒服、鞋履及配件等。同时，作为新加坡体育代表团官方冬季运动装备赞助商，安踏也为新加坡体育 代表团提供专业装备支持，助力其扩大在东南亚市场的知名度。 李宁作为中国奥委会官方合作伙伴，为中国体育代 ...

Core Viewpoint - The Milan-Cortina Winter Olympics opening ceremony showcased a blend of Italian culture and modern innovation, highlighting the participation of various sports brands, particularly Li Ning and Anta, in a globalized sports environment [1][3][16]. Group 1: Li Ning's Role - Li Ning has replaced Anta as the official sports partner for the Chinese Olympic Committee and the Chinese sports delegation from 2025 to 2028, designing both the athletes' outfits and award ceremony gear [3]. - The design of the Chinese delegation's outfits features a blue color scheme, moving away from the previous red and yellow, symbolizing a modern aesthetic [1][3]. - Li Ning's design for the award ceremony gear incorporates "China Red" and "Snow Mountain White," reflecting Chinese cultural elements and winter sports themes [3]. Group 2: Anta's Global Strategy - Despite losing the Chinese delegation's partnership, Anta has elevated its status to become the official sports apparel supplier for the International Olympic Committee, showcasing its global ambitions [7][16]. - Anta has secured partnerships with various national teams, including Greece and Singapore, to provide winter sports equipment, marking a significant step in its globalization strategy [9]. - The brand aims to integrate its "Never Stop" spirit into local sports ecosystems, enhancing its presence in Southeast Asia [9]. Group 3: Other Chinese Brands - Peak has emerged as a prominent player, sponsoring multiple national teams and becoming an official top-tier partner of the International Olympic Committee, focusing on smaller national committees [13]. - The outdoor brand BERSHKA has made its debut at the Winter Olympics, providing gear for several national teams, showcasing its commitment to high-performance outdoor equipment [15]. - The strategies of these brands reflect a shift from mere sponsorship to deeper integration into the global sports infrastructure, emphasizing cultural understanding and long-term value [16][17].

Core Insights - High-end sports brands are increasingly attracting talent from the luxury goods sector, indicating a shift in focus towards luxury branding and marketing strategies [1][3][16] - The trend of hiring executives with luxury backgrounds is evident across both design and marketing roles within high-end sports brands [2][11][14] Design Sector - Bosideng appointed Kim Jones, former artistic director of Dior menswear, as the creative director for its AREAL high-end urban line [2][7] - Nike hired Taka Kasuga, a former designer at Arc'teryx, as the global vice president of apparel design for its ACG product line [2][7] - Salomon announced Heikki Salonen as its first creative director, previously responsible for successful product lines at MM6 Maison Margiela [2][10] Marketing Sector - Alo appointed Benedetta Petruzzo, former CEO of Miu Miu and managing director at Dior, as its international CEO [2][11][13] - Lululemon has made significant changes in its marketing leadership, hiring Lynn Cheah, who has experience with luxury brands like Louis Vuitton and Tory Burch, as its vice president of marketing [2][11] - Descente and FILA have also recruited executives with luxury backgrounds for their marketing departments [2][13] Market Trends - Collaborations between luxury brands and sports brands have been a precursor to this talent migration, with successful partnerships like On and Loewe, and HOKA and Moncler [3][6] - Limited edition products from these collaborations have maintained high resale values in the secondary market, indicating a successful "luxuryization" of sports brands [4][6] Product and Pricing Strategy - High-end sports brands are adopting luxury pricing strategies, with products like Bosideng's long down jacket priced around 4000 RMB and Descente's ski suits exceeding 9000 RMB [16] - Lululemon's winter down jackets are priced around 3000 RMB, reflecting a shift towards luxury positioning in product offerings [18] Retail and Customer Experience - High-end sports brands are strategically locating their stores in luxury shopping districts, often adjacent to luxury brands [18][20] - Store designs are being enhanced to reflect luxury aesthetics, with brands like Descente adopting unique architectural elements similar to luxury brands [21] - Customer service is being elevated to match luxury standards, with personalized experiences and exclusive services being offered [23] Conclusion - The movement of luxury talent into high-end sports brands signifies a broader trend of "luxuryization" within the sports industry, aiming to attract affluent consumers and enhance brand prestige [1][16][29]

Core Insights - FILA has opened its first upgraded flagship store, "FILA TOPIA Xi'an No.1," in Xi'an, integrating its century-long history and local culture into the retail experience [1][3][4] Group 1: Store Concept and Design - The store features four thematic areas designed to enhance consumer experience, including a professional sports area reminiscent of ancient Rome and a footwear section inspired by maritime exploration [3][4] - The design aims to create an immersive shopping environment, with cultural narratives embedded in every detail, such as a ski area reflecting the winter sports atmosphere and a living series area resembling a cozy living room [3][4] Group 2: Strategic Goals and Consumer Engagement - The CEO of FILA Greater China emphasized that the "ONE FILA" strategy focuses on reconnecting with consumers and enhancing brand resonance [3][4] - The store introduces a "brand friend" role to guide customers and narrate the brand's history, along with personalized styling advice and interactive experiences to deepen emotional connections with consumers [4][5] Group 3: Market Positioning and Local Adaptation - The opening of the flagship store aligns with China's "first store economy" initiative, which aims to stimulate consumer spending and support local markets [5][7] - FILA has tailored exclusive products for the Xi'an market, such as "Terracotta Warrior Skating" and "Bell Tower Shadow" series, to cater to local preferences [7][8] Group 4: Future Expansion Plans - FILA plans to innovate its retail formats across various cities, focusing on niche customer segments and specific scenarios, such as a golf-themed store and a collaboration with cultural tourism [8][9] - The brand aims to continue expanding its presence in China, leveraging its innovative capabilities to enhance the consumer experience in the sports fashion sector [9]