王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 06 | 月 | 27 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 13.70 | | | | | 一 年 内 高 / 低 | 最 | 最 | | 18.18/4.02 | | | | | （元） | | | | | | | | | 总市值（百万元） | | | | 12,172.62 | | | | | 流通市值（百万元） | | | | 11,877.96 | | | | | 总股本（百万股） | | | | 888.51 | | | | | 资产负债率（%） | | | | 41.56 | | | | | 每股净资产（元/股） | | | | 4.19 | | | | | 资料来源：聚源数据 | | | | | | | | 证券研究报告 纺织服饰 | 饰品 非金融|首次覆盖报告 hyzqdatemark 2025 年 07 月 01 日 丁一 SAC：S1350524040003 ding ...

齐鲁晚报·齐鲁壹点 孟广鑫 当千年酒文化邂逅现代时尚T台 云门酱香化作艺术元素 一场前所未有的国潮创意大赛正在酝酿... 作为北方酱酒的领军品牌，云门酒业始终致力于传统文化的现代表达，将沉淀千年的酒文化通过时尚美学传递给年轻一代。本次云门酒业将携手第19届中 国超级模特大赛，运用线上线下联动的全新模式，开展全民参与的国潮文化狂欢。现重磅推出： 2025云门再造计划·OPEN CALL时装周 线上创意挑战赛 邀你用设计语言重新诠释云门酱酒的文化基因 赢取万元丰厚大奖！ 参赛任务 "三大文化元素任你改造" 参赛者需从以下三种文化元素中至少选择一项作为设计灵感，自行进行服装穿搭改造。将选定的文化元素融入服装设计中，可以使用生活闲置物品，可再 生环保废料，包括但不限于：报纸、旧衣服、废弃布料、小挂饰或生活中不被注意的小物件等。合理利用一切身边可以利用的资源进行服装的设计创作。 元素一 青州酒文化：云门酒瓶身纹样、云宝设计、青州文化代表图案等。 元素二 青州从事诗词：古人在诗文中对美酒的称谓，好酒称之为"青州从事"。 元素三 云门印象：云门相关文化元素，云门山、云门色、云门祥云等。 1 创意设计 将选定文化元素融入服装 ...

想体验古今时空穿越？石景山就是你的入口。在Re睿·国际创忆馆，AI/VR/黑科技把工业筒仓变成时光 舱；法海寺壁画艺术馆用数字魔法唤醒沉睡的壁画瑰宝；红色电力展馆、石刻博物馆、慈善寺带你亲历 百年变迁。 非遗爱好者也有去处，王府井（600859）工美大厦"予寻空间"正举办"非遗焕新 无界共生"大展，集结11 位新晋国家级非遗代表性传承人的精品力作，还有超多非遗主题文创等你淘。 剧场活化、街区焕新，演艺新空间让文化消费更时尚 近年来，北京通过系列政策组合拳促进文化消费。今年6月，为持续推进"演艺之都"建设，打造"大戏看 北京"文化名片，赋能产业发展和文化消费，市文旅局制定《北京市推动演艺高质量发展支持办法》， 推出10条重要举措，从大型营业性演出活动、演艺新空间、精品演出、演艺企业4个方向支持演艺市场 主体创新发展。 演艺新场景也在重构时尚消费体验。到吉祥大戏院看一场360度沉浸式舞剧，喝一杯老字号跨界的"戏曲 咖啡"；正乙祠戏楼、颜料会馆等文物古建通过"会馆有戏"品牌，将昆曲、曲艺等非遗艺术融入当代消 费场景；爱乐汇依托三里屯、华熙LIVE·五棵松等商业空间打造多个演艺新空间，累计推出5000余场音 乐表演。 ...

Core Viewpoint - Beijing is enhancing its fashion consumption through a series of initiatives aimed at integrating cultural elements into the consumer experience, thereby driving economic growth [1][4][7] Group 1: Policy Initiatives - The Beijing Municipal Bureau of Commerce and other departments have launched the "Beijing Fashion Consumption Expansion Action Plan," which includes 21 measures across five key areas to stimulate fashion consumption potential [1] - A new support policy for high-quality development in performing arts has been introduced, featuring 10 significant measures to promote cultural consumption and industry growth [4] Group 2: Cultural and Artistic Integration - The city is focusing on innovative development in four areas: large-scale commercial performances, new performing arts spaces, quality productions, and performing arts enterprises, aiming to enhance the performing arts market and deepen the integration of culture, commerce, and tourism [5] - New cultural spaces are being created, such as the immersive theater experiences and the revitalization of historical venues, which are designed to attract younger audiences and enhance the overall cultural consumption experience [5] Group 3: Technological and Experiential Innovations - The summer season is seeing an upgrade in cultural consumption, with various projects utilizing AI, VR, and digital technologies to create engaging experiences, such as interactive art exhibitions and immersive cultural activities [6] - Traditional brands are leveraging technology to enhance consumer engagement, exemplified by experiences that allow visitors to interact with historical and cultural elements in innovative ways [6] Group 4: Market Dynamics and Consumer Engagement - The initiatives are designed to cater to diverse consumer groups, from seniors to Gen Z, ensuring that everyone can find a cultural space that resonates with them [7] - The integration of cultural heritage into modern consumption practices is seen as a way to enhance consumer identity and boost the overall market vitality in Beijing [7]

一点点时尚， 优良的剪裁和难以匹敌的实穿性。 以下文章来源于36氪未来消费 ，作者贺哲馨 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 文 ｜ 贺哲馨 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID： lslb168 ） 封面来源 ｜ 企业官网 COS，全称Collection of Styles，诞生于2007年正值巅峰时期的H&M。 彼时，H&M集团高层意识到需要打造一个与主品牌截然不同的子品牌，以分散风险并拓展市场。因此，COS以更高端的定位问世，并迅速崭露头角。 H&M集团对COS的运营策略极为审慎：总部设在伦敦而非斯德哥尔摩，初期仅布局巴黎和伦敦门店，使其成为美国时尚编辑欧洲行的必访之地。2013年， COS登陆美国时，VOGUE美国版甚至将其誉为"自Isabel Marant以来最令人期待的跨大西洋品牌"。 2017年，COS年营收轻松突破10亿美元，占集团总收入的5%。疫情初期，受线下客流锐减及线上增长乏力影响，品牌一度陷入低迷。加之当时GUCCI引领 的极繁主义风潮与COS一贯的北欧极简美学相悖，直至近年，随着消费趋势回归理性，COS才重新找回增长节奏。 2025 年第一季度， ...

Core Viewpoint - The clothing industry is facing structural issues, with consumers dissatisfied due to poor quality, similar styles, and high return rates, while businesses struggle with rising costs and low profit margins [1][2]. Group 1: Consumer Issues - Consumers express frustration over declining clothing quality, with reports of garments deforming after minimal use and discrepancies between online images and actual products [1]. - High return rates are exacerbated by concerns over quality, leading consumers to hesitate in purchasing higher-priced items online [1]. Group 2: Business Challenges - The fast fashion model has led to a focus on quantity over quality, with some brands releasing over 12,000 new items annually, resulting in the use of cheap materials and simplified production processes [1]. - E-commerce platforms prioritize trending products and data algorithms, leading to a lack of originality and quality among many retailers, which ultimately harms the industry [1]. Group 3: Recommendations for Improvement - The industry should focus on rebuilding trust between consumers and businesses by prioritizing quality over mere traffic and sales [3]. - Brands should identify target demographics and create differentiated products to fill market gaps, while also enhancing originality and customization options [3]. - E-commerce platforms need to refine their rules to protect both consumer rights and long-term business interests, fostering a healthier marketplace [3].

Core Viewpoint - The valuation of Shein has become a focal point in the investment community, with significant fluctuations in its estimated worth over recent years, leading to speculation about its upcoming IPO and potential market performance [1][2][5]. Valuation and IPO Journey - Shein's valuation has seen dramatic changes, peaking at $100 billion in April 2022 after its F-round financing, but has since faced downward adjustments, with estimates now around $300 billion to $500 billion as it navigates its IPO plans [2][6]. - The company has shifted its IPO strategy from the U.S. to the UK and now aims for a listing in Hong Kong, with hopes of achieving a valuation of $500 billion [5][6]. - The founder's wealth is closely tied to Shein's valuation, with estimates suggesting that a $500 billion valuation could increase his net worth to approximately 132.7 billion yuan [5]. Market Challenges - Shein faces significant challenges due to changing trade policies in major markets like the U.S. and EU, which have increased import costs and reduced its competitive pricing advantage [6][11]. - The company’s reliance on a fast-response supply chain model is under pressure as it seeks to expand production outside of China, particularly in Vietnam, where supply chain limitations exist [11]. Strategic Shifts - To address these challenges, Shein is focusing on platformization and localization strategies, aiming to transform from a fast-fashion retailer to a comprehensive fashion lifestyle platform [12][13]. - The company plans to enhance its supply chain by adopting a dual model that leverages Chinese design capabilities while producing in North America to mitigate tariff impacts [12][13]. Financial Performance - Shein's projected sales growth for 2024 is 19%, reaching $38 billion, which is below earlier expectations, and its net profit is anticipated to decline by nearly 40% to around $1 billion [6][9]. - The valuation of Shein is likely to be influenced by comparisons with established brands like Nike and Uniqlo, which have higher price-to-earnings ratios, suggesting that Shein's reasonable valuation may be closer to $300 billion [6]. Investment Dynamics - The ongoing IPO process has created a complex landscape of interests among investors, with earlier investors likely to see substantial returns while later-stage investors may face significant losses if the valuation does not meet expectations [9][10]. - The company’s ability to present a compelling growth narrative and address investor concerns will be crucial for its upcoming IPO and overall market reception [12][13].

Core Viewpoint - COS, a brand under H&M, was launched in 2007 to create a distinct high-end identity separate from the main brand, aiming to mitigate risks and expand market reach [3] Group 1: Brand Development and Market Positioning - COS quickly gained recognition, with its U.S. launch in 2013 being highlighted by VOGUE as a highly anticipated brand [3] - In 2017, COS's revenue surpassed $1 billion, accounting for 5% of H&M Group's total income [3] - The brand faced challenges during the pandemic but has recently regained growth momentum as consumer trends shift back to rationality [3] - In Q1 2025, COS ranked sixth in the LYST's top ten hottest brands, being the only non-luxury brand on the list [3] Group 2: Pricing Strategy and Target Audience - COS's pricing strategy positions it between high street fashion and luxury brands, with products like a shearling collar jacket priced around £1,000 (approximately ¥9,770) [4] - The brand targets aspirational consumers who seek quality and design at a more accessible price point, filling a gap left by rising luxury prices [6] - COS is increasingly compared to high-end designer brands rather than mid-range ones, reflecting a shift in its market perception [6] Group 3: Expansion and Market Strategy - COS has accelerated its store openings in China, with new locations in major cities, indicating that China remains its largest market [7][9] - The opening of the first store in Xi'an marks a significant milestone in COS's expansion strategy in China [9] - The rise of brands like COS is partly attributed to the consolidation of luxury brands into a few major groups, which has shifted focus from product quality to profit [9] Group 4: Industry Trends and Designer Movement - Many designers are leaving traditional luxury brands for fast fashion groups, indicating a trend where creative talent is increasingly attracted to larger fashion companies [10] - COS's management emphasizes a lifestyle attitude rather than targeting younger generations specifically, focusing on cultural sensitivity and urban thinking [11]

Core Viewpoint - FIFA has launched its own fashion brand named FIFA1904, marking a significant shift in its business strategy to enhance revenue and cultural influence, diverging from its traditional focus on football administration [2][12][20] Group 1: Brand Launch and Strategy - FIFA1904 is a collaboration with New York cultural platform VFiles, featuring high-end fashion items like suits and cashmere coats, rather than traditional sportswear [2][4] - The brand aims to leverage FIFA's historical significance, with a projected value of $1 billion by the 2030 World Cup [4][6] - FIFA retains approval rights over designs while receiving royalties, indicating a non-profit operational model [4][12] Group 2: Market Positioning and Future Events - The brand's flagship store will be located in New York, with additional operational centers in Los Angeles, capitalizing on upcoming major FIFA events in the U.S. [6][12] - FIFA's entry into the fashion industry is seen as a response to the need for diversified revenue streams amid saturated traditional sponsorship and broadcasting income [12][19] Group 3: Financial Context and Comparisons - FIFA's revenue target for the 2023-2026 cycle is $13 billion, significantly lower than UEFA's projected $7.64 billion for the 2023-24 season, highlighting the financial gap [7][9] - FIFA's expansion of tournaments, such as increasing the number of teams in the World Cup, is aimed at boosting revenue by 20% and generating an additional $640 million [9][12] Group 4: Challenges and Criticisms - The non-profit status of FIFA raises questions about the appropriateness of its venture into fashion, as it may conflict with its core mission of promoting football [13][16] - The target audience for FIFA1904 appears to be affluent individuals rather than football fans, which may limit its market appeal [19][20] - The competitive nature of the fashion industry poses risks for FIFA1904, as it may struggle to establish a strong foothold in a crowded market [19][20]

Core Insights - The data from the National Bureau of Statistics indicates a positive trend in China's consumption market, with a retail sales total of 20.32 trillion yuan in the first five months of the year, reflecting a year-on-year growth of 5% [1] - In May alone, retail sales reached 4.13 trillion yuan, marking a 6.4% increase compared to the previous year, with the growth rate accelerating by 1.3 percentage points from the previous month [1] - The government prioritizes boosting consumption as a key task to expand domestic demand and strengthen the domestic circulation [1] Consumption Trends - China's consumption is showing a robust development trend, with rapid growth in service consumption sectors such as dining, culture, tourism, sports, and health [2] - As of May 31, 2023, the five major categories of the consumption upgrade program have generated sales of 1.1 trillion yuan, with approximately 175 million subsidies issued directly to consumers [2] - New consumption highlights include inbound consumption, domestic "trendy" products, and digital consumption, with a notable increase in the popularity of high-quality, green, and smart products [2] Challenges and Opportunities - Despite the positive trends, there is still a need to expand consumption demand and further release consumption potential [3] - Key areas for focus include enhancing consumer capacity, improving consumption conditions, innovating consumption scenarios, and optimizing the consumption environment [3][4] Enhancing Consumer Capacity - Strategies to enhance consumer capacity include increasing the proportion of labor remuneration in primary distribution, improving wage growth mechanisms, and expanding the middle-income group [3] - Measures to increase income for low-income groups through tax, social security, and transfer payments are emphasized [3] Improving Consumption Conditions - The expansion of the middle-income group is leading to a growing demand for personalized, diverse, and high-quality consumption [4] - Policies to promote green, smart, and fashionable consumption, as well as the development of new consumption growth points, are essential [4] Innovating Consumption Scenarios - The creation of innovative consumption scenarios can better match the needs of different consumer groups and promote the integration of various consumption formats [4] - The use of technologies such as AI, virtual reality, and augmented reality is encouraged to create diverse and immersive consumption experiences [4] Optimizing Consumption Environment - A favorable consumption environment is crucial for sustained consumption growth, necessitating strengthened market regulation and consumer rights protection [5] - Efforts to create a friendly consumption environment for foreign tourists and improve service quality are also highlighted [5]