Core Viewpoint - The article discusses the evolving perception of high-net-worth individuals' fashion choices, particularly focusing on the brand Diane von Furstenberg (DVF) and its signature wrap dresses, which have become symbols of empowerment and individuality in the workplace, contrasting with the traditional "old money" aesthetic of understated luxury [1][3][5]. Group 1: Brand and Market Position - DVF has successfully positioned itself as a brand for career-oriented women, with its wrap dresses being worn by influential figures such as Kate Middleton and Michelle Obama, enhancing its status in the luxury market [5][7][20]. - The brand's pricing strategy ranges from approximately 2000 to 8000 yuan, with high-quality materials like silk and cashmere contributing to its premium perception [15][18]. - Despite facing challenges, including declining sales and changing fashion trends, DVF has adapted by introducing online rental services and collaborating with influencers to reach younger consumers [39][43]. Group 2: Consumer Demographics and Preferences - DVF's primary consumers include female entrepreneurs, university professors, and affluent housewives, who prioritize personal style over conventional workplace attire [20][22]. - The brand's appeal lies in its ability to convey confidence and individuality, allowing women to express their unique identities in professional settings [36][37]. - The shift in workplace fashion expectations has led to a growing acceptance of bold designs, with DVF's vibrant prints becoming a statement of empowerment rather than a fashion faux pas [9][22]. Group 3: Historical Context and Evolution - Diane von Furstenberg's journey from a royal figure to a successful fashion designer began in the 1970s, with the introduction of the wrap dress that catered to the needs of working women seeking both comfort and style [25][27]. - The brand experienced significant growth in the 1970s, selling over a million dresses by 1979, but faced challenges in the following decades, including bankruptcy and a struggle to maintain relevance [29][32]. - DVF's resurgence in the 1990s was marked by innovative marketing strategies, including television shopping, which helped re-establish the brand in the competitive fashion landscape [34][39].

白宫内部，也早已乱成一锅粥。高官互撕、顾问对骂，甚至在公开场合爆粗口。马斯克怒怼纳瓦罗，贝 森特痛斥鲁比奥，白宫变成了"宫斗剧"的直播现场。特朗普把政府变成了"家天下"的工具，高层圈子愈 发封闭，政策制定全凭心情，缺乏专业判断与法治程序的支撑。当年号称"特朗普铁军"的班底，如今看 起来更像一群没带剧本的即兴演员。 然而，内政混乱还只是序章，特朗普的"乱拳外交"更是把世界搅得天翻地覆。上任伊始，特朗普就掀起 了关税风暴，对中国商品加征高达245%的关税，还波及欧洲、日本、墨西哥等盟国，甚至"误伤"到企 鹅栖息的南极地区。如此荒谬的"全球加税"，让国际社会目瞪口呆，美国国内也怨声载道。"50501运 动"在全美蔓延，中小企业破产潮接连而至，"美国制造"并未回流，反而是"美国制造"的信心大幅流 失。华尔街哀嚎、工人罢工，特朗普还嘴硬地说"这是一场伟大的胜利"。 文︱陆弃 2025年1月20日，特朗普在一片喧嚣中重返白宫，彼时的他高举"美国优先"的旗帜，声称要"让美国再次 强大"，宣称他将用非传统方式彻底改造华盛顿。然而，仅仅一百天过去，世界看到的不是一个强大的 美国，而是一个政治失控、社会撕裂、经济动荡、外交孤立的 ...

Core Insights - The outdoor sports industry in China is projected to exceed 3 trillion yuan by 2025, with over 400 million participants as of the end of 2021, indicating rapid growth in the market, particularly in hiking as a core activity [1][4] - There is a significant increase in demand for outdoor activities among young people, with a notable rise in participation and community engagement, as evidenced by the popularity of hiking clubs and social media discussions [4][6] Industry Trends - The consumption of outdoor sports tourism products in Jiangsu, Beijing, and Guangdong provinces has seen year-on-year growth rates of over 170%, 252%, and 40% respectively, highlighting a strong trend in outdoor activity participation [4] - Young people are increasingly seeking companionship and community through outdoor activities, leading to a rise in organized hiking events and clubs that cater to this need for social interaction [6][7] Business Model - The establishment of structured outdoor clubs has improved efficiency and safety in organizing hiking events, with a significant increase in participation from newcomers, indicating a successful business model that leverages community and shared interests [5][6] - The focus on emotional value and community engagement has become a key differentiator for outdoor clubs, with activities extending beyond hiking to include social gatherings and themed events [7][8] Market Competition - The outdoor hiking sector is becoming increasingly competitive, with new entrants from established outdoor product brands like Decathlon, which are leveraging their existing customer base to create community-driven outdoor experiences [9][11] - The market is experiencing a cooling period after a surge in interest, with reports of declining participation and sales in outdoor equipment, suggesting a potential market correction [9][10] Challenges - The outdoor industry faces challenges related to safety and quality standards, with a need for professional talent to enhance the quality of outdoor tourism products and services [11]

2025 年 4 月 30 日 公司研究 收入保持稳健增长、利润现下滑，期待多品牌继续协同发力 ——比音勒芬（002832.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：16.52 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.71 | | 总市值(亿元)： | 94.28 | | 一年最低/最高(元)： | 16.10/30.77 | | 近 3 月换手率： | 79.21% | 股价相对走势 -41% -26% -10% 6% 21% 04/24 07/24 10/24 01/25 比音勒芬 沪深300 | 收益表现 | | | | | --- | --- | --- | --- ...

导 语：新政府"权力掮客"麦克道尔是名副其实的猎熊高手，与特朗普多年间一起打过火鸡、麋鹿和野猪。 为了了解小罗伯特·F·肯尼迪（Robert F. Kennedy Jr.），说客切斯·麦克道尔（Ches McDowell）并没有在选举后急着安排会 面，也没有向唐纳德·特朗普（Donald Trump）的就职基金捐款——这些都是华盛顿常见的策略。 相反，麦克道尔（McDowell）通过他的朋友小唐纳德·特朗普（Donald Trump Jr.）获得了肯尼迪（Kennedy）举办的一次猎 鹰活动的邀请。去年十月，在纽约州北部一个阳光明媚的日子里，麦克道尔终于赢得了与这位未来的内阁部长相处的时光 ——他在一次成功的狩猎后喂猎鹰吃老鼠。 "肯尼迪（Kennedy）更有可能与某位美洲原住民萨满成为朋友，而不是与说客交好，"麦克道尔（McDowell）本月早些时 候一边在一家备受共和党官员青睐的牛排馆享用一块带骨肋眼牛排时这样说道。 在2021年1月6日骚乱之后的日子里，许多知名游说人士刻意避开特朗普（Donald Trump），并在2024年竞选期间没有为他 筹集资金。 然而，如今，随着特朗普政府试图通过关税和法律威胁 ...

2025年4月27日，世界马拉松大满贯赛事——伦敦马拉松赛场，上演了一场经典对决，埃塞俄比 亚选手蒂格斯特·阿塞法（Tigist Assefa）穿着阿迪达斯ADIZERO ADIOS PRO EVO 1跑鞋，以2 小时15分50秒的佳绩，打破了纯女子马拉松世界纪录。 当镜头聚焦于她足下的这双b u ff叠满的运动"黑科技"时，全球运动产业的目光正见证着一个 新 时 代 的 诞 生 —— 单 鞋 （ 中 国 码 2 6 5 ） 重 量 仅 1 3 8 克 ， 大 约 等 同 于 两 颗 鸡 蛋 的 重 量 ， ADIZERO ADIOS PRO EVO 1刷新了全球竞速跑鞋轻量级纪录。 这款集阿迪达斯尖端科技之大成的竞速利器，正在重塑竞技体育的物理边界与商业逻辑。同 时 也 揭 示 出 一 个 残 酷 现 实 ： 当 EVO 1 的 克 重 突 破 生 理 学 感 知 阈 值 （ 1 5 0 克 ） ， 运 动 品 牌 已 进 入"纳米级创新"时代。 在运动科技军备竞赛白热化的当下，阿迪达斯展现出的不仅是技术突破，更是对竞技体育本 质的深刻理解——顶尖装备应是人体运动潜能的放大器而非替代者。在全球运动产业正经历 ...

姜娅｜中信证券 消费产业首席分析师 S1010510120056 消费｜离境退税细则落地，推广提速提振内需 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，三方面推动前期离境退 税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容 覆盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受 益；③进一步提升退税便利度。根据我们测算，乐观假设下离境退税市场潜在空间近 千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板 块包括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营 商、出行服务提供商、景区目的地。 风险因素：关税政策调整；经济增速下行超预期；入境游客数量增长不及预期；入境 游客消费能力弱于预期；政策落地效果不及预期等。 刘春彤｜中信证券 联席首席A股策略师 S1010520080003 亮马组合｜自下而上，发掘高确定性机会（202505） 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报 告为2025年第5期，更新中信证 ...

今年"五一"期间，一场跳水盛会将在北京举行——5月2日至4日，2025年世界泳联跳水世界杯总决赛将 在国家游泳中心"水立方"精彩上演。 根据世界泳联公布的参赛名单，中国跳水"梦之队"将以强阵亮相，全红婵、陈芋汐、陈艺文、昌雅妮、 王宗源5位巴黎奥运会冠军悉数登场，多名崭露头角的新人也将同场竞技，展现中国跳水队在洛杉矶奥 运会周期的新气象。 巅峰对决 充满看点 跳水世界杯本年度共设3站赛事，前两站分别在墨西哥瓜达拉哈拉和加拿大温莎举行。中国跳水队在前 两站赛事共斩获15枚金牌，其中瓜达拉哈拉站获得7金4银1铜，温莎站则夺得8金3银1铜。 女子10米台项目，中国跳台双姝全红婵和陈芋汐的"巅峰对决"充满看点。近年来，两人在女子双人10米 台项目中持续展现统治力，在奥运会、世锦赛、世界杯等大赛中"独孤求败"。本赛季世界杯前两站，陈 芋汐两度在女子单人10米台比赛中战胜全红婵，登上最高领奖台。双人项目上，全红婵和陈芋汐并未在 世界杯上搭档出战，掌敏洁/卢为组合包揽了前两站冠军。 在墨西哥举行的2025年世界泳联跳水世界杯瓜达拉哈拉站女子双人10米台决赛中，中国组合掌敏洁/卢 为以347.58分的成绩夺得冠军。迪亚娜·马 ...

年入17亿，国产户外新秀伯希和要赴港IPO了。 4月28日，伯希和户外运动集团股份有限公司（以下简称：伯希和）正式向港交所递交招股说明书，拟 主板挂牌上市，中金公司和中信证券担任联席保荐人。 以亲民价格出圈，平价冲锋衣为伯希和积攒了不少人气。2012年创立于北京、2015年落户亳州利辛县， 国产户外品牌的"洋文名"曾惹下不少争议。 近年来有不少网友发帖指责伯希和品牌的创立是为了纪念户外探险家Paul Pelliot（保罗·伯希和），而这 位正是劫走敦煌文物的法国人。虽然目前官网上已经看不到这样的描述，但是也有网友扒出早期相关宣 传物料里有类似的品牌源起说法。 4月29日，南都·湾财社记者致电伯希和品牌客服，对方称品牌名与品牌源起，与法国人伯希和并无关 联，但是未就早前宣传物料做回应。 净利润将近翻番 国产户外新秀崛起 根据弗若斯特沙利文的资料，中国高性能户外服饰市场是功能性服饰市场中增长最快的细分市场之一， 市场规模预计到2029年将达到人民币2158亿元。 户外服饰行业竞争激烈，如北面、哥伦比亚等国际品牌用技术优势占据高端市场。如安踏集团收购始祖 鸟、狼爪，国内品牌也希望通过买买买来分得一杯羹。 亲民和性价 ...

Core Viewpoint - Longdi Group reported significant growth in its 2024 annual report, achieving record highs in revenue and net profit, driven by strategic initiatives and market recovery [1][2]. Group 1: Financial Performance - In 2024, Longdi Group achieved operating revenue of 1.894 billion and net profit of 172 million, representing year-on-year growth of 16.16% and 57.16% respectively [1]. - The company attributes its performance to the implementation of the "old-for-new" policy in home appliances and the gradual recovery of overseas markets, leading to a notable increase in the overall value of the home appliance industry [1]. Group 2: Business Segments - Longdi Group has established three main business segments: household air conditioning blades, mechanical fans, and composite materials, leveraging a rich product line advantage [1]. - In the air conditioning blade sector, trends towards efficiency, intelligence, environmental protection, and product innovation are identified as key development directions [2]. - The mechanical fan industry is experiencing growth driven by the "carbon neutrality" and "carbon peak" goals, with a focus on green and low-carbon technologies [2]. - The composite materials sector is seeing widespread application in various fields, with a focus on high-performance, recyclable materials driven by environmental regulations [2]. Group 3: Future Outlook - For 2025, the domestic retail scale of home appliances is expected to see only a slight year-on-year increase due to factors such as the depletion of demand from 2024 and high retail bases from government subsidies [1]. - Longdi Group is proactively developing a joint module solution for robotic core motion components, integrating permanent magnet synchronous motors, reducers, and intelligent control technology, currently in the early development stage [2]. - The company aims to accelerate the application of its products in industrial automation and smart equipment, while embracing emerging technologies like smart home and artificial intelligence [3].