Core Viewpoint - The recent cold wave has significantly boosted the "warm economy," particularly benefiting the down jacket industry and leading companies like Bosideng, which recently reached a new high stock price of 5.09 HKD, indicating both short-term catalysts and long-term value enhancement [1] Group 1: Short-term Catalysts - The cold wave has led to an early winter in many regions, driving sales growth for warm products like down jackets, with reports of "explosive orders" in down processing enterprises in Anhui [2] - The upcoming Chinese New Year on February 17, 2026, which is nearly 20 days later than in 2025, is expected to extend the sales window for winter clothing, alleviating inventory pressure and allowing for more flexible marketing strategies [3] Group 2: Long-term Value Reconstruction - As consumer needs evolve beyond basic warmth to more diversified and personalized demands, leading companies like Bosideng are driving industry upgrades through "light warm aesthetics," "diverse scenarios," and "high-end value," effectively reshaping the value boundaries of down jackets [4] - Bosideng has been addressing consumer pain points related to down jackets, such as bulkiness and limited styles, through continuous technological research and design innovation [5] Group 3: Product Innovations - The "Master Puff" series launched at Paris Fashion Week redefines traditional down jacket aesthetics, utilizing innovative design techniques to create a lightweight and warm experience [8][9] - The AREAL series, led by newly appointed creative director Kim Jones, aims to cater to diverse scenarios and climates, enhancing the brand's positioning in the high-end business fashion sector [12][14] Group 4: Market Potential and Institutional Support - The penetration rate of down jackets in China is still low at around 10%, compared to over 30% in Europe and 70% in Japan, indicating significant growth potential for Bosideng's innovative products [15] - Multiple institutions have expressed optimistic forecasts for Bosideng, highlighting its strong performance potential in the upcoming sales season, with recommendations to buy or hold the stock [16][17]