收入或超53亿欧元 高度分散的场馆虽能缓解拥堵与成本压力，却削弱了集中消费与人口流动所带来的峰值效应。换言之， 它降低了风险，也压缩了短期收益。 北京时间2月7日至23日，米兰—科尔蒂纳冬季奥运会（下称"米兰冬奥会"）在意大利北部举行，这是继 2006年都灵冬奥会之后，意大利时隔20年再次承办这一顶级赛事。而这一横跨伦巴第与威尼托的区域也 成为全球资本、游客与媒体的交汇点。 从场馆改造、交通升级到赛事组织与安保支出，再到品牌赞助与转播权收益，数字构成了这场体育盛会 的底层结构。 超过12000名观众坐在维罗纳古老的圆形剧场，共同见证开幕式的时尚美学；一套花样滑冰比赛服装的 起售价超过2000美元，从设计到缝制往往耗时50小时，复杂款式甚至需要150小时；本届赛事整体运营 预算约为70亿美元；而一枚冬奥会金牌，按贵金属含量计算价值约1940美元，银牌约为1000美元…… 在全球经济增速放缓、公共财政承压的背景下，本届冬奥会对意大利而言不仅是一场体育盛事的回归， 更是一场关于成本控制、资产利用率与长期经济效益的系统性考验。 大型体育赛事从来不只是竞技舞台，更是一种宏观经济工具。其核心逻辑在于，主办国利用集中投资与 ...

连日来，米兰冬奥会正在如火如荼进行，浙江企业以多元姿态深度参与这场全球冰雪盛会，浙产体育用品在国际市场迎来出口热潮。 浙产滑雪服亮相米兰冬奥会 一件上万元背后是"智造"的实力 2026年米兰冬奥会上，拥青拉姆参加单板障碍追逐，曾萍出战跳台滑雪，张雪连则登上自由式障碍追逐的奥运舞台。他们身着的专业竞技滑雪服并非来自国 际大牌，而是由浙江杭州的一家本土企业自主研发制造。 一件专业赛事滑雪服售价要上万，背后的科技性能不容小觑。杭州体拓户外用品有限公司（以下简称"体拓"）品牌部经理王哲强拿了一件体拓最新研发的滑 雪服向记者介绍，这类面料摸着比冲锋衣还软，防水性能更能经得起暴雨、暴雪考验。 其实体拓并非新锐品牌。这家扎根浙江的企业，已深耕滑雪服领域30多年。从索契冬奥会到北京冬奥会，曾为格鲁吉亚、荷兰等多个国家代表队提供滑雪装 备。2023年，体拓正式成为中国国家单板滑雪障碍追逐队、自由式滑雪障碍追逐队及跳台滑雪队的服装赞助商 "大概有9名运动员穿着我们的服装去参与米兰冬奥会，作为中国本土品牌，我们也想让世界知道中国也能做出非常专业和高端的滑雪装备。"王哲强告诉记 者，体拓是中国首家能够达到国际雪联认证的竞技服装品牌， ...

尽管奥运奖牌的原材料价值与运动员投入的数百万美元训练成本相比微不足道，但其集体价值与象征意 义却远超物质本身。买家不惜重金求购这些奖牌，不仅因其承载的历史底蕴、稀缺性与荣誉分量，更因 夺牌运动员背后的拼搏故事。 意大利国家造币厂首席执行官米歇尔·斯基西奥利（Michele Sciscioli）向路透社表示："奖牌是对无形付 出的有形嘉奖。" 据报道，仅今年，美国前奥运游泳选手瑞安·罗切特（Ryan Lochte）的三枚金牌就以总计385520美元的 价格售出，单枚价格略超12.5万美元。 图片来源：Emmanuele Ciancaglini—Getty Images 2026年意大利米兰-科尔蒂纳冬奥会的经济价值已攀升至前所未有的高度。这一增长不仅来自赞助协议 与赛事奖金，更因贵金属价格大涨，奥运奖牌价值达到历史峰值。 自2025年初以来，金价近乎翻倍，从每盎司2800美元涨至5000美元以上，过去一年涨幅近80%，原因在 于谨慎投资者纷纷涌入避险资产。在数十年的温和增长后，近期这波涨势堪称史无前例：自1971年以 来，黄金年均涨幅约为8%。与此同时，白银价格也大幅攀升，当前交易价格接近每盎司90美元，较一 ...

（央视财经《天下财经》）据国际货币基金组织测算，意大利去年GDP在全球排名第八。作为欧洲重要 经济体，意大利在冬季体育领域同样有深厚积淀。在今年（2026年）之前，已经两度举办冬奥会。而冬 奥会不只是一场体育盛会，更是一笔大生意。承办一场冬奥会需要花多少钱？钱会花到哪里？办冬奥能 为意大利创造多少经济效益？赛后会留下些什么？一起来算一算这本冬奥会的"经济账"。 根据意大利官方透露的数字，本届米兰-科尔蒂纳冬奥会整体支出预算约为52亿欧元（约合人民币426亿 元）。而国际评级机构标准普尔全球评级近期的测算显示，本届冬奥会支出总额可能为57亿至59亿欧 元。这些支出主要分为两大部分。其中约17亿欧元为运营费用，主要用于赛事组织、安保、物流、营销 等方面。这17亿欧元由本届冬奥组委会负责管理，其中接近60%的金额，大约10亿欧元来自国际奥委 会，这笔资金包括电视转播权收入以及国际顶级赞助商的分成。其余部分来自本土赞助、门票销售、特 许经营商品授权等。如果收入低于预期，不足以覆盖运营支出，几个主办地区政府都留出了一定预算， 用于兜底。例如米兰市与伦巴第大区各自预留了1.13亿欧元；另外据当地媒体报道，威尼托大区也留出 ...

Group 1 - The 2026 Milan-Cortina Winter Olympics is expected to boost the Olympic economy and snow sports economy, leading to a surge in exports of sports goods from Zhejiang province, with an export value of 35.7 billion yuan in 2025, a year-on-year increase of 11.4% [2] - Various categories such as ice and snow equipment, professional training gear, and sports peripherals are experiencing strong demand, with Zhejiang companies leveraging technological innovation and quality control to expand overseas markets [2][3] - The Zhejiang Yuanjing Sports Goods Co., Ltd. has seen a significant increase in exports of ski goggles, with a 41.1% year-on-year growth to 69 million yuan in 2025, and anticipates a 61.8% increase in orders for ski goggles in 2026 due to the Winter Olympics [3] Group 2 - The overall export of sports goods from Zhejiang is accelerating, with companies like Zhejiang Jinnais Sports Goods Co., Ltd. reporting a nearly 40% increase in exports to Italy, reaching 330 million yuan in 2025 [4] - Zhejiang Shanait Sportswear is capitalizing on the snow sports consumption trend by launching functional products and aims to deepen its presence in the European market through international exhibitions [4] - The Hangzhou Customs has implemented supportive measures to help companies seize export opportunities in the sports economy, including facilitating customs clearance and enhancing quality control for products like ski goggles and boards [6]

Group 1: Event Overview - The Milan-Cortina Winter Olympics will take place from February 6 to 22, 2026, with the opening ceremony scheduled for February 6, 2026, at 2:00 PM EST [1] - NBC holds exclusive broadcasting rights in the U.S., utilizing its platforms such as NBC, Peacock, USA, and CNBC to distribute event coverage [1] - The Olympics will be bundled with the Super Bowl LX broadcast, creating one of the largest single-event advertising platforms in history [1] Group 2: Sponsorship and Advertising - Major sponsors include Procter & Gamble, Anheuser-Busch, Nike, and Alibaba, who will leverage customized marketing campaigns for global brand exposure [2] - A strong lineup of Italian corporate sponsors includes Enel, Eni, Intesa Sanpaolo, Poste Italiane, Leonardo, Stellantis, TIM, EA7 Emporio Armani, Pirelli, ITA Airways, Technogym, and Esselunga [2] - Analysts expect a moderate positive impact on local hotels and tourism, extending beyond the Olympics [2] Group 3: Apparel and Fashion - Ralph Lauren will provide uniforms for the U.S. team, while Lululemon will outfit the Canadian team, and EA7 Emporio Armani will support the Italian delegation [3] - Columbia Sportswear will customize uniforms for the U.S. curling team, and Amer Sports' Salomon is expected to supply volunteer gear [3] - Sports betting operators like FanDuel, BetMGM, and DraftKings are anticipated to see increased betting volumes in Q1 due to the absence of comparable large-scale events last year [3] Group 4: Travel and Payment Services - KeyBanc Capital Markets views the Olympics as a positive factor for Airbnb, Expedia, and Booking Holdings, leaders in the global short-term rental and high-end residential services [4] - RBC Capital Markets predicts significant benefits for Visa, driven by a substantial increase in value-added service revenues [4] - Visa has integrated stablecoins into its core clearing system, potentially enhancing its payment network through a combination of Visa and stablecoins [4]

Group 1 - The core idea of the article highlights the evolution of Olympic sponsorship, showcasing how it has transformed from a concentrated model to a multi-layered approach, reflecting the deep connection between the Olympics and the economic landscape of the times [2][4][11] - The number of global partners for the Olympics has increased significantly, from 6 in the 2002 Salt Lake City Winter Olympics to 12 in the 2018 PyeongChang Winter Olympics, indicating a doubling of sponsorship opportunities [2][4] - The Beijing 2022 Winter Olympics exemplified an efficient sponsorship model with only 46 sponsors generating a record revenue of $1.838 billion, averaging nearly $40 million per sponsor, compared to 86 sponsors and $649 million in revenue for the previous PyeongChang Olympics [11][15] Group 2 - The sponsorship structure for the Beijing 2022 Winter Olympics included various levels such as official partners, sponsors, and suppliers, featuring both international brands like Intel and local companies like China Post, showcasing a blend of global and local economic forces [4][5] - The upcoming 2026 Milan Winter Olympics will introduce a new "senior partner" tier, integrating national strategic enterprises, which reflects a trend of deeper collaboration between Olympic branding and local industries [7][9] - The impact of Olympic sponsorship extends beyond immediate sales, serving as a platform for brands to demonstrate technological capabilities and build long-term brand equity through consumer engagement and emotional connections [15]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨安踏体育（02020.HK） [Table_Title] 零售持续承压，后续指引谨慎 报告要点 [Table_Summary] 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比中 单增长，其他品牌零售流水同比增长 35%-40%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 安踏体育（02020.HK） cjzqdt11111 [Table_Title2] 零售持续承压，后续指引谨慎 [Table_Summary2] 事件描述 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比 中单增长，其他品牌零售流水同比增长 35%-40%。 事件评论 丨证券研究报告丨 2026-01-26 港股研究丨公司点评 ...

Core Viewpoint - The European restaurant industry is facing a severe crisis characterized by declining customer traffic, rising operational costs, labor shortages, and high tax burdens, leading to widespread closures and bankruptcies across the continent [4][5]. Group 1: Industry Crisis - The restaurant industry is a crucial sector in Europe, reflecting economic vitality. Since the summer of 2025, a noticeable decline in customer traffic has spread from France to the UK, Germany, and Southern Europe, indicating a widespread industry crisis [6]. - The Paris 2024 Olympics have significantly impacted the French restaurant sector, with customer traffic dropping by up to 80% in certain areas due to strict security measures [6][7]. - The UK pub industry has seen a decline, with the number of pubs falling below 39,000 and 412 closures in 2024, averaging over 8 closures per week [7]. - In Germany, the restaurant and accommodation sector's revenue fell by 3.7% in the first half of 2025, with the restaurant sector down by 4.1%, marking a 15% decline compared to pre-pandemic levels [8]. Group 2: Contributing Factors - The decline in the European restaurant industry is attributed to weakened demand, rising costs, and labor market shortages [9]. - Consumer spending on dining out has decreased due to high inflation, leading to a shift towards home consumption and alternative dining options [10]. - Rising operational costs, including an 18% increase in operating costs and a 2.3% decrease in disposable income in the UK, have pressured profitability [7][11]. - Tax policy changes, such as Germany's increase in VAT on dining from 7% to 19%, have further squeezed profit margins, forcing businesses to raise prices or reduce service quality [12]. Group 3: Future Trends - The European restaurant industry is expected to experience a "weak recovery with significant differentiation" in 2026, with larger chains likely to maintain resilience while smaller businesses struggle [15]. - Future developments in the industry will depend on factors such as changes in consumer income and price sensitivity, tax and labor policies, and the ability to address labor shortages [16]. - The overall decline in the restaurant sector reflects the broader stagnation of economic growth in Europe, with GDP growth projected at only 0.8% in 2024 [17].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a 3.3% year-on-year revenue growth to RMB 14.82 billion in the first half of 2025, with a net profit decline of 11% to RMB 1.74 billion, which is better than the company's guidance and slightly exceeds expectations [6] - The company plans to distribute an interim dividend of RMB 0.34 per share, with a payout ratio of 50% [6] - Inventory levels are healthy, but discount pressures have increased due to weak industry demand and intensified competition [6] - The company continues to focus on professional sports categories, with running and training categories performing well, while basketball is still recovering [6] - E-commerce sales outperformed offline sales, with e-commerce revenue growing 7% to RMB 4.3 billion, accounting for 29% of total revenue [6] Financial Data and Profit Forecast - Revenue forecast for 2023 is RMB 27.6 billion, with a growth rate of 7%, and a projected revenue of RMB 31.2 billion by 2027 [5] - The net profit forecast for 2023 is RMB 3.19 billion, with a decline of 22%, and expected to reach RMB 2.78 billion by 2027 [5] - The gross margin is projected to be around 48.8% in 2025, with a slight decrease from previous years [5] - The company maintains its full-year guidance, aiming for flat revenue and a high single-digit net profit margin [6]