1月1日，53度500毫升装飞天茅台在"i茅台"平台正式开售，迅速点燃市场。短短三天内，已有超过10万名用户通过该平台成功购酒。 线下提货的实际体验与市场反响，自然成为关注焦点。1月5日下午2点，名酒观察团队走访了安徽唯一的茅台自营店合肥金融港店，现场客流络绎不绝。 据该自营店负责人介绍，目前每天客流量很大，这种线上发售与线下提货相结合的模式，不仅带动了飞天茅台的旺销，也让消费者在提货过程中更直观地 感受茅台文化，从而对茅台旗下不同产品体系产生更浓厚的购买意愿和兴趣。 01 门店迎来提货高峰，整箱购买成主流 1月5日虽非周末，合肥茅台自营店内却客流不息，场景堪比节假日。名酒观察在现场仅一小时，就看到近20位消费者陆续完成提货，其中约八成顾客选择 整箱提取，还有多人一次性提走了两箱。 "我3号上午抢购成功，今天专门请假来提货。"合肥市民刘先生带着儿子一同前来，手持提货码和身份证说道，"以前买瓶茅台很折腾，加价还担心真假。 现在方便多了，价格也公道。" 类似的声音在店内不时响起。一对中年夫妇提着两箱飞天茅台笑容满面地走出门店。"一箱春节送长辈，一箱留着自己招待客人。"妻子王女士开心地分 享，"全程只要几分钟，价格 ...

2025年12月24日，香飘飘接受机构调研记录，披露了产品创新、渠道优化、海外布局等一系列经营新动 作。在传统冲泡业务持续承压、即饮赛道竞争白热化的背景下，这家 "杯装奶茶第一股" 正试图通过多 元化调整突破增长瓶颈。 然而，从调研信息与业绩数据来看，其战略转型既暗藏值得期待的增长亮点，也面临多重现实挑战。 经营新看点：多维调整寻求增长突破 在产品上，香飘飘首次切入养生功能性饮品领域，推出首款 "古方五红" 暖乳茶，目前已进入试销阶 段。 渠道策略的重大调整是香飘飘的另一大变化。公司摒弃了以往追求网点数量的扩张模式，转而深耕现有 终端资源 —— 目前冲泡板块终端网点约 40 万家、即饮板块约 30 万家，短期内将集中资源投向动销表 现优异的门店，通过生动化陈列营造热销氛围，以点带面拉动整体销售。 在新兴渠道布局上，零食量贩成为重点突破口，当前直接合作的头部零食量贩系统门店已超 3 万家，还 针对性推出万辰系、很忙系、有鸣系定制化产品，深度适配渠道需求。此外，餐饮渠道的探索也在推 进，依托 Meco 杯装果茶的场景适配性，公司推出定制化产品在部分地区试销，试图开辟新的增长空 间。 （注：本文系AI工具辅助创作完 ...

东北证券发布研报称，短期来看，周大福(01929)作为行业龙头，能够凭借规范的采购渠道和强大的品 牌议价能力传导成本压力，减低黄金增值税扰动;中长期看，国际化进程加速，公司计划继续拓展大洋 洲、加拿大及中东等新市场，为公司品牌转型打造第二增长曲线。预计公司2026/2027/2028可实现归母 净利润75.7/86.1/97.3亿元，对应PE15.1/13.3/11.8X。首次覆盖，给予"买入"评级。 东北证券主要观点如下： FY26业绩业绩稳健复苏 公司FY26上半年(截至2025年9月30日)业绩展现稳健复苏，营业额达389.86亿港元，与去年同期基本持 平;受益于费用率的改善，经营溢利实现同比增长0.7%至68.23亿港元，经营溢利率达17.5%，创近五年 新高;计提黄金借贷合约亏损31.43亿港元后，归母净利润25.34亿港元，同比基本持平。 截至FY26上半年期末内地共有5,663个零售点，得益于产品结构优化和金价上涨的正面影响，期间同店 销售实现2.6%的增长。(1)直营店：报告期内实现营收约102.4亿港元，同比增加8.4%;占内地总营收 31.8%，同比增加4.5%。期间直营门店减少16家，Q ...

智通财经APP获悉，东北证券发布研报称，短期来看，周大福(01929)作为行业龙头，能够凭借规范的采 购渠道和强大的品牌议价能力传导成本压力，减低黄金增值税扰动;中长期看，国际化进程加速，公司 计划继续拓展大洋洲、加拿大及中东等新市场，为公司品牌转型打造第二增长曲线。预计公司 2026/2027/2028可实现归母净利润75.7/86.1/97.3亿元，对应PE15.1/13.3/11.8X。首次覆盖，给予"买入"评 级。 门店网络提质增效，渠道优化成果显著 截至FY26上半年期末内地共有5,663个零售点，得益于产品结构优化和金价上涨的正面影响，期间同店 销售实现2.6%的增长。(1)直营店：报告期内实现营收约102.4亿港元，同比增加8.4%;占内地总营收 31.8%，同比增加4.5%。期间直营门店减少16家，Q1/Q2同店销售分别为-3.3%/+7.6%。(2)加盟店：期内 实现营收约219.6亿港元，同比减少5.5%;占内地总营收的68.2%，同比下降4.5%。期间加盟门店数量减 少595家，Q1/Q2同店销售分别录得0%/+8.6%。(3)线上渠道保持强劲增长，内地电商业务零售值同比增 长27.6% ...

服饰行业 周度市场观察 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： 2025 上半年内衣上市企业整体态势：微增长下的分化； 冲刺第四季度！奢侈品牌纷纷加码中国市场； 中国男装巨头，摸着安踏、李宁过河。 行业环境： 1. 2025 上半年内衣上市企业整体态势：微增长下的分化 关键词：微增长,消费降级,营收分化,净利润下滑,渠道优化 概要：2025年上半年，中国内衣行业在消费市场缓慢复苏背景下呈现"微增长、强分化"特征。 受消费降级影响，中高端需求疲软，多数企业面临"增收不增利"困境，净利润下滑普遍高于 营收降幅。渠道方面，线下门店大规模优化（如安莉芳净关店50家），线上渠道成为增长引擎 （都市丽人电商复购率达25%）。产品策略呈现两极分化：汇洁股份通过"可调节肩带"等技 术提升毛利率，浪莎则凭借高性价比实现利润逆增。供应链企业如维珍妮表现稳健，代工业务 维持5%-8%增长。行业整体向成本管控、渠道融合和数据化运营转型，寻求理性消费环境下的 新平衡点。 原文链接：https://news.cfw.cn/v386524-1.htm 概要：贝恩公司 ...

机构：中金公司 评论 终端需求相对偏弱，3QFY26 表现符合公司预期。三季度以来运动鞋服市场表现相对较弱，3QFY26 滔 搏零售及批发业务总销售金额同比下滑高单位数，与公司此前预期一致。 公司近况 公司公布3QFY26（9 月至11 月）运营表现：零售及批发业务总销售金额同比下滑高单位数，直营门店 毛销售面积较8 月末减少1.3%。 分渠道看，季内零售渠道表现好于批发，其中线下渠道在低基数下环比1HFY26 略有改善。公司持续关 注店铺运营效率，期内继续关闭低效门店，关店速度环比放缓，11 月末直营门店毛销售面积同降 13.4%、较8 月底减少1.3%。线上渠道受基数影响，同比增速较1HFY26 有所放缓。 库存和折扣方面，公司动态把握新旧货品销售节奏，11 月末库存总额同比下降并维持良好周转效率。 研究员：杨润渤/林骥川/庄铭楷/陈婕/宋习缘 受线上渠道占比提升与促销环境影响，季内零售折扣继续同比加深，但加深幅度环比有所收窄。 12 月以来需求仍有波动，管理层维持审慎判断。受天气波动及节日错期影响，12 月以来终端表现继续 走弱，但零售折扣受益于低基数支持同比基本持平。管理层对短期环境保持审慎判断，更加 ...

Core Viewpoint - The company has adjusted its EPS forecasts for FY26/27 down by 4% and 13% to HKD 0.20 and HKD 0.23 respectively, maintaining an outperform rating despite a 7% reduction in target price to HKD 3.88, indicating a 24% upside potential from the current stock price [1]. Group 1 - The company reported a high single-digit year-on-year decline in total sales for retail and wholesale businesses in Q3 FY26, with direct store sales area decreasing by 1.3% compared to the end of August [2]. - The overall demand in the sports footwear and apparel market has been relatively weak, aligning with the company's expectations for Q3 FY26 [3]. - Retail channels performed better than wholesale during the quarter, with offline channels showing slight improvement compared to 1H FY26, while the company continued to focus on store operational efficiency by closing underperforming stores [3]. Group 2 - The company has managed to reduce total inventory year-on-year while maintaining good turnover efficiency, although retail discounts have deepened compared to the previous year due to the increased proportion of online channels and promotional environment [3]. - Since December, demand has continued to fluctuate, with management maintaining a cautious outlook due to weather variations and holiday timing, while retail discounts have remained stable year-on-year [4]. - Management emphasizes the importance of discount and healthy operational management, acknowledging challenges in achieving annual performance guidance, but expects cost optimization in 2H FY26 to yield positive results [4].

Core Insights - The number of ATMs in China has decreased significantly, with a reduction of approximately 14,800 machines in Q3 2023 compared to the end of Q2 2023, totaling 760,900 ATMs nationwide. Over the five years from 2020 to 2025, the total decrease exceeds 250,000 ATMs, indicating a structural shift in consumer financial behavior towards digital channels [1][2]. Group 1: Industry Trends - The decline in ATM numbers reflects a deep change in consumer behavior, with more customers opting for digital channels such as internet banking, banking apps, and WeChat mini-programs for their financial needs. This shift has led to a decrease in the necessity and frequency of ATM usage [1][2]. - The trend is not indicative of industry decline but rather a necessary transformation within the banking sector, emphasizing the need for banks to adapt to changing consumer behaviors through digital channel upgrades and service model transformations [3]. Group 2: Strategic Recommendations - Banks should enhance their digital channel offerings by improving product diversity and service convenience, ensuring that all core financial needs can be met digitally, from basic transactions to complex services like investment advice and loan applications [2]. - Urban bank branches should transition from a transaction-focused model to a service-oriented approach, concentrating on complex services such as consulting and retirement planning, thereby improving operational efficiency and meeting diverse customer needs [2]. - There is a need to expand and upgrade rural bank branches, considering the demographic challenges and digital divide in these areas. Banks should invest in rural branches to provide not only traditional banking services but also additional functionalities like logistics and e-commerce support, positioning them as comprehensive service platforms for rural revitalization [2].

Core Viewpoint - Bosideng reported a 1.4% year-on-year increase in revenue and a 5.3% increase in net profit for the first half of FY26, with a declared interim dividend of 6.3 HK cents per share, indicating healthy growth despite a challenging market environment [1] Financial Performance - For the first half of FY26, Bosideng's revenue reached 8.928 billion yuan, up 1.4% year-on-year, while net profit attributable to shareholders was 1.189 billion yuan, up 5.3% year-on-year, with a gross margin increase of 0.1 percentage points to 50.0% [1] - The brand's down jacket business saw revenue grow by 8.3% to 6.568 billion yuan, although gross margin declined by 2.0 percentage points to 59.1% [2] Brand Performance - The main brand recorded revenue of 5.719 billion yuan, an increase of 8.3% year-on-year, with new product lines introduced to enhance consumer choice, but the gross margin fell by 1.5 percentage points to 64.8% due to faster growth in distribution channels compared to self-operated channels [2] - The Snow Flying brand focused on high cost-performance strategies, with revenue declining by 3.2% to 378 million yuan and a gross margin decrease of 2.2 percentage points to 47.9% [2] - The Ice Cleansing brand underwent brand repositioning and inventory clearance, resulting in a revenue drop of 26% to 15 million yuan and a significant gross margin decline of 82.5 percentage points to -63.4% [2] OEM Business - The OEM business faced challenges from tariff policies, geopolitical issues, and weak overseas consumer demand, leading to an 11.7% revenue decline to 2.044 billion yuan, but gross margin improved by 0.4 percentage points to 20.5% due to enhanced supply chain management [2] Women's Wear Business - The women's wear segment experienced a decline in revenue by 18.6% to 251 million yuan, with a gross margin decrease of 1.9 percentage points to 59.9% due to a persistently weak market environment [3] Diversification Efforts - Revenue from diversified businesses fell by 45.3% to 64 million yuan, while gross margin improved by 0.2 percentage points to 27.8%, primarily due to a decrease in school uniform revenue by 49.3% [3] Channel Optimization - The company is focusing on optimizing channel quality and enhancing single-store operations, with a net increase of 88 stores in the down jacket business, bringing the total to 3,558 stores [3] Investment Outlook - The company is expected to perform well in the upcoming peak season, with projected EPS for FY26-28 at 0.35, 0.38, and 0.43 yuan respectively, and a target price of 6.0 HK dollars, maintaining a "buy" rating [3]

批发业务驱动中国内地增长亮眼 1HFY26公司收入同增26%，分区域看，中国内地收入同增54%至30亿港元，其中批发业务受益于产品 类别丰富及新品畅销，收入同增203%;零售/品牌业务收入同增24%/18%。期内内地自营/品牌店分别 +23/-202家。中国港澳及海外收入同增10%至39亿港元，其中零售/批发/品牌业务收入同增 9%/89%/4%，中国香港/中国澳门/海外市场收入同增3%/7%/58%，期内净开5家店。分品类看，黄金及 铂金、定价首饰销售收入分别同增11%/68%至41/23亿港元，同店分别同增3%/22%;黄金及定价黄金首饰 收入同增31%至57亿港元，"冰·钻光影金"等定价黄金产品系列表现突出。 毛利率升至历史高位，经营杠杆凸显 智通财经APP获悉，中金发布研报称，维持六福集团(00590)"跑赢行业"评级和目标价30.55港元，公司 收入同比增长26%，归母净利润大幅增长43%，主要受益于中国内地批发业务强劲增长及高毛利定价首 饰占比提升推动毛利率升至35%的历史高位。同时，公司积极优化渠道，在海外加速扩张并计划于内地 净关店以提升效率，近期同店销售实现双位数增长，展现稳健增长势头与盈利 ...