导语：当中国马拉松的"特步时刻"又一次如约而至的时候，哪怕是那些在全球市场赫赫有名的竞争对手，也不得不严肃的思考一个问题：这个来自中国 的运动品牌，将会如何重塑全球跑鞋市场的竞争格局？ 2026年3月1日，在日本的东京马拉松赛场，特步跑步代言人丰配友，身着特步160X 7.0 PRO梦想家配色战靴，力压一众本土名将与国际精英， 以2小时05分58秒的成绩，一举打破了中国男子马拉松全国纪录（较之原纪录提升高达59秒），成为本次大赛当中亚洲排名第1的选手。 丰配友的这一壮举，标志着中国马拉松正式进入"205时代"。而这，已经是特步在过去三年内，第四次助力中国运动员打破原有纪录： 2023年无锡马拉松：何杰以2小时07分30秒打破尘封16年的纪录，宣告中国马拉松进入"207时代"； 2023年福冈马拉松：杨绍辉以2小时07分09秒再次刷新纪录，提速21秒； 2024年无锡马拉松：何杰跑出2小时06分57秒，迈入"206时代"； 2026年东京马拉松：丰配友以2小时05分58秒一锤定音，跨入"205时代"。 从"207"到"206"再到"205"的三级跳跨越，中国马拉松的成绩单上写满了速度与激情，而特步这双160X跑 ...

Core Viewpoint - FedEx has filed a lawsuit against the U.S. Customs and Border Protection and the U.S. government for a full refund of import duties imposed under the International Emergency Economic Powers Act, following a Supreme Court ruling that deemed such tariffs unauthorized [1] Group 1: Legal Action - FedEx initiated legal proceedings in the U.S. International Trade Court seeking a refund of tariffs paid [1] - The lawsuit follows a Supreme Court decision that overturned the President's authority to impose large-scale tariffs under the International Emergency Economic Powers Act [1] - Over 1,000 companies, including major firms like Costco and Reebok, have joined the legal action to reclaim paid tariffs [1] Group 2: Financial Impact - FedEx executives indicated that the U.S. government's tariff policy is expected to impact the company's earnings by $1 billion in fiscal year 2026 [1] - The Supreme Court's ruling could lead to a total refund amount of $175 billion for affected companies, as estimated by the Wharton School's budget model [1]

Core Insights - The luxury retail sector is experiencing varied performance, with companies like Hermès showing steady growth while Moncler exceeds expectations, focusing on the US and Asian markets for future growth [5][25]. Group 1: Company Performance - Hermès reported a 5.5% increase in annual revenue to €16 billion, with a notable 14.6% growth in its leather goods segment in Q4 [25]. - Moncler achieved a consolidated revenue of €3.13 billion for 2025, a 1% year-on-year increase, with a significant Q4 revenue of €1.3 billion, reflecting a 7% growth at constant exchange rates [5][6]. - New Balance's sales surged by 19% to $9.2 billion, positioning it as a key winner in the sportswear sector [10][11]. Group 2: Strategic Moves - Aritzia acquired Fred Segal to enhance its presence in the US market, aiming to open up to 200 stores [7][8]. - eBay announced a $1.2 billion acquisition of Depop to strengthen its position in the second-hand fashion market and reach younger consumers [17][18]. - Valentino appointed Liran Peterzil as the new Chief Marketing Officer to enhance its global brand strategy [14][15]. Group 3: Market Expansion - Muji is expanding in Europe, with plans for a flagship store in Paris and additional locations in major cities, targeting significant growth in the region [12][13]. - Oniverse reported a 4.8% revenue increase to €3.7 billion, focusing on expanding its fashion and lifestyle offerings [19][20]. - LVMH appointed François Kohler as the new president for Southeast Asia and South Asia to capitalize on growth opportunities in these regions [22][23].

细数 2026 冬奥会多家运动品牌赞助亮点 [Table_Industry] 纺织服装业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | | | 本报告导读： 我们详细梳理了 2026 冬奥会各运动品牌赞助亮点，发现从 2022 年到 2026 年，冬奥 品牌在赞助范围、设计理念、技术展现等方面实现了全方位升级。 投资要点： [Table_Report] 相关报告 纺织服装业《优质消费布局正当时》2026.02.08 纺织服装业《Coach 品牌势能全面爆发，中国市 场强势领跑，上调全年指引》2026.02.07 纺织服装业《FY26Q3 HOKA 重回高双增速，上 调全年业绩指引》20 ...

核心要点 他写道："作为美国总统，我即刻将全球 10% 关祱上调至法律允许且经司法检验的 15% 水平。数十年 来，许多国家一直在'剥削'美国，却从未付出代价（直到我上任！）。" 个股动态 美国最高法院裁定推翻特朗普大部分 "对等" 关祱政策后，欧洲股市上周收涨。 特朗普周末宣布，将推出新的全球统一 15% 关祱，取代此前的 10% 税率。 JD 体育因股份回购消息股价上涨。 罗尔斯・罗伊斯在周四财报发布前股价下跌。 美国股指期货预示开盘走弱。 法国 CAC 40 指数：8，517.14 点，+1.65 点（+0.02%） 意大利富时 MIB 指数：46，810.64 点，+337.66 点（+0.73%） 英国富时 100 指数：10，688.66 点，+1.77 点（+0.02%） 德国 DAX 指数：25，147.66 点，-113.03 点（-0.45%） 西班牙 IBEX 35 指数：18，308.80 点，+122.80 点（+0.68%） 泛欧斯托克 600 指数：629.01 点，-1.55 点（-0.25%） JD 体育：英国运动零售商 JD 体育股价领涨斯托克 600 指数，涨幅近 4%。 ...

Group 1 - The Ministry of Emergency Management held an urgent meeting to address the explosion at a fireworks retail store in Donghai County, Jiangsu, which resulted in 8 deaths and 2 injuries. The ministry emphasized the need for enhanced safety regulations across all stages of fireworks production, transportation, sales, and use to prevent similar incidents in the future [2][5]. - The Chinese government announced a visa exemption policy for ordinary passport holders from Canada and the UK, effective from February 17, 2026, allowing stays of up to 30 days for business, tourism, family visits, and transit without a visa. This policy will remain in effect until December 31, 2026 [4][5]. Group 2 - The total box office for the 2026 Spring Festival period exceeded 400 million yuan, with the films "Fast Life 3," "Silent Awakening," and "Bounty Hunter: Wind Rises in the Desert" leading the box office rankings [3][7]. - The Ministry of Transport projected that over 280 million people would travel on the first day of the Spring Festival holiday, marking a 10.5% increase compared to the same period in 2025 [5]. Group 3 - The Heilongjiang Provincial Government issued a notice regarding the "Artificial Intelligence +" initiative, aiming to enhance government services and management through AI applications, focusing on data sharing, public service, social management, and decision-making support [6]. Group 4 - The National Railway Group of China refuted rumors about severe overcrowding on green trains during the Spring Festival, stating that most circulated videos were either historical footage or AI-generated misinformation. The railway department is actively managing train capacities to ensure service quality [13]. Group 5 - DJI's former Vice President, Yuan, was detained by law enforcement for alleged bribery, with accusations of exploiting his position for substantial illicit gains during his tenure from May 2019 to May 2024 [17].

Group 1 - Zhang Shuihua signed a contract with a sports brand shortly after signing with a sports eyewear brand on her 35th birthday, indicating her growing prominence in the sports industry [1][4] - The signing with the sports brand has generated significant discussion within the running community, highlighting her transition to a full-time runner [4] - Zhang Shuihua was previously a nurse in Fuzhou, and her victory at the Harbin Marathon in August 2025 led to her resignation from her hospital job, which has been a topic of controversy [8][10] Group 2 - Zhang Shuihua confirmed her resignation from her nursing position through a video on her personal account, expressing a desire to move forward in her career [8][10] - Her husband verified her resignation, aligning with her public statements about leaving the nursing profession [10]

Summary of Key Points from the Conference Call Industry Overview - The Milan Winter Olympics has officially commenced, marking a significant event for the sports industry, particularly in winter sports, with a record participation from the Chinese sports delegation [1][1] - The event is expected to catalyze interest in ice and snow sports, enhancing the visibility of sports brands involved [4][1] Company Highlights - **Li Ning**: - Official partner of the Chinese Olympic Committee, providing outfits and award uniforms for the Chinese sports delegation [1][1] - Positioned for potential recovery through Olympic marketing and product innovation [4][1] - **Anta Sports**: - Serves as the official sportswear supplier for the International Olympic Committee, providing uniforms for the Greek and Singaporean delegations, as well as competition gear for 10 Chinese national teams [1][1] - Recognized for its comprehensive outdoor and winter sports strategy [4][1] - **FILA**: - Sponsoring the Hong Kong and Netherlands delegations, and providing equipment support for the Chinese freestyle skiing aerials team [2][1] - **Descente**: - Providing equipment support for the Chinese national snowboard U-shaped venue team and alpine skiing team [2][1] - **Salomon**: - Partnering with the Olympic Committee to supply equipment for staff and athletes [3][1] - **Peak**: - As a global top-level partner of the International Olympic Committee, sponsoring delegations from Belgium, Serbia, and six other countries with uniforms and staff clothing [3][1] - **Bosi Deng**: - Noted for its strong brand and product capabilities, along with high dividend attributes [4][1] - **X-BIONIC**: - Sponsored the Swiss national alpine skiing team, contributing to the first gold medal win at the Winter Olympics [3][1] - **Berkley**: - Emerging as a new marketing force in the Winter Olympics, providing official equipment support to delegations from Bolivia, Ecuador, Kyrgyzstan, and Uruguay [3][1] Market Insights - The Winter Olympics is expected to boost interest in winter sports and sports events, creating potential investment opportunities in the sports sector [4][1] - Companies like Li Ning and Anta are highlighted for their strategic positioning to benefit from the increased visibility and engagement during the Olympics [4][1] - The focus on nurturing a second growth curve for brands like Xtep International and the emphasis on high-quality price ratio for brands like 361 Degrees are noted as strategic directions [4][1]

Group 1 - The Winter Olympics in Milan showcases numerous Chinese brands, highlighting China's sports development and cultural confidence [1] - Chinese snow sports equipment is gaining international recognition, with over 70% of carbon fiber ski poles used in competitions coming from Fujian-based company BIER [1] - Chinese companies like Anta, Li Ning, and Peak are prominently featured in the opening ceremony, generating significant social media engagement [1] Group 2 - The manufacturing upgrade is evident, with TCL providing ultra-high-definition screens that perform well in low temperatures, enhancing the viewing experience [2] - Alibaba Cloud, as a global Olympic partner, utilizes powerful computing and AI algorithms to create immersive viewing experiences for audiences [2] - Chinese companies are offering comprehensive, efficient solutions for the Olympics, contributing to innovation and smart development in various sectors [4] Group 3 - BYD's modern showroom in Milan attracts attention, reflecting the growing presence of Chinese electric vehicles in Europe, a key market for the automotive industry [4] - By 2025, China's electric vehicle exports are projected to reach 2.615 million units, indicating a doubling year-on-year and supporting the global automotive industry's green transition [4] - The Winter Olympics serves as a platform for Chinese brands to demonstrate their economic vitality and innovation to the world [4]

Core Insights - The event "Li Ning Night" at the "China House" during the 2026 Milan Winter Olympics showcases the collaboration between Li Ning and the Chinese Olympic Committee, emphasizing the brand's commitment to Chinese sports and culture [1][5] - The exhibition highlights Li Ning's role as an official partner of the Chinese Olympic Committee, focusing on themes of "Chinese Glory," "Technology Sports," "Cultural Preservation," "Fashion Sports," and "Green Sports" [1][4] Group 1: Exhibition Highlights - The "Chinese Glory" section features outdoor and indoor award outfits for the Chinese sports delegation, showcasing the evolution of award gear since 1992 [2] - The "Technology Sports" area presents Li Ning's advanced sports technology, including innovations in footwear such as the "Li Ning弜" and various cushioning systems, demonstrating the brand's commitment to enhancing athletic performance [3] - The "Cultural Preservation" section integrates traditional Chinese craftsmanship into modern sportswear, showcasing collaborations with institutions like the Palace Museum [4] Group 2: Brand and Cultural Impact - Li Ning's participation in the "China House" serves as a platform for promoting Chinese culture and sports on an international stage, enhancing cross-cultural exchanges [1][4] - The event features interactive experiences, including AI technology to blend sports and fashion, reflecting Li Ning's innovative approach to merging traditional and modern aesthetics [4] - The brand's commitment to sustainability is highlighted through its initiatives in eco-friendly materials and production processes, aligning with global trends in green sports [4]