Core Viewpoint - Nike plans to gradually increase prices starting in the fall of 2025 due to rising costs associated with tariffs, which are expected to add approximately $1 billion to total expenses [1] Summary by Relevant Categories Pricing Strategy - Nike will begin implementing price increases in the fall of 2025 [1] Cost Implications - The additional total costs due to tariffs are projected to be around $1 billion [1]

科技如何为消费品破局开辟新路径？极致性价比时代降本保优怎么解？平台流量越来越贵，如何破局出 圈？极致性价比时代，降本保优怎么解？千品一面多巴胺，科技感怎么溢价？……这些消费企业发展中遇 见的难题，在2025数字经济新消费创享会上被给出了"最优解"。 创享会现场。 6月26日，2025数字经济新消费创享会在重庆两江新区举行，作为"2025重庆6·18电商节"的重点主题活动之 一，本次创享会以"数商赋能 趣享消费"为主题，聚焦重庆消费品产业与数字经济的深度融合，通过消费投 资新趋势分享、数智消费尖端产品路演、前沿科技消费品沉浸式体验，开展现场资源对接，促进行业交 流，推动资本与项目深度碰撞，助力重庆消费品破圈升级。 科技赋能 助力突围消费红海 重庆蚂蚁消费金融有限公司监事长周昌昊作分享。 在创享会"头部说风向"环节，国内头部金融机构蚂蚁消金、现象级消费品牌美力城分享了当下新消费趋 势。重庆蚂蚁消费金融有限公司监事长周昌昊表示，来自花呗分期的数据显示，"6·18"期间，用分期免息 消费的人数同比增长19%，不愿多花一分冤枉钱、追求资金效率最大化的"精算型消费"已成趋势。花呗尝 试通过提交职业类证书、学习技能类证书、 ...

证券研究报告 2025年6月26日 行业：纺织服饰 增持 （维持） 可选消费：年轻化、品牌化、智能化，驱动 新成长 分析师：袁锐 SAC编号：S0870525060002 分析师：杜洋 SAC编号：S0870523090002 目录 SECTION C o n t e n t 1. 新消费：品牌价值崛起，挖掘年轻消费 ➢ 黄金消费结构分化显著，避险需求推动金价走高； ➢ 古法金与小克重引领新潮流； ➢ 年轻群体成消费主力驱动创新。 黄金消费 潮玩消费 户外消费 科技消费 ➢ 潮玩市场三大驱动力支撑： Z世代消费力崛起、IP商业化加速、技术创新推动； ➢ "谷子经济"高速增长，国潮引领市场； ➢ 谷子经济推动二级市场繁荣。 ➢ AI+消费正从技术探索转向大规模商业化； ➢ 人形机器人量产与应用拓展； ➢ 智能家居与穿戴设备深度升级。 ➢ 户外市场稳步扩容，渗透潜力巨大； ➢ 健康意识与政策技术驱动增长； ➢ 多元化细分趋势崛起："轻户外"引领、消费场景拓展等。 图片来源：上海黄金交易所，人民日报数字传播，MobTech研究院，浙江省纪委省监委网站 3 2. 黄金消费：黄金避险属性凸显，古法黄金带动金饰消费 1. ...

Group 1: Automotive Industry - The average payment term for domestic automotive companies exceeds 170 days, with some companies extending it to over 240 days [1][3] - The long payment terms are seen as a way for automotive companies to transfer financing and cash flow pressures onto suppliers [1] - The revised "Regulations on Payment of Funds for Small and Medium-sized Enterprises" aims to address the payment difficulties faced by small suppliers, mandating large enterprises to pay within 60 days [3] Group 2: Real Estate Industry - The average payment term for real estate companies is reported to be 9 months, with some companies like Greenland Holdings exceeding 20 months [1] Group 3: Home Appliances Industry - The average payment term for white goods manufacturers is approximately 145 days, with Gree Electric Appliances notably lagging at over 170 days [1] Group 4: Food and Beverage Industry - The average payment term in the liquor industry is around 4 months, while *ST Rock faces a prolonged payment term of 4.5 years due to operational crises [1] Group 5: Textile and Apparel Industry - The textile and apparel industry has an average payment term of 71 days, with 107 listed companies reporting a total operating cost of 351.62 billion and accounts payable of 56.63 billion [5][7] - The payment term for the textile manufacturing sector is 55 days, while the apparel and home textile sector has a significantly longer payment term of 147 days [7] - The jewelry sector has a notably shorter payment term, averaging 8 days, due to the concentrated supply chain and strong bargaining power of suppliers [8][10] Group 6: Specific Company Case - ST Start - ST Start has an alarming payment term of 440 days, significantly higher than its peers in the apparel sector [12] - The company has faced severe operational challenges, leading to a cumulative net loss of 1.258 billion over three years and a debt ratio of 92.69% as of 2024 [14][16] - To alleviate cash flow issues, ST Start has extended its payment terms, with a drastic increase from around 200 days in 2020 to 452 days in 2023 [16]

Group 1 - A total of 24 companies were investigated by institutions on June 25, with 17 companies specifically targeted by funds [1][2] - The most popular company among funds was Botao Bio, which had 21 participating funds, followed by Sanfu Outdoor and Entropy Technology with 7 and 6 funds respectively [1][2] - The companies investigated belong to 12 different industries, with the textile and apparel, and pharmaceutical and biotechnology sectors having the most companies, each with 3 stocks listed [1] Group 2 - Among the companies investigated, 3 had a total market capitalization exceeding 50 billion yuan, while 13 had a market cap below 10 billion yuan [1] - In terms of market performance, 9 stocks among the investigated companies saw an increase in the last 5 days, with Haike Xinyuan, Bai'ao Intelligent, and Ganfeng Lithium leading with increases of 50.83%, 10.42%, and 5.88% respectively [1][2] - Conversely, 8 stocks experienced declines, with Mankalon, Botao Bio, and China Merchants Energy showing the largest drops of 7.94%, 5.35%, and 4.76% respectively [1][2]

报告摘要 | 主要数据 | | | --- | --- | | 上证指数 | 3420.566 | | 沪深 300 | 3904.0342 | | 深证成指 | 10217.6287 | 主要指数走势图 10% -20% 作者 刘庆东 SAC 执业证书: S0640520030001 联系电话:010-59219572 邮箱：liuqd@avicsec.com (2025.06.16-2025.06.20) 2025 年 06 月 25 日 证券研究报告|宏观研究|宏观深度 金融市场分析周报 相关研究报告 金融市场分析周报 —2025-06-20 金融市场分析周报(2025.06.03-2025.06.06) —2025-06-13 金融市场分析周报 —2025-06-06 入市需谨慎 股市有风险 请务必阅读正文之后的免责声明部分 联系地址:北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 公司网址：www.avicsec.com 传真：010-59562637 联系电话：010-59219558 中航证券研究所发布 证券研究报告 分析师 1 规模以上工业增加值:5 月份,规模以上工业增 ...

天眼查App显示，近日，四川欧可依服饰有限公司成立，法定代表人为闵晋梓，注册资本1000万人民 币，四川欧纹服饰有限公司、南充市临开高新置业有限公司持股。 企业名称四川欧可依服饰有限公司法定代表人闵晋梓注册资本1000万人民币国标行业制造业>纺织服 装、服饰业>服饰制造地址四川省南充市顺庆区共兴镇青家坝金秤钩临江低碳产业园A6号3、4楼企业类 型其他有限责任公司营业期限2025-6-24至无固定期限登记机关南充市顺庆区市场监督管理局 来源：金融界 序号股东名称持股比例1四川欧纹服饰有限公司72%2南充市临开高新置业有限公司28% 经营范围含服饰制造；家用纺织制成品制造；劳动保护用品生产；特种劳动防护用品生产；医护人员防 护用品生产（Ⅰ类医疗器械）；服装服饰批发；服装服饰零售；针纺织品销售；劳动保护用品销售；特 种劳动防护用品销售；鞋帽批发；鞋帽零售；塑料制品销售；橡胶制品销售；皮革制品销售；家具销 售；医护人员防护用品批发；医护人员防护用品零售；服饰研发；服装制造；服装辅料制造；服装辅料 销售；互联网销售（除销售需要许可的商品）；建筑材料销售；建筑砌块销售；建筑装饰材料销售；水 产苗种销售；食用农产品零售；肥 ...

女性跑完一英里，约1609.344米，最快需要几分钟？ 肯尼亚选手菲斯·基普耶贡（Faith Kipyegon）在2023年7月22日告诉你—— 4分07秒64 。 普通人或许对这个成绩没有概念。举个例子，各地体育中考800米满分在3分30秒左右，大学生800米 满分在3分15秒左右。假如你和基普耶贡同时出发竞逐800米，可能一圈还没跑完，对手已经冲过终 点线了。 女子一英里成绩的认证历史其实并不悠久。1967年，国际田联开始承认女子一英里跑步世界纪录； 1989年，罗马尼亚选手保拉·伊万创造了4分15秒61的世界纪录，这一成绩保持了较长时间。 34年之后，基普耶贡将这一成绩提升了8秒左右。 如今，基普耶贡又要将成绩提高近8秒左右， 这次用时只有不到两年 。 6月26日，基普耶贡将在巴黎进行"破4"挑战——4分钟内完成1英里竞速。长达几十年的时间里，这 一挑战被视为"不可能完成的任务"，尤其对女性运动员而言。在耐克专业团队的帮助下，基普耶贡有 机会改变游戏规则，成为跨越这一门槛的女性"第一人"。 作为三届奥运冠军、世锦赛金牌得主、完成50天内三破世界纪录壮举的顶级中长跑运动员，基普耶 贡说道："我在想，下一步 ...

Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].

Core Insights - The retail landscape in Hong Kong is undergoing significant changes, with a high vacancy rate in core commercial areas indicating ongoing challenges for the sector [2][3] - Despite the difficulties, there are signs of potential recovery and adaptation within the market, as evidenced by the rise of new retail formats and the entry of international brands [6][9] Retail Performance - In Q1 2024, the total retail sales value in Hong Kong is projected to be HKD 376.8 billion, reflecting a year-on-year decline of 7.3%, highlighting the ongoing struggles of traditional retail [3] - The vacancy rate in the four core shopping districts reached 12.1%, the highest in nearly four and a half years, with over 60% of vacant shops unoccupied for at least six months [3][4] Market Dynamics - The rise of e-commerce, particularly from mainland China, has led to increased competition for traditional retailers, resulting in a shift towards smaller, more flexible retail spaces and short-term leasing options [4][6] - New retail formats, such as capsule toy stores and pop-up shops, are gaining traction due to lower costs and higher returns, indicating a shift in consumer preferences [8] Consumer Behavior - The increase in visitor numbers to Hong Kong, projected to reach 44.5 million in 2024, is expected to support certain retail sectors, particularly those catering to tourists [5] - Research indicates that frequent travelers from Hong Kong continue to spend significantly in local retail and dining, suggesting that local consumption is not being entirely displaced by cross-border shopping [5] Future Outlook - The decline in rental prices is attracting various international brands to establish a presence in Hong Kong, suggesting a potential revitalization of the retail market [6] - The ongoing adjustments in the retail landscape reflect a broader trend towards experiential shopping and a focus on meeting the evolving demands of consumers [9]