智通财经APP获悉，招银国际发布研报称，对2026年中国可选消费行业持"大市同步"评级，预期整体零 售销售增长约3.5%，较2025年的约4%略有放缓，展望偏向谨慎，不过，春节时间延后、超长连假、房 地产板块或出现复苏和股市保持畅旺为少数正面因素;预计2026年上半年行业股价承压，下半年反弹空 间相对较大。 该行表示，在2026年，对于消费行业子板块优先看好：1)茶饮和咖啡，2)潮玩行业，3)服装行业，4)纺 织行业;并对下列子板块维持同步大市的看法：5)餐饮行业，6)体育用品行业，7)旅游-酒店板块，8)家电 行业。该行对茶饮和咖啡板块、潮玩行业维持"优于大市"评级;将服装行业、纺织行业评级上调至"优于 大市";餐饮行业评级下调至同步大市;体育用品行业维持同步大市评级;旅游-酒店板块评级下调至同步大 市;家电行业评级维持同步大市。 招银国际指，在基本的情境下，从投资主线来说，可以按照不同类型的消费来分类，并会更看好：1)生 存类消费(节俭主义、低单价、高性价比等)，相关公司包括：锅圈(02157)、百胜中国(09987)、瑞幸咖啡 (LKNCY.US)、达势股份(01405)、波司登(03998)等。2)补 ...

Macro Economic Overview - The central economic work conference indicates that China will adopt a moderately stimulating policy in 2026, with a more proactive fiscal policy and a moderately loose monetary policy. Key focuses include expanding consumption, stabilizing investment, and preventing systemic risks [2] - The central bank is expected to lower the RRR by 50 basis points and the LPR by 20 basis points in 2026. The broad fiscal deficit may reach 8.5% of GDP, close to 8.4% in 2025 [2] Global Market Performance - The Hang Seng Index closed at 25,531, down 0.04% for the day but up 27.27% year-to-date. The Shanghai Composite Index closed at 3,873, down 0.70% for the day and up 15.56% year-to-date [3] - The U.S. markets showed slight increases, with the Dow Jones up 1.34% and the S&P 500 up 0.21%. However, the Nasdaq fell by 0.25% [3] Industry Outlook Consumer Sector in China - The report maintains a "market perform" rating for the Chinese consumer sector in 2026, expecting overall retail sales growth of about 3.5%, slightly down from approximately 4% in 2025. Negative factors outweigh positive ones, including the withdrawal of subsidies and slowing export momentum [7][8] - Investment focus is on three consumption types: survival consumption emphasizing frugality, compensatory consumption focusing on affordable entertainment, and defensive assets like gold and high-dividend stocks [8] Specific Sub-sectors - The report is optimistic about the tea and coffee, trendy toys, clothing, and textile industries for 2026. It suggests that tea and coffee have structural growth potential despite a slowdown in growth rates [8][9] - The restaurant sector faces challenges from subsidy withdrawals and increased competition, while the sports goods sector may see some brand reversals but is still impacted by consumer downgrading and inventory pressures [9] Company Reports - Adobe reported a 10% year-on-year revenue increase to $6.19 billion in Q4 FY25, with non-GAAP net profit rising 8% to $2.29 billion, meeting expectations. The integration of AI technology is driving business growth, with AI-enabled business ARR exceeding one-third of total business [10] - J&T Express achieved profitability in Thailand after years of price wars, holding a market share of 32.8% in the first half of FY25. The management is confident about growth potential in the Southeast Asian market [10]

来源：市场资讯 （来源：时尚商业Daily） 时尚商业Daily / 12月12日 美洲区营收下降 2%，可比销售下降 5%，国际市场营收上涨 33%，可比销售增长 18%，成为公司唯一 高速的增长引擎。 季度末Lululemon全球门店总数达到 796 家。 公司预计第四季度营收 35–35.85 亿美元，同比下降 3% 至 1%，低于预期，每股收益 4.66–4.76 美元， 同样不及市场预期。 但全年营收预计上调至 109.62–110.47 亿美元，同比增长约 4%，扣除去年 53 周基数后增速为 5–6%。 Lululemon 宣布 CEO Calvin McDonald 将于明年 1 月卸任。董事会主席 Marti Morfitt 将担任执行主席， CFO Meghan Frank 与 CCO André Maestrini 将出任临时联席 CEO，董事会正与一家全球猎头公司合作物 色继任者。 Lululemon中国市场再次跑赢行业。 据时尚商业快讯，Lululemon公布 2025 财年第三季度业绩，营收和每股盈利均高于市场预期，并上调全 年业绩指引，同时，公司宣布 CEO Calvin McD ...

机构：天风证券 深化全渠道零售网络布局 公司继续深化覆盖全渠道零售网络的布局，线下与线上渠道进一步融合，以求为消费者提供无 缝一致 的购物体验，线上销售伴随消费者行为习惯变化稳步增长；不断升级包括"不止盒子""微商城"及"江南 布衣+"多品牌集合店等新兴消费场景或产品，为消费者提供更多增值服务。 公司在全球经营的独立实体零售店总数由2024 年6 月30 日重组后的2025 家增加至2025 年6 月30 日的 2117 家，其中JNBY 品牌961 家。 公司发布2024/2025 年报 FY25 收入55 亿，同比+4.6%，净利润9 亿，同比+6.0%；毛利率65.6%，同比-0.3pct；派发末期股息每 股普通股0.93 港元，财年总派息金额每股普通股1.38 港元。 加强品牌力建设 公司积极顺应市场变化、主动抓住市场机遇，继续坚持"设计和品牌力双驱动""多品牌规模化发 展"和"粉丝经济"战略，以"生于独到，立于多元"为主题庆祝公司成立三十周年。速写品牌在成立二十 周年之际，以"第二十回"为设计主旨，继续诠释"幽默再思考"的品牌理念，首次推出"黑支线b line"系 列。同时，公司品牌矩阵进一步丰富， ...

Core Viewpoint - The consumer concept stocks have generally risen, reflecting positive market sentiment following the Central Economic Work Conference held in Beijing, which emphasized the importance of domestic demand and consumption [1] Group 1: Stock Performance - Jiumaojiu (09922) increased by 5.42%, trading at HKD 1.75 [1] - Haidilao (06862) rose by 4.42%, trading at HKD 14.64 [1] - Chabaidao (02555) saw a 6.06% increase, trading at HKD 7.18 [1] - Mengniu Dairy (02319) gained 2.53%, trading at HKD 14.6 [1] - Li Ning (02331) went up by 1.8%, trading at HKD 17.56 [1] Group 2: Policy Insights - The Central Economic Work Conference, held on December 10-11, outlined a focus on domestic demand and the construction of a robust domestic market [1] - Key policies include the implementation of special actions to boost consumption and the development of plans to increase income for urban and rural residents [1] - The conference also emphasized the need to eliminate unreasonable restrictions in the consumption sector to unlock service consumption potential [1] Group 3: Investment Strategies - Galaxy Securities highlights the importance of the medium to long-term goals for consumption outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1] - CMB International suggests three investment directions based on consumption types: 1) Survival consumption, emphasizing frugality, low prices, and high cost-performance [1] 2) Compensatory consumption, focusing on small pleasures and affordable entertainment [1] 3) Defensive consumption, which has risk-averse attributes [1]

消息面上，Lululemon公布第三财季业绩，营收同比增长7%至25.7亿美元，高于分析师预期的24.8亿美 元；纯利同比下降13%至3.1亿美元，合每股盈利2.59美元，亦高于预期的2.25美元。期内，美洲地区净 营收下降2%，可比销售下降5%；国际市场则录得强劲增长，净营收增长33%，可比销售增长18%。展 望全年，该公司上调净营收指引，预计将在109.62亿美元至110.47亿美元之间，符合市场预期。同时， 公司宣布首席执行官Calvin McDonald将于明年1月底离任，公司正在寻找继任者。(格隆汇) 加拿大瑜珈服品牌Lululemon(LULU.US)夜盘涨10.7%，报207.1美元。 ...

Core Viewpoint - The article discusses the recent implementation of a plan by the Ministry of Industry and Information Technology and five other departments to enhance the adaptability of supply and demand in consumer goods, aiming to stimulate consumption and economic growth. Group 1: Consumption Trends - The article highlights the emergence of new cultural and tourism products, such as ice and snow sports experiences, which are contributing to a "hot economy" from previously underutilized "cold resources" [2] - The release of the Beijing Winter Olympics mascot "Bing Dwen Dwen" has seen a significant consumer demand, indicating a robust market for cultural products [2] - The film "Zootopia 2" has outperformed expectations in the Chinese market, showcasing the potential of the domestic box office [2] Group 2: Supply and Demand Adaptation - The article emphasizes the shift in consumer demand from mere availability to quality, as outlined in the "14th Five-Year Plan," which calls for an expansion of high-quality consumer goods and services [2] - It discusses the structural mismatch in supply and demand, particularly in the elderly care market, where the market size is expected to grow from 2.6 trillion yuan to 5.4 trillion yuan from 2014 to 2024, yet there are challenges in meeting consumer needs [3] Group 3: Innovation and New Consumption Models - The article stresses the importance of innovation in driving consumption, highlighting the need for new products, services, and experiences to meet evolving consumer preferences [4] - It notes the role of technology and digitalization in enhancing production capabilities and developing high-quality consumer goods [4] - The article mentions the increasing international presence of Chinese brands, such as the expansion of "Mixue Ice City" with over 5,000 overseas stores, reflecting a growing global consumer market [4] Group 4: Market Opportunities - The article identifies potential in traditional consumption sectors, such as the success of a clothing company in producing yoga apparel, and the food industry’s shift towards low glycemic index products [5] - It highlights the emergence of new consumption hotspots, particularly in urban areas, where international brands are being integrated into local markets [5] - The article points out the opportunities in new technology sectors, such as wearable devices and elder care robots, which are benefiting from the "AI+" trend [6] Group 5: Economic Growth and Consumer Potential - The article concludes that consumption is a crucial driver of economic growth and that enhancing supply-demand adaptability will unleash consumer potential, contributing to the overall stability and growth of the Chinese economy [6]

不久前，工业和信息化部等6部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方 案》，部署5方面重点任务。本版今起推出系列评论，扫描消费新亮点新趋势，探讨如何更好释放消费 潜力、提振发展信心。 ——编 者 向"新"而行，拥抱开放，做好提质扩容文章。 新产品、新功能、新服务、新模式、新场景、新应用、新体验……"新"是促消费的密码。新质生产力的 蓬勃生长，为高质量消费品的供给筑牢物质底座。依靠科技赋能，搭乘数字化、智能化快车，面向需求 端改造提升既有产能，积极研发含"新"量高的产品，是赢得消费者的有效路径。 市场运行的细节中，蕴藏新的活力因子，折射经济脉动。几则消息，联系起来看，发人深思。 伴随"雪假"在新疆等省份落地，围绕冰雪运动、非遗体验、文化研学，文旅产品新意迭出，助力"冷资 源"加速生成"热经济"。 寒风中，人们排队购买首发的"马墩墩"——北京冬奥会吉祥物"冰墩墩"特别纪念版。从曾经"一墩难 求"，到如今经典延续，文创产品生命力如此蓬勃。 电影《疯狂动物城2》上映首周，中国内地票房大幅领先北美，远超好莱坞预期。超大规模市场的能 量，可见一斑。 作为畅通国民经济循环的重要环节，消费一头连着宏观政策， ...

Core Insights - The article discusses the recent implementation of a plan by six departments, including the Ministry of Industry and Information Technology, aimed at enhancing the adaptability of supply and demand in consumer goods, with a focus on five key tasks to stimulate consumption [1] Group 1: Consumption Trends - The article highlights the emergence of new cultural and tourism products, such as ice and snow sports experiences, which are contributing to a "hot economy" from previously underutilized "cold resources" [2] - The success of the Beijing Winter Olympics mascot "Bing Dwen Dwen" and the strong box office performance of "Zootopia 2" in China indicate a robust consumer market that exceeds expectations [2] - The shift in consumer demand from mere availability to quality reflects a growing emphasis on high-quality products and services, as outlined in the "14th Five-Year Plan" [2][3] Group 2: Supply and Demand Adaptation - The article emphasizes the importance of addressing structural mismatches in supply and demand, particularly in the elderly care market, where the market size is projected to grow from 2.6 trillion yuan to 5.4 trillion yuan from 2014 to 2024 [3] - It suggests that businesses should focus on producing what consumers want, such as high-end brands in jewelry and cosmetics, to better meet diverse consumer needs [3] Group 3: Innovation and New Consumption - The article stresses the significance of innovation in driving consumption, highlighting the need for new products, services, and experiences to meet evolving consumer demands [4] - It notes that the integration of technology and digitalization is crucial for enhancing existing production capacities and developing high-quality products [4] - The expansion of international brands and the success of Chinese brands in global markets, such as the rapid growth of overseas stores for brands like Mixue Ice City, demonstrate the potential for increased consumption levels [4] Group 4: Market Opportunities - The article identifies opportunities in traditional consumption sectors, suggesting that there is still potential for growth through innovative approaches, such as the production of yoga apparel and low glycemic index food products [5] - It highlights the emergence of new consumption hotspots, particularly in urban areas, where brands are adapting to health trends and cultural heritage [6] - The article concludes that the acceleration of consumption structure upgrades is critical for stimulating domestic demand and supporting economic stability [6]

根据公告，日播时尚拟以14.2亿元通过发行股份及支付现金的方式收购四川茵地乐材料科技集团有限公 司（以下简称"茵地乐"）71%股权，同步募集配套资金1.558亿元。 本报讯 （记者张文湘见习记者占健宇）12月11日，日播时尚集团股份有限公司（以下简称"日播时 尚"）发布公告称，公司发行股份及支付现金购买资产并募集配套资金暨关联交易事项已获得上海证券 交易所并购重组审核委员会审核通过。 （文章来源：证券日报） 公告显示，本次交易前，日播时尚主营业务为精品服装的创意设计、材料及工艺技术研发及生产销售， 专注于中高端时尚女装领域。茵地乐主营业务为锂电池粘结剂的研发、生产与销售。本次交易完成后， 日播时尚将进一步丰富业务类型，形成"服装+锂电池粘结剂"的双主业经营格局，有助于拓宽盈利来 源，提高公司的核心竞争力，实现业务拓展和利润增长。 ...