东方证券发布研报称，维持波司登(03998)"买入"评级，目标价6.31港元。根据草根跟踪，近期公司主力 市场华东地区大幅度的降温对上海地区的销售已经产生正面影响。而北方市场特别是东北市场随着去年 公司推出尔滨系列打下的良好基础，预计在气温助力下，将逐步进入品牌收获期。 公司销售的旺季一般是从10月开始，直至春节之前。26年春节在2月17日，相比去年春节的1月29日整整 晚了19天，有效拉长了公司的销售旺季周期，该行认为对公司FY2026财年将带来积极影响。目前双十 一正在火热进行之中，近期全国范围的持续降温本身将利好冬季服饰的销售。从部分平台数据看，公司 主力品牌在双十一目前阶段开局良好。 此外，近日公司正式宣布任命国际知名设计师Kim Jones(曾执掌路易威登与迪奥男装设计)为新创设的 AREAL高级都市线创意总监。据悉AREAL系列瞄准高端商务时尚领域，致力于打造"多维场景、多重 身份下的艺术性商务衣橱"。该行认为，尽管高端产品线未来销售占比预计不会太高，但对于提升主品 牌势能和国际化影响力将带来积极的影响。 该行指出，"稳健可持续增长+高分红预期"是投资公司的主要吸引力之一。FY2021-FY202 ...

智通财经APP获悉，东方证券发布研报称，维持波司登(03998)"买入"评级，目标价6.31港元。根据草根 跟踪，近期公司主力市场华东地区大幅度的降温对上海地区的销售已经产生正面影响。而北方市场特别 是东北市场随着去年公司推出尔滨系列打下的良好基础，预计在气温助力下，将逐步进入品牌收获期。 该行指出，"稳健可持续增长+高分红预期"是投资公司的主要吸引力之一。FY2021-FY2025公司收入和 盈利的复合增速分别为17.66%和19.73%，充分彰显了公司在疫情和经济波动下的经营韧性。该行预计 未来3年公司收入有望保持两位数左右的复合增长，盈利增速有望略超收入增速。考虑到当前的气温和 销售旺季的拉长，FY2026财年业绩不排除超预期的可能。另外从历史上看，公司长期维持较高的分红 比率(上市至今平均分红率在78%左右)，该行预计未来也有望保持较高的分红水平，进一步增加了公司 的投资吸引力。 公司销售的旺季一般是从10月开始，直至春节之前。26年春节在2月17日，相比去年春节的1月29日整整 晚了19天，有效拉长了公司的销售旺季周期，该行认为对公司FY2026财年将带来积极影响。目前双十 一正在火热进行之中，近期 ...

提到潮牌，很多人可能会想到Supreme、PALACE、Stüssy，但你知道吗？由Nigo主理的"Human MadeInc."正在以惊人的速度崛起，成为潮流界的"高盈利 神话"。 近日，这位在行业深耕30年的日本设计师，计划带着其创立的街头服饰品牌Human Made上市。 根据报道，Human Made拟于11月下旬在东京证券交易所挂牌，而Pharrell（美国歌手）作为Nigo的"好朋友"，也是主要股东之一。募资金将用于在日本开 设更多直营店，强化自家EC（线上销售）系统，以及建立海外子公司，加速全球扩张等。 图源/Human Made小红书 年销112亿，Human Made赚麻了 根据官网披露的数字，Human Made预计2026年1月期销售额为136.97亿日元，同比增长21.7%；而在2024年，Human Made已实现112亿日元的 销售额、31亿日元的营业利润，营业利润率为28%。这一数字远超同类潮牌Supreme、Stüssy，甚至比肩轻奢品牌。 Human Made为什么这么火？最重要的原因，就在于品牌主理人的强IP。 但到1998年，在亚洲红透半边天的木村拓哉，在大热日剧《律政英 ...

证券研究报告 滔搏 (6110 HK) 港股通 弱零售下新品售罄亮眼，延续高派息 | 华泰研究 | | | | 中报点评 | 投资评级(维持): | | 买入 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 24 日│中国香港 | | 服装 | 目标价(港币): | | 4.00 | | 滔搏国 际公布 | | FY25/26 | 年上半 年业绩：公司实现营 收 | 123.0 亿 元 | 樊俊豪 SAC No. S0570524050001 | fanjunhao@htsc.com | 研究员 | SFC No. BDO986 +(852) 3658 6000 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com +(86) 755 8249 2388 | 杨耀* | 联系人 | | --- | --- | | SAC No. S0570124070059 | yangyao@htsc.com | | | +(86) 755 8249 2388 | 基本数据 ...

Core Insights - Li Ning reported a mid-single-digit decline in overall retail sales across its platform for the third quarter ending September 30, 2025 [1] - Offline channels, including retail and wholesale, experienced a high-single-digit decline, while e-commerce virtual store sales recorded a high-single-digit growth [1] Retail Performance - As of September 30, 2025, the total number of Li Ning sales points in China reached 6,132, with a net increase of 33 points compared to the previous quarter [1] - The retail business saw a net decrease of 46 points, while the wholesale business experienced a net increase of 61 points [1] YOUNG Brand Performance - As of September 30, 2025, the total number of Li Ning YOUNG sales points in China was 1,480, reflecting a net increase of 45 points from the previous quarter [1]

Group 1: OSL Group - OSL Group is currently the only publicly listed licensed virtual asset exchange in Asia, benefiting from a rare licensing barrier and diversified product expansion, which provides a first-mover advantage [1][3] - The company is expected to achieve profitability for the first time in 2024 since its strategic shift to the digital asset industry in 2018, with net profits projected to be -0.66/-0.12/0.20 million HKD for 2025-2027 [2][24] - OSL has obtained dual licenses from the Hong Kong Securities and Futures Commission (SFC) and Anti-Money Laundering Ordinance (AMLO), ensuring compliance and regulatory framework for its operations [3][25] - The company is accelerating global expansion through acquisitions in Japan and Europe, which is expected to drive significant revenue growth [3][25] - A strategic investment of up to 30 million USD in the PayFi ecosystem is planned to enhance payment services, which will be a key focus area for the company in the coming years [4][26] Group 2: Chengde Lululemon - Chengde Lululemon reported a significant revenue recovery in Q3, with a year-on-year growth of 8.91%, although the increase in sales expenses offset the gross margin expansion [5][6] - The company is focusing on the launch of new products, particularly the Lululemon plant-based health water series, which is expected to enhance brand competitiveness and capture market demand [7] - The market for traditional health water is projected to grow significantly, with an expected market size of 30 billion RMB in 2024, indicating a favorable environment for the company's new product line [7] Group 3: GCL Technology - GCL Technology's photovoltaic materials business turned profitable in Q3 2025, with an estimated profit of approximately 9.6 billion RMB, marking a significant recovery [8][34] - The company is expected to achieve net profits of -13.81/13.17/20.55 billion RMB for 2025-2027, reflecting a positive outlook for future profitability [8][34] - The company is benefiting from a reduction in competition and a focus on core business areas, which is expected to enhance its operational efficiency [8][34]

收量 | 指数 收盘 涨跌（%） | | --- | | 名称 | | ┣证指数 3922 0.22 2.63 0.16 | | 深证综指 2458 0.22 -0.37 -0.25 | 2025 年 10 月 24 日 全球资产配置方法论靠合国架性报 黄金大跌高的后市演经 | 风格指数 | | 昨日 近１个月 近６个月 | | | --- | --- | --- | --- | | (%) | | | | | 大盘指数 >> | 0.33 | 1.82 - | 22.2 | | 中盘指数 > | 0.05 | -0.33 - | 28.12 | | 小盘指数 | 0.01 0.01 | -1.57 - | 22.32 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 焦炭Ⅱ | 5.27 | 18.55 | 37.28 | | 能渡等層 | 3.11 | 15.77 | 74.79 | | 炼化及贸易 | 2.41 | 6.33 | 9.47 | | 影视院线 | 2.4 | -6.14 | 7.58 | | 出版 | 2.24 ...

Group 1 - The company announced that British fashion designer KIM JONES will serve as the creative director for the AREAL series, aiming to redefine the concept of business down jackets [1] - KIM JONES has a notable background, having worked as the artistic director for men's wear at LV and as a designer for Dior, aligning with the company's strategy of "professional down + high-quality design" [1] - The AREAL series targets the high-end business fashion sector, featuring transformable layering designs and high-quality materials, with product prices ranging from 2399 to 3999 yuan [1] Group 2 - The company continues to innovate its product offerings, focusing on three main series: puff, outdoor, and extreme cold, with the extreme cold series expected to exceed 3.5 billion yuan in revenue [2] - The company is optimizing store locations and enhancing store image to improve channel structure, while also focusing on the quality of store operations [2] - Recent temperature drops in major cities are expected to stimulate demand for winter clothing, with the sales period for the upcoming Spring Festival extended by 2 to 3 weeks [2] Group 3 - The company is expected to achieve its annual sales targets due to ongoing product innovation and improved channel quality, with projected net profits for fiscal years 2026-2028 being 3.931 billion, 4.382 billion, and 4.786 billion yuan respectively [3] - The projected price-to-earnings ratios for fiscal years 2026-2028 are 13.2, 11.9, and 10.9 times, maintaining a "Buy-A" rating [3]

巴黎时装周发布"大师泡芙"系列新品，新财年主品牌深化品牌引领及渠道差异化运营。1）品牌建设方 面，2025 年10 月7 日波司登携手意大利设计大师 Pietro Ferragina 在巴黎时装周期间发布"大师泡芙"系 列，世界跳水冠军郭晶晶、演员董洁、吴千语、兰西雅现身秀场演绎新品，有效提升品牌声量；10 月 20 日公司官宣著名英国设计师Kim Jones（前LV 集团旗下Dior 男装艺术总监）出任新创设的AREAL 高 级都市线创意总监，进一步巩固品牌时尚审美调性，提升国际影响力。2）渠道运营方面，公司预计10 月底在上海南京东路新开登峰概念店，门店在空间、视觉、场景设计方面显著区别于常规店铺，提高消 费者体验感，更好满足高质量客群需求。在登峰店外，波司登品牌门店还按层级划分为中高端、主流、 大众店型，差异化运营有助提升渠道效率。3）销售方面，我们预计FY26H1 主品牌经销渠道终端流水 大幅增长，有效降解库存，以更好实现下半财年轻装上阵。 FY2025 公司经营韧性凸显，波司登主品牌收入双位数增长。FY25（2024/4/1-2025/3/31）营收259.0 亿 元/yoy+11.6%，归母净利3 ...

投资建议：公司在产品端同国际知名设计师合作、增加功能性面料使用以强化产品力；渠道端推动分店 态运营、门店升级强化单店运营。推进雪中飞及冰洁品牌升级变革，布局大众高性价比市场。预计公司 FY2026 — FY2028 年实现营业收入同比增长10.1%/10.4%/10.5% 至285.1/314.6/347.7 亿元；归母净利润 同比增长11.7%/12.4%/11.8%至39.2/44.1/49.3 亿元，对应估值13/12/11 倍，维持其"买入"评级。 机构：东北证券 研究员：刘家薇/苏浩洋 风险提示：新品开发及销售不及预期，门店拓展不及预期，市场竞争加剧，盈利预测及估值不及预期等 登陆巴黎时装周， 携手奢侈品牌设计师。10 月7日，波司登在巴黎时装周期间发布"泡芙"系列新品，郭 晶晶、董洁及吴千语等运动及娱乐明星穿着波司登泡芙系列产品出场。10 月20 日，波司登AREAL 高 级都市线正式上市，首季包含20 款以上产品，涵盖男女装及配饰。定位于商务羽绒服，结合功能性面 料及时尚性设计，产品价格带为2399-3999 元区间。进一步强化波司登品牌升级，契合公司"专业羽绒 +高品质设计"的战略方向。ARE ...