（文/霍东阳 编辑/张广凯） 去年12月，西班牙服装巨头Mango创始人Isak Andic在巴塞罗那附近山区徒步时坠崖身亡，起初被视为一场意外事故。然而经过数月调查，这起案件近期出 现惊人逆转。 警方调查方向已从意外事故转向疑似谋杀案，而Isak Andic的长子、43岁的Jonathan Andic——也是事发时的唯一目击者——现已被列为主要嫌疑人。 2024年12月14日，71岁的Isak Andic与家人在巴塞罗那郊外的蒙特塞拉特山区徒步。在返程途中，他突然滑倒，从100-150米高的悬崖坠落，当场死亡。现场 的唯一目击者是他的长子Jonathan Andic。 案件起初被当作意外事故处理，并在今年1月迅速结案。然而，调查人员逐渐发现了疑点：Jonathan Andic提供的证词前后不一致，且他描述的事发经过与堕 崖现场的调查结果不相符，引起了警方的怀疑。 今年3月，警方决定重启调查。到了9月底，案件出现重大进展，警方正式将Jonathan Andic列为主要嫌疑人，案件性质由意外转为疑似谋杀。 作为最早进入中国市场的快时尚品牌之一，Mango在华二十余年的发展轨迹既见证了国际品牌在中国市场的早期辉煌 ...

Core Viewpoint - The recent revelation that a consumer's expensive Adidas down jacket was actually produced by a local OEM has sparked discussions about brand value and consumer awareness in the context of modern commercial practices [2][4]. Group 1: OEM Phenomenon - The phenomenon of OEM (Original Equipment Manufacturer) is not new, as consumers have long been aware of the existence of cheaper alternatives produced by OEMs for well-known brands [3][6]. - The practice of OEM is widespread across various industries, not just in clothing, and is considered a core model of modern commerce [3][4]. - Notable OEM manufacturers, such as Shenzhou International, have been recognized for producing garments for major global brands like Nike, Uniqlo, and Adidas since around 2005 [3]. Group 2: Brand Premium Logic - The advantages of the OEM model include economies of scale and specialization, allowing brands to focus on design and marketing while manufacturers handle production, thus reducing costs and increasing efficiency [4]. - Consumers often pay a premium for brands not necessarily for product quality but for trust and identity associated with the brand [4]. Group 3: Consumer Choices - Consumers have become more discerning, often opting for lower-priced alternatives from OEMs instead of paying high prices for branded products [6]. - The trend of "tag peeling," where consumers check the origin of products to avoid being misled, has become common, reflecting a shift towards more rational purchasing decisions [6]. - Ultimately, the decision to pay a brand premium depends on individual preferences, with some valuing brand prestige while others prioritize cost-effectiveness [6].

Group 1 - The core viewpoint of the report is that CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] - Recent research indicates that Bosideng's flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [1] - Despite renovations at the main flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management [1][2] Group 2 - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [2] - The company’s distribution channels have performed well under flexible policy guidance, contributing significantly to business growth in 1HFY26 [2] - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates its commitment to upgrading its brand towards a high-end strategy [2]

Core Viewpoint - CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] Group 1: Company Performance - Recent research indicates that Bosideng's new flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [2] - Despite renovations at the flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management in high-end shopping areas [3] - The company has closely collaborated with distributors to improve operational quality, leading to excellent retail performance from distributors, particularly after a temperature drop in East China in mid-October [3] Group 2: Financial Outlook - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [4] - The company’s flexible policy guidance for distribution channels has driven significant business growth, while self-operated business performance remained stable due to strategic adjustments during the off-season [4] - A slight decrease in OEM proportion is anticipated to enhance the group's profit margin, maintaining a trend of profit growth alongside stable revenue [4] Group 3: Brand Strategy - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates the company's commitment to upgrading its high-end brand strategy [5] - This initiative reflects the company's forward-looking approach in strategic high-end positioning, international brand development, and product innovation [5]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● "太平转债"持有人可回售部分或全部未转股的可转换公司债券。"太平转债"持有人有权选择是否进行 回售，本次回售不具有强制性。 ● 本次满足回售条款而"太平转债"持有人未在上述回售期内申报并实施回售的，本计息年度（即2025年 7月15日至2026年7月14日）不能再行使回售权。 ● 风险提示：投资者选择回售等同于以100.49元/张卖出持有的"太平转债"。截至2025年10月21日，"太 平转债"的收盘价格高于本次回售价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）A股股票自2025年8月27日至2025年10月15日连 续三十个交易日的收盘价格低于公司"太平转债"当期转股价格的70%。根据《宁波太平鸟时尚服饰股份 有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，"太平转债"的 有条件回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海证 ...

Group 1 - Adidas customer service responded to claims that their down jackets are made by Snow Flying, assuring that all products have quality guarantees [2][2] - The jacket in question has a price of 579 yuan with a fill power of 600+, while a similar product from Snow Flying is priced at 519 yuan with a fill power of 680+ [2][2] - The Chinese Ministry of Foreign Affairs expressed hope for Japan to work towards mutual understanding following the election of new Prime Minister Takashi Hayashi [2][2] Group 2 - QianDao responded to a viral report regarding a refund issue, clarifying that the transaction was a personal exchange and not related to their platform services [3][4] - The company emphasized that the alleged "minor refund policy" was not an official rule but a personal message from the seller [3][4] - QianDao is committed to improving transaction rules and customer service based on user feedback [4][4] Group 3 - The international gold and silver markets saw significant declines, with COMEX gold futures dropping by 5.07% to $4138.5 per ounce, marking the largest single-day drop since April 2013 [4][4] - COMEX silver futures fell by 6.27% to $48.16 per ounce, also experiencing a significant decline [4][4] Group 4 - The smart glasses market experienced a 64.2% increase in shipments in the first half of 2025, reaching 4.065 million units [11][11] - The global smart glasses market is expected to exceed 40 million units by 2029, with China projected to have the highest growth rate [11][11] Group 5 - Bubble Mart announced an expected revenue growth of 245%-250% for Q3 2025 compared to Q3 2024, with domestic revenue increasing by 185%-190% [17][17] - The company also reported a 365%-370% increase in overseas revenue [17][17] Group 6 - China Telecom reported a net profit of 7.756 billion yuan for Q3 2025, a year-on-year increase of 3.60% [18][18] - The company's revenue for the same period was 124.848 billion yuan, a slight decline of 0.91% [18][18] Group 7 - Good Housekeeper reported a net profit of 57.0469 million yuan for Q3 2025, reflecting a year-on-year increase of 21.67% [19][19] - The company's revenue for the quarter was 382 million yuan, up 7.27% year-on-year [19][19] Group 8 - Quanjude reported a net profit of 13.791 million yuan for Q3 2025, a significant decline of 66.46% year-on-year [21][21] - The company's revenue for the quarter was 329 million yuan, down 17.30% year-on-year [21][21] Group 9 - China National Pharmaceutical Group reported a net profit of 544 million yuan for Q3 2025, an increase of 13.10% year-on-year [22][22] - The company's revenue for the quarter was 13.747 billion yuan, a growth of 3.58% [22][22]

Core Insights - The trade landscape in the Asia-Pacific region is rapidly restructuring due to the impact of U.S. tariffs, significantly affecting countries heavily reliant on the U.S. market [1][4] - Vietnam and Cambodia are identified as the most severely impacted economies, with export declines projected at 19.2% and 23.9% respectively, far exceeding the regional average of 6.4% [1][2] - The report emphasizes the urgent need for market diversification and internal strengthening strategies for affected countries [3][5] Group 1: Economic Impact - Vietnam's economy is heavily dependent on exports, with 36.6% of its exports directed to the U.S., primarily in low-value-added sectors like apparel and electronics [1] - Cambodia's exports are 58% reliant on the U.S., with significant portions in labor-intensive industries such as clothing and footwear, which are directly targeted by U.S. tariffs [2] - Other vulnerable economies in the region, such as Fiji and Sri Lanka, are also facing substantial export declines of 19.6% and 15% respectively due to their concentrated export structures [2] Group 2: Strategies for Adaptation - Market diversification is critical, with Vietnam seeking to enhance cooperation with economies like South Korea and the EU, while Cambodia aims to expand exports to the EU under the EBA initiative [3] - Regional economic integration within ASEAN is highlighted as a potential buffer, although challenges such as non-tariff barriers and infrastructure gaps remain [3] - Both Vietnam and Cambodia are attempting to increase industrial value through technological innovation and investment in high-tech sectors, despite facing significant obstacles in talent development and infrastructure [3] Group 3: Social Safety Nets - Strengthening social security systems is essential, with Vietnam revising labor laws to expand unemployment insurance and Cambodia implementing cash transfer programs for vulnerable families [4] - The current social safety nets in both countries are inadequate to cope with large-scale unemployment and economic shocks [4][5] - The challenges faced by Vietnam and Cambodia reflect broader trends in the Asia-Pacific region, where economies highly dependent on external markets are encountering unprecedented difficulties [4][5]

债券代码：113627 债券简称：太平转债 证券代码：603877 证券简称：太平鸟 公告编号：2025-080 宁波太平鸟时尚服饰股份有限公司 关于"太平转债"可选择回售的第四次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 回售价格：100.49元人民币/张（含当期利息） ● "太平转债"持有人可回售部分或全部未转股的可转换公司债券。"太平转债"持有人有权选择是否进行 回售，本次回售不具有强制性。 根据《募集说明书》的规定，"太平转债"有条件回售条款具体如下： 本次发行的可转债最后两个计息年度，如果公司股票在任意连续三十个交易日的收盘价格低于当期转股 价格的70%时，可转债持有人有权将其持有的可转债全部或部分按债券面值加上当期应计利息的价格回 售给公司。 ● 本次满足回售条款而"太平转债"持有人未在上述回售期内申报并实施回售的，本计息年度（即2025年 7月15日至2026年7月14日）不能再行使回售权。 ● 风险提示：投资者选择回售等同于以100.49元/张卖出持有的"太平转债"。截至20 ...

【解剖大盘】 最新题材深地经济概念崛起，因为我国浅部(<1000米)资源开发已近极限，核心资源对外依存度居高不 下，深地成为唯一补给源。能源安全底线：油气对外依存度长期超70%，而塔里木、四川盆地8000米以 深油气资源占全国总量80%以上，仅四川万米深天然气资源就超5万亿立方米，可满足我国20年消费需 求。战略矿产储备：新能源汽车关键矿产(锂、钴、镍)浅部储量仅够支撑15年，地下2000米开采可使固 体资源供给量翻倍，如江西宜春深地锂矿探明储量达500万吨。替代能源潜力：深地3000米以浅地热资 源量相当于860万亿吨标准煤，是我国年能耗的2600倍。 我国已攻克深地开发十大核心技术，实现全链条国产化替代，据自然资源部预测，全球深地经济规模 2030年将突破25万亿美元，我国"十五五"期间有望形成3-5万亿元/年的市场体量，其中商业化开发初期 (2026-2028年)增速将达40%。港股市场主要涉及深地品种有中石化油服(01033)涨12%、山东墨龙(00568) 涨超8%。 据凤凰卫视报道，美国总统特朗普10月20日表示，中美有望达成公平、互惠的贸易协议。特朗普还透 露，他计划明年初访华。截至周一(10月 ...

当大多数人对坦博尔的印象还停留在"羽绒服老品牌"时，这家公司已经悄然完成了一次身份变迁。10月初，坦博尔集团向港交所递交IPO申请。 就在5个月前，另一户外品牌伯希和也向港交所递交申请。这些户外品牌的IPO不仅关乎一家企业的成长，也折射出一个更大的行业现象：当下中国的户 外运动品牌，正以"资本化"作为新加速器，试图在户外运动产业的蓬勃浪潮中寻找新增长曲线。 值得一提的是，坦博尔在上市前进行了突击分红——一次性分红2.9亿元，金额为2024年净利润2.7倍、2025年上半年净利润8倍。近年来，这类"前脚巨额 分红，后脚就向资本市场要钱"的做法，容易引发投资者的质疑和不满，引来监管部门重点问询，其中不少企业最后以IPO终止收场。 从羽绒服走向户外 坦博尔的上市动作并不突然。 这家成立于1999年的山东企业，过去二十多年始终深耕羽绒服领域，在北方市场拥有稳定的品牌认知。不同于波司登的高端化路线，坦博尔的成长更像是 典型的制造型企业逻辑：以供应链效率和性价比取胜，依靠渠道下沉建立市场份额。2015年，坦博尔在新三板挂牌,但两年后便悄然退市。 但这种增长模式在过去五年遭遇了天花板。 一方面，国内羽绒服市场趋于饱和，品牌 ...