营收增长，中国市场是主力 在去年成功跨越百亿美元营收大关的Lululemon，于近日公布了2025财年第一季度的成绩单。 财报显示，报告期内Lululemon全球净营收同比增长7%，达到24亿美元。尽管第一季度取得增长，但 受美国新关税政策、美洲市场销售额下滑等因素影响，Lululemon下调了全年业绩指引。这也导致财报 发布当天，其盘后股价暴跌近20%。 据南都·湾财社记者观察，包括瑞银、摩根大通在内的至少6家国际知名投行及券商在近期下调对 Lululemon的评级或目标价，反映出市场对其增长前景及消费环境的担忧。 作为源自加拿大的年轻品牌，Lululemon曾凭借"中产社交符号"标签在国内一线城市迅速走红，穿上千 元瑜伽裤，一度被默认为"有时间运动、懂身材管理"的生活方式象征。 但随着2025财年第一季度财报的披露，也让人们看到这家高端运动品牌在全球宏观环境动荡下的重重压 力。 从2025财年第一季度财报中可以看到，Lululemon全球营收的区域分化特征尤为突出。 其中，以中国大陆为核心的国际市场是当之无愧的增长引擎：第一季度国际业务营收同比增长19%，其 中中国大陆市场营收增速达21%，固定美元口径下 ...

Group 1 - The A-share market has shown a rebound due to a combination of domestic and international factors, including a significant reverse repurchase operation by the central bank and a call between the US and Chinese leaders [1] - Market sentiment has improved, with a shift from consumer stocks to TMT (Technology, Media, and Telecommunications) stocks in the latter half of the week, indicating a preference for growth sectors over cyclical and financial stocks [1] - The current liquidity environment and expectations for policies aimed at stabilizing employment and the economy have strengthened short-term support for the market, despite concerns about potential adjustments due to low trading volumes [1] Group 2 - Looking ahead, the external trade environment is expected to remain stable, and there may not be significant policy actions from the domestic side until early Q3, which could limit the confidence and enthusiasm in the A-share market [2] - Structural opportunities are anticipated, with a focus on assets that can hedge against tariff and geopolitical impacts, such as gold and military stocks, as well as sectors with strong growth potential like new consumption and innovative pharmaceuticals [2] - The banking sector has shown sustained gains following the release of a high-quality development action plan for public funds, indicating a structural shift in the market [2]

Group 1 - CrowdStrike Holdings Inc-A (CRWD.O) maintains a hold rating with a target price of $414, driven by improved operational efficiency and the importance of identity security in the AI era, despite slightly lower revenue expectations for Q1 FY26 [1] - Lululemon Athletica Inc (LULU.O) also holds a neutral rating with a target price of $280, as same-store sales in the Americas weaken and competition in China increases, leading to a valuation downgrade [1] - Nvidia (NVDA.O) is rated outperform, with Q1 FY26 revenue exceeding expectations by 69%, driven by data center growth, and projected revenue of $45 billion for Q2 FY26 [1] Group 2 - Suzano SA ADR (SUZ.N) maintains a hold rating, with expectations of cost reduction and stable profits from a joint venture with Kimberly Clark, despite regulatory risks [2] - Zscaler (ZS.O) is rated buy with a target price of $317, as significant revenue and order growth is noted, alongside a strong position in the SASE market [3] - Bilibili (BILI.O) is rated buy, with Q1 revenue exceeding expectations and a significant improvement in adjusted net profit, driven by strong growth in advertising and gaming [6] Group 3 - Broadcom (AVGO.O) maintains an outperform rating with a target price of $275, as Q2 FY25 results meet expectations and AI revenue exceeds $4.4 billion, with a forecast of 60% growth in AI revenue for FY25 and FY26 [6][7] - Charters Industrial (GTLS.N) holds a rating of hold, with expectations of $300 million in annual synergies from a merger with FOSS, despite potential risks from cost inflation and demand downturns [8] - Hesai Technology (HSAI.O) shows strong Q1 performance with significant revenue and profit growth, and partnerships with top global OEMs [9] Group 4 - Palo Alto Networks (PANW.O) is rated buy with a target price of $203, as the company focuses on platform strategy and anticipates increased customer spending on platform products [10] - Pinduoduo (PDD.O) maintains a buy rating with a target price of $131, despite Q1 results falling short of expectations, as long-term growth strategies remain promising [11] - EHang Intelligent (EH.O) is rated outperform, with expectations of revenue growth despite a decline in Q1 due to reduced sales of EH216 series [12] Group 5 - MOMO Inc (MOMO.O) is rated outperform with a target price of $9, as Q1 results exceed expectations and overseas business shows rapid growth [13] - MOMO Inc also receives a buy rating with a target price of $8, with an increase in revenue and adjusted net profit expectations based on a 7x P/E ratio for 2025 [14]

美 国 失 业 率 上 行 将 至 股 票 A 股周五交投平淡，市场震荡走弱； 港股情绪偏谨慎，权重股普遍走低， 等待中美谈判进展；欧洲股市小幅 走高，受美国就业好于预期和欧元 区一季度 GDP 上修提振；就业数 据缓解了市场兑美国经济的担忧， 美股大涨，标指收于 2 月来最高点， 金龙中国指数止步四连涨。 外 汇 / 商 品 美国非农就业数据强于预期，缓解 对经济放缓的忧虑，交易员下调今 年降息预期，上周五美元上涨，日 元领跌 G-10 货币；国际金价跌； 美国经济放缓可能抑制需求的担忧 降温，国际油价上涨。 固 定 收 益 美国 5 月就业成长放缓程度小于市 场预期。非农数据公布后，市场对 美国经济衰退的担忧减少。美债遭 抛售，各年期收益率上涨 9-13 个基 点。亚洲债市交易量较少，利差收 窄 1-2 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 2025 年 6 月 9 日 123 中 ▪ 美国 2025 年 5 月新增非农就业人数 13.9 万 (预期 12.6 万，修正后前值 14.7 万)；失业率为 4.2 ...

Core Viewpoint - The high school entrance examination (Gaokao) not only tests students' academic achievements but also serves as a significant marketing opportunity for businesses, with various products and services being tailored to this event [2][3]. Group 1: Marketing Strategies - As the exam approaches, products with homophonic blessings related to success in exams are experiencing a surge in sales, reflecting a cultural trend where consumers seek additional luck [3][5]. - The food and beverage industry is actively participating, with brands like KFC launching "Ding Sheng Cake" (meaning "certain victory") and McDonald's promoting the "Mai Man Fen" meal (homophonic for "full marks") available all day [6][11]. - Apparel brands are also leveraging the exam theme, with Nike and other brands creating products that resonate with exam success, such as T-shirts featuring answer sheet designs and motivational phrases [13][15]. Group 2: Consumer Behavior - Parents are increasingly involved in the exam preparation process, using symbolic clothing and items to express support and alleviate their children's anxiety [25][28]. - The examination period has led to a collective societal effort to support students, with various services like traffic control and discounts for students being implemented [26][28]. - The examination certificate has transformed into a valuable item post-exam, serving as a discount voucher for various services, including entertainment and dining [19][21].

大摩闭门会-中国消费动态："新旧、快慢" 有轮转吗？ 20250606 摘要 大消费市场整体疲弱，通缩压力明显，618 促销火爆反映需求不足，端 午节需求增速未见显著改善，人均消费额较疫情前下降约 12%。 选股策略维持困境反转、新兴高成长及估值合理运营优秀公司。推荐乳 业（蒙牛、伊利）、珠宝（周大福）、新兴消费（泡泡玛特、巨子生 物）、运动品牌（百胜中国、安踏）及波司登。 零食品类收入增长显著，受益于新渠道和健康意识，卫龙魔芋产品增速 超预期。企业需关注创新能力、原材料效率及海外市场拓展。 运动板块 4 月销售受影响，5 月因促销活动有所改善，但折扣加深。李 宁、安踏等品牌折扣增加，宝胜库存上涨，销售下跌，库存周转天数增 加。 Lululemon 中国区保持 30%以上增长，高端小众品牌增长较快。安踏 集团多品牌布局成功，Amer Sports 业绩提升，对安踏权益收入有显著 帮助，预计 2025 年保持 10%-15%收入增长。 Q&A 今年以来港股中高成长的新消费业态和行业表现如何？传统大消费板块的表现 又如何？ 今年以来，港股中代表新消费业态和行业的股票表现非常强劲，从年初至今整 体上涨接近 150% ...

全景运动相机行业专家会议 20250608 摘要 2024 年全球运动相机市场销量约为 2000 万台，其中全景相机销量约 200 万台，西安饮食占据全景相机市场主导地位，销量达 144-150 万 台。广角相机市场主要由 GoPro、大疆和影石主导，三者总销量在 600-700 万台之间。 运动相机未来增长驱动力主要来自运动爱好者（骑行、滑雪等）和 Vlog 创作者的需求增长，尤其 Vlog 用户渗透率提升潜力巨大。产品力提升关 键在于画质和防抖技术的持续优化。 全球运动相机市场主要用户群体为运动爱好者和 Vlog 创作者，运动爱好 者目前占据 80%以上市场份额。Vlog 创作者人数持续增长，但整体渗 透率仍低于 10%，市场潜力巨大。 大疆 Action 5 Pro 和影石 Action Pro 系列在拍摄参数、画质、防抖和 音频方面已能较好满足 Vlog 需求，但仍需提升音频质量和优化视角以更 好服务娱乐消费类用户。 运动相机市场格局分散，GoPro、大疆和影石竞争激烈，各品牌开始涉 足彼此领域。全景相机领域技术门槛较高，品牌数量有限。中低端品牌 和白牌产品占据一定市场份额。 Q&A 请介绍一下运动相 ...

研究报告 Research Report 8 Jun 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W23 周度趋势解析：本周零食板块景气度增强，部分新消费公司解禁在即板 块分化，股价波动增强 Analysis of weekly Discretionary Trends: Snacks Sector Prosperity Increases; Sector Diversification and Stock Price Volatility Rise as Some New Consumption Companies Approach Share Release Dates [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 股票名称 | 评级 | | --- | --- | --- | | 耐克 | Outperform 永辉超市 | Outperform | | 美的集团 | Outperform 苏泊尔 | Outperform | | 京东集团 | Ou ...

以下文章来源于书单SHUDAN ，作者书单 书单SHUDAN . 对世界的另一种关注。 短短几年，亚瑟士何以逆袭？ 文 ｜ 笔下长青 编辑 ｜ 宋函 来源｜ 书单SHUDAN（ID：SHUDAN20150423） 封面来源 ｜ 视觉中国 名气不如耐克阿迪，但在地铁通勤、公园晨跑、马拉松比赛却经常人脚一双，有着"日本版安踏"之称的跑鞋之王亚瑟士，近两年在国内似乎越来越火。 亚瑟士的国际化战略，和今天的安踏特别像。亚瑟士2006年进入中国市场，将近20年来不但存在感弱，大部分时间还在亏损。然而这两年亚瑟士营收逆袭， 2024年全球销售额约349亿元人民币，同比增长近19%；其中，大中华区营收达48.23亿元，同比增长近30%，增速已经超过前两大市场欧洲和北美。 短短几年，亚瑟士何以逆袭？ 只要发亚瑟士的内容 流量就比平时高 "我只要发亚瑟士的内容，流量就比平时高。"资深球鞋博主阿泰如此说："上个月发的亚瑟士V16，其实是很老的一款鞋，只因为一个新的配色，就引来很 多人咨询，尽管这个配色实际上已经是去年的配色了。" 他是亲身感受到了亚瑟士近一两年在国内的走红，在他这些年对鞋子的研究中，看到不止一个国产品牌的鞋子在对 ...

Group 1: Core Objectives of the Implementation Plan - The Shenzhen government has officially issued the "Implementation Plan for Boosting Consumption," which includes 39 specific measures aimed at enhancing residents' consumption capacity and willingness, increasing the supply of quality and diverse consumption options, and strengthening policy support and guarantees [1][2][4] Group 2: Enhancing Residents' Consumption Capacity and Willingness - The plan proposes actions to increase residents' income, ensure consumption capacity, and optimize consumption restrictions, including subsidies for eligible job-seeking graduates of up to 100,000 yuan [2][3] - Measures include expanding access to basic medical insurance for children, increasing educational resources, and improving healthcare services [3][4] Group 3: Increasing Quality and Diverse Consumption Supply - The plan emphasizes the promotion of artificial intelligence products and encourages local businesses to launch limited edition and co-branded products [4][5] - It supports the development of new service models in the housing market and encourages the establishment of integrated service spaces for various community needs [5][6] Group 4: Promoting New Consumption Trends - The plan aims to develop pet-friendly commercial areas and enhance cross-border pet services, reflecting the growing "pet economy" [6][7] - It also focuses on boosting tourism by enhancing duty-free shopping options and creating a world-class travel destination [7][8]