天眼查App显示，近日，煜枫体育用品（哈尔滨）有限公司成立，法定代表人为蔡光磊，注册资本1万 人民币，经营范围为一般项目：体育用品及器材零售；业务培训（不含教育培训、职业技能培训等需取 得许可的培训）；鞋帽批发；体育用品及器材批发；组织体育表演活动；橡胶制品销售；日用百货销 售；服装服饰零售；专业设计服务；会议及展览服务；信息咨询服务（不含许可类信息咨询服务）；贸 易经纪；体育保障组织；体育场地设施经营（不含高危险性体育运动）；国内贸易代理；体育中介代理 服务；互联网销售（除销售需要许可的商品）；租赁服务（不含许可类租赁服务）；体育竞赛组织；体 育经纪人服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；体育赛事策划；体 育用品设备出租；体育场地设施工程施工。 ...

舒华体育(605299)今日跌停，全天换手率13.19%，成交额6.70亿元，振幅3.33%。龙虎榜数据显示，营 业部席位合计净卖出2808.39万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-10.43%上榜，营业部席位合计净卖出2808.39万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.15亿元，其中，买入成交额为4330.37 万元，卖出成交额为7138.76万元，合计净卖出2808.39万元。 具体来看，今日上榜营业部中，第一大买入营业部为国信证券股份有限公司浙江互联网分公司，买入金 额为1092.50万元，第一大卖出营业部为国金证券股份有限公司上海静安区南京西路证券营业部，卖出 金额为2079.18万元。 近半年该股累计上榜龙虎榜6次，上榜次日股价平均涨1.62%，上榜后5日平均跌12.76%。 资金流向方面，今日该股主力资金净流出2863.61万元，其中，特大单净流出2323.00万元，大单资金净 流出540.61万元。近5日主力资金净流出1.61亿元。 10月29日公司发布的三季报数据显示，前三季度公司共实现营业收入10.08亿元，同比增长11.49%，实 现净利润3 ...

Core Viewpoint - CMB International maintains a "market perform" rating for China's discretionary consumption sector for 2026, expecting overall retail sales growth of approximately 3.5% with a cautious outlook [1] Sector Summaries Preferred Sub-sectors - The company is optimistic about the following sub-sectors: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles [1] Neutral Outlook Sub-sectors - The company maintains a "market perform" view on the following sub-sectors: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [1] Consumption Types - In a basic scenario, the company favors: 1) Survival consumption (frugality, low price, high cost-performance), with related companies including: Guoquan, Yum China, Luckin Coffee, Dashihua, Bosideng [1] - 2) Compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) [1] - 3) Defensive consumption (gold, silver, high dividends), with related companies including: Bosideng, Jiangnan Buyi, Li Lang, Tabo [1] Optimistic Scenario - In an optimistic/bull market scenario (strong stock market, stabilizing real estate), large-ticket consumption will benefit more, with related companies including: Haier Smart Home, Midea Group, Hai Di Lao, Anta Sports [1]

Group 1: Market Overview - The US stock market showed mixed results with the Dow Jones Industrial Average rising by 1.34% to close at 48,704.01, marking a historical high, while the Nasdaq fell by 0.25% to 23,593.86 [10][12] - European markets experienced an upward trend, with the DAX index increasing by 0.68% to 24,294.61 and the CAC40 rising by 0.79% to 8,085.76, driven by a 25 basis point rate cut by the Federal Reserve [10][12] - The Hang Seng Index in Hong Kong saw a slight decline of 0.04% to 25,530.51, while the Nikkei 225 in Japan dropped by 0.9% to 50,148.82 [10][12] Group 2: Economic Indicators - The US trade deficit narrowed significantly by nearly 11% in September, falling to $52.8 billion, which is below market expectations and the lowest level since June 2020 [9][12] - Initial jobless claims in the US surged by 44,000 to 236,000, marking the highest increase since March 2020 [9][12] - The World Bank has revised its forecast for China's economic growth in 2025 to 4.9%, an increase of 0.4 percentage points from previous estimates, supported by proactive fiscal policies and a diversified export market [13] Group 3: Company News - Huawei regained the top position in the domestic smartphone market, surpassing Apple for two consecutive weeks, with market shares of 27.81% and 22.89% respectively during the last two weeks of November [14] - JD Industrial debuted on the Hong Kong stock market, increasing the number of publicly listed companies under the JD umbrella to five [14] - Zhaoxin Co. plans to acquire a 70% stake in Youde New Energy, a leading company in the new energy operation sector [14]

Core Viewpoint - The report from CMB International indicates a cautious outlook for China's discretionary consumption sector in 2026, with an expected overall retail sales growth of approximately 3.5%, a slight decrease from about 4% in 2025, influenced by factors such as the delayed Spring Festival, extended holidays, potential recovery in the real estate sector, and a thriving stock market [1] Group 1: Industry Overview - The industry valuation is likely to have bottomed out this year, currently at around 15 times the price-to-earnings ratio, which is still not expensive compared to the average of about 20 times over the past eight years [1] - The overall view remains conservative due to potential slowing growth in the next 12 months and high geopolitical risks, suggesting that valuations may not rise quickly without significant positive policies or a clear recovery in real estate [1] Group 2: Subsector Ratings - CMB International prioritizes the following subsectors for 2026: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles; maintaining a "market perform" rating for: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [2] - The ratings for the tea and coffee sector and trendy toys are maintained at "outperform," while the apparel and textile sectors have been upgraded to "outperform" [2] Group 3: Investment Themes - The investment themes are categorized into different types of consumption, with a focus on: 1) Essential consumption (frugality, low price, high cost-performance), related companies include: Guoquan (02157), Yum China (09987), Luckin Coffee (LKNCY.US), Dashihua (01405), Bosideng (03998) [2] - Other themes include compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) and defensive consumption (gold, silver, high dividends), with related companies such as Bosideng (03998), Jiangnan Buyi (03306), Li Lang (01234), and Taobo (06110), all rated as "buy" [2] Group 4: Large-ticket Consumption - CMB International is less optimistic about large-ticket consumption (durables, real estate-related, luxury goods, high-end tourism), but in a bullish scenario (if wealth effects are strong with a thriving stock market and stabilizing real estate), it could benefit large-ticket consumption, with related companies including Haier Smart Home (06690, 600690.SH), Midea Group (00300, 000300.SH), Haidilao (06862), and Anta Sports (02020), all rated as "buy" [3]

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]

天眼查App显示，近日，固安昱恒体育用品有限公司成立，法定代表人为孔维涵，注册资本10万人民 币，经营范围为一般项目：体育用品及器材制造;体育用品及器材零售;户外用品销售;渔具销售;会议及 展览服务;租赁服务（不含许可类租赁服务）;针纺织品及原料销售;箱包销售;皮革制品销售;机械设备销 售;互联网销售（除销售需要许可的商品）;塑料制品销售;五金产品零售;保温材料销售;金属制品销售;橡 胶制品销售;劳动保护用品销售;日用品销售;日用木制品销售;食品销售（仅销售预包装食品）;包装服务; 包装材料及制品销售;电子产品销售;纸制品销售;信息技术咨询服务;食品互联网销售（仅销售预包装食 品）;信息咨询服务（不含许可类信息咨询服务）;个人互联网直播服务;技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

2007年，艾图爱(北京)体育用品有限公司成立，注册ITOI商标。"在运动中，让'我'成为更好的'我'。"尤 金涛这样解释品牌初心。 一段时间里，由于缺乏经验，尤金涛对品牌、产品、渠道等很多方面都不甚了了，公司陷入亏损，成立 不久的品牌举步维艰。 不过很快，尤金涛抓住了关键机遇。在北京奥运会筹办中，艾图爱成功中标，为120万名城市志愿者、 社会志愿者和安保志愿者提供T恤衫。 对运动品牌而言，大型体育赛事中代表团参赛服装是展示品牌实力的绝佳舞台，其竞争激烈程度不亚于 赛场上的争金夺银。 前不久结束的第十五届全国运动会上，运动员参赛服装引起不少人关注。除了已被消费者熟知的安踏、 李宁、361°等大品牌，一家从山东乐陵走出来的运动品牌——艾图爱也为两家代表团提供了赛事服装。 而在去年巴黎奥运会上，获得银牌的中国女子曲棍球队穿的就是艾图爱。 "广州亚运会、北京奥运会、巴黎奥运会、十五运会……一系列重大体育赛事，我们都参与其中。"艾图 爱(北京)体育用品有限公司创始人尤金涛说，"从家乡集贸市场到近年来的高光时刻，我走过了30多年 的艰辛创业历程。" 尤金涛的创业故事，从摆地摊开始。1987年，18岁的少年在家乡山东乐陵 ...

Core Insights - The brand marketing industry is at a new crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a focus on long-termism [1] - The 2024-2025 Annual Brand Marketing Conference aims to explore new growth methodologies amidst these changes [2] Group 1: Brand Value and Long-term Strategy - The traditional approach of relying on short-term gains to create hit products is becoming ineffective as media channels diversify and traffic costs rise [4] - Brands are recognized as the core competitive asset of a company, embodying emotional connections and trust with consumers, which cannot be achieved through fragmented communication [6][7] - The shift from "traffic" to "retention" is essential, emphasizing the need for deep connections between brands and users [13] Group 2: Evolving Consumer Engagement - The focus of brand competition is shifting from understanding users to understanding contexts, with multi-touchpoint collaboration becoming a new growth engine [15] - Brands like LILY are leveraging functional value, aesthetic expression, and emotional storytelling to build new brand premium systems [17] - The sports sector is highlighted as a key emotional engagement area, with brands like Jitu leveraging events for natural consumer interaction [19] Group 3: Cultural Integration and Emotional Connection - Brands are redefining their long-term assets by integrating cultural elements into their core values and product offerings [22][23] - Natural堂 emphasizes creating emotional connections through traditional culture and new consumer interactions, positioning itself as a bridge for emotional expression [25] - 恒洁 is establishing lasting recognition by extending its brand narrative into various consumer scenarios, enhancing its market presence [27] Group 4: Industry Perspectives and Future Directions - A roundtable discussion highlighted the importance of vertical brand asset anchoring and horizontal traffic sourcing for sustainable growth [29] - The core values of companies like 鲁南制药 and 华侨城 emphasize a commitment to quality and cultural integration as essential for brand longevity [29] - The 2025 brand competition landscape will focus on user relationships, cultural connections, and long-term trust rather than mere attention [40]

北京商报讯（记者 张君花）12月10日，"耐克中国高中联赛"正式开赛。男子卫冕冠军广东实验中学与 女子卫冕冠军清华附中各自坐镇主场，迎战由全国优秀高中球员组成的"耐高精英联队"，宣告全国校园 篮球正式进入"耐高时间"。本次耐高揭幕战延续了上赛季"卫冕冠军对阵耐高精英联队"的赛制，并首次 延伸到女子赛场。该赛制也将逐渐成为耐高揭幕阶段的传统。在赛场之外，耐克也将持续为耐高球员提 供更广阔的成长通道。作为耐高体系的重要组成部分，耐高也将选拔优秀联赛球员（全明星）踏上赴美 国的篮球发展之旅，走进更高强度、更高水平的真实对抗环境，与世界同龄球员同场竞技，在挑战中积 累经验、拓展视野、加速成长。耐克始终坚持对青少年篮球与女子篮球同等重视、长期投入。 ...