服饰行业 周度市场观察 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： 悦己、表达个性、文化认同 年轻人买金理由变了； IP谷子大爆发，吃谷人先扛不住了 白云机场都快成广州的奢侈品卖场了。 行业环境： 1. 悦己、表达个性、文化认同 年轻人买金理由变了 关键词：国际黄金市场,情绪消费,产品创新,品牌塑造,Z世代 概要：国际黄金市场热度持续，金饰企业从传统"金价波动"模式转向"情绪消费"新风口， 通过个性化产品和高端化品牌叙事寻求突破。专家指出，情绪消费推动企业注重创新与品牌塑 造，促进行业从价格竞争转向差异化竞争。随着"Z世代"成为消费主力，黄金购买动机从保值、 婚庆转向"悦己"和个性表达，推动需求场景变化。企业通过IP联名（如《盗墓笔记》《黑神 话》系列）精准触达年轻群体，激活文化共鸣与购买动力。同时，高端化战略（如周大生联名 国家宝藏）通过"文化+设计+稀缺"提升附加值，吸引高净值客户，形成稳定高利润市场。行 业趋势显示，金饰消费正从功能需求转向情感与价值驱动。 原文链接：https://news.cfw.cn/v385423-1.htm ...

Core Insights - In November 2025, 14 new consumer-related projects completed financing, totaling approximately 900 million RMB, with notable projects including "LAN" and "Thunderbird Innovation" not disclosing specific amounts [1] - The financing landscape includes 7 food and beverage projects, 3 in smart technology, and single projects in new retail, apparel, beauty, and pet sectors [1] Group 1: Food and Beverage Sector - The food sector saw 5 completed financings, with "Xianbing Sister" and "Houxishi" being restaurant chains, while "Maisen" is a professional sports nutrition brand under Mengniu Group, and "Ruiyun Cold Chain" and "Jiajixian" are backend supply chain companies [1] - Mengniu Group announced its entry into the professional sports nutrition market in February 2023, launching the "Maisen" brand, which has been recognized for its performance and market presence [2] Group 2: Supply Chain Innovations - "Ruiyun Cold Chain," established in 2020, focuses on enhancing cold chain logistics efficiency through digitalization and has established a cross-border cold chain network in Southeast Asia and Hong Kong [3] - "Jiajixian," founded in 2019, specializes in AI-driven fresh supply chain services, ensuring product freshness and quality through comprehensive monitoring from source to consumer [3] Group 3: Coffee and Beverage Brands - "Xinyue NEAVES" and "Bixing Coffee" have completed financing, with Bixing Coffee's recent round being particularly noteworthy as it marks its fourth financing amidst a competitive market [4][5] - Bixing Coffee has expanded its franchise model, surpassing 500 signed stores nationwide since opening its first store in Suzhou in 2022 [4] Group 4: Beauty and Personal Care - "LAN," a clean beauty brand, received minority investment from L'Oréal's Shanghai Meici Fang Investment Co., marking L'Oréal's first investment in a local skincare brand [7] - "LAN" has achieved significant sales success, leading the market in facial oil sales for two consecutive years, with its products entering the "billion club" [7] Group 5: Market Challenges and Trends - The bankruptcy of POLYVOLY Technology highlights the challenges faced by brands that rapidly scaled without sustainable foundations, indicating a shift away from the era of quick brand creation through capital and traffic [8] - In the pet sector, Yunnan Hezhong Lian Investment completed a 12 million RMB angel round financing, while "Paiteshengxian," a pet fresh food venture, announced the closure of all offline stores due to unsatisfactory performance [8][9]

"2025年是人工智能技术高速发展的一年，公司高度重视人工智能为企业经营管理效率提升的作用。"12 月8日，深圳歌力思服饰股份有限公司董事长、总经理夏国新在业绩说明会中回答《证券日报》记者提 问时介绍，公司从多个层面进行了规划。集团层面成立了人工智能领导小组，自上而下地加速人工智能 在集团内部的推广应用，并设立专门奖项，鼓励集团上下积极拥抱人工智能技术，同时内部设立人工智 能社区，推动员工对于人工智能应用进行交流互动，加强内部学习氛围。 夏国新介绍，从设计、供应链、商品管理、营销和运营等多个层面，公司都在积极推动人工智能技术的 应用。"设计方面，公司持续加大在设计企划提案中国内外先进人工智能工具的使用，提升企划阶段的 设计效率和设计细节的精准度；供应链和商品管理方面，公司与外部人工智能供应商合作自主研发供应 链智能体系统，实现人工智能自动解析采购需求，动态预测需求波动，调整采购计划，避免库存积压或 短缺；公司与第七在线等商品管理人工智能服务提供商合作，搭建人工智能智能商品解决方案；营销和 运营方面，公司使用人工智能技术，制作各品牌产品多场景服装的图片展示和视频等，提升效率并节省 拍摄费用；管理方面，公司引入了 ...

这笔交易成为 2025 年美国消费品牌领域最受瞩目的融资之一，也让卡戴珊个人身家跃升至19亿美元。 更让人玩味的是融资发生的时间。2025年的消费市场整体放缓，服饰品牌普遍收紧扩张节奏。在这一背 景下，高盛关联基金等传统机构仍选择继续押注 Skims，显示市场已经将它视为一个具有长期潜力的消 很多人知道Skims，是因为那条爆火的基础款连衣裙，在国内社交媒体上被称为"全网神裙"。赵露思、 虞书欣、易梦玲等明星、网红陆续上身，小红书上也遍布各类平替测评视频。 对许多中国网友来说，金·卡戴珊的名字往往和真人秀、狗血、夸张身材管理或存在感过强的前夫侃爷绑 定在一起，但鲜有人真正注意过：这位顶级网红，正悄悄接近一个消费品牌所能达到的最高段位。 今年11月，卡戴珊创立的贴身与休闲服品牌 Skims完成2.25亿美元融资，公司估值被推高至50亿美元 （约357.5亿人民币） ，这一估值已超过上市公司 "维多利亚的秘密"的市值。 今年11月，卡戴珊创立的贴身与休闲服品牌 Skims完成2.25亿美元融资，公司估值被推高至50亿美元 费品公司，而不再是明星光环下的短期产品。 作者 | 贺一 编辑 | 宝珠 视觉 | 顾芗 但 ...

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The apparel industry is experiencing significant trends driven by consumer preferences and competitive pricing strategies, particularly during major shopping events like Double Eleven [4][7][12] Industry Trends - StockX's "Big Facts: 2025 Trends" report highlights key consumer trends for 2025-2026, including the popularity of ASICS Gel-1130 running shoes and a 21% growth in ballet flats [4] - The Double Eleven shopping event has seen aggressive price wars, particularly in the down jacket segment, with some items seeing price drops of several hundred yuan, leading to increased sales but decreased average transaction values [4] - Canada Goose is expanding its product range beyond down jackets, with a 1.8% revenue growth in Q2 2026, driven by a 21.8% increase in direct-to-consumer sales, particularly in the Chinese market [7] - The rise of affordable workwear, such as 50 yuan jackets, has gained popularity among delivery workers, indicating a shift in consumer demand towards high-value, functional apparel [7] Top Brand News - Li Ning has launched a collaboration with Pokémon, introducing nine trendy shoe models that blend nostalgic elements with modern design [9] - Camel, a domestic brand, is seeing a rise in market share due to its affordable jackets, with a projected market share of 5.5% and retail sales of 5.6 billion yuan in 2024 [9] - Kappa has introduced a new ski series that combines high-performance materials with stylish design, catering to both outdoor and urban environments [10] - Adidas Originals has partnered with Avavav to release a new collection that challenges the boundaries of sportswear with a focus on exaggerated aesthetics and deconstruction [12]

近日，法国服饰品牌Etam在天猫、小红书等官方账号发布闭店公告称，因公司业务调整，Etam天猫官方旗舰店于11月30日停止运营。 进入中国市场30多年后 或将彻底退出 80后女生的回忆 12月3日，在Etam天猫官方旗舰店查阅发现，店里仅留下少量内衣产品供中奖和会员积分兑换，已无新品供应。 这也意味着，进入中国市场30多年的Etam，或将彻底退出。 这不是首家欧洲服饰品牌 退出中国市场 11月21日，德国内衣品牌黛安芬集团中国子公司宣布，自2025年12月31日起停止在中国大陆的运营，其线上和线下渠道将从12月起陆续停止运营。 据公开资料，黛安芬创立于1886年，已经拥有130多年的悠久历史。黛安芬最早在1992年进入中国市场，是较早将"钢圈内衣"引入中国的外资品牌之一。 此后，黛安芬在中国设立了两家工厂，并在各主要城市设立有分公司，高峰时期在全国共有1万多名员工，中国总部在上海。 在中国市场，Etam可谓是80后女生的青春回忆，有不少消费者在社交平台晒出当年购买的衣服。 不少消费者在评论区表示，出现了漏发、错发等各种问题，售后也处理得很不及时。 也有网友称不舍品牌的离开，有人评论："艾格是80后女生的青春回 ...

NO.1 柬埔寨将对华免签，相关航线搜索热度增长超100% 点评：深耕中国市场31年的法国品牌艾格关闭全部线上店铺，或将彻底退出中国市场，其背后是多方面 的困境。对艾格自身而言，标志着其在华经营周期落幕，品牌价值与市场认可度面临终局性影响。对服 饰行业板块来说，凸显本土新锐品牌与国货的竞争优势，加速行业低效产能出清与格局优化。 NO.3 爱马仕继承人起诉LVMH集团 12月3日，据报道，最近曝光的一份民事诉讼文件显示，82岁的尼古拉·皮埃什将法国奢侈品公司LVMH 及其董事长贝尔纳·阿尔诺告上法庭，声称被告夺走了其价值超百亿美元的爱马仕股份。皮埃什于今年5 月向法国法院递交民事诉讼，第一次庭审已于11月20日进行，最新曝光内容包含了皮埃什诉讼的诉求及 完整被告名单等细节。 点评：皮埃什起诉LVMH集团及其董事长，指控其夺走超百亿美元股份，背后牵扯财富管理纠纷。对两 家公司而言，诉讼将引发市场对股权合规性与品牌声誉的审视，影响投资者信心预期。对奢侈品行业板 块，此案暴露家族企业股权代持、离岸管理的潜在风险，推动行业强化合规与内控机制。 NO.4 Prada完成对范思哲收购 据新华社报道，柬埔寨政府12月2日发布 ...

2025.12.04 纳斯达克中国金龙指数跌1.38%，阿里巴巴跌1.9%，百度、拼多多跌1.4%，网易跌1.0%，京东跌0.6%。 本文字数：1395，阅读时长大约2分钟 作者 |第一财经 樊志菁 周三美国股市三大股指集体走高。最新公布的私营企业就业岗位意外减少，推动美国国债收益率走低， 进而使下周美联储降息的概率小幅上升。截至收盘，道指涨408.44点，涨幅0.86%，报47882.90点，纳 指涨0.17%，报23454.09点，标普500指数涨0.30%，报6849.72点。 明星科技股涨跌互现，微软跌2.5%。媒体援引微软Azure云业务部门两名销售人员的说法，由于在6月 底结束的财年中，多款人工智能产品均未达成销售目标，微软多个业务部门已下调了部分人工智能产品 的销售增长指标。消息传出后，微软股价跳水。随后，微软否认相关报道，跌幅有所收窄。 特斯拉涨4.1%，甲骨文涨3.3%，谷歌涨1.5%，亚马逊跌0.9%，英伟达跌1.0%，Meta跌1.1%。 奈飞跌4.9%，公司联合创始人兼前首席执行官黑斯廷斯出售了37.547万股公司股票，套现约4070万美 元。目前担任公司董事的黑斯廷斯仍持有约2140 ...

Market Overview - The three major U.S. stock indices rose, with the S&P 500 increasing by 0.3% [2] - The private sector employment unexpectedly decreased by 32,000 jobs in November, contrary to the market expectation of an increase of 10,000 jobs [6] - The probability of a 25 basis point rate cut by the Federal Reserve next week has risen to 89% [6] - The two-year U.S. Treasury yield fell to 3.485%, while the ten-year yield dropped to 4.057% [6] Company Performance - Netflix shares fell by 4.9% after co-founder Reed Hastings sold 375,470 shares for approximately $40.7 million [4] - Microsoft shares dropped by 2.5% due to reports of unmet sales targets for several AI products, although the company later denied these claims [3] - Tesla shares rose by 4.1%, Oracle by 3.3%, and Google by 1.5%, while Amazon fell by 0.9%, Nvidia by 1.0%, and Meta by 1.1% [4] - Micron Technology shares declined by 2.2% as the company decided to exit its consumer-grade business [4] - American Eagle Outfitters saw a significant increase of over 14% after reporting strong holiday shopping season performance [4] Industry Insights - The ISM Services Index increased from 52.4% in October to 52.6% in November, indicating stable economic momentum [7] - The S&P Global U.S. Services Index was revised down from an initial value of 55.0% to 54.1%, still indicating industry expansion but at the lowest level since June [8] - International oil prices continued to rebound, with WTI crude oil rising to $58.95 per barrel and Brent crude to $62.67 per barrel [8]

Core Insights - The report presented by Huang Fusheng at the "2026 Postal Financial Forum" highlights China's economic recovery, driven by the "14th Five-Year Plan" focusing on modern industrial systems and high-tech sectors [3][8]. Group 1: Economic Recovery and Industrial Policy - China is building a modern industrial system under the "14th Five-Year Plan," with a focus on high-tech sectors showing significant performance [3][8]. - The plan prioritizes the construction of a modern industrial system and strengthening the real economy, aiming to "recreate a Chinese high-tech industry" over the next decade [3][8]. - Key strategies include enhancing traditional industries, addressing core technology challenges, and fostering strategic emerging industries like new materials and quantum technology [3][8]. Group 2: Manufacturing Sector Performance - The manufacturing sector exhibits a K-shaped recovery, with high-tech product exports growing faster than the overall export growth rate of 5.3% in the first ten months of 2025 [4][9]. - Profit growth in upstream manufacturing sectors like transportation equipment and non-ferrous metal smelting significantly outpaces that of downstream industries such as furniture and apparel [4][9]. - A-share non-financial companies reported a revenue increase of 0.9% year-on-year in Q3 2025, with net profits rising by 3.29% [4][10]. Group 3: Consumer Wealth and Spending Trends - Recovery of resident wealth is projected to take 3-5 years, with service consumption identified as a future growth area [5][10]. - In 2025, there remains a significant gap in resident wealth compared to the peak in 2021, but optimistic scenarios suggest recovery to previous levels by 2028 [5][10]. - The consumption structure indicates a saturation in goods consumption (15% of GDP) compared to major Western countries, while service consumption in healthcare and education is below global averages, indicating substantial growth potential [5][10].