Core Viewpoint - The report from Credit Lyonnais indicates that Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Bosideng's management reiterated its guidance for fiscal year 2026, expecting a 10% year-on-year increase in sales, with net profit growth expected to exceed sales growth [1] - For the period from October to date, Bosideng's offline sales recorded double-digit year-on-year growth, with a reduction in discount rates [1] - Online business maintained strong momentum during the Double Eleven shopping festival [1] Group 2: Forecast Adjustments - Credit Lyonnais raised its net profit forecast for fiscal years 2026 to 2028 by 1% to 2%, reflecting a more favorable business mix and strict cost control [1] - Sales forecasts were largely maintained, with the target price increased from HKD 5.2 to HKD 5.8 due to an anticipated increase in price-to-earnings ratio to 13 times [1] Group 3: Investment Appeal - The forecasted dividend yield for the next 12 months is 6.5%, presenting an attractive risk-reward profile [1] - Given the lower base from previous periods, the "outperform" rating is maintained [1]

来源：齐鲁晚报 日前，法国服饰品牌Etam艾格发布消息，宣布Etam天猫官方旗舰店于11月30日停止运营。12月2日，记 者已在天猫平台查无此店。据其工作人员透露，小红书、抖音店铺也同步关闭。 1994年，法国品牌艾格首次进入中国市场，并在上海开设了第一家专卖店。据此前媒体报道，艾格产品 设计和生产均在中国进行，以更好地贴近中国消费者的需求，其通过加盟的方式，仅用两年时间便在中 国市场上开设了723家店，年销售额超过9亿元。 根据官方公布的数据，截至2014年6月30日，艾格集团在全球共有4246间分店，其中，中国门店就达到 了3083间。随即，艾格在2015年将内衣业务引入中国，但后来其中国市场业务走向下坡路，业绩下滑、 亏损、门店关闭成了"日常"。至2018年，内衣成了艾格在中国市场硕果仅存的业务。 图源：Etam小红书官方账号 在公告中，艾格表示，是因公司业务调整。实际上，早在2018年，艾格已将中国市场的成衣业务Etam Weekend、ES和E&JOY出售给香港某投资机构，仅保留内衣业务。2020年，其中国市场门店数量已经 为0，此次关闭的线上店正是内衣店，这也意味着，进入中国市场31年的艾格，或将 ...

晨会纪要（2025/12/03） 发行及成交金额增长，继续选择票息策略——信用债 12 月投资策略展望 基金研究 权益市场全面迎来修复，公募基金规模再创新高——公募基金周报 风险偏好持续上升，成长风格占据市场主导——公募基金 2026 年年度投资策 略 金融工程研究 主要指数全部上涨，两融余额大幅上升——2026 年融资融券年报 证 公司研究 券 盈利能力提升明显，各业务发展稳步推进——民士达（920394）2025 年三季 报点评 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.12.03） 固定收益研究 研 行业研究 究 报 "冰雪假"拉动相关消费，盈峰溢价受让索菲亚股份——轻工制造&纺织服 饰行业 12 月投资策略展望 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 晨会纪要（2025/12/03） 固定收益研究 发行及成交金额增长，继续选择票息策略——信用债 12 月投资策略展望 李济安（证券分析师，SAC NO：S1150522060001 ...

Core Insights - The rise of "Guochao" (national trend) reflects the improvement in Chinese consumer spending power and cultural confidence, showcasing the ascent of Chinese manufacturing and brands [1][11] - The transformation of Chinese manufacturing from low-end to high-quality production is a fundamental aspect of the Guochao phenomenon [3][11] Group 1: Manufacturing Evolution - Chinese manufacturing has evolved from "unable to produce" to "able to produce" and now to "able to produce well," marking a significant upgrade in quality and capability [1][3] - The diversification of product offerings and improvement in quality are key foundations for the rise of Guochao, meeting the personalized and experiential consumption needs of younger consumers [2][8] Group 2: Brand Development - The shift from OEM (Original Equipment Manufacturer) to creating independent brands is crucial for enhancing the emotional and cultural value of products, allowing consumers to connect with the brand on a deeper level [5][8] - The establishment of "China Brand Day" and the recognition of Guochao as a cultural movement have contributed to the growth of brand value and market presence for Chinese companies [6][8] Group 3: Quality and Design - The focus on high-quality manufacturing and innovative design has allowed Chinese brands to compete effectively with international counterparts, providing products that are not only functional but also aesthetically appealing [4][5] - The integration of traditional cultural elements with modern aesthetics has transformed products from being merely functional to being culturally resonant and visually attractive [5][6] Group 4: International Standards and Globalization - Participation in the formulation of international standards is a critical step for Chinese brands to gain global recognition and assert their influence in the global market [9][10] - The ability to set and adhere to international standards enhances the competitiveness of Chinese manufacturing, facilitating smoother entry into global markets [10][11] Group 5: Market Dynamics - The collaboration between manufacturing enterprises and e-commerce platforms has created a robust ecosystem for promoting Guochao brands, enabling them to reach younger consumers effectively [7][8] - The emphasis on quality and innovation, combined with effective storytelling, has allowed Chinese brands to resonate with consumers and establish a strong market presence [8][11]

日前，工业和信息化部等6部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》 （以下简称《方案》），提出"精准匹配不同人群需求""培育消费新场景新业态"。 新需求蕴含新机遇 消费市场结构性变化正为服装产业注入强劲动能。 随着"减重"消费热潮兴起，瑜伽服等运动服饰销售火爆。在某服饰公司直播间，上午7点半，主播就在 热情介绍公司最新款的瑜伽服，每场直播观看人数超10万人次，营业额超20万元。而去年，他们的直播 效果还不太理想。销量增长的主要原因，就是消费者对体重管理愈加重视。 销售大涨很快传导到生产端。在浙江义乌一家瑜伽服生产企业，工人们忙得热火朝天。公司负责人介 绍，眼下他们正在赶制一批2万件的订单准备发往杭州。 "Z世代"作为户外运动消费的核心力量，展现出惊人的消费潜力。《2025得物户外运动白皮书》显示， 80%的户外用户是"Z世代"，显现出购买力强、品牌忠诚度高、消费周期长的特点。近六成户外用户年 消费金额超过8000元。户外玩家还展现出持久的购买力及品牌忠诚度，超过30%的用户一次性购买同品 牌的整套装备，96%的用户表示未来会持续消费。 从行业来看，中国户外运动在过去10余年快速发展，但仍 ...

记者丨易佳颖 编辑丨高梦阳 日前，法国服饰品牌Etam艾格发布消息，宣布Etam天猫官方旗舰店于11月30日停止运营。12月2日，21 世纪经济报道记者已在天猫平台查无此店。据其工作人员透露，小红书、抖音店铺也同步关闭。 图源：Etam小红书官方账号 在公告中，艾格表示，是因公司业务调整。实际上，早在2018年，艾格已将中国市场的成衣业务Etam Weekend、ES和E&JOY出售给香港某投资机构，仅保留内衣业务。2020年，其中国市场门店数量已经 为0，此次关闭的线上店正是内衣店，这也意味着，进入中国市场31年的艾格，或将彻底退出。 记者注意到，在闭店之前，艾格在10月就开始了闭店清仓，倾销库存。但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。亦有消费者在社交媒体平台晒出当年购买的衣 服，回忆道，"艾格是80后女生的青春回忆。" 1994年，法国品牌艾格首次进入中国市场，并在上海开设了第一家专卖店。据此前媒体报道，艾格产品 设计和生产均在中国进行，以更好地贴近中国消费者的需求，其通过加盟的方式，仅用两年时间便在中 国市场上开设了723家店，年销售额超过9亿元。 根据官方公布的 ...

呼伦贝尔气温跌破-40℃ 内蒙古多地保暖装备走俏 编辑：付健青 中新社呼和浩特12月2日电 (记者 李爱平)受冷空气持续影响，12月1日夜间至3日，内蒙古多地气温将达 到近日低点。2日一早，呼伦贝尔市13个气象站点气温突破-40℃大关，极寒天气正式来临。民众开启御 寒模式，保暖产品俏销。 2日清晨，呼和浩特-16℃的大街上行人稀少，以往备受欢迎的共享单车和共享电动车整齐排列无人问 津。 对于此番忽然而至的冷空气，当地民众在社交媒体称，"出门犹如跌入冰窖"，"在室外仅靠棉袄难以抵 挡寒意"。 呼和浩特多家快递站店主告诉记者，这几天到货的羽绒服非常多，几乎占到总货量的五分之一；一些民 众为了更好地御寒，还购置了鹅绒服、手套等保暖产品。 呼伦贝尔市民赵美丽在电话连线中介绍，在海拉尔或者满洲里等地，家家户户拥有保暖车库，这几天尤 其要备足防冻液，以免关键时刻"掉链子"。 在鄂尔多斯，吃顿火锅是保暖、取暖的好选择。一家火锅店店主接受电话采访时说："这几天包间特别 火爆，若订晚了，只能坐在大厅。" 据内蒙古气象台消息，此轮冷空气3日起将逐步退场，内蒙古自西向东气温陆续回升。(完) 来源：中国新闻网 广告等商务合作，请点击 ...

Group 1 - The core idea of the news emphasizes the importance of guiding enterprises to produce products that meet consumer needs, promoting a positive interaction between supply and demand, and stimulating market vitality and industrial upgrades [1] - The "14th Five-Year Plan" suggests leveraging new demand to drive new supply, which in turn creates new demand, thereby enhancing consumption and investment [1] - Various regions are accelerating efforts to encourage enterprises to develop customized and diversified services that resonate with consumer preferences [1] Group 2 - The launch of the first ice and snow tourism train in Harbin features meals tailored for the elderly, highlighting the trend of catering to specific demographic needs [3] - Enterprises are increasingly focusing on the preferences of different consumer groups, including the youth, who are driving the "Guochao" (national trend) consumption with culturally infused products [3] - There is a push to develop energy-efficient appliances and promote green products in rural markets, alongside initiatives for electric vehicles and green building materials [3] Group 3 - The retail sales of AI glasses and smartwatches have increased by 23.1% in the first ten months of the year, indicating a growing consumer interest in smart wearable technology [5] - In October, sales of first-level energy-efficient appliances rose by over 10% year-on-year, while organic food sales saw an increase of over 8%, reflecting a shift towards high-quality and green consumption [5] - The government has released a policy document aimed at enhancing the adaptability of consumer goods supply and demand, marking a significant step in promoting consumption following the "14th Five-Year Plan" [5]

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格隆汇12月2日丨比音勒芬(002832.SZ)公布，为了更好地回报股东，在兼顾公司未来业务发展及生产经 营的资金需求的前提下，2025年前三季度公司的利润分配预案为：拟以公司现有总股本570,707,084股为 基数，向全体股东按每10股派发现金红利0.2元(含税)，共计派发现金红利11,414,141.68元，本次利润分 配不送红股，也不进行资本公积金转增股本。 ...