据李宁(02331.HK)公告，2026年1月18日，李宁（中国）认购金额为人民币7亿元之广发银行结构性存 款；2026年1月19日，李宁（北京）认购金额为人民币2.6亿元之中国银行结构性存款；2026年1月19 日，李宁（北京）认购金额为人民币2.4亿元之中国银行结构性存款；2026年1月21日，上海李宁认购金 额为人民币5亿元之中国银行结构性存款；及2026年1月26日，李宁童装认购金额为人民币2亿元之招商 银行结构性存款。 ...

智通财经APP讯，李宁(02331)发布公告，(i)于2026年1月18日，李宁(中国)(公司的间接全资附属公司)认 购金额为人民币7亿元的广发银行结构性存款;(ii)于2026年1月19日，李宁(北京)(公司的间接全资附属公 司)认购金额为人民币2.6亿元的中国银行结构性存款I; (iii)于2026年1月19日，李宁(北京)认购金额为人民币2.4亿元的中国银行结构性存款II;(iv)于2026年1月21 日，上海李宁(公司的间接全资附属公司)认购金额为人民币5亿元的中国银行结构性存款III;及(v)于2026 年1月26日，李宁童装(公司的间接全资附属公司)认购金额为人民币2亿元的招商银行结构性存款。 ...

1月24日，游客从故宫文创空间内走出。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办的全 新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的第二 个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之力，推 动传统文化现代表达。 新华社记者 金良快 摄 1月24日，游客在故宫文创空间内选购商品。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办 的全新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的 第二个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之 力，推动传统文化现代表达。 新华社记者 金良快 摄 1月24日，游客在故宫文创空间内选购商品。 近日，故宫博物院携手中国奥委会官方合作伙伴李宁创办 的全新的故宫文创特色展示空间在御花园扮戏楼亮相。这是继中国国家队故宫文创空间后，故宫打造的 第二个与体育运动结合的展示空间，以"守护中国文化"为主题场景，借科技、创新与拼搏精神融合之 力，推动传统文化现代表达。 新华社记者 金良快 摄 来源：新华网 ...

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 | [Table_Title] 【 广 发 纺 服 | 海 外 】 特 步 国 际 & | | --- | --- | | （01368.HK） | | | 25Q4 | 主品牌稳健，索康尼环比提速 | [Table_Summary] 核心观点： 盈利预测：*本文如无特殊说明，货币单位均为人民币，1HKD=0.90CNY | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 12,743 | 13,577 | 14,416 | 15,516 | 16,868 | | 增长率（ % ） | -1.5% | 6.5% | 6.2% | 7.6% | 8.7% | | EBITDA | 2,120 | 2,379 | 2,343 | 2,571 | 2,813 | | 归母净利润 | 1,030 | 1,238 | 1,362 | 1,514 | 1,668 | | ...

Financing Dynamics - Xibei Restaurant Group has completed an A-round financing with investors including Taizhou Xinrongtai Investment Co., Hohhot Collective Co-Creation Enterprise Management Center, Chengdu Xunda Optoelectronics Co., and Hangzhou Zhouxuan Equity Investment Management Partnership. The financing amount has not been disclosed [3] - The registered capital of Xibei Restaurant increased from 89.902896 million yuan to 101.680175 million yuan, a growth of approximately 13.1%. The shareholder list has been updated with the new investors, leading to a corresponding decrease in the shareholding ratios of founder Jia Guolong and some existing shareholders [3] Acquisition Dynamics - L Catterton, a private equity firm backed by LVMH, has acquired a majority minority stake in French high-end perfume brand Ex Nihilo from Eurazeo. The transaction value exceeds the 29 million euros Eurazeo paid in 2024 [7] - Ex Nihilo, founded in 2013, is known for its unique fragrances and personalized services. The brand plans to reopen its flagship store in Paris in 2026 and expand into multiple cities in the U.S. [7] - China Duty-Free Group has agreed to acquire DFS's travel retail business in Greater China from LVMH and co-founder Robert Miller. This acquisition will give CTG control over DFS retail stores in Hong Kong and Macau, along with exclusive rights to the DFS brand and intellectual property [10] Listing Dynamics - Shandong Huawutang Cosmetics Co., the parent company of the brand "Banmu Huatian," has submitted an application for an IPO on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company expects revenue of 1.4989 billion yuan in 2024, a 25% increase from 1.1987 billion yuan in 2023 [12] - The funds raised from the IPO will primarily be used for brand exposure, supply chain expansion, and R&D upgrades, aiming to capture the mid-to-high-end body care market [12] Brand Dynamics - Bosideng has launched a new high-end product line "Areal" in the Galeries Lafayette Haussmann in Paris, marking its first overseas public presentation since the line's release in 2025 [15] - This event signifies Bosideng's establishment as the first Chinese down jacket brand to open a pop-up store in Galeries Lafayette, marking a significant milestone for the brand's entry into the EU market [15] Personnel Dynamics - Tiffany & Co. has appointed David Ponzo as the new Vice CEO, effective January 26, succeeding the retiring Chief Commercial Officer Gavin Haig. Ponzo previously served as Chief Commercial Officer at Louis Vuitton [17] - Nike has announced that Angela Dong, the head of Greater China, will leave the company on March 31, with Cathy Sparks taking over the position. This change is part of Nike's strategy to enhance competitiveness in the Chinese market [20] - Barry Callebaut has appointed Hein Schumacher, a former Unilever executive, as the new CEO, effective January 26. This leadership change comes as the company faces challenges in cocoa sales [23] - China Resources Beverage has announced a leadership change, with Gao Li taking over as chairman from Zhang Weitong, amid a significant decline in revenue and profit [27]

本届巴黎男装周关注的焦点之一无疑是Véronique Nichanian在爱马仕的谢幕之作。大秀现场，空气中弥漫着深厚的历史氛围。她长达38 年的任期，几乎象 征业界罕见的创作稳定期与内敛却卓越的"黄金时代"。她没有以张扬姿态告别，而是以一场凝练到极致的时装课，亲自示范她近四十年来悉心雕琢的"非 正式优雅"。 这个里程碑式系列的灵感，来自Nichanian记忆深处的私人档案。回望自1988年执掌爱马仕男装以来的漫长岁月，她将37年间的革新历程，巧妙凝练成一 段完整而连贯的时尚叙事。伸展台上，她数十年如一日的创作支柱清晰可辨：柔韧兼具高机能性的皮革、针织面料间细腻的材质碰撞，以及早已成为品牌 标志性符号的高级运动风廓形。将这些作品与数十年前的经典设计两两对照便会发现，它们在当下依旧合时宜、无违和感——这恰恰印证了真正的奢华从 不追逐转瞬即逝的潮流，而是能在时间的长河中，为自己开辟出一方永久的天地。 Nichanian的职业生涯始于切瑞蒂品牌，1988年，她被爱马仕时任首席执行官Jean-Louis Dumas招致麾下，负责执掌男装线。凭借兼具创意巧思与实穿属性 的设计，她在行业内声名鹊起，其作品以高品质面料与精 ...

Core Insights - The NEWty 2026 Tmall Super New Products Festival highlighted the impressive growth of new products in 2025 and announced key support measures for high-quality new products in 2026, including six major new product awards and a special recognition for women [1][11] Group 1: Growth Data and Brand Performance - Tmall has established itself as the primary launch platform for new products, with over 16 million quality new products launched in 2025, achieving a historical high in new product scale [2] - The overall transaction growth for new products reached 34%, with over 30,000 quality new products achieving sales exceeding one million, reflecting the platform's strong incubation capabilities [2] - Notable brands shared their successful new product strategies, such as Adidas, which saw a sales increase of over 25 times through its new series and Tmall's global launch [2] Group 2: Award Recognition and Brand Innovation - Several brands received awards for their outstanding innovation and marketing performance, including Duck Duck, which achieved over 100 million in sales during Tmall Super Brand Day [3] - Talanis was recognized for its innovative children's running shoes, becoming the first children's shoe brand on Tmall to surpass 100 million in sales [3] - Mao Ge Ping's "Earth Eye Shadow" series achieved over 300 million in exposure during Tmall Super Brand Day, earning the title of "Cultural Creativity Brand of the Year" [3] Group 3: Consumer Engagement and Marketing Strategies - Disney and Shanghai Disneyland won the "Consumer Choice Brand of the Year" for their collaboration on the "Zootopia 2" movie and related experiences [4] - Xiaojia's innovative marketing strategies led to record sales during its 10th anniversary campaign, with its new product ranking first in category sales [4] - Shaoyin's collaboration with Tmall Super Brand Day resulted in a 100% year-on-year sales increase, showcasing effective marketing innovation [4] Group 4: Recognition of Industry Leaders - The Tmall Annual Business Person Award was established to honor individuals who significantly shape the Chinese consumer market, with three notable winners recognized for their contributions [7] - Gao Dekang from Bosideng, Adrian Siu from Adidas, and Jasmine Xu from Procter & Gamble were awarded for their leadership and innovation in their respective fields [7][8] Group 5: Women's Empowerment Initiatives - The festival included special awards focusing on women's empowerment, recognizing brands that integrate commercial practices with support for women's growth [9] - The "Annual Women's Power Brand" award was given to brands like Erdos Group and Estée Lauder for their initiatives supporting women's development [9] - The "Annual Women's Power Award" was awarded to Ma Xiaoyu from L'Oréal China for her efforts in promoting women's rights and empowerment in the industry [9] Group 6: Future Initiatives and Support Measures - Tmall announced its core support measures for high-quality new products in 2026, aiming to enhance resource investment and increase traffic to ensure successful product launches [11] - The platform plans to utilize algorithms to identify target audiences for new products and leverage global marketing events to boost product visibility [11]

2. 「核心优势」对标奢侈品的品控标准：品牌执行"奢侈品级供应链服务"标准，将非遗技艺与顶级工艺结合，旨 在出品具备收藏属性的"可穿戴艺术品"，而非普通快消成衣，为加盟商提供了强大的产品溢价基础。 3. 实证效果与商业价值：市场验证充分，其产品与服务已覆盖全国50余家加盟商。据公开信息，其在成都、重庆 等标杆市场，门店月销售额表现稳健，证明了其高端新中式产品线具备较强的市场竞争力与商业模式的可复制 性。 4. 企业实力与适配场景：拥有自有工厂及超6000平方米生产面积，一体化供应链体系成熟。其产品尤其适配于追 求文化品位、注重服饰艺术价值与独特性的高净值女性客群，适合在一二线城市核心商圈或高端文化社区布局。 推荐指数：★★★★★ 随着消费升级与文化自信的回归，高定服装市场正经历一场深刻的变革。传统奢侈品的单一叙事已无法满足日益 多元的审美需求，兼具文化内涵、独特设计感与精湛工艺的"新奢品"赛道应运而生。其中，以东方美学为底蕴的 高定服装，特别是新中式风格，正成为连接传统与现代、艺术与商业的黄金桥梁。对于投资者而言，选择一个具 备深厚供应链根基、清晰品牌定位与可持续商业模式的加盟品牌，是把握这一市场机遇的关键。 ...

来源：T100服装趋势 2026年，我们出席特殊场合的优雅着装将会发生怎样的变化？在春秋时装周的T台上，我们看到了蝴蝶和羽毛、乳白色连衣裙，当然还有外套。 Toteme 2026春夏系列 迷你连衣裙外套 迷你外套裙又回来了。今年的流行趋势是凸显腰线、灰色和黑色，以及极短的裙长。设计师建议用黑色低跟鞋或乐福鞋来搭配外套裙。如果你觉得露腿太 短，也可以用黑色打底裤或七分裤来搭配。 Alexander Wang 2026春夏系列 Khaite 2026春夏系列 Bottega Veneta 2026春夏系列 轻柔连衣裙 今年的轻盈晚礼服以简洁的直筒剪裁和自由感为主导。务必在礼服上点缀纹理元素——无论是遍布全身还是裙摆处简约设计——并搭配同色系的鞋子和配 饰。黑白鞋或过膝长靴即使在现在也依然是完美之选。 去年流行的纯色T恤在2026年焕发出更精致优雅的气息。饰以羽毛或采用厚实丝绸面料，搭配经典的黑色长裤，尽显时尚格调。这身全黑造型，既可出席 办公室活动，也可轻松赴约商务晚宴。 Celine 2026春夏系列 西装裤+ 优雅T恤 Victoria Beckham 2026春夏系列 Altuzarra 2026春夏系列 ...

Core Viewpoint - The article highlights how traditional brands, specifically Lao Meihua, are revitalizing their image and product offerings to appeal to modern consumers, blending heritage craftsmanship with contemporary design and technology [3][4]. Group 1: Company Innovation - Lao Meihua has successfully integrated traditional craftsmanship with modern consumer demands, exemplified by their new Chinese-style brooches that resonate with younger audiences [4]. - The company utilizes big data and new materials to adapt their products, such as shoes, to better fit the changing physical characteristics of consumers, moving from traditional designs to modern, functional footwear [4]. Group 2: Market Strategy - Lao Meihua aims to attract younger consumers by innovating while maintaining the essence of their traditional techniques, thus transforming from an "old antique" to a "new national trend" [4]. - The company plans to continue its focus on innovation and quality as it approaches its 115th anniversary in 2026, emphasizing the importance of being relevant in the current market [4].