走进中国各地的繁华商场，国产品牌牢牢占据"C位"，从智能家电到美妆护肤，从潮玩手办到新能源汽 车，国货正以"潮品"姿态重塑消费市场格局。 国家统计局数据显示，2025年前三季度，我国出口节日用品、玩偶、动物造型玩具等商品超500亿元， 销往全球200多个国家和地区。 国货的"圈粉力"不仅体现在国内市场，更在全球舞台上展现出强劲势能。从纽约街头年轻人手中的"敦 煌飞天"主题潮玩，到欧洲家庭里的中国智能家电，国货正成为传递中国文化与中国品质的重要载体。 国货"潮"起来的背后，是消费市场的深刻变革，更是根植于消费者心理与市场环境的变迁。 国潮品牌早已突破传统的"国货老三样"——服饰、日化、食品，形成覆盖3C数码、家居、美妆、服 饰、潮玩、文创、游戏、影视等多个品类、渗透消费者日常生活的超级生态。 在潮玩领域，泡泡玛特推出的"敦煌飞天""故宫瑞兽"系列盲盒，既保留了东方美学的意蕴，又融入全球 青年文化潮流，成为文化出海的"轻骑兵"。 文化赋能并非简单的元素堆砌，而是通过文化表达，让消费者在使用产品的同时，获得情感认同与文化 归属感，而共鸣力也正是国货持续"圈粉"的关键。 此外，我们也要看到，国货之所以能够快速捕捉市场 ...

首先，年轻化破圈迫在眉睫。从安踏王一博到迪桑特吴磊，从北面李昀锐到鸿星尔克于适，以专业基因立足或面向大众市场的品牌们需要通过明星快速触达 Z世代。 其次，决胜女性市场成为关键。从始祖鸟刘雯到哥伦比亚张婧仪，从骆驼迪丽热巴到萨洛蒙赵今麦，女明星成为抢占消费者心智和运动增长的核心引擎。 文 | 娱乐资本论 祥子 2024年至2025年，中国运动户外服饰市场被两大并行趋势重塑： 一方是国际新锐卷起的垂类浪潮：Alo Yoga、Malbon等10余家聚焦瑜伽、高尔夫、越野跑等垂直场景的品牌强势进击，Hoka One One、On Running等先行者 也加速发力，加剧了本就激烈的细分争夺； 另一方是巨头云集的顶流之战：面临新老夹击的本土与国际运动品牌仓促应战，2025年截止目前便有至少45位娱乐明星密集官宣代言，创近十年峰值。肖 战、成毅等国民顶流，柳智敏、宁艺卓等韩流巨星纷纷落定各阵营。 并且，品牌集体向生活方式转向。从New Balance张元英到Puma朴彩英，从可隆胡歌到安德玛户外谢霆锋。传统运动和新户外品牌借韩流或品质感艺人，诠 释多元生活场景，重塑调性内涵。 为何娱乐明星成为运动品牌争抢的"标配"？ | ...

Core Viewpoint - The article emphasizes the significance of the upcoming earnings season in December for U.S. stocks, highlighting the potential for significant stock price volatility and the effectiveness of options as a tool for investors to amplify returns during this period [1][2]. Earnings Calendar - A detailed schedule of key U.S. companies' earnings releases for December 2025 is provided, including companies like AutoZone, GameStop, Adobe, and Nike, with specific dates and times for earnings announcements [1][2]. Options Strategies - The article outlines five classic options strategies that can be employed during earnings season: - **Buy Call**: A strategy for bullish investors expecting significant price increases [4][6]. - **Bull Call Spread**: A moderate bullish strategy with limited upside potential [7]. - **Buy Put**: A strategy for bearish investors anticipating significant price declines [9]. - **Bear Put Spread**: A moderate bearish strategy with limited downside potential [11]. - **Long Straddle**: A strategy for investors expecting high volatility in either direction [13]. Strategy Details - Each strategy includes specific scenarios for application, initial costs, potential returns, and risk profiles: - **Buy Call**: High potential returns with unlimited upside and maximum loss equal to the premium paid [6]. - **Bull Call Spread**: Limited risk and reward, with a defined maximum profit and loss [7]. - **Buy Put**: Limited maximum profit with a defined risk equal to the premium paid [9]. - **Bear Put Spread**: Similar to the Buy Put but with reduced risk and capped profit [11]. - **Long Straddle**: Captures significant price movements in either direction, with defined risk limited to the total premium paid [13]. Trading Considerations - The article advises investors to focus on the breakeven points of their strategies and to select options with sufficient time until expiration to avoid liquidity issues and time decay [4][6].

来源丨凤凰网财经《公司研究院》 近日，斐乐（FILA）被推上风口浪尖。 河南郑州一位顾客发帖，称在正弘城FILA KIDS门店为孩子购鞋。从进店、试穿到使用店员提议的优惠券完成购买，过程顺利。事 后，顾客发现店员将其会员信息备注为"11.23号注册的，就买一双鞋子，一直嫌贵"，标签为"买双鞋子都嫌贵"，并将该截图误发至 会员群。 图源网络 事件最终以FILA在相关帖子下公开致歉告一段落。 而在该事件的相关评论区，不少网友为该消费者打抱不平，直言："买东西嫌贵是正常的事，消费者有选择权。"更多声音则指向品 牌本身，吐槽"斐乐确实贵"。 FILA官网数据显示，其男女士运动鞋价格在880元-1780元之间，儿童鞋的价位在480-1380元区间。 一场因店员失当行为引发的风波，意外演变为对斐乐定价与服务态度的拷问。 01 "你们有多高贵？" 据该网友的帖子描述和聊天截图，其从进店到结账不到十分钟，孩子一共试了三双鞋子，最后用券甚至是店员提议的，没有想到后 续看到这样的备注。在看到会员群里的备注后，她愤怒发问，"就买一双鞋子有问题吗？""你们有多高贵？" 图源网络 该顾客在群内质问后，引发其他会员不满。一位自称店长的人 ...

Market Overview - Overseas market risk appetite has rebounded, while A/H market sentiment has declined as supportive consumption policies for next year have yet to materialize[1] - Weekly performance of sectors shows overseas sportswear leading with a 2.9% increase, followed by overseas cosmetics at 2.0%[11] - Year-to-date performance highlights gold and jewelry sector leading with a 138.2% increase, while overseas sportswear has declined by 13.8%[11] Sector Performance - The overseas sportswear sector's expected PE for 2025 is 31.1 times, which is 58% of the past five-year average[14] - The domestic sportswear sector's expected PE for 2025 is 14.2 times, representing 74% of the past five-year average[14] - The gold and jewelry sector's expected PE for 2025 is 23.7 times, which is 45% of the past five-year average[14] Key Stock Ratings - Nike, Midea Group, JD Group, and Haier Smart Home are rated as "Outperform"[1] - Lulu Lemon is rated as "Neutral," while other stocks like Anta Sports and Gree Electric are also rated "Outperform"[1] Economic Indicators - The U.S. stock market has surged, maintaining high expectations for a 25 basis point rate cut by the Federal Reserve[6] - The core CPI data for September was reported at 2.8%, the highest since April, aligning with market expectations[6] Risks - Potential risks include changes in consumer and economic environments, intensified market competition, and tariff risks[10]

在这背后，是彪马的增长乏力。2023年至2024年，彪马销售额虽从86亿欧元增至88.2亿欧元，但"增收 不增利"的矛盾突出，净利润连续两年下滑。2023年，净利润同比下滑13.7%至3.05亿欧元；2024年，该 数据降至2.82亿欧元，同比下滑7.6%。 中经记者 刘旺 北京报道 近日，成立于1948年的德国品牌彪马（PUMA）被出售股权的消息，搅动了全球运动服饰市场。彪马最 大股东、法国皮诺家族正积极接触潜在买家，考虑出售其持有的约29%股份。 来自中国的李宁、安踏及日本品牌亚瑟士都曾被传为收购方。不过，上述三者都未确认相关消息。针对 市场传闻，李宁方面告诉《中国经营报》记者，公司坚守"单品牌、多品类、多渠道"的核心战略，聚焦 自有品牌发展，并未就收购彪马展开任何实质性的谈判或评估工作。安踏方面表示，"不评论市场传 闻"。 然而，这场潜在交易的核心谜题是，作为标的的彪马本身：这家市值约70亿欧元的公司，为何从令人生 畏的"美洲狮"，变成了待价而沽的资产？其股价暴跌、业绩亏损的背后，是一场深刻的行业洗牌，也是 一个品牌转型困局的缩影。 彪马失速 实际上，早在今年8月，就有消息称皮诺家族正在评估新的战略选项 ...

很多人都有过这种体验，外出旅游发现衣服不合适、临时约球发现球鞋磨脚、突然下雨急需一件速干 衣，网购周期长，门店购买不方便，闪购又担心产品质量，售后麻烦……如今，这些烦恼正在被"即时 零售+专业运动品牌"的组合拳快速拆解。 12月5日，李宁继入驻美团闪购、淘宝闪购后，正式官宣入驻京东秒送，全国近百个城市、千家门店同 步上线，依托平台即时配送能力实现最快"小时级"甚至"分钟级"送达，让专业运动装备"随叫随到"。至 此，李宁完成三大核心即时零售平台的布局。 1 "即需即买，极速送达" 品牌与消费者的"双向奔赴" 到了饭点，打开手机点个外卖，或者出差发现忘记带充电器，下单闪购一个，已经成为很多人的购物习 惯，这正是当下即时零售浪潮的生动缩影。 简单来说，即时零售即通过线上即时下单，线下即时履约，满足本地即时需求的零售业态。商务部研究 院11月发布的《即时零售行业发展报告（2025）》显示，2026年我国即时零售规模将突破1万亿元，预 计到2030年，将达到2万亿元。 国内即时零售业务快速崛起的背后，是国民消费从过去"计划性囤货"的商品性满足，转向"场景化所需 立得"的服务性满足，兼具功能与情绪价值的购物体验，正在成为 ...

2025年12月5日，李宁品牌宣布正式入驻京东秒送，全国近百个城市、千家门店同步上线，依托京东秒送的即时配送能力，为消费者带来"线上下单、附近门 店发货、商品最快9分钟送达"的即时购物体验。此次合作标志着李宁在"单品牌、多品类、多渠道"战略下，已完成全品类、全年龄段在核心即时零售平台的 全面覆盖，满足全域运动爱好者在多场景下对专业运动装备的即时需求。 一直以来，李宁始终以用户为中心，致力于为消费者提供最前沿、最便捷的运动体验和消费体验。此次入驻京东秒送，标志着李宁已完成核心即时零售平台 的全面入驻。 未来，李宁将携手京东秒送，进一步提高服务效率、提升用户体验，为消费者创造更便捷、更优质的购物体验。 目前，即时零售正成为零售业务中重要的新兴渠道，也是李宁多渠道运营模式的重要组成部分。为保障服务体验，李宁已构建起即时零售业务服务标准和服 务系统，确保消费者在不同平台下单均可享受统一、高品质的服务。同时，品牌持续完善售后保障体系，为消费者提供安心的一体化体验。 李宁在即时零售领域的布局，是对消费者"所需立所得"需求的积极响应。消费者可通过京东APP一站式选购跑步、篮球、综训、羽毛球、乒乓球、户外、网 球、匹克球等全 ...

Investment Rating - The investment rating for the textile, apparel, and luxury goods industry is "Positive" and maintained [9] Core Insights - The report summarizes the Q3 2025 financial performance of overseas sports brands, highlighting sales performance, profitability, and inventory status, indicating a gradual improvement in overall performance [2][4] - Revenue performance among major footwear and apparel companies shows divergence, with some brands experiencing strong growth while others face challenges [5][6] - The outlook for the industry suggests a gradual recovery in demand and inventory replenishment, particularly for brands like Adidas and On, while Nike continues to face headwinds [8][36] Revenue Performance - Revenue growth varied significantly among companies in Q3 2025, with Adidas (+12%), On (+35%), and Amer Sports (+30%) showing strong growth, while Nike and VF both reported a decline of -1% [5][19] - The overall revenue performance in Q3 2025 improved compared to Q2, despite some brands continuing to face pressure [5][6] Guidance - The visibility for the full year has improved, with brands like UA restoring full-year guidance, indicating a positive trend despite expected performance divergence [6][26] - Strong growth trends are expected to continue for On and Amer Sports, while Nike and VF are projected to see declines but with signs of improvement [6][31] Inventory - The industry is entering a phase of inventory replenishment, with moderate recovery in demand observed in the U.S. and Europe, although challenges remain in certain markets [7][36] - U.S. apparel inventory levels are in a destocking phase, with wholesale inventory ratios declining since 2023, while retail inventory levels have stabilized [7][36] Future Outlook - The industry is expected to gradually transition into a replenishment phase, with demand showing signs of recovery, particularly in the U.S. apparel sector [8][36] - Brands like Adidas are actively seeking to replenish inventory for growth, while Nike continues to destock amid ongoing challenges [8][36]

新浪科技讯 12月4日下午消息，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上 海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。 新浪科技讯 12月4日下午消息，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上 海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水天气的防 泼水 "雨屏系列" 跑鞋等当季爆款，以及基础款鞋服、配件、及儿童产品。 "淘宝拥有庞大的电商购物流量，用户在浏览体育用品、参与平台大促或观看直播时，即时消费需求的 转化更高，有望带来显著的零售增量增长。同时对品牌的供应链和运营能力提出了更高要求。"361°品 牌新零售总监表示。 阿里巴巴9月季度财报显示，截至10月31日，约3500个天猫品牌将其线下门店接入淘宝闪购。在协同效 应下，天猫双11期间，淘宝App实现消费者同比双位数增长，天猫品牌即时零售日均订单环比9月增长 198%。 责任编辑：何俊熹 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水 ...