2月13日，港股三大指数早盘震荡走低，截至午间收盘，恒指跌1.79%，恒科指跌1.65%，国企指跌 1.74%。港股消费板块午盘持续震荡，港股通消费ETF华夏（513230）现跌近0.7%，持续打开低位布局 通道。 消息面上，2月11日，国家统计局数据显示，1月份，居民消费需求持续恢复，居民消费价格指数 （CPI）环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨0.8%，环比近6个月最 高。1月份，全国工业生产者出厂价格（PPI）同比下降1.4%，降幅比上月收窄0.5个百分点；环比上涨 0.4%，涨幅比上月扩大0.2个百分点。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消费的 各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 春节将至，年货消费线上线下同步发力，数据显示，抖音平台年夜饭相关产品成交额同比增长92%。截 至2月9日，在海底捞火锅团年聚餐的热度逐渐攀升，目前，全国海底捞已接到除夕用餐预订超5万桌。 ...

2月13日，港股低开，恒生指数跌1.45%，恒生科技指数跌1.59%。港股消费板块开盘后窄幅震荡，港股 通消费ETF华夏（513230）现小幅微跌0.2%附近，持续打开低位布局通道。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消费的 各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 商务部办公厅近日发布关于做好2026年春节假期消费品以旧换新工作的通知，其中提到，各地要加强春 节期间消费品以旧换新补贴资金保障，发挥不同渠道优势，抓好政策实施，更好满足消费需求；顺应春 节年俗、增添年味，鼓励消费者走出家门消费购物。 （文章来源：每日经济新闻） 消息面上，2月11日，国家统计局数据显示，1月份，居民消费需求持续恢复，居民消费价格指数 （CPI）环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨0.8%，环比近6个月最 高。1月份，全国工业生产者出厂价格（PPI）同比下降1.4%，降幅比上月收窄0.5个百分点；环比上 ...

2025年12月30日，瑞银发布研报，重申昂跑"买入"评级，目标价85美元。报告指出，昂跑的全球品牌认 知度从2024年的13%提升至15%，且运动鞋和服装购买意向显著增长，预计2026年市场份额可能进一步 扩大。 业务进展情况 2025年11月，昂跑在亚洲、中东、拉丁美洲和欧洲新开设五家门店，首次进入韩国、沙特阿拉伯、墨西 哥和西班牙市场。这一扩张策略旨在加强直营渠道和社区参与度，支持品牌国际化增长。 机构观点 经济观察网昂跑近期在财务表现、战略扩张及机构评级方面有积极进展，可能对市场产生影响。 业绩经营情况 2025年11月12日，昂跑发布2025年第三季度财务报告，净销售额达7.944亿瑞士法郎，同比增长24.9% (恒定汇率下增长34.5%)，超出市场预期。同期净利润同比大幅增长289.8%，毛利率提升至65.7%。公司 还上调了2025年全年指引，预计恒定汇率下净销售额增长34%。 股票近期走势 2026年1月5日，昂跑股价出现单日急速上涨5.03%，成交量为64.53万股。机构评级显示，86%的参与券 商给予买入建议。 以上内容基于公开资料整理，不构成投资建议。 ...

经济观察网吉登运动服近期值得关注的事件包括收购整合进展、财务指引更新及产品线创新。 公司项目推进 公司计划整合HanesBrands收购项目，以提升业务协同效应，这可能影响未来成本结构和市场定位。 业绩经营情况 业务进展情况 管理层强调创新产品线(如All Pro、Champion系列)的推进，以及Comfort Colors品牌50周年相关活动， 可能驱动品牌曝光度。 以上内容基于公开资料整理，不构成投资建议。 公司收窄了2025财年全年调整后稀释每股收益指引至3.45-3.51美元，投资者可关注后续财报对指引的达 成情况。 ...

Core Insights - 361° has officially entered JD's instant delivery service, expanding its reach to over 1,000 stores across more than 160 cities in China, offering a fast shopping experience for consumers [1][3] - The brand focuses on sports technology research and enhancing consumer experience, aiming to provide high-quality sports gear for enthusiasts [3] - The partnership with JD allows 361° to break traditional retail limitations, offering immediate access to sports products and services, catering to the growing demand for convenience and efficiency in shopping [3][4] Company Strategy - The entry into JD's instant retail marks a strategic move for 361°, aligning with the concept of "anytime sports, anytime gear" [3] - The collaboration leverages JD's extensive user base and efficient delivery capabilities, enhancing the consumer experience by providing immediate access to products [3] - The brand aims to support sports enthusiasts comprehensively, from equipment to experience, through an integrated approach of "product + instant service" [3] Market Trends - Instant retail is becoming a crucial direction for sports brands to expand channels and improve service, driven by increasing consumer demand for shopping efficiency [3] - JD's instant delivery service has seen significant growth, with over 230% year-on-year increase in transaction volume for sports apparel since February [3] - By 2025, JD plans to onboard over 1,000 fashion merchants, indicating a robust growth trajectory in the instant retail sector [3]

Core Viewpoint - The Hong Kong stock market is under pressure, particularly in the consumer sector, with the China Securities Hong Kong Stock Connect Consumer Theme Index down by 1.3% as of 14:20 on February 12, 2023, indicating a mixed performance among constituent stocks [1] Group 1: Market Performance - The China Securities Hong Kong Stock Connect Consumer Theme Index has seen a decline of 1.3%, with leading stocks like 康耐特光学 (Kangnait Optical) performing well while 百威亚太 (Budweiser APAC) faced significant losses [1] - As of February 11, the index's rolling price-to-earnings ratio stands at 18.6 times, which is in the 3.9% percentile since its inception in 2020, suggesting relatively low valuation levels for the consumer sector [1] Group 2: Policy and Consumer Behavior - The Ministry of Commerce has issued a notice to enhance the subsidy funding for the replacement of consumer goods during the 2026 Spring Festival, aiming to stimulate consumer demand and encourage shopping during the holiday season [1] - The notice emphasizes leveraging various channels to implement policies effectively, aligning with traditional customs to enhance the festive atmosphere and drive consumer spending [1] Group 3: Investment Opportunities - China Galaxy Securities notes that the current valuation of the consumer sector is relatively low, and with the approach of the Spring Festival and increasing consumer promotion policies, there is potential for an upward trend in the consumer sector [1] - The E Fund Hong Kong Stock Connect Consumer ETF (513070) has a management fee rate of only 0.15% per year, making it the only low-fee product in the market for Hong Kong consumer ETFs, and it has seen a net inflow of over 1 billion yuan in the last six trading days, indicating strong investor interest [1]

华西证券研报指出，携程《2026马年春节旅游市场预测》显示，在超长拼假、亲子游火热、外国游 客"反向春运"、反季节旅行升温等因素叠加下，今年春节旅游市场有望刷新"最热春节"纪录，多元需求 推动行业焕新升级，携程认为今年春节旅游市场将供需两旺、品质提升。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务 业龙头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消 费的各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 每日经济新闻 为抢抓春节消费旺季，从中央到地方，一系列"真金白银"的补贴、丰富多元的活动正密集落地。文 化和旅游部近日宣布启动2026年全国春节文化和旅游消费月系列活动，各地将围绕年俗、演出、展览、 冰雪游、避寒游、亲子游等热点，推出丰富多彩的应季文旅产品和活动，举办约3万场次文旅消费活 动，发放超3.6亿元消费券等补贴，推出门票减免、票根联动优惠、跨区域文旅优惠等举措，加大直达 游客的普惠政策力度。 （责任编辑：张晓波 ） 在地方，文旅促消费活动精彩纷呈。春节期间，北京市级财政通过"北 ...

2月12日，港股大盘盘初跌幅扩大，恒指跌0.72%，恒科指跌1.44%，国企指跌0.71%，大型科网股普遍 调整。港股消费板块开盘后窄幅震荡，港股通消费ETF华夏（513230）现跌0.7%附近，持续打开低位布 局通道。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消费的 各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 消息面上，2月11日，抖音生活服务发布2026春节消费前瞻报告显示，与去年春节前同期相比，鱼灯巡 游团购销售额增长890%，冰上游玩类与家纺品类团购销售额均增长超16倍，年夜饭销售额增长185%， 酒店宾馆、客栈民宿订单增长显著，节前消费市场呈多点开花态势。情人节与春节假期接踵而至，催 生"双节消费"。1月26日至2月8日，综合商场抖音团购销售额同比增长126%，服饰鞋帽增长124%，商 超购物券增长103%。 相关数据显示，2026年春节假期国内旅游市场热度持续上涨，计划出游人数较去年同期激增300%，市 场呈现"量 ...

银河证券研报指出，展望未来，美联储短期内降息预期降低，投资者风险偏好将受影响，配置方面，科 技板块仍是中长期投资主线，在产业链涨价、国产化趋势、AI应用加速推进等多重利好共振下，有望 震荡上行；消费板块则有望持续受益于政策支持，且当前估值处于相对低位，中长期上涨空间较大，后 续需关注政策落地力度及消费数据改善情况。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的成分股近乎囊括港股消费的各 个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 每日经济新闻 2月12日，港股大盘盘初跌幅扩大，恒指跌0.72%，恒科指跌1.44%，国企指跌0.71%，大型科网股普遍 调整。港股消费板块开盘后窄幅震荡，港股通消费ETF华夏（513230）现跌0.7%附近，持续打开低位布 局通道。 2月11日，国新办举行新闻发布会。据商务部介绍，商务部启动多场消费活动，联合9部门策划"乐购新 春"春节特别活动，指导增加补贴、开展有奖发票活动等，各地已安排20.5亿元资金，通过发放消费券 等 ...

Core Insights - The 2026 Milan Cortina Winter Olympics is showcasing Chinese outdoor sports brands, with a focus on leveraging the event for commercial value [1] - Li Ning is prominently featured, providing outfits for the Chinese sports delegation, including uniforms for the opening ceremony and award ceremonies [1][4] - The collaboration between Li Ning and the Chinese Olympic Committee (COC) marks a significant return to Olympic sponsorship after a period of partnership with Anta [4][6] Company Highlights - Li Ning's products for the Winter Olympics include a blue down jacket priced at 3,699 yuan, outdoor award jackets at 3,999 yuan, and indoor award jackets at 1,799 yuan, positioning them in the mid-to-high-end outdoor market [4] - Anta is sponsoring 10 Chinese national teams, including high-profile sports like short track speed skating and curling, to maintain visibility during the Olympics [6][12] - Other brands like Tanboer and UTO are also participating, with Tanboer providing ski apparel and UTO sponsoring multiple national ski teams [7][11] Industry Trends - The trend of Chinese brands sponsoring Olympic teams is increasing, showcasing their design capabilities and technological advancements in sports apparel [6][13] - The competitive landscape shows that while Chinese brands are gaining ground, they still face challenges in securing partnerships with world-class athletes compared to established brands like Nike and Adidas [6][13] - Marketing strategies are evolving, with brands focusing on niche segments and leveraging sponsorships to enhance brand recognition and professional credibility [6][13]