【解剖大盘】 最新题材深地经济概念崛起，因为我国浅部(<1000米)资源开发已近极限，核心资源对外依存度居高不 下，深地成为唯一补给源。能源安全底线：油气对外依存度长期超70%，而塔里木、四川盆地8000米以 深油气资源占全国总量80%以上，仅四川万米深天然气资源就超5万亿立方米，可满足我国20年消费需 求。战略矿产储备：新能源汽车关键矿产(锂、钴、镍)浅部储量仅够支撑15年，地下2000米开采可使固 体资源供给量翻倍，如江西宜春深地锂矿探明储量达500万吨。替代能源潜力：深地3000米以浅地热资 源量相当于860万亿吨标准煤，是我国年能耗的2600倍。 我国已攻克深地开发十大核心技术，实现全链条国产化替代，据自然资源部预测，全球深地经济规模 2030年将突破25万亿美元，我国"十五五"期间有望形成3-5万亿元/年的市场体量，其中商业化开发初期 (2026-2028年)增速将达40%。港股市场主要涉及深地品种有中石化油服(01033)涨12%、山东墨龙(00568) 涨超8%。 据凤凰卫视报道，美国总统特朗普10月20日表示，中美有望达成公平、互惠的贸易协议。特朗普还透 露，他计划明年初访华。截至周一(10月 ...

当大多数人对坦博尔的印象还停留在"羽绒服老品牌"时，这家公司已经悄然完成了一次身份变迁。10月初，坦博尔集团向港交所递交IPO申请。 就在5个月前，另一户外品牌伯希和也向港交所递交申请。这些户外品牌的IPO不仅关乎一家企业的成长，也折射出一个更大的行业现象：当下中国的户 外运动品牌，正以"资本化"作为新加速器，试图在户外运动产业的蓬勃浪潮中寻找新增长曲线。 值得一提的是，坦博尔在上市前进行了突击分红——一次性分红2.9亿元，金额为2024年净利润2.7倍、2025年上半年净利润8倍。近年来，这类"前脚巨额 分红，后脚就向资本市场要钱"的做法，容易引发投资者的质疑和不满，引来监管部门重点问询，其中不少企业最后以IPO终止收场。 从羽绒服走向户外 坦博尔的上市动作并不突然。 这家成立于1999年的山东企业，过去二十多年始终深耕羽绒服领域，在北方市场拥有稳定的品牌认知。不同于波司登的高端化路线，坦博尔的成长更像是 典型的制造型企业逻辑：以供应链效率和性价比取胜，依靠渠道下沉建立市场份额。2015年，坦博尔在新三板挂牌,但两年后便悄然退市。 但这种增长模式在过去五年遭遇了天花板。 一方面，国内羽绒服市场趋于饱和，品牌 ...

2025.10.21 据经视直播，近日，有网友在社交平台发帖称，其在短视频平台直播间购买的阿迪达斯羽绒服实为雪中 飞代工产品，并表示"不如直接买雪中飞，何苦中间赚差价"。对此，阿迪达斯客服回应称，所售产品均 具备质量保障。 该羽绒服标签显示，经销商为阿迪达斯体育（中国）有限公司，制造商为江苏雪中飞制衣有限公司。 本文字数：1055，阅读时长大约2分钟 10月20日，在短视频平台阿迪达斯官方旗舰店，此前已有消费者在商品评价中提出相同质疑，并展示由 雪中飞代工的标签。 商品详情页显示，该款短款羽绒服填充物为鸭绒，蓬松度600+，绒子含量80%，售价579元。而在同一 平台的雪中飞官方旗舰店内，一款售价519元的短款羽绒服蓬松度达680+，绒子含量为90%。两者价格 相近，但填充物指标存在差异。 阿迪达斯服务热线工作人员表示，具体产品是否代工及代工厂信息门店并不掌握，所有商品均由仓库直 发，以实际出货为准。对于品牌溢价问题，该工作人员称无法回应。 10月21日，智通财经在阿迪达斯京东自营旗舰店发现，该品牌部分羽绒服确实是由雪中飞代工。其中， 一款男士运动短款羽绒服售价869元，就有雪中飞的代工标签。该款商品含有13 ...

现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海证券交易所股票上市规 则》和《募集说明书》，就回售有关事项向全体"太平转债"持有人公告如下： 一、回售条款及价格 （一）有条件回售条款 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● "太平转债"持有人可回售部分或全部未转股的可转换公司债券。"太平转债"持有人有权选择是否进行 回售，本次回售不具有强制性。 ● 本次满足回售条款而"太平转债"持有人未在上述回售期内申报并实施回售的，本计息年度（即2025年 7月15日至2026年7月14日）不能再行使回售权。 ● 风险提示：投资者选择回售等同于以100.49元/张卖出持有的"太平转债"。截至2025年10月20日，"太 平转债"的收盘价格高于本次回售价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）A股股票自2025年8月27日至2025年10月15日连 续三十个交易日的收盘价格低于公司"太平转债"当期转股价格的70%。根据《宁波太平 ...

格隆汇10月21日丨雅戈尔(600177.SH)公布，截至2025年10月21日，公司通过集中竞价交易方式已累计 回购股份4647.91万股，占公司总股本的比例为1.01%，购买的最高价为7.67元/股、最低价为7.28元/股， 已支付的总金额为3.46亿元（不含交易费用）。 ...

Market Overview - The Hong Kong stock market opened high but showed weakness in the afternoon, with the Hang Seng Index closing at 26,027.55 points, up 168.72 points, a gain of 0.65% [1] - The Hang Seng Technology Index closed at 6,007.94 points, increasing by 74.77 points, a rise of 1.26% [2] Sector Performance - The winter clothing sector gained attention, with Bosideng (03998.HK) surging over 9%, reaching a nearly four-year high after appointing former Dior designer Kim Jones as the creative director for its new AREAL high-end urban line, indicating a trend towards premiumization [4] - Coal stocks performed strongly due to expectations of a cold winter driving winter storage demand. Domestic coal consumption reached the highest level in five years for this period, while production has been constrained, leading to a decrease in overall inventory compared to last year. China Shenhua (01088.HK) briefly hit a historical high before a slight decline, while Jinma Energy (06885.HK) rose over 15% before closing up 2.27% [5] Company Highlights - Jiayuan Health (02617.HK) saw a significant drop of over 11% after announcing a proposal for full circulation of H-shares, converting 44.97 million domestic shares held by 10 shareholders into H-shares [6] - Technology stocks generally rose, with Bilibili increasing over 8%, Alibaba, Kuaishou, and NetEase rising nearly 2%, and Lenovo up over 1%. The semiconductor sector also showed strength, with SMIC rising over 3% [6] Capital Flow - Southbound funds remained cautious, with a net buy of approximately 1.1 billion HKD in Hong Kong stocks by the end of the trading day [7] Future Outlook - According to Guotai Junan Securities, if market concerns are alleviated, Hong Kong technology stocks could benefit from current industry trends, particularly with internet giants capitalizing on AI narratives. Additionally, the potential for foreign capital to return to Hong Kong stocks exists, driven by expectations of a Federal Reserve rate cut, which could further boost the market [9]

新华财经上海10月21日电（李一帆）2026春夏上海时装周的MODE上海服装服饰展（以下简称"MODE 展"），人流如织。一位来自迪拜的买手在中国设计师品牌NIUKVER LEB的展位前仔细翻看着一双3D 打印鞋，反复弯折、仔细触摸，感受其柔软与韧性。不远处，一个由数人组成的韩国买手团，正与中国 品牌Vexora的负责人洽谈着是否合作。 "与巴黎或米兰相比，这里每个品牌的个性都极为突出，辨识度极高。我认为这正是中国市场最显著的 特质。"来自迪拜著名买手店LEVEL SHOES的买手克劳迪娅·德比尔（Claudia DE Beer）对现场的品牌 呈现出的活力表示赞赏。首次到访上海的她，对这次行程充满期待。 模式初现，从产品到名片 这一幕，是中国时装品牌力图以整体品牌形象"走出去"的生动缩影。根据国盛证券的研报，2024年全球 纺织服饰行业市场规模已达2.5万亿美元，预计2025年将突破2.8万亿美元，年复合增速3.2%。 中国海关数据则显示，2024年，我国服装（含衣着附件）累计出口1591.5亿美元，同比增长0.4%；贸易 顺差1487.1亿美元，同比增长0.1%。尤值一提的是，快时尚跨境电商平台希音（She ...

Core Insights - The company Tanboer is preparing for an IPO, transforming from a struggling brand to China's fourth-largest domestic outdoor apparel brand with annual sales of 1.3 billion [1][3]. Company Overview - Tanboer was founded by a couple, Wang Yongping and Wang Lili, who initially acquired a struggling down jacket factory in 2004, focusing on affordable yet quality products [3][5]. - The brand initially struggled with brand aging and marketing issues, leading to its delisting from the New Third Board in 2017, with revenue dropping from 660 million to 370 million [5]. Recent Developments - In 2022, Tanboer pivoted to outdoor apparel, launching high-end series for activities like skiing and climbing, and became a supplier for the Austrian Nordic skiing team [5][7]. - The brand has successfully rebranded itself, targeting younger consumers by changing its endorsements from older celebrities to younger stars [5][7]. Financial Performance - Online sales surged by 79.6% in 2024, with over half of the revenue coming from online channels, while offline stores decreased by 40 [7]. - Despite impressive sales growth, the company faces rising production costs, with net profit margin dropping from 11.7% to 5.5% due to increased raw material prices and high marketing expenses, which account for nearly 40% of sales [7][9]. Market Positioning - Tanboer aims to capture the middle-class market by offering a balance of affordability and quality, positioning itself against both high-end brands and lesser-known competitors [9][11]. - The brand's strategy includes maintaining a strong base with its urban light outdoor series while leveraging the high-end line to capitalize on the outdoor trend [9][11].

Core Insights - The report indicates a moderate recovery in consumer spending willingness, with a current consumer willingness index of 120.6, above the critical value of 100, but a slight decline in future spending expectations [3][5] Consumer Willingness Index - The consumer willingness index for Q3 2025 is 120.6, up 0.4 points from the previous quarter; the current willingness index is 112.9, up 1.2 points, while the future willingness index is 128.4, down 0.4 points [3] - Compared to the same period last year, the overall consumer willingness index has decreased by 2.9 points, with the current index up 1.2 points and the future index down 6.9 points [3] Savings and Spending Behavior - Consumers primarily allocate surplus funds for savings, children's education, travel, mortgage repayment, and healthcare; high-income consumers show a stronger inclination to save, which may restrict consumption upgrades [3] - In the next six months, consumers plan to purchase home appliances, clothing, travel, education, and fitness services, with home appliances remaining a top choice despite a slight decrease in selection proportion [5] Consumption Channels - The main channel for purchasing food and beverages is supermarkets, followed closely by e-commerce platforms; for clothing, home appliances, and daily necessities, e-commerce is the primary channel, indicating significant pressure on offline retail [5] - Consumers prioritize high quality and cost-effectiveness in their shopping behavior, with convenience, after-sales service, and brand popularity also influencing their purchasing decisions [5] Dining Trends - There is a noticeable trend of consumers preferring to cook at home rather than dining out or ordering takeout, which has increased operational pressure on dining establishments; however, this trend is showing signs of slowing down [7] - Among those dining out, 58.4% of consumers opt for discounted meal packages through e-commerce platforms, while 41.6% use restaurant menus for ordering [7] Survey Methodology - The survey is a nationwide study covering first to fourth-tier cities and rural areas, with an effective sample size of 5,000, aimed at tracking changes in consumer confidence, behavior, and willingness to inform government and business decisions [7]

Group 1 - The core point of the article highlights that Qipai Wolf's trading volume reached 1.084 billion yuan, marking a new high since December 4, 2024 [2] - The latest stock price increased by 2.84%, with a turnover rate of 16.56% [2] - The previous trading day's total trading volume for the stock was 225 million yuan [2] Group 2 - Fujian Qipai Wolf Industrial Co., Ltd. was established on July 23, 2001, with a registered capital of 705.023537 million yuan [2]