Core Insights - Under Armour and Stephen Curry have announced the independent operation of the Curry brand, marking the end of their 10-year partnership, which has been characterized by mutual success and growth [1][2]. Company Performance - Under Armour's revenue for Q2 of fiscal year 2026 has decreased by 5% year-on-year, with a significant 8% decline in its North American market [2]. - The partnership with Curry significantly boosted Under Armour's revenue from $2.33 billion in fiscal year 2013 to $4 billion in fiscal year 2015, making it the second-largest player in the industry at that time [1]. Brand Strategy - The separation allows Under Armour to reduce operational costs and improve profit margins, presenting a more focused image to investors [2][3]. - Curry's transition to an independent brand owner enables him to explore new markets beyond basketball, including leisure and digital content, and to have full control over profits and strategic partnerships [3][5]. Market Dynamics - The split signifies a shift in the commercial landscape, where top athletes are increasingly seeking to establish their own brands rather than merely endorsing existing ones [2][3]. - Under Armour must now prove its brand value based on technology and performance rather than reliance on Curry's star power, which could lead to a more authentic brand identity [4][5]. Future Opportunities - The independent Curry brand has the potential to engage more flexibly with local brands and e-commerce platforms in China, enhancing its market presence [5]. - The separation is seen as a new beginning for both parties, with Under Armour focusing on financial recovery and strategic clarity, while Curry embarks on an independent entrepreneurial journey [5].

（文/霍东阳 编辑/张广凯） 曾经携手创造篮球鞋销售奇迹的安德玛与库里，在合作近13年后分道扬镳。 11月14日，运动品牌安德玛与篮球运动员史蒂芬·库里共同宣布，双方已就库里个人品牌Curry Brand的战略拆分达成协议。在此次战略拆分框架下，Curry Brand将脱离安德玛体系，转向独立运作。库里本人将拥有Curry的Logo、知识产权等核心资产，并有权寻找其他商业合作伙伴。 据安德玛的声明，与Curry Brand的"分手"费用将达到2.55亿美元。2023年，在与库里续签一份长期合同后，安德玛CEO凯文·普兰克曾表示，"我无法想象没 有库里的安德玛，或者没有安德玛的库里。"但仅仅两年过后，这一合作还是落下帷幕。 安德玛放弃库里，也是在弱化对整个篮球市场的投入。作为一个业绩下滑的二线品牌，安德玛想要通过缩减非传统优势领域的方式来重整旗鼓，这是其创始 人普兰克2024年重掌大权之后的一贯思路。 然而，至少这样的思路在中国尚未看到效果，安德玛优势的橄榄球项目在中国仍属小众，而新开拓的户外线却更像是"卖商标"生意。失去库里这个知名招牌 后，安德玛在中国市场的号召力势必再遭削弱。 安德玛与库里分手，一段传奇合 ...

【环球时报驻日本特约记者 王军 环球时报记者 邢晓婧 倪浩】日本首相高市早苗近日公然发表涉台错误 言论，粗暴干涉中国内政，公然挑战二战后国际秩序，连日来遭到包括中国在内的多方挞伐。面对中方 的强烈反应，日本东京股市17日从开盘起就持续下跌，对中国游客消费依赖度较高的日本百货、运输、 旅游等行业的股票几乎全面下跌，多只股票下跌超过10%。日本野村综合研究所经济学家木内登英警 告，如果中方的提醒导致访日中国游客大幅减少，日本GDP预计将被拉低0.36%，经济损失预计高达2.2 万亿日元。据日本共同社报道，日本外务省亚洲大洋洲局局长金井正彰17日抵达北京，就高市早苗言 论"同中方进行协商"。对此，中国外交部发言人毛宁当天回应表示："我想强调的是，针对日本首相高 市早苗的涉台错误言论，中方已经并将继续向日方提出严正交涉和强烈抗议，严肃要求日方立即反思纠 错，收回错误言论，停止在涉华问题上制造事端。" 外交部：有关部门发布提醒是完全合理的 在17日的中国外交部例行记者会上，对于有日本记者就中国有关部门发出通知提醒中国公民近期避免前 往日本的提问，毛宁表示，日本首相高市早苗发表错误涉台言论，严重伤害中国人民感情，严重恶化 ...

Core Viewpoint - The recent provocative remarks by Japanese politicians regarding Taiwan have negatively impacted Japanese retail and consumer goods companies, leading to significant stock price declines, particularly for Shiseido, which saw an 11% drop [2]. Automotive Industry - Japanese automotive brands, particularly Lexus, Toyota, and Subaru, are increasingly reliant on the Chinese market, with Lexus imports reaching 138,412 units in the first nine months of the year, a 4% increase, although overall imports have been declining over the past four years [2]. - The market share of Japanese automakers in China has decreased to 11.2% in 2024, down 3.2 percentage points from 2023, with Toyota's sales dropping by 6.9% to 1.776 million units, Honda's sales down 30.9% to 852,000 units, and Nissan's sales down 12.2% to 696,000 units, marking the lowest levels since 2008 [3]. - If political tensions continue, Japanese automotive exports and local sales in China are expected to be significantly affected, with a noted decline in competitiveness for Japanese brands [4]. Consumer Electronics and Appliances - Japan's exports of home appliances to China have sharply decreased, with only about 50,000 units exported annually, including 30,000 refrigerators and 20,000 washing machines [5]. - The value of home appliance imports from Japan has declined from $1.016 billion in 2022 to $785 million in 2023 and is projected to be $708 million in 2024, indicating a downward trend in demand [5]. Sportswear Industry - ASICS, a prominent Japanese sports brand, has experienced rapid growth in China, with projected sales of approximately 5 billion yuan in 2024 and a sales growth rate of nearly 30%, outpacing most other major markets [6]. Alcohol and Beverage Industry - Japan ranks fourth in the import of spirits to China, with a total value of $3.0737 million in the first eight months of 2025, primarily driven by whiskey imports, which saw a 41.9% increase [7]. - Japanese sake exports to China have significantly increased over the past decade, with exports to mainland China and Taiwan growing by 495.9% and 165.9%, respectively, indicating a strong market presence [7]. Tourism Industry - The number of Chinese tourists visiting Japan is projected to exceed 6.98 million in 2024, a 187.9% increase, with Chinese tourists accounting for 20%-25% of total visitors [8]. - Chinese tourists are the largest spenders in Japan, contributing 1.73 trillion yen to the economy, which is 21.3% of total foreign tourist spending [9]. - The potential decline in Chinese tourists due to political tensions could lead to an estimated economic loss of 2.2 trillion yen for Japan, equivalent to approximately 101.16 billion yuan [9].

Core Viewpoint - The article discusses the impact of recent provocative remarks by Japanese politicians on various Japanese industries, particularly those reliant on the Chinese market, leading to significant stock price declines and potential market share losses in sectors such as retail, automotive, and tourism [3][12]. Automotive Industry - Japanese automotive brands, including Lexus, Toyota, and Subaru, are increasingly dependent on the Chinese market, with Lexus imports reaching 138,412 units in the first nine months of the year, a 4% increase, but showing a declining trend over the past four years [3][4]. - Toyota's imports fell by 5% year-on-year, with total imports around 17,700 units from March to September [5]. - Nissan and its luxury brand Infiniti are experiencing poor sales, with monthly sales around 100 units in China [6]. - The market share of Japanese automakers in China has dropped to 11.2%, a decrease of 3.2 percentage points from 2023, with Toyota's sales down 6.9% to 1.776 million units, Honda down 30.9% to 852,000 units, and Nissan down 12.2% to 696,000 units [7][8]. Consumer Goods and Retail - Japanese retail and consumer goods companies, such as Shiseido, saw stock prices drop significantly, with Shiseido's stock falling by 11% due to the political climate [3]. - ASICS, a well-known Japanese sports brand, reported a sales scale of approximately 5 billion yuan in China for 2024, with a growth rate of nearly 30% [10]. Tourism and Alcohol Industry - The tourism sector is heavily impacted, with Chinese tourists accounting for a significant portion of visitors to Japan, contributing to a consumption expenditure of 1.73 trillion yen [12]. - Japanese whiskey imports to China increased by 41.9% in the first eight months of 2025, with a total import value of 24.36 million USD [11]. Home Appliances - Japanese home appliance exports to China have been declining, with imports dropping from 1.016 billion USD in 2022 to 708 million USD in 2024 [9].

Group 1: Japanese Automotive Industry in China - Japanese automotive brands are experiencing a decline in competitiveness in the Chinese market, with potential further market share shrinkage if the Japanese government does not correct its course [1][3] - The market share of Japanese automakers in China has dropped to 11.2% in 2024, a decrease of 3.2 percentage points from 2023, with major companies like Toyota, Honda, and Nissan facing significant sales declines [3] - Toyota's sales in China for 2024 are projected at 1.776 million units, down 6.9%, while Honda's sales have plummeted by 30.9% to approximately 852,000 units, marking the lowest level since 2014 [3] Group 2: Impact of Political Relations - The deterioration of Sino-Japanese political relations, influenced by provocative statements from Japanese politicians, is expected to adversely affect Japanese industries reliant on the Chinese market, including automotive, alcohol, and tourism [1][8] - Analysts suggest that if political tensions continue, Japanese automotive exports and local sales in China will be significantly impacted [3][4] Group 3: Japanese Consumer Goods and Retail - Japanese retail and consumer goods companies are seeing stock price declines due to their reliance on Chinese consumers, with Shiseido's stock dropping by 11% following political tensions [1] - The import of Japanese household appliances to China has been decreasing, with a drop from $1.016 billion in 2022 to an estimated $708 million in 2024 [5] Group 4: Japanese Alcohol and Tourism - Japan's whiskey imports to China have shown significant growth, with a 41.9% increase in import value in the first eight months of 2025, amounting to $2.436 million [6] - Chinese tourists are a major consumer of Japanese sake, with exports to China growing by 495.9% over the past decade, making China the largest export market for Japanese sake [7] Group 5: Economic Impact of Reduced Tourism - A significant reduction in Chinese tourists visiting Japan could lead to a 0.36% decrease in Japan's GDP, equating to an estimated economic loss of 2.2 trillion yen (approximately 101.16 billion yuan) [9]

2013年，耐克成就了库里与安德玛的合作。 文｜壹DU财经 运动品牌安德玛砍掉了曾经的"摇钱树"——库里及旗下品牌Curry Brand，并要承担2.55亿美元重组费用。 据悉，Curry Brand 10亿美元的年营收，相当于一个中等规模运动品牌的体量。安德玛承担的2.55亿美元重组费用，不仅包括支付给库里的合同终止赔偿金 和为支付款项，还包括员工遣散与福利、品牌资产减值赔偿等运营成本。 这么看，安德玛似乎在给库里打工。品牌方给明星打工，沦为运营方和代工厂。这正在颠覆"品牌为主，运动员为辅"的传统体育商业模式。 那么，这种失衡是怎么造成的？ 赌中超巨 当时库里与耐克的合约到期，耐克拥有优先续约权。在2017年关键的续约会议上，一位耐克高管将库里（Stephen）喊成"Steph-on"，更糟糕的是，他们使用 的PPT模板上面留有杜兰特的名字，明显是为杜兰特准备的。 在库里看来，这不仅是对他个人的不尊重，更反映出耐克对他未来潜力的严重低估。 在2011-12赛季的停摆赛季中，库里仅出场26次，接受了多次脚踝手术。他频繁的脚踝伤病让许多人对他的职业生涯持怀疑态度。基于对伤病的担忧，耐克 给出了每年250万美元的 ...

Group 1 - Multiple airlines, including Air China and China Southern Airlines, announced special handling plans for tickets related to Japan routes, allowing free refunds and changes for tickets with travel dates before December 31, 2023, under certain conditions [9][10] - Yushu Technology has completed its IPO counseling work, marking a significant step in its listing process, which is expected to enhance the financing and innovation capabilities of the industry [10][11] - The Central Meteorological Administration issued a blue alert for cold waves and strong winds, predicting a temperature drop of 6-10°C across most of central and eastern China from November 16 to 18, with some areas experiencing drops of 12-14°C [4][6] Group 2 - The release of the group standard "Automotive Data Export Security Assessment Method" fills a gap in the automotive industry's specific operational standards for data export security, providing clear guidance for companies looking to comply with regulations when expanding overseas [3] - Under Armour and basketball player Stephen Curry announced a strategic split regarding the Curry Brand, ending a nearly 13-year partnership, which reflects a shift in the sports brand's strategy and highlights the influence of sports stars [13][14] - A UK court ruled that BHP should be held accountable for the 2015 Brazilian tailings dam disaster, which has significant implications for environmental governance in the mining industry [15]

每经编辑｜陈鹏程 胡玲 1 神舟二十二号飞船将满载货物上太空 据央视新闻11月15日报道，神舟二十号乘组已平安返回地球，根据计划安排，后续将择机发射神舟二十二号飞船。据介绍，目前已启动神舟二十二号飞船的 发射任务，飞船将满载货物上行，其中包括航天员的食品还有空间站的设施设备。（央视新闻） 2 生态环境部：下周起督察组将陆续对京津冀等地开展例行督察 6 香港保安局更新日本外游警示资讯 呼吁游日港人注意安全 香港特区政府保安局15日在外游警示网站的其他资讯一栏中，更新有关日本的资讯，指从2025年年中起，中国公民在日本遇袭趋势渐增，呼吁计划前赴或已 在当地的港人应提高警惕，注意安全，留意当地就最新情况的公布，以及中国驻日本使领馆发布的信息。（大湾区之声） 7 第38届金鸡奖揭晓！最佳男女主角，是他和她 11月15日晚，第38届中国电影金鸡奖颁奖典礼在福建厦门举行。易烊千玺凭借《小小的我》脑瘫少年"刘春和"一角获得最佳男主角，他也是最年轻的最佳男 主角获奖者。宋佳凭借《好东西》"王铁梅"一角获得最佳女主角。 记者15日从生态环境部了解到，经党中央、国务院批准，第三轮第五批中央生态环境保护督察全面启动。本次督察将组建 ...

Core Viewpoint - Under Armour and basketball player Stephen Curry have announced a strategic split regarding the Curry Brand, ending nearly 13 years of collaboration [1] Group 1 - The partnership between Under Armour and Stephen Curry has officially concluded [1] - The strategic separation involves the personal brand Curry Brand, which was developed during their collaboration [1]