2026 年开始了。其实和昨天并没有什么本质区别，但日期从 2025 跳到 2026 的那一下，重量感还是在的。 也正因如此，我最近在看的不少海外时尚杂志，几乎都在新年这几天抛出了各自的"。 所以今天想做的事很简单：这些杂志的性格、视角都不一样，但它们总会在某些地方达成一致。我把这种"共识"整理成 5 条趋势线，聊聊 2026 SS 最值得 关注的方向。参考的来源主要来自法国、英国、美国的《Numero》《GQ》《Facesmag》《L'Officiel》《Vogue》等等，作为读全球趋势的入口，我觉得 够用了。 不过我一直觉得，趋势更像一条"线"而不是一个"点"。不是说到了 2026 才突然从 0 诞生出全新的东西，而是过去的延续、现在的强化、以及未来的走 向，在这一年被更清楚地看见。 先把结论放在最前面：2026 SS 可以用五句话最稳定地概括——"更短的下装 + 更松弛的轮廓 + 材质/表面的趣味 + 配饰回归 + 脚下更开放"。你看多了这 一季的秀，会发现它们总在这些共性上反复出现。 第一条，从短裤开始，尤其是更极端的"迷你短裤"。在现实生活里，男生对短到大腿根的长度确实长期有心理门槛，但趋势就是这样 ...

Core Insights - The 2025 DreamX Technology Footwear Industry Conference successfully gathered representatives from well-known brands and industry experts to review past growth and discuss future strategies for 2026 [1] Group 1: Strategic Focus for 2026 - DreamX Technology emphasizes the importance of private domain e-commerce as a high-value user acquisition channel, highlighting its advantages in customer retention and content monetization [1] - The company outlines four core strategies for 2026: enhancing the "Good Goods Strategy" to strengthen supply chains, upgrading content and live-streaming tools, deepening AI capabilities for efficiency, and fostering an open ecosystem for sustained growth [1][2] Group 2: Private Domain Live Streaming - Private domain live streaming is identified as a key growth driver, with data showing a 100% increase in conversion rates and over a 10% rise in average order value compared to traditional formats [2] - DreamX plans to enhance live streaming capabilities by signing quality hosts, organizing exclusive events, and diversifying live streaming formats to improve brand exposure and conversion efficiency [2] Group 3: New Traffic Expansion Strategies - The company is integrating a large number of fashion and parenting influencers into its platform to leverage their expertise for high-quality conversions [3] - DreamX aims to connect with over 1,000 quality influencers to build a private traffic pool with over 2 billion exposure opportunities, providing robust growth support for merchants [3] Group 4: Industry Trends and Market Insights - The footwear market is seeing significant growth in specific segments, with casual shoes and loafers leading in GMV growth, while mid-range products priced between 100-300 yuan are gaining popularity [3][4] - Emerging trends such as workwear and outdoor styles are rapidly growing, while niche categories like clogs and flip-flops show resilience in a challenging market [3][4] Group 5: Collaborative Growth Strategies - DreamX's strategy for 2026 focuses on collaboration and growth through three main approaches: creating differentiated products, precise matching of products to consumer profiles, and comprehensive marketing strategies [4] - The company aims to balance traffic, revenue, and growth by developing functional designs for various scenarios and combining different product types to optimize performance [4]

Investment Rating - Investment advice: Short-term pressure on October export data, Q4 overseas consumption needs observation. By 2026, export manufacturing sector recovery is clearer due to several factors [39]. Core Insights - October 2025, China's textile/apparel exports down 9.0%/16.0% YoY, slower than September. The decline is attributed to a high base from last year's brand restocking [39][18]. - The Lyst Q3 list shows a preference for affordable luxury brands, with YSL, Miu Miu, COS, THE ROW, and COACH dominating the top five positions [39]. - COACH's growth accelerates, with FY26Q1 revenue of $1.70 billion, up 13.1% YoY, driven by strong performance in North America and Greater China [39]. Summary by Sections 1. Market Review - The textile and apparel sector saw a 0.80% increase in A-share market performance, with the textile manufacturing sector up 0.96% and apparel/home textiles up 2.23% [6]. - PE valuation for the textile and apparel sector is currently at 20.11 times, below the historical average of 24.76 times [10]. 2. Industry Data Tracking - In September 2025, China's clothing retail grew by 3.6%, while textile exports in October fell by 12.6% [16][18]. - October 2025 textile exports amounted to approximately $22.26 billion, with a year-on-year decline of 12.64% [18]. 3. Key Announcements and News - Tapestry's FY26Q1 revenue was $1.70 billion, exceeding expectations, with a significant contribution from COACH [39]. - Canada Goose reported a revenue of C$273 million for FY25Q2, down 1.8% YoY, primarily due to increased expenses [39].

Group 1 - The discovery of two wooden clogs at the Cihu site in Ningbo, dating back approximately 5,365 years, pushes the history of clogs in China back by 3,600 years [4][9] - The clogs are designed with a wider front and narrower back, indicating that the ancient people understood foot shape and comfort [7][8] - The clogs feature holes for laces, which were embedded in grooves to prevent wear and provide a comfortable fit while walking [5][7] Group 2 - The craftsmanship of the clogs involved cutting, drilling, and polishing using stone tools, showcasing the intelligence and skill of ancient artisans [8] - Prior to this discovery, the earliest known wooden clogs in China were found in a tomb from the Three Kingdoms period in Anhui, discovered in 1984 [8][9] - The evolution of footwear in China reflects the adaptation to nature and the pursuit of practical and aesthetic values throughout history [16]