开启生 SH 西班牙传统皮革品牌 P PIPSA® 正迎来历史 性的发展机遇,在新东家的引领下,致力于将 西班牙的传统匠心工艺与现代化生产技术深 度融合,赋予牛毛皮全新生命,共同开创牛毛 皮领域的全新篇章。 全城 Global Insight 河: 由隆丰革乐美时尚全新打造的国际行业月读 栏目。精选全球权威媒体报道,第一时间呈现 皮革、时尚、材料等领域的深度内容,探讨革 新、技术、可持续、品牌、文化的未来。站在世 界前沿,重新定义"制造"的全球高度。 牛毛皮是一种在牛皮或小牛皮上保留其毛发 制成的皮革。牛毛皮的应用范围广,既可应用 于家居装饰领域如地毯和家具,也可用于制 作高端时尚单品如包袋、配饰、服装及鞋履。 P PIPSA® 品牌 (简称 PIPSA) 干 1970 年创 立于西班牙,专注天然牛毛皮的生产与销售, 凭借其精湛的牛毛皮制作工艺享誉业界。 2023 年 11月,隆丰革乐美时尚通过其子公 司 Colomer1792 完成对 PIPSA 的全资收 购。自此,PIPSA 品牌及产品线开启了全面革 新升级。目前,一座全新的、高自动化程度的 牛毛皮生产工厂正在建设中,该工厂将于 2026 年初正式投产。 ...

研究报告 Research Report 8 Oct 2025 Burberry Group (BRBY LN) 首次覆盖：百年英伦奢侈品牌复兴，看新管理团队与 Daniel Lee 如何驱动品牌价值回归 Reviving a Century-Old British Luxury House: How the New Management Team and Daniel Lee Are Driving Burberry's Brand Value Rebound: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 £12.02 目标价 £14.50 市值 4.34bn / US$5.85bn 日交易额 (3 个月均值) US$18.32mn 发行股票数目 360.98mn 自由流通股 (%) 97% 1 年股价最高最低值 13.72-6.28 注：现价£12.02 为 2025 年 10 月 06 日收盘价 资料来源： Fact ...

Core Insights - The report highlights the strategic moves of various companies in the textile and apparel industry, including the planned IPO of潮宏基 in Hong Kong and the brand strategy of 雪中飞 focusing on innovation and brand elevation [5][6][7] - The performance of the jewelry and bag sectors is analyzed, with潮宏基's jewelry business showing a revenue increase of 21.2% year-on-year, while the bag business faced a decline of 17.4% [5] - The report discusses the financial health of广和通, noting a significant revenue growth of 23.49% when excluding the impact of a specific business segment, and emphasizes the company's focus on AI and IoT technologies [10][12] -大全能源's financial performance is under scrutiny, with a reported revenue drop of 67.9% in the first half of 2025, but the company maintains a strong cash reserve to navigate market pressures [13][15] Market Trends - The textile and apparel sector experienced a slight decline, with the SW textile and apparel index down by 0.26% and the SW light industry manufacturing index down by 0.58% [6] - The report notes a mixed performance among sub-sectors, with SW textile manufacturing up by 0.76% and SW accessories down by 3.78% [6] - The report indicates a growing trend in online sales, with brands like 361 degrees and Anta seeing significant e-commerce revenue growth [7] Company Reviews - For广和通, the report emphasizes its deepening AI stack and the growth potential in embodied intelligence and smart cockpit solutions [10][12] - The analysis of大全能源 highlights its strategic production cuts to alleviate market supply pressures, despite a significant drop in revenue [13][15] - The report also discusses the performance of the jewelry sector, with潮宏基's revenue from jewelry reaching 39.24 million yuan, driven by strong growth in franchise and self-operated stores [5][11] Investment Recommendations - The report suggests continued investment in 361 degrees and recommends monitoring特步国际 and安踏体育 for potential growth opportunities [7] - In the jewelry sector,老铺黄金 and潮宏基 are recommended, with a focus on the upcoming demand due to seasonal factors [11] - The report indicates that the overall retail environment is improving, with名创优品 showing positive same-store sales growth and operational improvements [11]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The report highlights that Chaohongji plans to go public in Hong Kong, and Xuezhongfei has proposed a strategic initiative of "brand enhancement and innovative breakthroughs" [1][6]. - The jewelry business of Chaohongji achieved a revenue of 392.4 million yuan in the first half of 2025, with a year-on-year growth of 21.2%, while the handbag business saw a decline of 17.4% [17][18]. - The report notes a significant increase in same-store sales for Chaohongji's jewelry business, with self-operated stores growing by 26.5% and franchise stores by 32.0% in the first half of 2025 [18]. Summary by Sections Industry Performance - The textile and apparel sector saw a decline of 0.26% this week, while the light industry manufacturing sector fell by 0.58%. The SW textile and apparel sector outperformed the market by 0.19 percentage points [19]. - The SW textile manufacturing sub-sector increased by 0.76%, and the SW apparel and home textile sub-sector rose by 0.66% [19]. Company Performance - The report lists the top five companies in the textile and apparel sector by weekly performance: Taimushi (+61.05%), Hongdou (+26.14%), Baoxini (+22.51%), Xingye Technology (+19.90%), and Xinhua Jin (+10.39%) [28]. - Conversely, the bottom five performers included Mankalon (-10.80%), Laishen Tongling (-8.78%), Meibang Apparel (-7.48%), Mingpai Jewelry (-7.35%), and Dia Shares (-7.05%) [28]. Industry Data Tracking - The report provides insights into raw material prices, noting that the cotton price index was 15,283 yuan/ton, with a month-on-month increase of 0.2% [33]. - For the first eight months of 2025, China's textile and apparel exports amounted to 94.513 billion and 102.761 billion USD, reflecting a year-on-year growth of 1.6% and a decline of 1.7%, respectively [48]. - In August 2025, the domestic retail sales totaled 3.97 trillion yuan, with a year-on-year growth of 3.4% [55]. Industry News - Skechers has completed its privatization and delisting from the New York Stock Exchange, with a transaction price exceeding 9 billion USD [6][67]. - Xuezhongfei debuted its new ice and snow series at the China International Fashion Week, emphasizing its strategic goal to become the leading brand in China's ice and snow down jackets [68][70]. - VF Corporation announced the sale of its Dickies brand for 600 million USD to Bluestar Alliance, aligning with its strategy to focus on core outdoor brands [71][73].

Group 1 - The main products purchased by overseas travelers in Shanghai are clothing, shoes, bags, accessories, and souvenirs, with a focus on high-cost performance fast-moving consumer goods and luxury bags [1] - In the first eight months of this year, Shanghai Customs verified 96,600 tax refund applications, with a total value of 2.07 billion yuan, representing a year-on-year increase of 168% and 83% respectively, surpassing the total amount for the entire previous year [1] - The average consumption amount per tax refund application is 21,428 yuan, indicating strong purchasing power among overseas travelers [1] Group 2 - The busy scene of travelers processing tax refunds has extended to Hongqiao Airport and Shanghai Wusongkou International Cruise Terminal [2] - Shanghai Customs plans to utilize the "Tax Refund Mobile App" and promote the "Full Online Tax Refund Pilot" to simplify the tax refund process and enhance collaboration with finance, taxation, and tourism departments [2]

Core Viewpoint - The Chinese market remains a crucial chess piece for LVMH, as the luxury goods market has not yet recovered, prompting CEO Bernard Arnault to closely observe local competitors and potential acquisition targets [2][4][8]. Group 1: Market Observations - Bernard Arnault has been visiting China frequently since 2023, with a notable focus on luxury retail locations in Shanghai, indicating a hands-on approach to understanding the market dynamics [3][5]. - During his visits, Arnault has shown particular interest in local brands such as Laopuhuang and Shanshayousong, suggesting a strategic evaluation of domestic competition [6][9]. Group 2: Competitive Landscape - LVMH's jewelry segment is one of the few growth areas, with Laopuhuang emerging as a strong competitor, boasting a consumer overlap rate of 77.3% with major international luxury brands [7]. - The performance of LVMH's leather goods division is declining, while competitors like Richemont are experiencing growth in their jewelry business, highlighting the need for LVMH to adapt its strategy [7]. Group 3: Strategic Moves - LVMH's investment in Polène, a mid-range brand, reflects a strategy to capture a broader market segment, particularly among consumers seeking luxury without the premium price tag [8][9]. - The brand Shanshayousong has gained traction among young urban consumers, indicating a shift in consumer preferences towards more affordable yet stylish options [9]. Group 4: Future Implications - Arnault's visits and the focus on local brands signal a potential shift in LVMH's strategy to collaborate or draw inspiration from Chinese brands, rather than solely relying on acquisitions [9]. - The ongoing adjustments in LVMH's approach to the Chinese market underscore its importance in the global luxury landscape, as the company seeks to navigate industry challenges and consumer trends [9].

Core Viewpoint - MUJI is closing several stores in China, including locations in Beijing and Changsha, citing operational efficiency and declining foot traffic as reasons for the closures [14][16]. Store Closure Details - The MUJI store at Shimao Gong 3 in Beijing will close on August 31, 2025, with a notice indicating that customers can return items at another location [14]. - Other stores, including those in Jinan and Wuhan, are also set to close, raising concerns among consumers about the brand's sales performance [16]. Discount Promotions - The Shimao Gong 3 store is currently offering discounts of 20% to 80% on seasonal items, with additional discounts for purchasing multiple items [16]. - Despite the promotional efforts, customers have reported that the actual discounts are not as substantial as advertised, with some items only seeing minor reductions [5][7]. Customer Sentiment - Some customers express disappointment over the perceived lack of genuine discounts, with comments suggesting that the promotions feel misleading [3][7]. - However, loyal customers continue to visit the stores for brand loyalty rather than discounts, indicating a mixed sentiment towards the brand's future [11]. Business Strategy - MUJI's official statement clarifies that the store closures are part of a normal operational adjustment rather than a sign of overall business decline, with plans to open approximately 40 new stores annually [16][17]. - The company is focusing on expanding its presence in first and new first-tier cities, with larger flagship stores planned [17].

Group 1 - Forever 21 is making a fourth return to the Chinese market, with plans to upgrade its business strategy and launch the 2025 autumn/winter collection [1][3] - The brand has experienced a tumultuous history in China, with three previous entries and exits, highlighting challenges in market positioning and digital transformation [3][4] - Authentic Brands Group has acquired Forever 21 and is implementing a global brand licensing model to maintain its influence while focusing on digital-first strategies [3][4] Group 2 - A partnership with Shanghai Chengdi Trading Co. has been established to enhance Forever 21's operations in China, covering production, sales, and marketing across various channels [4] - The brand aims to connect with consumers in both the Chinese and American markets, emphasizing affordable pricing and individual expression to resonate with the new generation of fashion consumers [4][5] - Forever 21 is collaborating with the classic IP "Smurfs" for its autumn/winter collection, focusing on localized strategies in product design, pricing, and marketing [5]

Core Viewpoint - The 2025 China (Guangzhou) Cross-Border E-Commerce Fair, themed "New Foreign Trade Momentum · New Digital Future," showcases over 1,000 quality supply chain enterprises and 42 cross-border e-commerce platforms, highlighting the strength of the manufacturing sector in Zhongshan [1][3]. Group 1: Event Overview - The exhibition covers an area of over 40,000 square meters, featuring a diverse range of products from various industries including lighting, home appliances, toys, electronics, locks, and bags [1]. - Zhongshan's participation includes over 30 local manufacturing and trading enterprises, collectively branded as "Zhongshan Manufacturing" to promote their products internationally [1][3]. Group 2: Industry Highlights - The Guzhen Lighting Industry Belt, part of the exhibition, is recognized as a pilot industry belt for the "Cross-Border E-Commerce + Industry Belt" initiative in Guangdong Province [3]. - A special exhibition area of 198 square meters was created to showcase the latest innovations in smart lighting, emphasizing Zhongshan's industrial advantages [3][6]. Group 3: Business Impact - The participation in the fair has been reported to be ten times more effective for companies when exhibiting as a group compared to individual participation [6]. - The general manager of a local supply chain company noted that the future scale of participation could potentially double or even quintuple if the group exhibition model is maintained and more resources are mobilized [6]. Group 4: Future Directions - The Zhongshan Business Bureau plans to continue implementing the Guangdong Province's "Cross-Border E-Commerce + Industry Belt" pilot program, aiming to deepen the integration of industry belts with cross-border e-commerce [7]. - The focus will be on upgrading from "product export" to "brand export," fostering new foreign trade momentum through policy guidance and precise services [7].

Group 1 - The rise of "pop-up economy" is transforming urban consumption patterns, with events like the RED LAND adventure island attracting over 100,000 young players, showcasing significant commercial impact [1] - The market size of "pop-up economy" is projected to exceed 800 billion yuan by 2025, with successful IP pop-up events generating sales in the millions and achieving over 100 million online exposures [1] - Pop-up stores create unique commercial atmospheres through limited-time, limited-quantity, and limited-location offerings, appealing to Gen Z consumers who value fresh experiences and emotional connections [2][3] Group 2 - The "MINITEEN pop-up store" in Nanjing sold out its limited products on the first day, indicating strong demand for exclusive items among young consumers [2][3] - The integration of "pop-up economy" with "first-store economy" is providing new consumer experiences that resonate with young people's aesthetic preferences [5] - Events like the 2025 HOCH Hamburger Festival in Nanjing attracted around 20,000 visitors in just two days, highlighting the effectiveness of combining food and youth culture in pop-up formats [5] Group 3 - Pop-up stores are becoming key players in the first-store economy, offering high operational efficiency and lower trial costs due to their temporary nature [6] - Local IPs are leveraging pop-up stores to create engaging cultural experiences, such as the "Su Chao" merchandise pop-up at Nanjing South Station, which attracted significant attention from travelers [7][8] - The collaboration between pop-up stores and established brands is essential for creating appealing consumer experiences, as seen with the Red Hill Forest Zoo's pop-up store featuring exclusive products [9] Group 4 - The pop-up economy addresses the structural gaps in the market by enhancing experiential consumption, providing brands with effective market feedback mechanisms [7] - The success of pop-up stores relies on their ability to maintain consumer interest and innovate continuously, as challenges such as declining novelty and operational complexities arise [9]