早上七点，黑龙江省黑河水运旅检口岸的入境大厅迎来第一批游客。在这里，记者遇到了一位俄罗斯游 客达莉娅，她刚通关就规划起了当天的行程。 今年国庆中秋假期，我国消费市场繁荣兴旺，而随着免签、退税以及支付便利化等政策措施的不断优 化，大批外国游客来华旅游，"China Travel"在这个假期持续火热。这么多外国人来到中国，他们喜欢 吃什么？玩什么？接下来，跟随记者的镜头去看看。 为进一步提升入境消费便捷度，多地在这个假期前优化了离境退税服务，让境外旅客享受到更多实惠。 上海在全国率先推出首个"无纸化"退税新举措，离境退税"掌上办"服务平台可以实现购物开单、海关验 核、退税到账等离境退税全流程线上办理，退税效率显著提升。 深圳将离境退税"一单一包"便利化模式升级为"一单一包一码"，外国游客离境时不用逐一开箱核验商 品，只需在海关退税窗口扫描二维码，系统即可完成信息比对与验核，大幅缩短了海关验核时间与旅客 现场等候时长。四川成都则引导国产科技品牌，以及大熊猫文化等文创商户加入离境退税行列，并创新 店内退付、线上退付等模式。湖北省离境退税商店总数从首批57户拓展至115户，完成66户"即买即 退"商店备案工作，参与退税 ...

行情回顾：9 月以来 A 股纺服板块走势弱于大盘，其中纺织制造表现优于品 牌服饰，截至 10/9 日，分别+0.1%/-1.6%；港股纺服指数弱于大盘，9 月以 来板块整体下跌。重点关注公司中 9 月以来涨幅领先的包括：新澳股份 (16.9%)/丰泰企业(14.9%)/阿迪达斯(11.6%)/儒鸿(10.8%)/申洲国际 (8.6%)/报喜鸟(7.6%)。 品牌服饰观点：1）社零：8 月服装社零同比增长 3.1%，增速环比提升，较 上月提速 1.3 百分点。9 月今年因较去年缺少中秋假期，同时气温仍然较热， 我们预计 9 月服装销售较 7-8 月有一定压力；去年十一假期受促销费政策带 动基数较高，今年受气温、以及出行客流增加分流影响，预计服饰销售存在 压力。2）电商：8 月电商户外品类增长保持领先，运动服饰/户外服饰/休闲 服饰/家纺/个护分别同比-1%/+22%/ -1%/-7%/-1%。运动服饰中，增速领先 的品牌包括迪桑特(51%)、露露乐蒙(35%)；户外品牌中，凯乐石(113%)、蕉 下(79%)、可隆(69%)较其他品牌增长强劲；休闲服饰中，江南布衣(65%)保 持快速增长，主要靠京东、天猫平台带 ...

今年国庆中秋假期，我国消费市场繁荣兴旺，而随着免签、退税以及支付便利化等政策措施的不断优 化，大批外国游客来华旅游，"China Travel"在这个假期持续火热，这么多外国人来到中国，他们喜欢 吃什么？玩什么？ 早上七点，黑龙江省黑河水运旅检口岸的入境大厅迎来第一批游客。在这里，记者遇到了一位俄罗斯游 客达莉娅，她刚通关就规划起了当天的行程。 俄罗斯游客 达莉娅：我想在黑河散步、旅游，想去郊外有一个很漂亮的村庄叫中俄民族风情园的地 方，我也想在市中心去买一些漂亮的东西。 国庆假期前不久，中国对俄罗斯持普通护照人员试行为期一年的免签政策，黑河这个中俄边境城市因为 这项政策利好，迎来入境消费新热潮。从口岸走进城区，早市的烟火气吸引了大量外国游客。不到1500 米的早市上容纳了1600多个摊位。果蔬摊、小吃铺摊位前都挤满了顾客，放眼望去，金发碧眼的俄罗斯 游客随处可见。 俄罗斯游客 叶琳娜：我来到这里了解中国文化，品尝美味的食物，观看美景，我喜欢这里的一切，天 气也很好。 为了让境外游客出行更便利，今年国庆中秋假期，重庆推出全新升级的英文版文化旅游手绘地图，涵盖 景点位置、美食店铺、酒店住宿等内容，并且在解放碑、 ...

体育用品从广义上是指主要用于体育活动并符合体育活动要求的一种特殊消费品的总称，包括体育竞 赛、运动训练、健身休闲以及体育教学等体育活动中所使用的各种体育用品。从狭义上是指专门用于体 育运动并符合运动项目规则的特殊消费品。它主要用于竞技体育中的运动竞赛和运动训练。体育用品根 据体育自身不同的特点和用途，可分为健身器材、校园体育器材、康体器材、竞赛项目用品、运动护 具、运动服饰、户外运动休闲用品、体育场馆、其它体育用品等。 体育用品分类 内容概要：中国体育用品在全球市场上展现出强劲的出口势头，主要得益于其在品牌建设、供应链效率 以及性价比方面的综合优势和竞争力。通过持续的品牌塑造和市场推广，中国体育用品企业成功树立了 一系列具有国际影响力的品牌。同时，中国在体育用品供应链的建设和管理上表现出极高的效率，从原 材料采购、生产制造到物流配送，整个流程的高效协同确保了产品的快速响应和稳定供应，大大提升了 市场竞争力。此外，中国体育用品以其高性价比优势在国际市场上脱颖而出，合理的价格结合优质的产 品性能，满足了不同市场和消费者群体的需求，进一步扩大了市场份额。根据中国海关数据，近几年， 体育用品对外贸易出现大幅度震荡，经 ...

耐克六年来首次重返亚马逊平台，其运动鞋也再次成为Foot Locker门店的主打商品。 Hill大力宣扬在跑步和批发业务方面取得的进展，但补充说，进展"不会是完全线性的。" 他在与投资者和分析师的电话会议上表示："我们知道还有很多事情需要证明。" 随着全球最大的运动服装公司耐克(NKE.US)围绕跑步和篮球等特定运动项目重新调整业务，其转型计 划初见成效。数据显示，耐克2026财年第一季度营收为117亿美元，按汇率中性基准计算下降1%，但好 于市场预期的110亿美元;摊薄后每股收益为0.49美元，也好于市场预期。 耐克直营业务营收为45亿美元，按汇率中性基准计算下降5%;批发业务营收为68亿美元，按汇率中性基 准计算增长5%。 耐克预计本季度营收将下降个位数百分比，符合预期。 耐克首席执行官Elliott Hill致力于重塑耐克，他采取了一系列措施，包括清理旧库存、重新调整公司架 构，甚至更换了多位高层管理人员。此前的管理层过于激进地减少了与长期批发合作伙伴的合作，并过 度强调休闲鞋类产品而忽视了跑鞋等高性能产品，导致了公司销售陷入长期低迷。 此次转型计划在于重新将产品开发和营销的重点放在体育领域上，并重新与 ...

Pedestrians walk past a Nike store featuring a modern design and mannequins displaying winter apparel on December 5, 2024, in Wuhan, Hubei Province, China.Nike on Tuesday posted surprise sales growth in its fiscal first quarter, but the sneaker giant still has work ahead to execute its turnaround. The company said revenue rose 1% in the three months ended August 31, after previously saying it anticipated sales would fall by a mid-single digit percentage in the period.Here's how Nike performed during the qua ...

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry, highlighting the resilience of the sports segment amidst fluctuating demand [2]. Core Insights - Domestic demand is recovering amidst fluctuations, while external demand is weakening. Retail sales in the textile and apparel sector showed a year-on-year growth of 2.9% to 940 billion yuan from January to August 2025, with a recovery trend noted in August [3][12]. - The sportswear segment demonstrates strong demand resilience, with leading brands like Anta and Li Ning outperforming expectations in the first half of 2025 [3][24]. - The textile manufacturing sector is facing challenges due to geopolitical tensions and rising costs, but certain segments, such as non-woven fabric, remain robust [4][5]. Summary by Sections 1. Industry Overview - Domestic retail sales in the textile sector grew by 4.6% year-on-year to 32.4 trillion yuan in the first eight months of 2025, with apparel sales increasing by 2.9% [3][12]. - External demand weakened, with textile exports declining by 5.0% year-on-year to 26.54 billion USD in August 2025, driven by reduced "export grabbing" and order shifts [3][16]. 2. Hong Kong Sports Segment - The sports segment in Hong Kong showed strong performance in H1 2025, with Anta's revenue increasing by 14% to 38.54 billion yuan and Li Ning's revenue growing by 3% to 14.82 billion yuan [3][24]. - The segment's resilience is attributed to effective inventory and discount management strategies [24]. 3. Textile Manufacturing - The midstream manufacturing sector reported stable order intake, with leading companies like Shenzhou International achieving a revenue growth of 15% in H1 2025 [3][4]. - The upstream textile sector faced challenges due to cautious ordering and weak expectations, with companies like Weixing and Xin'ao reporting revenue declines [3][5]. 4. Men's and Women's Apparel - Men's apparel showed stable revenue performance, but profit margins were pressured due to increased marketing and expansion costs [3][21]. - Women's apparel revenue stabilized, with notable performance from brands like Ge Li Si, which saw a 4% increase in comparable revenue [3][21]. 5. Children's Apparel - The children's apparel segment faced pressure on profits due to increased investment, despite stable revenue growth of 3% for brands like Semir and Jiama [3][21]. 6. Home Textiles - The home textiles sector experienced overall performance pressure due to the domestic consumption environment, with companies like Luolai and Mercury reporting mixed results [3][21]. 7. Investment Analysis - The report suggests that consumer promotion policies are expected to boost brand demand, with a focus on selecting resilient segments within the textile industry [3][4]. Recommended stocks include Anta, Li Ning, and Shenzhou International among others [3][4].

Core Viewpoint - The development of the shoe manufacturing industry in Suixian County has transformed the region from a traditional agricultural area to a modern industrial hub, significantly contributing to local employment and economic growth [6][8][16]. Industry Development - Suixian County's shoe industry has achieved an annual production capacity of 350 million pairs of shoes and an annual output value of nearly 20 billion yuan, with over 90% of supporting capabilities [9]. - The county has established 618 shoe and shoe material enterprises, making it a key player in China's footwear market, producing 30% of the country's sports shoes [9][10]. Technological Innovation - The introduction of smart production lines has reduced labor dependency by 50%, lowered operational management costs by 20%, and increased net profits by 15% [8]. - The latest smart manufacturing technology, such as the SMRobot3250 series, has improved production efficiency, reducing material usage by nearly 40% and achieving a defect rate of over 99% [10]. Employment and Social Impact - The booming shoe industry has created over 50,000 jobs, allowing local residents to work close to home and improving their quality of life through enhanced community facilities [11]. - The county has implemented a model that supports rural development through partnerships with local enterprises, establishing 46 village-level satellite factories [11]. Business Environment - Suixian County has developed a favorable business environment, exemplified by the "five ones" project management approach, which streamlines project execution and significantly reduces setup times for new businesses [12][13]. - The county's service-oriented policies have provided comprehensive support for enterprises, including infrastructure, training, and welfare benefits for employees [13]. Future Outlook - Looking ahead, Suixian County aims to further enhance its shoe industry by focusing on high-end, digital, and intelligent transformations, with plans to develop new projects and cultivate local brands [14][15]. - The county's strategic initiatives are expected to solidify its position as "China's Shoe Capital," building on its successful industrial practices and community engagement [15][16].

Core Insights - The demand for athletic shoes among the younger generation has shifted from basic functionality to a three-dimensional value system of "technology + culture + social," indicating a structural change in consumer preferences [1][2] - The Chinese footwear industry is undergoing a deep reconstruction from a "scale-oriented" to a "value-oriented" model, with market growth slowing from 12.8% in 2019 to 5.3% in 2024, while high-end professional sports and functional segments are experiencing a 23.7% growth [4] Group 1: Market Trends - The global footwear market is facing dual pressures of shrinking consumer markets and the failure of traditional growth models, leading to significant structural changes in the Chinese market [4] - The younger generation is increasingly prioritizing products that resonate with their social interests and personal values, transforming footwear from a necessity into a medium for self-expression [9][12] - The trend of "scene-based functional segmentation" is becoming a core focus, with consumers willing to pay for products that offer precise fit and a combination of functionality and aesthetics [16] Group 2: Consumer Behavior - Consumers are becoming more cautious and rational, showing a preference for the technological value behind products, while also returning to the essence of comfort [12] - The rise of outdoor footwear, such as creek shoes and trail running shoes, reflects a shift in consumer demands from single functionality to comfort, scene adaptability, and value integration [8][12] - Brands like Skechers are adapting their product designs to meet the diverse lifestyle needs of consumers, emphasizing comfort and versatility [12][19] Group 3: Brand Strategies - Companies are focusing on deep localization of supply chains to mitigate risks associated with rising tariffs and supply chain disruptions, with Skechers achieving 90% local manufacturing in China [5] - Anta is observing a blurring of boundaries between categories, with cross-category integration becoming a significant trend in fashion, as seen in their Anta Sneakerverse brand [18] - The footwear industry’s growth will depend on the integration of multiple capabilities, including continuous technological innovation, flexible supply chain systems, and localized strategies [24][25]

Company Overview - Zhongshan Huali Industrial Group Co., Ltd. (referred to as "Huali Group") was established in 2004, focusing on the development, design, production, and sales of sports shoes, covering a full range of products including sports casual shoes, outdoor boots, and sandals [1] - In 2024, Huali Group's annual production volume is expected to reach 223 million pairs, making it an important partner for major sports brands such as Nike, Adidas, and New Balance [1] - The company was successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 26, 2021, with a registered capital of 1.167 billion RMB [1] Sustainability Initiatives - In August 2024, Huali Group was officially verified by the Science Based Targets initiative (SBTi), becoming one of the few companies to receive both "Near-term Target" and "Net Zero Target" certifications [2] - The company's carbon neutrality strategy outlines a clear path for greenhouse gas reduction across the entire value chain, aiming for a 50.4% reduction in absolute emissions by 2032 and a 90% reduction by 2050 for both direct and indirect emissions [2] - The long-term goal includes a 90% reduction in Scope 3 emissions, which covers the purchase of goods and services, ensuring significant impact through the decarbonization of core suppliers [2] Supply Chain Decarbonization - To achieve its Scope 3 targets, Huali Group released a "Supply Chain Decarbonization Action Statement," focusing on two core initiatives: standardizing data requirements and establishing a threefold driving mechanism [3] - The company requires suppliers to submit third-party certified carbon verification reports, with 96 suppliers participating in 2024, accounting for 39.1% of procurement [3] - Huali Group is also exploring carbon financial tools and promoting low-carbon processes and materials, including the use of renewable energy in raw material processing [3] Environmental Management Disclosure - In September 2024, Huali Group disclosed its environmental management information on the CDP platform, providing standardized data on 16 core indicators, which supports investors in building climate risk assessment models [4] - In February 2025, CDP announced that Huali Group received a B rating in both climate change and water security for its first evaluation [4] - The company is recognized as a pioneer in the green transformation of traditional manufacturing, continuously optimizing energy structure and advancing production technology innovation [4]