经过首日讨论，越南谈判代表团的支持机构—国际经济一体化指导委员会办公室副主任范雄表示， 双方正致力于缩小剩余分歧，本轮谈判进展非常顺利。 根据2024年底的数据，越南与EFTA的贸易额超过35亿美元，多年来保持稳定增长。越南对EFTA成 员国的主要出口产品包括鞋类、纺织品和服装、机械设备、手机及零部件，以及咖啡、腰果等农产品。 作为回报，越南主要从EFTA成员国进口高科技、高附加值产品，例如药品、精密机械、医疗器械和化 工产品。 （原标题：越南与欧洲自由贸易联盟（EFTA）第18轮自由贸易协定谈判在岘港举行） 越南《越通社》11月27日报道，越南与欧洲自由贸易联盟（EFTA）之间的第18轮自由贸易协定 （FTA）谈判于11月25日至28日在越南中部城市岘港举行。 越南工贸部副部长、越方首席谈判代表阮生日新在开幕式发言中强调，双方共同的目标是尽一切努 力在本轮谈判中完成磋商，并准备采取必要的灵活措施，以确保达成一项对双方都有利的平衡协议。 ...

陈晶晶认为，从适配度看，安踏若竞购彪马，更符合其多品牌、全球化路径，关键在于是否与其国际市 场发展战略协同；而李宁仍处主业调整期，在国际治理、组织重构及跨文化整合方面挑战更大，贸然出 手风险较高。 优他国际品牌投资管理有限公司CEO、时尚产业投资人杨大筠对《证券日报》记者表示："如果说收购 狼爪只是安踏的一道'开胃菜'，那么将彪马纳入麾下无疑是一顿丰盛的'大餐'。彪马更具战略价值，更 适合用来布局一盘全球化'大棋'。" 杨大筠进一步分析认为，在中国纺织服装品牌出海的进程中，运动板块是最关键的突破口，而安踏已是 该赛道中少数具备全球布局能力的中国企业。尽管欧洲运动市场由阿迪达斯主导，但收购PUMA仍被视 为切入该区域最高效的路径之一，也是当前少数能与阿迪达斯形成抗衡格局的可行选项。 近日，市场有消息称，安踏体育用品有限公司(以下简称"安踏")正考虑参与对德国运动品牌彪马 (PUMA)的潜在竞购，并有可能联合私募股权机构共同推进。据悉，除安踏外，李宁有限公司(以下简 称"李宁")、日本亚瑟士等也被视为可能的竞购方。 11月28日，针对相关传闻，安踏对《证券日报》记者回应称："不对市场传闻发表评论。"李宁方面则重 ...

天眼查App显示，近日，安庆市卓源电子商务有限公司成立，法定代表人为曹平娟，注册资本10万人民 币，经营范围为一般项目：互联网销售（除销售需要许可的商品）；五金产品零售；服装服饰批发；服 装辅料销售；羽毛（绒）及制品销售；羽毛（绒）及制品制造；箱包销售；制鞋原辅材料销售；劳动保 护用品销售；特种劳动防护用品销售；家具销售；皮革制品销售；玩具、动漫及游艺用品销售；办公用 品销售；户外用品销售；母婴用品销售；日用品销售；日用百货销售；针纺织品及原料销售；家用电器 销售；塑料制品销售；包装材料及制品销售；纸制品销售；个人卫生用品销售；家居用品销售；化妆品 零售；母婴生活护理（不含医疗服务）；保健食品（预包装）销售；养生保健服务（非医疗）（除许可 业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Core Points - The trade negotiations between the US and EU are ongoing despite a July agreement, with both sides expressing dissatisfaction with the pace of implementation [1][2] - The US is pushing for the EU to eliminate certain regulations viewed as non-tariff barriers, while the EU remains firm on its digital laws [2][5] - The EU is seeking modifications to the July agreement to create a more balanced trade relationship, facing scrutiny from the European Parliament [5][6] Group 1: Trade Negotiations - The recent high-level meeting in Brussels involved US Commerce Secretary and Trade Representative discussing trade issues with EU officials [1] - The US plans to impose a 15% tariff on most EU goods, while the EU has promised to eliminate tariffs on US industrial products [2] - The EU is requesting exemptions for sensitive products, including pasta, cheese, and wine, from US tariffs [4][7] Group 2: Regulatory Pressures - The US is urging the EU to revise its digital and climate regulations, which are perceived as trade barriers [2][5] - The EU is maintaining a unified front in negotiations, avoiding individual country demands that could lead to division [6] - There is a lack of consensus within the EU regarding the trade agreement, with varying opinions among member states [6][7]

Core Viewpoint - Zheshang Securities maintains a "Buy" rating for Yuanyuan Group (00551), highlighting that despite a decline in shipment volume due to a high base, the company has improved its profit margins through product mix optimization and strong growth in online channels [1] Performance Overview - For the first three quarters of 2025, the company reported revenues of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit of $280 million, down 16.0%. Manufacturing revenue was $4.23 billion, up 2.3%, while retail revenue was $1.79 billion, down 7.9% [2] - In Q3 2025, the company achieved revenues of $1.96 billion, a year-on-year decline of 5.0%, with a net profit of $110 million, down 27.0%. Manufacturing revenue in Q3 was $1.43 billion, down 4.5% [2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue reached $4.23 billion, with shipment volume at 189 million pairs (up 1.3%) and an average selling price (ASP) of $20.88 (up 3.2%). In Q3, manufacturing revenue was $1.43 billion, with shipment volume at 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%) [3] - Revenue by region showed a 5.4% increase in the U.S. (28.5% share), 11.7% in Europe (27.7% share), a 25.9% decline in mainland China (13.4% share), and a 9.2% increase in other regions (30.4% share) [3] Profitability and Efficiency - The manufacturing capacity utilization rate was 93%, up 1 percentage point year-on-year, with a gross margin of 18.3% (down 1.3 percentage points). The SG&A expense ratio was 10.2% (down 0.2 percentage points) [4] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), driven by enhanced production efficiency and product mix optimization [4] Retail Business Performance - Retail revenue for the first three quarters was $1.79 billion, down 7.9%, affected by a weak retail environment and intensified competition. Same-store sales declined by double digits, with 3,338 direct-operated stores (down 3.5%) [5] - Online sales grew by 13% (33% share), with live-streaming revenue more than doubling year-on-year. In Q3, retail revenue was $520 million, down 6.3%, showing a narrowing decline [5] - The gross margin for retail was 33.5% (down 0.5 percentage points), with old inventory accounting for 9% and inventory turnover days at 161 days (up 9 days) [5]

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 28 之 On FY2025Q3 经营跟踪：收 入表现超预期，持续上调全年指引 报告要点 [Table_Summary] FY2025Q3（2025/07/01-2025/09/30）On 实现营收 7.9 亿 CHF，表现优于市场预期（彭博一 致预期 7.7 亿 CHF），固定汇率下同比+34.5%。毛利率同比+5.1pct 至 65.7%，主要受益于品 牌强劲增长、运营效率改善和汇率正向影响，其中约 2pct 一次性贡献为低预期成本带来。调整 后 EBITDA 同比+49.8%至 1.8 亿 CHF，调整后 EBITDA 利润率为 22.6%。归母净利润同比 +290%至 1.2 亿 CHF，归母净利率同比+10.2pct 至 15.0%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% 1）分地区：美洲/EMEA/亚太地区营收分别同比增长 21 ...

据海峡网报道，当地时间11月21日，持续燃烧60小时后，韩国忠清南道天安市的一家大型时尚物流中心 大火才被扑灭，现场无人伤亡。但超过1000万件品牌服饰和鞋类，在尚未来得及出货前被全部烧毁。 当地时间2025年11月21日，韩国忠清南道天安市，衣恋集团(E-LAND)时尚物流中心发生火灾后，建筑 残骸散落在人行道上。视觉中国 图 当地时间2025年11月21日，韩国忠清南道天安市，衣恋集团(E-LAND)时尚物流中心发生火灾，建筑被 烧毁，仅剩框架。视觉中国 图 当地时间2025年11月21日，韩国忠清南道天安市，消防、警察、国立科学搜查研究院等联合调查组人员 对时尚物流中心火灾现场进行调查。视觉中国 图 当地时间11月15日上午6时8分左右，衣恋集团(E-LAND)时尚物流中心发生火灾，消防人员持续进行灭 火。 当地时间 2025年11月21日，韩国忠清南道天安市，国立科学搜查研究院的工作人员在现场进行调查。视觉中国 图 据悉，火灾发生于15日早上6时08分。起火点位于该物流中心大楼四层，大量存放的服装成为助燃物导 致火势迅速蔓延至整栋建筑。事发时，现场共有1名保安和2名作业人员，在警报响起后均顺利逃生，无 ...

Core Viewpoint - Analysts expect Kohl's to report a quarterly loss of -$0.19 per share, indicating a year-over-year decline of 195% with revenues projected at $3.49 billion, down 5.9% from the previous year [1] Earnings Estimates - Revisions to earnings estimates are crucial for predicting investor actions, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [2] Key Metrics Projections - Analysts predict 'Other revenue' to reach $166.82 million, reflecting a year-over-year change of -17.8% [4] - 'Net Sales' are expected to be $3.32 billion, indicating a decline of -5.2% from the prior-year quarter [4] - 'Revenue Recognition- Accessories' is projected at $670.83 million, suggesting a year-over-year increase of +3.2% [4] - 'Revenue Recognition- Children's' is estimated at $427.08 million, down -12.1% year over year [5] - 'Revenue Recognition- Footwear' is expected to be $274.17 million, indicating a decline of -16.4% from the previous year [5] - 'Revenue Recognition- Men's' is projected at $668.96 million, reflecting a change of -4.6% from the prior-year quarter [6] - 'Revenue Recognition- Women's' is expected to be $832.42 million, indicating a year-over-year change of -4.2% [6] - 'Revenue Recognition- Home' is projected at $443.00 million, reflecting a change of -6.3% from the prior-year quarter [6] Store Metrics - The consensus estimate for the total number of stores stands at 1,153, down from 1,178 in the same quarter last year [7] Stock Performance - Over the past month, Kohl's shares have recorded a return of -7.6%, compared to the Zacks S&P 500 composite's -0.3% change, indicating a performance that aligns with the overall market [7]

天眼查App显示，近日，丰城未来鞋业有限公司成立，法定代表人为邵影莉，注册资本100万人民币， 经营范围为一般项目：品牌管理，互联网销售（除销售需要许可的商品），服装服饰零售，工艺美术品 及收藏品批发（象牙及其制品除外），鞋帽零售，日用百货销售，办公用品销售，日用品销售，日用陶 瓷制品制造，照明器具销售，特种陶瓷制品销售，体育用品及器材零售，电子产品销售，林业产品销 售，供应链管理服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

尼泊尔胶合板、卫生巾、纸尿裤、鞋类和水泥制造商近日表示，获取印度标准局认证的流程近期明显改 善，对印出口更加便利。这一变化源于今年1月尼印政府间委员会达成的共识，印度同意加快尼泊尔产 品的BIS认证流程。尼泊尔驻印度大使证实，目前认证效率已得到提升，大多数尼泊尔工厂能够更快获 得证书。此前，认证延迟是主要瓶颈。尼泊尔胶合板制造商协会主席表示，过去八个月行业面临严重延 误，而近一个月来企业已能按时收到证书。目前所有52家申请企业都有望获得认证。这一进展得益于尼 泊尔财政部长和驻印大使的积极推动，以及工商部长在双边会谈中的重点提议。其他行业同样受益。鞋 类、水泥、卫生巾和纸尿裤生产商均表示，认证流程明显改善，出口更加顺畅。数据显示，上一财年尼 泊尔对印出口胶合板70.9亿卢比、鞋类20.4亿卢比、水泥22.1亿卢比、卫生巾和纸尿裤3.56亿卢比。尼印 双边贸易总额达12.9万亿卢比。 ...