国泰海通：预计关税影响海外运动品牌业绩关注棉纺受益标的

智通财经2025-08-05

智通财经APP获悉，国泰海通发布研报称，近日，Adidas、VF、Puma分别发布FY25Q2、FY26Q1、FY25Q2财报，其中Adidas收入低于预期、利润超预期，但Adidas表示关税在25Q2带来数百万欧元的负面影响，按照目前关税情况，H2将带来2亿欧元成本增加。美国近日签署行政命令，对数十个国家的关税税率进行修改。在海外品牌普遍考虑与供应商分担关税成本的趋势下，上中游纱线面料制造商海外...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2557350219?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-05 14:17","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2557350219","market":"fut","top_or_hot":-1,"title":"国泰海通：预计关税影响海外运动品牌业绩 关注棉纺受益标的","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，国泰海通发布研报称，近日，Adidas、VF、Puma分别发布FY25Q2、FY26Q1、FY25Q2财报，其中Adidas收入低于预期、利润超预期，但Adidas表示关税在25Q2带来数百万欧元的负面影响，按照目前关税情况，H2将带来2亿欧元成本增加。美国近日签署行政命令，对数十个国家的关税税率进行修改。在海外品牌普遍考虑与供应商分担关税成本的趋势下，上中游纱线面料制造商海外...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1325762.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国泰海通：预计关税影响海外运动品牌业绩 关注棉纺受益标的</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国泰海通：预计关税影响海外运动品牌业绩 关注棉纺受益标的\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-05 14:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1325762.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国泰海通发布研报称，近日，Adidas、VF、Puma分别发布FY25Q2、FY26Q1、FY25Q2财报，其中Adidas收入低于预期、利润超预期，但Adidas表示关税在25Q2带来数百万欧元的负面影响，按照目前关税情况，H2将带来2亿欧元成本增加。美国近日签署行政命令，对数十个国家的关税税率进行修改。在海外品牌普遍考虑与供应商分担关税成本的趋势下，上中游纱线面料制造商海外...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1325762.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1583","symbol_name":"高瓴概念","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1325762.html","article_id":"2557350219","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2557350219","pubTimestamp":1754374647,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，国泰海通发布研报称，近日，Adidas、VF、Puma分别发布FY25Q2、FY26Q1、FY25Q2财报，其中Adidas收入低于预期、利润超预期，但Adidas表示关税在25Q2带来数百万欧元的负面影响，按照目前关税情况，H2将带来2亿欧元成本增加。美国近日签署行政命令，对数十个国家的关税税率进行修改。VF通过采购节约和定价措施来减轻关税影响。Puma预计FY25美国关税将对毛利润产生约8000万欧元的负面影响。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82020":"安踏体育-R","601211":"国泰海通","BK1583":"高瓴概念","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","02020":"安踏体育","02611":"国泰海通","BK1168":"鞋类","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","BK1502":"双十一","LU0048575426.USD":"FIDELITY EMERGING MARKETS \"A\" INC","BK0184":"上海国资改革","BK1227":"服装、服饰与奢侈品","LU0594300419.USD":"富达中国消费基金A","LU0261950470.USD":"FIDELITY EMERGING MARKETS \"A\" ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","BK0183":"MSCI概念","BK0188":"融资融券","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","BK1500":"做空集合股","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","BK0012":"证金概念","03306":"江南布衣","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","SG9999004311.SGD":"Nikko AM Shenton Emerging Enterprise Discovery Fund SGD","BK1564":"中资券商股","LU0052750758.USD":"富兰克林中国基金A Acc","BK0028":"国家队","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK0276":"资本市场","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","ANPDY":"安踏体育ADR","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0048597586.USD":"富达亚洲焦点A","BK1160":"纺织品","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","02678":"天虹国际集团","BK1512":"体育用品","BK1147":"投资银行业与经纪业","LU0140636845.USD":"施罗德大中华区股票A Acc","01368":"特步国际"},"translate_title":"Cathay Haitong: Tariffs are expected to affect the performance of overseas sports brands, pay attention to cotton spinning benefit targets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82020":0.6,"601211":1,"02020":0.9,"02611":1,"03306":0.9,"01368":0.9,"ANPDY":0.6,"02678":0.9},"content_text":"智通财经APP获悉，国泰海通发布研报称，近日，Adidas、VF、Puma分别发布FY25Q2、FY26Q1、FY25Q2财报，其中Adidas收入低于预期、利润超预期，但Adidas表示关税在25Q2带来数百万欧元的负面影响，按照目前关税情况，H2将带来2亿欧元成本增加。美国近日签署行政命令，对数十个国家的关税税率进行修改。在海外品牌普遍考虑与供应商分担关税成本的趋势下，上中游纱线面料制造商海外产能优势有望进一步凸显。国泰海通主要观点如下：海外运动品牌最新财报普遍反馈关税将影响全财年利润Adidas、VF、Puma分别发布FY25Q2、FY26Q1、FY25Q2财报，其中：1)Adidas收入低于预期、利润超预期，VF收入利润均超预期，Puma收入利润均低于预期；2)Adidas维持全年集团收入同增高单、经营利润17-18亿欧元指引，VF预计FY26Q2收入按固定汇率同比下降2%至4%，调整后营业利润预计为2.6亿至2.9亿美元。Puma预计FY25收入同降双位数；3)Adidas表示关税在25Q2带来数百万欧元的负面影响，按照目前关税情况，H2将带来2亿欧元成本增加。VF通过采购节约和定价措施来减轻关税影响。Puma预计FY25美国关税将对毛利润产生约8000万欧元的负面影响。海外奢侈品品牌最新财报普遍反馈通过涨价传导关税影响Prada、Kering、Hermès发布25Q2财报，其中Kering收入低于预期、利润超预期，Hermès收入利润低于预期。Kering认为美国-欧洲15%关税税率符合预期，可通过涨价调节，Q2已进行部分产品涨价，计划针对秋季产品第二轮涨价。Hermès 25年皮具马具部门目标销量/价格分别增长6%，收入增长12%，至5月已涨价10%，目前仍在观望美欧最新15%关税，无新涨价计划。美国新关税落地，棉纺龙头有望受益美国7月31日签署行政命令，对数十个国家的关税税率进行修改，主要纺服出口国中，柬埔寨、印尼、越南、印度、孟加拉的最新关税分别为19%、19%、20%、25%、35%。伴随东南亚出口美国税率逐步落地，海外成衣成鞋工厂就近采购需求增加，上中游原材料和化纤采购有望进一步向拥有海外产能布局的企业集中。相较成衣成鞋工厂较为成熟的海外布局，上中游制造商出海节奏稍缓，目前海外布局较为成熟的有天虹国际集团(海外产能占比42%)、百隆东方(越南产能占比77%)、超盈国际控股，其余企业出海步伐偏谨慎。在海外品牌普遍考虑与供应商分担关税成本的趋势下，上中游纱线面料制造商海外产能优势有望进一步凸显。标的方面看好①高景气度垂类细分运动，推荐安踏体育(02020)、特步国际(01368)；②中报预期改善且新零售业态拓宽，推荐海澜之家(600398.SH)。美国关税税率逐步落地背景下，中报预喜的制造企业，相关标的百隆东方(601339.SH)、天虹国际集团(02678)；③优质低估值港股红利，推荐江南布衣(03306)、滔搏(06110)；④美国“大而美”法案通过后受益于中产消费提振的品牌，推荐新秀丽(01910)、普拉达(01913)。风险提示终端消费意愿不及预期，原材料价格波动，竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2557350219","isCrawlerRequest":true}

国泰海通：预计关税影响海外运动品牌业绩 关注棉纺受益标的

精彩评论

国泰海通：预计关税影响海外运动品牌业绩关注棉纺受益标的