中泰证券：25Q3海外运动品牌表现向好上游制造有望回暖

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下游运动品牌25Q3表现普遍符合或好于预期，中游制造订单有望逐步恢复，贸易环境不确定增强的背景下，看好头部制造商与客户合作粘性提升。智通财经APP获悉，中泰证券发布研报称，美国关税对各海外运动品牌均造成了不同程度的压力，品牌方主要通过与供应链进行部分成本分摊、部分产品提价等方式进行应对。从25Q3表现来看，毛利率同比降幅较多的是Nike、Puma、UA，判断除关税因素外还受到促销去库带来的压力。...

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中泰证券：25Q3海外运动品牌表现向好 上游制造有望回暖

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中泰证券：25Q3海外运动品牌表现向好上游制造有望回暖