国泰海通证券：多个海外品牌最新财季表现超预期 4月中国纺服社零增速环比放缓

智通财经05-25

智通财经APP获悉，国泰海通证券发布研报称，伴随巴西减产落地、美国和中国进入棉花播种季，3~5月是美棉价格重要的催化窗口期，该行仍看好受益于美棉价格上行带来业绩弹性的纱线龙头；男装龙头比音勒芬(002832.SZ)在25年品牌加大投入之下，该行认为其在26年具备释放业绩的潜力，尤其考虑到主品牌电商占比较低、奥莱渠道稳步布局，未来持续性增长动能充沛；3）推荐当下基本面稳健&高股息龙头富安娜(...

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/2638584700?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-05-25 11:25","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2638584700","market":"hk","top_or_hot":-1,"title":"国泰海通证券：多个海外品牌最新财季表现超预期 4月中国纺服社零增速环比放缓","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，国泰海通证券发布研报称，伴随巴西减产落地、美国和中国进入棉花播种季，3~5月是美棉价格重要的催化窗口期，该行仍看好受益于美棉价格上行带来业绩弹性的纱线龙头；男装龙头比音勒芬(002832.SZ)在25年品牌加大投入之下，该行认为其在26年具备释放业绩的潜力，尤其考虑到主品牌电商占比较低、奥莱渠道稳步布局，未来持续性增长动能充沛；3）推荐当下基本面稳健&高股息龙头富安娜(...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1445525.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>国泰海通证券：多个海外品牌最新财季表现超预期 4月中国纺服社零增速环比放缓</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国泰海通证券：多个海外品牌最新财季表现超预期 4月中国纺服社零增速环比放缓\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-25 11:25 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1445525.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，国泰海通证券发布研报称，伴随巴西减产落地、美国和中国进入棉花播种季，3~5月是美棉价格重要的催化窗口期，该行仍看好受益于美棉价格上行带来业绩弹性的纱线龙头；男装龙头比音勒芬(002832.SZ)在25年品牌加大投入之下，该行认为其在26年具备释放业绩的潜力，尤其考虑到主品牌电商占比较低、奥莱渠道稳步布局，未来持续性增长动能充沛；3）推荐当下基本面稳健&高股息龙头富安娜(...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1445525.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":"BK1147","symbol_name":"投资银行业与经纪业","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1445525.html","article_id":"2638584700","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2638584700","pubTimestamp":1779679553,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"国泰海通证券主要观点如下：事件Amer Sports、Deckers、RL、VF最新财季收入及业绩表现超一致预期；4月纺服社零同比增长3.6%，增速环比放缓。4月中国纺服社零增速环比放缓26年4月中国服装鞋帽针纺织品类零售额同比增长3.6%，增速环比放缓，但仍高于社零整体增速；1-4月中国服装鞋帽针纺织品类零售额累计同比增长8.1%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82020":"安踏体育-R","161027":"证券","601211":"国泰海通","BK1147":"投资银行业与经纪业","BK1512":"体育用品","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0082770016.SGD":"HSBC GIF ASIA EX JAPAN EQUITY SMALLER COMPANIES \"AD\" (SGD) INC","LU0082770016.USD":"HSBC GIF ASIA EX JAPAN SMALLER CO. \"AD\" INC","LU0823426308.USD":"法巴中国股票基金","BK1521":"挪威政府全球养老基金持仓","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","BK1502":"双十一","02611":"国泰海通","ANPDY":"安踏体育ADR","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","LU0048575426.USD":"FIDELITY EMERGING MARKETS \"A\" INC","LU0594300419.USD":"富达中国消费基金A","LU0164939612.USD":"HSBC GIF ASIA EX JAPAN SMALLER CO. \"AC\" ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","BK0183":"MSCI概念","BK1500":"做空集合股","BK0188":"融资融券","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","BK0012":"证金概念","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","BK1564":"中资券商股","LU0048597586.USD":"富达亚洲焦点A","BK0028":"国家队","LU0052750758.USD":"富兰克林中国基金A Acc","02020":"安踏体育","BK0276":"资本市场","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK0201":"可转债","BK1168":"鞋类","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","01836":"九兴控股"},"translate_title":"Cathay Haitong Securities: The performance of several overseas brands in the latest fiscal quarter exceeded expectations in April, the zero growth rate of China Textile and Clothing Society slowed down from the previous month","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82020":0.6,"161027":1.5,"601211":1.5,"ANPDY":0.6,"02020":0.9,"01836":0.9,"02611":1.5},"content_text":"智通财经APP获悉，国泰海通证券发布研报称，伴随巴西减产落地、美国和中国进入棉花播种季，3~5月是美棉价格重要的催化窗口期，该行仍看好受益于美棉价格上行带来业绩弹性的纱线龙头；男装龙头比音勒芬(002832.SZ)在25年品牌加大投入之下，该行认为其在26年具备释放业绩的潜力，尤其考虑到主品牌电商占比较低、奥莱渠道稳步布局，未来持续性增长动能充沛；3）推荐当下基本面稳健&高股息龙头富安娜(002327.SZ)（股息率6%以上）、九兴控股(01836)（股息率约10%）；4）推荐低估值&具备稀缺品牌矩阵龙头安踏体育(02020)。国泰海通证券主要观点如下：事件Amer Sports、Deckers、RL、VF最新财季收入及业绩表现超一致预期；4月纺服社零同比增长3.6%，增速环比放缓。Amer Sports、Deckers、RL、VF最新财季收入表现超出一致预期1）Amer Sports：26Q1收入同比+32%，经调整归母净利同比+47%（剔除一次性债务清偿损失影响），超出一致预期，专业服饰（始祖鸟，+33%）及户外性能（salomon，+42%）收入高增驱动公司成长；大中华区收入高增44.5%，领跑全球四大区域。26年收入指引上修至增20-22%（此前为16-18%）。2）Deckers：FY26Q4收入同比+10%（固定汇率+8%），EPS为0.96美元，优于一致预期（0.83美元），主因UGG收入超预期（+9%），四季化策略下产品销售周期拉长（主要发生在DTC渠道）；HOKA收入+15%（其中HOKA国际增中高双位数）。FY27收入指引为高单增长，其中HOKA同增低双位数，EBIT margin维持20%区间低段。3）Ralph Lauren：FY26Q4收入固定汇率+12%，远超一致预期（增单位数），调整后EPS为2.8美元（预期2.25-2.45美元）。北美（+8%）、EMEA（+6%）、亚洲（+28%）收入增长均超预期，其中亚洲领增，中国市场增速超50%；全价销售表现良好、打折活动减少以及渠道和产品结构优化下，Q4平均售价提升16%，毛利率同比改善0.4pct。FY27收入（固定汇率）指引为同增4-5%，EBIT margin提升0.4-0.6pct。4）VF：FY26Q4固定汇率下收入+3%，EPS为0美元，略超一致预期（预期微亏），主要由于The North Face（+7%）及Timberland（+2%）拉动；Vans营收环比改善（同比-5%，Q3为-10%），其中Vans美洲收入恢复正增；此外批发表现优于预期（发货提前）。分地区看，美洲（+10%）领增，大中华区次之（+8%），EMEA承压。VF恢复发布年度业绩指引，FY27收入（固定汇率）指引为同增1-2%，毛利率有望回升，同时SG&A费用率有望下降。4月中国纺服社零增速环比放缓26年4月中国服装鞋帽针纺织品类零售额同比增长3.6%，增速环比放缓（3月同比增长7.0%），但仍高于社零整体增速（+0.2%）；1-4月中国服装鞋帽针纺织品类零售额累计同比增长8.1%。风险提示：消费意愿不及预期，原材料价格波动，行业竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","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/2638584700","isCrawlerRequest":true}