中泰证券:25Q3海外运动品牌表现向好 上游制造有望回暖

智通财经
Nov 19, 2025

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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