ISPO Beijing 2026展会亮点。1）展会品类结构变化：滑雪品牌及相关产品增加，而露营品牌数量减少，与户外展区合并为攀登徒步露营区域。2）伯希和加码专业产品和营销，鞋类产品增加：伯希和发布会以“从世界之巅到全球赛场”为主题，发布对登山运动员、运动队的赞助支持，以及与国际体育组织、赛事体系的合作，参展产品集中展示了专业登山、滑雪及冬奥会定制装备，此外鞋子产品有单独货架展出。3）羊毛参展商和产品增加：羊毛材质在户外服饰中的渗透率提升趋势明显，本次展会羊毛相关面料和产品较之前都有所增加，UTO与德国南毛集团合作推出全球首创的“羊毛无缝一体织”工艺系列产品，覆盖越野与滑雪等专业场景。

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Hosiery is apparel worn over feet, such as socks, body stockings, knee highs, leg warmers, and many more. These are made of cotton, nylon, wool, silk, polyester, and others. These hosiery apparel are used under shoes for both women and men. These are used to protect feet from winter cold and are recommended for use in medical conditions such as varicose veins.

本文从产业链视角出发：1）新消费板块基于景气投资视角，由零售渠道格局革新、推演至细分品类运营逻辑差异，探寻新产品、新渠道及新品牌的积极变化；2）出海链则基于业绩为王配置思路，旨在总结龙头企业强业绩兑现的方法论；3）顺周期以底线思维价值视角寻求质量龙头。以期为 26 年投资主线提供参考。

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Ethnic wear refers to the clothes that are worn in a particular geographic region, culture, or country.

Outdoor sports apparel refers to specialized clothing and gear designed specifically for outdoor activities such as hiking, running, cycling, skiing, and other sports performed outside. These garments prioritize functionality, durability, and comfort, often incorporating features that enhance performance and safety in various weather conditions.