False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

行业稳中有升，存在专业品类、细分场景、出海等结构性亮点 功能性鞋服展现韧性：由于消费者在跑步和篮球等运动中的高粘性，叠加 2023 年杭州亚运会的盛大开幕，以及众多体育巨星恢复访问中国，专业品类表现仍好于整体。户外从小众向大众发展：户外运动服不再仅供户外使用，适合日常通勤、徒步旅行以及正式场合的多功能户外运动服现成为消费者首选，运动品牌公司拓展相应产品。

2024年3月22日，Lululemon披露截至2024年1月28日的2023财年全年业绩，公司2023财年收入增 长19%至96.2亿美元，固定美元汇率的收入增长20%，经调整经营利润增长25%至22.3亿美元；期末库存金额同比减少9%至13.2亿美元。

2022 年 10 月，中共二十大报告中对深化国资国企改革作出重大部署，国企改革话题引起市场广泛关注。黄金珠宝行业中，央国企龙头相对较多，我们选取的老凤祥、菜百股份和中国黄金是国企改革的排头兵，三家公司 ROE 表现稳健，同时与其他行业的优质央国企类似，具备低估值，高股息的特点。

Basketball is a handball sport. It is played between two teams on a court. Each team has five players. The players wear jerseys. The players of a team wear jerseys with the same design and color, representing the club or the country they are playing for. The participants of the home team wear lighter-colored apparel, and the players of visiting teams wear darker-colored ones. The vendors of the global basketball apparel market offer specialized sports apparel, including jerseys, jackets, pants, shorts, and hoodies. The players sport these collections of apparel while playing the sport.

中国户外行业发展历程：起步较晚尚未成熟，近年来二次崛起。1）萌芽期（1950-1990）：登山运动萌芽揭开我国户外运动行业发展的序幕。2）发展期（1990-2000）：户外运动从国家层面向民间流行，民间户外俱乐部及大学登山队兴起。3）普及期（2000-2013）：受益于运动大行业的快速发展及户外参与率提升，2009-2013 中国户外鞋服市场规模 CAGR 高达 37%。4）平稳期（2014-2020）：由于户外运动 参与率遇瓶颈及户外品牌整体发展不成熟，2014-2019 年中国户外鞋服市场规模 CAGR 约 9%，不及专业运动市场（16%）。5）二次崛起期（2021 年至今）：2021-2023 年户外鞋服市场规模 CAGR 约 17%，高于专业运动市场（4%），受益于户外需求提升及伪户外需求出现。

2024年3月5日，亚玛芬体育（Amer Sports）披露截至2023年12月31日的2023财年及第四季度业绩：2023财年收入同比增长23%至43.7亿美元，净利润为-2.09亿美元，去年同期为-2.53亿美元；第四季度收入同比增长10%至13.15亿美元，净利润为-0.95亿美元，去年同期为-1.48亿美元。

家居：家居行业市场规模较大且增长稳定，主要包括定制家居、软体家居及卫浴等细分领域。定制家居行业的生产模式是以消费者为中心，按照客户要求的尺寸、颜色、材质等进行定制化生产，销售模式主要以经销商的零售模式为主。我们认为，我国家居行业未来将朝着智能化及个性化趋势发展；同时，随着消费者对健康环保关注度的提高，绿色环保家具产品也将逐渐受到关注和青睐。造纸：供给端处于存量阶段，需求端弹性不足。从供给端看，龙头纸企的业绩确定性更高。受制于需求增速放缓，造纸行业格局将渐趋固化。由于头部企业规模效应明显，通过降本增效等措施来控制费率及成本保障利润端的持续稳定，龙头企业盈利确定性较强。加之，头部企业分红比率表现较好，有利于头部制造之企业估值的稳定。从需求端看，内需及外需的需求弹性均不足且需求审慎。