The scope of the report covers analysis pertaining to the retail sales of various women’s intimate apparel such as brassiere, briefs, shapewear, swimwear, sports and activewear, and sleepwear, made from different fabrics, using varied processes, available in mass and high-end ranges, through retail channels such as supermarkets/hypermarkets, specialty retailers, fashion retailers, online retail stores, and others, across the globe.

Global Waterproof Breathable Fabric Market Size and Share Analysis - Growth Trends and Forecasts (2024 - 2029)

The base currency is considered as the United States Dollar (USD). Conversion of other currencies is based on the average exchange rates of the respective review period years. The exchange rate conversion for the forecast period is determined according to the base year’s conversion rates. BASE YEAR, REVIEW FORECAST TERMS Market-size estimations for the forecast years are in real terms. Nominal values are only considered. Inflation is not to be considered. PRIMARY RESEARCH Distribution of the primary interviews conducted is based on the regional share of the market and the presence of key players in each of the demographics pertaining to the market studied.

Nike 历史复盘：Nike 通过气垫技术、Shox 缓震技术、react 泡棉、pebax 泡棉等材料和结构持续拓展跑鞋、篮球鞋、休闲鞋市场，引领行业发展潮流，带来估值和业绩的双重提升。但从 2020 年以来公司产品创新力度减弱+渠道发展失衡，客群被阿迪、hoka、ON 等品牌抢夺，业绩及估值均下滑。

Q3 订单延续修复，产品&客户结构优化下利润弹性较优。收入端，海外品牌库存去化逐渐步入尾声，制造订单低基数下迎来修复，Q3 营收&业绩板块整体延续修复，营收同比 +7.9%，成品制造公司受益于份额提升订单表现更优。利润端，Q3 在产品&客户结构优化下板块毛利率显著提升，虽然管理费用率由于部分公司薪酬绩效计提有所提升，但板块归母净利润 仍同比+12.4%优于收入。

品牌服饰:受宏观消费环境低迷影响，24Q3品牌服饰板块(A股)业绩转弱，营收/归母净利润分别同比-8.6%/-59.4%， 净利下滑幅度较大，主因费用投放较多，存货和现金流压力有所增加。结构上运动服饰品牌流水相对稳健，高端女装经营杠 杆相对较重、利润承压明显。随9月底政府一揽子宽松政策出台，10月品牌服饰流水有所改善，我们预计部分品牌恢复至双 位数增长。 投资建议:随政策向实体经济逐步传导，服装消费有望回暖复苏，其中:1)复苏早期，相对需求刚性和性价比定位品牌有 望优先受益，推荐波司登、安踏体育、特步国际、361度、海澜之家、水星家纺。2)复苏中后期，随消费者信心企稳，消 费升级相关品牌可能逐步受益、释放业绩弹性，建议关注李宁。

品牌服饰:受宏观消费环境低迷影响，24Q3品牌服饰板块(A股)业绩转弱，营收/归母净利润分别同比-8.6%/-59.4%， 净利下滑幅度较大，主因费用投放较多，存货和现金流压力有所增加。结构上运动服饰品牌流水相对稳健，高端女装经营杠 杆相对较重、利润承压明显。随9月底政府一揽子宽松政策出台，10月品牌服饰流水有所改善，我们预计部分品牌恢复至双 位数增长

品牌服饰:受宏观消费环境低迷影响，24Q3品牌服饰板块(A股)业绩转弱，营收/归母净利润分别同比-8.6%/-59.4%， 净利下滑幅度较大，主因费用投放较多，存货和现金流压力有所增加。结构上运动服饰品牌流水相对稳健，高端女装经营杠 杆相对较重、利润承压明显。随9月底政府一揽子宽松政策出台，10月品牌服饰流水有所改善，我们预计部分品牌恢复至双 位数增长。 投资建议:随政策向实体经济逐步传导，服装消费有望回暖复苏，其中:1)复苏早期，相对需求刚性和性价比定位品牌有 望优先受益，推荐波司登、安踏体育、特步国际、361度、海澜之家、水星家纺。2)复苏中后期，随消费者信心企稳，消 费升级相关品牌可能逐步受益、释放业绩弹性，建议关注李宁、比音勒芬、报喜鸟等。 纺织制造:24Q3纺织制造企业订单延续恢复趋势，板块(A股)营收/归母净利分别同比+8.8%/+7.1%(净利剔除个别异 常值)。产能利用率、棉价和汇率影响不同公司盈利水平，净利表现呈分化，其中鞋服箱包制造龙头净利表现较好，棉纺织 企业业绩承压。

Specialty chemicals, also known as performance chemicals, are chemical substances and formulations produced to serve specific functions and applications. These chemicals are primarily designed to have unique properties and characteristics that meet specific industry requirements. Specialty chemicals are manufactured in smaller volumes, focusing on quality, performance, and customization, unlike commodity chemicals that are produced in large quantities