Baby carriers, or baby slings, are a piece of cloth with or without straps. Baby carriers are used to carry infants and toddlers. Baby carriers can be packed easily and do not need to be folded like strollers.

Cycling wear refers to products worn by athletes, daily commuters, and cyclists who engage in cycling as a sports activity or for recreation. The different types of cycling wear offered in the market are clothing, footwear, and other gear.

Decking refers to the material used to create the surface of a deck, which is typically an outdoor structure connected to a building. Decking materials can include wood, composite materials, aluminum, vinyl, and other synthetic materials.

Denim jeans are types of trousers that are made of denim or dungaree cloth. Denim jeans are very popular among teenagers and hold a major share as a fashion item in the clothing industry. They are considered casual wear and are donned by women, men, and children

2024 年运动鞋服龙头流水承压，盈利能力及营运能力下滑。目前需求细分化趋 势持续演绎，国际运动鞋服龙头推新加速，有望提升细分赛道景气度。建议重 点关注在拓品类&优化渠道进度快，品牌影响力高的品牌，有望在市场波动情 况下保持经营稳健，在需求回暖的情况下获取份额。

美国对多国实施“对等关税”，短期不确定与长期经营韧性并存 当地时间 4 月 2 日，美国白宫对中国大陆、越南、泰国分别征收 34%、46%、36%的“对等关 税；4 月 8 日，进一步将中国大陆对等关税税率提高 50pcts，即今年以来累计加征 104%关税。

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

 当前，在传统零售偏同质化竞争下，服装品牌陆续进行各种奥莱业态创新，拥抱零售变革。通 过复盘海内外折扣零售巨头 TJX 与唯品会的发展，我们可知虽然经济下行催生了折扣零售，但 折扣零售业不仅仅依赖于经济衰退或库存急剧堆积的行业红利而存在。当前时点，城市奥莱行 业供给稳健，渠道端有望在中低线城市打开成长空间，而尾货资源、渠道&供应链能力或将成为 关键胜负手。海澜之家新业务京东奥莱由三方合作协同，相互赋能共筑业态高壁垒，在轻资产 运营模式下门店模型较优，开店空间广阔。

海外需求稳定，品牌龙头加速预热新产品，新品风格主要集中在运动时尚和户 外，高景气度有望延续。目前制造订单分化，小而美的公司订单良好，运动品 牌需求细分化趋势或将加速演绎，重点关注接单确定性强的纺织制造龙头。

DTC，即为品牌绕开第三方批发商、零售商或其他中间商，直接面向消费者推出商品或服务的新的商业模式。其主要优势在于成本、渠道、数据库和时间效率；但与此同时，DTC模式也会导致初期投入高、营销成本高、物流与供应链管理难度加大。通过复盘Nike DTC改革期间的表现，我们发现，DTC模式成效的分析框架可从成本管理、运营效率、产品研发、规模扩张四个维度进行分析。