As China enters its next five-year planning cycle, Beijing is intensifying efforts to rebalance the economy toward domestic consumption. Bloomberg's Stephen Engle reports on the rise of "destination" outlet malls and the role of AI in the services sector, as China's leadership target a 4.5% growth rate against a volatile global landscape. (Source: Bloomberg)
As China enters its next five-year planning cycle, Beijing is intensifying efforts to rebalance the economy toward domestic consumption. Bloomberg's Stephen Engle reports on the rise of "destination" outlet malls and the role of AI in the services sector, as China's leadership target a 4.5% growth rate against a volatile global landscape. (Source: Bloomberg)
Aberdeen have made an approach to Scottish Premiership rivals St Mirren for manager Stephen Robinson. The Pittodrie club have announced they have "been officially given permission to enter formal talks" with the 51-year-old Northern Irishman about their managerial vacancy. Peter Leven has been in caretaker charge since Aberdeen sacked Jimmy Thelin in early January. But they suffered a bruising 3-0...
Aberdeen have made an approach to Scottish Premiership rivals St Mirren for manager Stephen Robinson. The Pittodrie club have announced they have "been officially given permission to enter formal talks" with the 51-year-old Northern Irishman about their managerial vacancy. Peter Leven has been in caretaker charge since Aberdeen sacked Jimmy Thelin in early January. But they suffered a bruising 3-0 defeat by second-tier Dunfermline Athletic in Saturday's Scottish Cup quarter-final and have won just once in eight outings. Robinson, meanwhile, led St Mirren to their second cup semi-final of the season on Sunday as the Paisley side defeated Partick Thistle having already gone on to lift the League Cup with a victory over league champions Celtic in November. He led the Buddies to top-six finishes in his previous three seasons, although they currently sit 10th, one place and five points below Aberdeen, just three ahead of Kilmarnock in the relegation play-off spot. The news of Aberdeen's approach comes just over a week after chairman Dave Cormack confirmed that former Mainz, Hertha Berlin and Dinamo Moscow head coach Sandro Schwarz, who recently left New York Red Bulls, was in the city for talks about the vacancy. However, Cormack stressed that the German was only one of several candidates. Last month, Eirik Horneland also emerged as a leading candidate after his departure from French Ligue 2 club Saint-Etienne. However, the former Brann and Rosenborg head coach was subsequently quoted as saying he would not be taking up another post until at least the end of the season.
Keir Starmer warned his cabinet against an “overly deferential” approach to the Welsh, Scottish and Northern Irish governments, according to a leaked memo. In the document from December, obtained and published on Tuesday by Plaid Cymru, Starmer said ministers should be prepared to make spending decisions “even when devolved governments may oppose this”. It came shortly after Labour Senedd members ...
Keir Starmer warned his cabinet against an “overly deferential” approach to the Welsh, Scottish and Northern Irish governments, according to a leaked memo. In the document from December, obtained and published on Tuesday by Plaid Cymru, Starmer said ministers should be prepared to make spending decisions “even when devolved governments may oppose this”. It came shortly after Labour Senedd members wrote to the prime minister over concerns his administration was rolling back devolution powers. “Overly deferential or laissez-faire” engagement with the Celtic administrations would “almost inevitably create political challenges or missed positive opportunities”, he wrote. The memo is dated 10 days after an unprecedented letter to Downing Street signed by a third of Welsh Labour members of the Senedd over a funding row that they called “at best deeply insensitive, at worst a constitutional outrage”. The members also expressed “increasing concern” about what they said was Westminister’s failure to devolve further functions to Wales – including justice, policing and the crown estate – some of which is Labour party policy. The Plaid Cymru leader, Rhun ap Iorwerth, used the leak to attack Welsh first minister, Labour’s Eluned Morgan, during first minister’s questions on Tuesday, calling the document Starmer’s “own version of Boris Johnson’s muscular unionism”. He also accused Morgan of undermining her own administration by repeatedly aligning with Starmer. Morgan said: “Devolution must be respected, and I’ve always been very clear with the prime minister on that issue. It is a respectful relationship.” Downing Street said: “We make no apologies for being determined to deliver for people across all four nations of the UK. “In Wales, Scotland and Northern Ireland, there are clearly reserved areas of governmental responsibilities and this government is committed to upholding this devolution settlement with mutual respect and partnership.” Nonetheless, the leak is being seen as f...
Cintas Corp. has agreed to buy UniFirst Corp. in a cash-and-stock deal valuing the uniform supplier at $5.5 billion, clinching a years-long pursuit of its rival. UniFirst shareholders will receive $155 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own, according to a statement on Wednesday. This represents a combined value of $310 per share based on Cintas’ closing price o...
Cintas Corp. has agreed to buy UniFirst Corp. in a cash-and-stock deal valuing the uniform supplier at $5.5 billion, clinching a years-long pursuit of its rival. UniFirst shareholders will receive $155 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own, according to a statement on Wednesday. This represents a combined value of $310 per share based on Cintas’ closing price on Monday. UniFirst shares closed at $257.91 apiece on Tuesday. The company has a market value of about $4.7 billion. The transaction is expected to close in the second half of this year, subject to shareholders’ approvals. Bloomberg News reported last week that Cintas was in advanced talks to buy UniFirst. Cintas, which also makes uniforms, has been trying for years to buy UniFirst, which is controlled by the Croatti family. It has been circling UniFirst, based in Wilmington, Massachusetts, since at least 2022 . Cincinnati-based Cintas is known for its ubiquitous white step vans emblazoned with its blue company logo, with a large corporate fleet that operates across North America.
Olha Kachur/iStock via Getty Images In late January, I wrote an article featuring Microsoft Corporation ( MSFT ), where I rated the stock a 'Hold'. The rationale for the rating was simple: Microsoft seems to be slipping behind other big tech peers when it comes to monetizing AI, and the company’s scale, while impressive, has no direct leverage to AI monetization gains. When compared with a busines...
Olha Kachur/iStock via Getty Images In late January, I wrote an article featuring Microsoft Corporation ( MSFT ), where I rated the stock a 'Hold'. The rationale for the rating was simple: Microsoft seems to be slipping behind other big tech peers when it comes to monetizing AI, and the company’s scale, while impressive, has no direct leverage to AI monetization gains. When compared with a business like Meta Platforms, Inc. ( META ) - which can deploy models that directly spin the company’s network effects and flywheel - Microsoft has a tougher-looking road to profit. That said, I also argued that Microsoft is one of the best businesses in the world, with unbelievable scale, margins, and industry leverage. As the stock has continued to slide from my coverage a few months back, I’ve begun to see the company and stock in a new light. Even with unambitious analyst estimates, shares of Microsoft pencil out to produce excellent mid-20s annualized returns from here, which makes the stock one of the better places to allocate your capital in the present market. Microsoft hasn't yet released its next earnings report, but in this article, I wanted to explain the math that underpins my new, re-worked thesis on Microsoft. Today I’ll re-examine the stock - including my previous assumptions - highlight the current valuation, and make the case that investors should be structurally bullish on shares of Microsoft. Sound good? Let’s dive in. Financials As I just mentioned, in my previous coverage of Microsoft, I focused predominantly on the company’s AI woes, especially when compared with companies that have done a much better job of monetizing the new technology. Google ( GOOG )( GOOGL ) has deployed AI across YouTube, Search, and Gemini and has become the go-to cloud provider for AI labs and AI-first companies. Meta has deployed models on its entire advertising/recommendation network, which has driven up watch time, ads served, and profitability. As I argued, Microsoft has a less c...
Olha Kachur/iStock via Getty Images In late January, I wrote an article featuring Microsoft Corporation ( MSFT ), where I rated the stock a 'Hold'. The rationale for the rating was simple: Microsoft seems to be slipping behind other big tech peers when it comes to monetizing AI, and the company’s scale, while impressive, has no direct leverage to AI monetization gains. When compared with a busines...
Olha Kachur/iStock via Getty Images In late January, I wrote an article featuring Microsoft Corporation ( MSFT ), where I rated the stock a 'Hold'. The rationale for the rating was simple: Microsoft seems to be slipping behind other big tech peers when it comes to monetizing AI, and the company’s scale, while impressive, has no direct leverage to AI monetization gains. When compared with a business like Meta Platforms, Inc. ( META ) - which can deploy models that directly spin the company’s network effects and flywheel - Microsoft has a tougher-looking road to profit. That said, I also argued that Microsoft is one of the best businesses in the world, with unbelievable scale, margins, and industry leverage. As the stock has continued to slide from my coverage a few months back, I’ve begun to see the company and stock in a new light. Even with unambitious analyst estimates, shares of Microsoft pencil out to produce excellent mid-20s annualized returns from here, which makes the stock one of the better places to allocate your capital in the present market. Microsoft hasn't yet released its next earnings report, but in this article, I wanted to explain the math that underpins my new, re-worked thesis on Microsoft. Today I’ll re-examine the stock - including my previous assumptions - highlight the current valuation, and make the case that investors should be structurally bullish on shares of Microsoft. Sound good? Let’s dive in. Financials As I just mentioned, in my previous coverage of Microsoft, I focused predominantly on the company’s AI woes, especially when compared with companies that have done a much better job of monetizing the new technology. Google ( GOOG )( GOOGL ) has deployed AI across YouTube, Search, and Gemini and has become the go-to cloud provider for AI labs and AI-first companies. Meta has deployed models on its entire advertising/recommendation network, which has driven up watch time, ads served, and profitability. As I argued, Microsoft has a less c...
Japan will release oil from its strategic reserves on its own, according to Prime Minister Sanae Takaichi , as the nation grapples with the fallout of the war in the Middle East. The release would begin as soon as March 16, Takaichi said on Wednesday via broadcast on NHK. The move comes as the International Energy Agency is proposing a release of emergency oil reserves that would be the largest in...
Japan will release oil from its strategic reserves on its own, according to Prime Minister Sanae Takaichi , as the nation grapples with the fallout of the war in the Middle East. The release would begin as soon as March 16, Takaichi said on Wednesday via broadcast on NHK. The move comes as the International Energy Agency is proposing a release of emergency oil reserves that would be the largest in its history, with a decision possible later on Wednesday.
In recent trading, shares of Heartland Express, Inc. (Symbol: HTLD) have crossed above the average analyst 12-month target price of $10.00, changing hands for $10.03/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental bu...
In recent trading, shares of Heartland Express, Inc. (Symbol: HTLD) have crossed above the average analyst 12-month target price of $10.00, changing hands for $10.03/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised. There are 5 different analyst targets within the Zacks coverage universe contributing to that average for Heartland Express, Inc., but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $8.00. And then on the other side of the spectrum one analyst has a target as high as $12.00. The standard deviation is $1.581. But the whole reason to look at the average HTLD price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with HTLD crossing above that average target price of $10.00/share, investors in HTLD have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $10.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Heartland Express, Inc.: Recent HTLD Analyst Ratings Breakdown » Current 1 Month Ago 2 Month Ago 3 Month Ago Strong buy ratings: 1 1 1 0 Buy ratings: 0 0 0 0 Hold ratings: 4 4 4 5 Sell ratings: 0 0 0 0 Strong sell ratings: 2 2 2 2 Average rating: 3.29 3.29 3.29 3.57 The average rating p...
In recent trading, shares of Farmland Partners Inc (Symbol: FPI) have crossed above the average analyst 12-month target price of $12.50, changing hands for $12.62/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental busin...
In recent trading, shares of Farmland Partners Inc (Symbol: FPI) have crossed above the average analyst 12-month target price of $12.50, changing hands for $12.62/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised. There are 3 different analyst targets within the Zacks coverage universe contributing to that average for Farmland Partners Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $11.00. And then on the other side of the spectrum one analyst has a target as high as $14.00. The standard deviation is $1.5. But the whole reason to look at the average FPI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with FPI crossing above that average target price of $12.50/share, investors in FPI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $12.50 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Farmland Partners Inc: Recent FPI Analyst Ratings Breakdown » Current 1 Month Ago 2 Month Ago 3 Month Ago Strong buy ratings: 0 0 1 1 Buy ratings: 1 1 1 1 Hold ratings: 3 3 3 3 Sell ratings: 0 0 0 0 Strong sell ratings: 0 0 0 0 Average rating: 2.75 2.75 2.4 2.4 The average rating presented in th...
Not only had the "burdens of the strike not been borne equally by the different neighbourhoods," he said, "but for me personally it also has shed light on this other huge injustice, in the ways that people without cars are treated in the city as very second class".
Not only had the "burdens of the strike not been borne equally by the different neighbourhoods," he said, "but for me personally it also has shed light on this other huge injustice, in the ways that people without cars are treated in the city as very second class".
In recent trading, shares of MacroGenics, Inc (Symbol: MGNX) have crossed above the average analyst 12-month target price of $3.40, changing hands for $3.43/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business de...
In recent trading, shares of MacroGenics, Inc (Symbol: MGNX) have crossed above the average analyst 12-month target price of $3.40, changing hands for $3.43/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised. There are 5 different analyst targets within the Zacks coverage universe contributing to that average for MacroGenics, Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $2.00. And then on the other side of the spectrum one analyst has a target as high as $5.00. The standard deviation is $1.14. But the whole reason to look at the average MGNX price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with MGNX crossing above that average target price of $3.40/share, investors in MGNX have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $3.40 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover MacroGenics, Inc: Recent MGNX Analyst Ratings Breakdown » Current 1 Month Ago 2 Month Ago 3 Month Ago Strong buy ratings: 3 3 3 4 Buy ratings: 0 0 0 0 Hold ratings: 6 6 6 5 Sell ratings: 0 0 0 0 Strong sell ratings: 0 0 0 0 Average rating: 2.33 2.33 2.33 2.11 The average rating presented in the last row of...
In recent trading, shares of Casey's General Stores, Inc. (Symbol: CASY) have crossed above the average analyst 12-month target price of $311.56, changing hands for $313.68/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundame...
In recent trading, shares of Casey's General Stores, Inc. (Symbol: CASY) have crossed above the average analyst 12-month target price of $311.56, changing hands for $313.68/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised. There are 9 different analyst targets within the Zacks coverage universe contributing to that average for Casey's General Stores, Inc., but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $266.00. And then on the other side of the spectrum one analyst has a target as high as $340.00. The standard deviation is $25.652. But the whole reason to look at the average CASY price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with CASY crossing above that average target price of $311.56/share, investors in CASY have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $311.56 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Casey's General Stores, Inc.: Recent CASY Analyst Ratings Breakdown » Current 1 Month Ago 2 Month Ago 3 Month Ago Strong buy ratings: 6 6 6 7 Buy ratings: 0 0 0 0 Hold ratings: 4 4 4 3 Sell ratings: 0 0 0 0 Strong sell ratings: 0 0 0 0 Average rating: 1.8 1.8 1.8 1.6 T...
Key Points Square is Block’s segment that caters to merchants, and it now facilitates transactions utilizing a leading digital asset. There are likely millions of merchants in the U.S. that this is already available for. The top cryptocurrency just took a big leap forward on its journey to becoming a widely used medium of exchange. 10 stocks we like better than Block › The best businesses are thos...
Key Points Square is Block’s segment that caters to merchants, and it now facilitates transactions utilizing a leading digital asset. There are likely millions of merchants in the U.S. that this is already available for. The top cryptocurrency just took a big leap forward on its journey to becoming a widely used medium of exchange. 10 stocks we like better than Block › The best businesses are those that continue to innovate. The payments industry is one area that has been pushing the envelope. Block (NYSE: XYZ) stands out. It's one of the top companies catering to the needs of small merchants and consumers. And its growth has been notable. Block has been experimenting with blockchain technology to improve its standing with customers. Last year, the fintech stock launched a brand-new offering that demonstrates a clear use case for the world's leading cryptocurrency. Investors should pay close attention. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Adding more functionality for Square sellers Square is Block's segment that serves small merchants in industries like food and beverage, retail, and services. Last November, the company introduced a feature that allows U.S.-based sellers (excluding those in New York) to process transactions from customers using Bitcoin. There will be zero fees through 2026, then it will be 1%. This is lower than the typical fees charged for credit card transactions, which can be much higher, according to research from The Motley Fool. Merchants also have the ability to convert a percentage of their daily card sales into Bitcoin, so they can utilize the top crypto as a savings asset. Block just made it effortless for its merchant customer base to start adopting Bitcoin. This is kind of a big deal. Data provided by Block showed that Square had a total of more than 4 mill...
The semiconductor industry is the driving force behind the artificial intelligence (AI) revolution. Without advanced chips, developers wouldn't have the computing power to push their models forward or serve their AI software to customers. Broadcom (AVGO 0.27%) supplies AI accelerator chips for data centers, which have become a popular alternative to Nvidia's (NVDA +0.79%) industry-leading graphics...
The semiconductor industry is the driving force behind the artificial intelligence (AI) revolution. Without advanced chips, developers wouldn't have the computing power to push their models forward or serve their AI software to customers. Broadcom (AVGO 0.27%) supplies AI accelerator chips for data centers, which have become a popular alternative to Nvidia's (NVDA +0.79%) industry-leading graphics processing units (GPUs), because they can be fully customized to suit specific workloads. These accelerators are experiencing red-hot demand from hyperscalers and AI start-ups alike. Broadcom stock is down 20% from its all-time high, partly because the broader market is in the throes of a sell-off on the back of ongoing geopolitical tensions. Could this be a great buying opportunity? Read on for the surprising answer. Broadcom is serving some of the world's top AI companies Nvidia's GPUs are the best plug-and-play semiconductor solution for AI development, but hyperscalers like Alphabet (GOOG +0.93%)(GOOGL +0.92%) are seeking more targeted hardware to fit their specific requirements, so they are turning to Broadcom to help them design and fabricate custom accelerators. Alphabet's latest AI accelerator is called the Ironwood tensor processing unit (TPU), which the company used to train its latest Gemini 3 family of large language models (LLMs). The leading start-up behind the Claude chatbot, Anthropic, placed two orders for TPUs last year worth $10 billion and $11 billion, respectively, and those chips will be delivered through Broadcom in 2026 and 2027. ChatGPT creator OpenAI and Facebook parent company Meta Platforms are two more of Broadcom's five customers for AI accelerators so far. But Broadcom is also a top supplier of AI data center networking equipment, and demand is through the roof in this segment, too. Its Tomahawk 6 Ethernet switch regulates how fast information travels between chips and devices and it offers an industry-leading capacity of over 100 terabits pe...
Photo: VCG Chinese electric-vehicle maker Nio Inc. reported its first-ever quarterly profit in the fourth quarter of 2025, buoyed by record deliveries and surging demand for its premium models. The milestone provides a critical proof of concept for the company’s strategic pivot, demonstrating that targeted cost cuts and a focus on high-margin vehicles can yield sustainable returns in a fiercely co...
Photo: VCG Chinese electric-vehicle maker Nio Inc. reported its first-ever quarterly profit in the fourth quarter of 2025, buoyed by record deliveries and surging demand for its premium models. The milestone provides a critical proof of concept for the company’s strategic pivot, demonstrating that targeted cost cuts and a focus on high-margin vehicles can yield sustainable returns in a fiercely competitive market.
D-Wave Quantum's lackluster share price performance this year doesn't seem to match its strong growth and promising tech, but what must happen to change that?
D-Wave Quantum's lackluster share price performance this year doesn't seem to match its strong growth and promising tech, but what must happen to change that?
在刚发布的2025年第四季度财报中，瑞士运动品牌On昂跑交出了一份颇具象征意义的成绩单：全年净销售额首次突破30亿瑞郎，达到历史新高，同比增长30%。其中第四季度销售额增长22.6%至7.438亿瑞郎，超过分析师预期的7.243亿瑞郎。按照这一增长速度延续，品牌很可能在今年提前完成CEO Martin Hoffmann为公司设定的35亿瑞郎营收目标。 在财报电话会上，Martin Hoffmann...
在刚发布的2025年第四季度财报中，瑞士运动品牌On昂跑交出了一份颇具象征意义的成绩单：全年净销售额首次突破30亿瑞郎，达到历史新高，同比增长30%。其中第四季度销售额增长22.6%至7.438亿瑞郎，超过分析师预期的7.243亿瑞郎。按照这一增长速度延续，品牌很可能在今年提前完成CEO Martin Hoffmann为公司设定的35亿瑞郎营收目标。 在财报电话会上，Martin Hoffmann并没有将这一增长简单归因于产品周期或渠道扩张，而是给出了一个更宏观的解释：消费结构正在发生变化。 “传统的休闲阶层正在让位于运动阶层（movement class），”他说。“过去象征财富的是闲适、久坐和过度消费，但今天人们更渴望活力。” 在他看来，这不仅是一种生活方式趋势，更是一种新的社会价值排序。“如今，地位意味着对自我的投资。健康是新的财富，长寿是终极的奢侈。” 在向分析师解释品牌增长逻辑时，他甚至提出一个略带挑衅意味的判断——那些依赖规模扩张、以数量取胜的运动品牌，正在逐渐失去吸引力。他预测，今年的销售额至少增长23%，虽然比2025年的30%有所放缓，但仍大幅领先于几乎所有竞争对手。 这种说法并非毫无根据。年初，美国银行（Bank of America ）曾对运动鞋服行业前景给出相对谨慎的预测，认为消费周期趋弱可能拖累行业增长。但今年以来的市场发展更像是另一种叙事： 运动生活方式依然是当下最具活力的消费领域之一 ——传统巨头正在通过产品创新逐步恢复增长节奏，品牌之间的并购交易活跃，地方性的品牌正不断走向全球。围绕跑步、网球、骑行甚至板式网球等细分运动文化，也在持续进入大众生活，为市场带来新的增长机遇。 这种趋势在36氪与On昂跑创始人 Olivier Bernhard的一次交流中也得到印证。去年他在上海接受采访时提到，如今人们的着装边界正在迅速模糊。 “你可以穿着运动服从瑜伽馆走进咖啡店，再直接去办公室，”他说，“这样的场景已经越来越普遍。” 正是在这样的背景下，On昂跑正进入品牌历史上的一个关键阶段。 去年年底，公司内部做出了一项重要战略调整：服装不再只是鞋履业务的延伸，而将作为一个拥有独立逻辑的业务单元运营——内部称为“company-in-company”。这一调整的核心目标非常明确：把服装打造为真正的高端品类，而不是简单的配套商品。 价格策略是其中最直观的...