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<p>耐克公司（NYSE: NKE）本周可能获得了象征性的信心投票，苹果公司（NASDAQ: AAPL）首席执行官蒂姆·库克购买了价值约 300 万美元的耐克股票。</p>
<p>但高盛的一位高级分析师西门·西格尔警告称，该公司的转型故事仍远未完成。</p>
<p>尽管北美业务确实有所改善，但他在上周接受_CNBC_采访时表示，三个关键的悬而未决问题表明，投资者在 2026 年之前必须对耐克股票保持谨慎。</p>
<p>截至撰写时，NKE 的股价较 7 月份的高点下跌近 25%。</p>
<h2>中国市场疲软继续拖累耐克股票</h2>
<p>耐克股票最大未解决的挑战在于大中华区，销售持续令人失望。</p>
<p>正如西格尔所说：“北美表现良好……但中国的挑战仍然更大。”</p>
<p>这种地区不平衡是显著的，因为北京历来是耐克的主要增长引擎，因此，持续的疲软削弱了其更广泛的复苏叙述。</p>
<p>耐克最近发布的财报虽然好于预期，但显示中国销售持续下降，拖累了整体情绪。</p>
<p>与此同时，关税加剧了这一问题，增加了 15 亿美元的阻力。</p>
<p>根据高盛分析师的说法，直到耐克公司稳定其中国业务，投资者将难以看到公司的转型成功——无论其他地方的韧性如何。</p>
<h2>盈利修正仍然是 NKE 股票的风险</h2>
<p>在 “<em>The Exchange</em>” 节目中，西格尔警告投资者不要假设耐克公司已经度过了下调盈利预期的浪潮。</p>
<p>关于 “数字是否安全，一切是否良好” 的不确定性反映了一个更广泛的问题：NKE 多次调整指引——让投资者对进一步的下调感到警惕。</p>
<p>即使是象征性的举动——例如蒂姆·库克最近购买耐克股票——也无法消除对盈利持久性的怀疑。</p>
<p>西格尔指出，焦点仍然在于利润压力、转型成本和折扣，直到 NKE 展示出持续的盈利稳定性，进一步修正的风险将继续影响其股票。</p>
<h2>情绪与基本面不匹配</h2>
<p>最后，西门·西格尔强调了消费者情绪与基本面之间的脱节。</p>
<p>假日流量看起来强劲，他观察到商场人流繁忙，但分析师警告称，零售股票在年末往往表现不佳，原因是波动性、交易量稀薄和轶事偏见。</p>
<p>“归根结底，这些都是公司。它们有数字。它们有基本面，” 他说，强调投资者的热情必须建立在财务现实之上。</p>
<p>消费者调查显示对住房和保险成本的沮丧，但零售支出仍然保持韧性。</p>
<p>这种不匹配在 NKE 股票周围制造了噪音，品牌实力的乐观情绪与持续的运营挑战相碰撞。</p>
<p>在基本面追赶之前，仅凭情绪无法修复耐克的故事。西格尔总结道。</p>
<p>然而，其他华尔街分析师对这家鞋业巨头仍持乐观态度，平均目标价为 77 美元，表明从这里还有近 30% 的上涨潜力。</p>
<p>本文的标题是《北美复苏为何不足以推动耐克股票在 2026 年反弹》，首发于 Invezz。</p>

耐克

<p>耐克公司（NYSE: NKE）因苹果首席执行官蒂姆·库克购买了 300 万美元的股票而获得提振，但古根海姆分析师西门·西格尔警告称，该公司的复苏尚未完成。主要挑战包括大中华区销售不佳、持续的盈利修正，以及消费者情绪与基本面之间的脱节。尽管假期期间客流量强劲，西格尔仍然警告称，乐观情绪可能不会在没有持续盈利稳定性的情况下转化为股票表现。其他分析师依然看好，目标价暗示潜在上涨幅度接近 30%</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/02/151158448-m.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/02/151158448-m.jpg"/></p>
<p>Nike Inc (NYSE: NKE) may have received a symbolic vote of confidence this week with Apple’s (NASDAQ: AAPL) chief executive Tim Cook buying roughly $3.0 million worth of its stock.</p>
<div class="lb-trans"><p>耐克公司（NYSE: NKE）本周可能获得了象征性的信心投票，苹果公司（NASDAQ: AAPL）首席执行官蒂姆·库克购买了价值约 300 万美元的耐克股票。</p>
</div><p>But a senior Guggenheim analyst – Simeon Siegel – warns the firm’s turnaround story remains far from complete.</p>
<div class="lb-trans"><p>但高盛的一位高级分析师西门·西格尔警告称，该公司的转型故事仍远未完成。</p>
</div><p>While the North America business sure has improved, three key overhangs suggest investors must tread with caution on Nike stock heading into 2026, he told <em>CNBC</em> in an interview last week.</p>
<div class="lb-trans"><p>尽管北美业务确实有所改善，但他在上周接受_CNBC_采访时表示，三个关键的悬而未决问题表明，投资者在 2026 年之前必须对耐克股票保持谨慎。</p>
</div><p>At the time of writing, NKE shares are down nearly 25% versus their July high.</p>
<div class="lb-trans"><p>截至撰写时，NKE 的股价较 7 月份的高点下跌近 25%。</p>
</div><h2>China weakness continues to weigh on Nike stock</h2>
<div class="lb-trans"><h2>中国市场疲软继续拖累耐克股票</h2>
</div><p>Nike stock’s biggest unresolved challenge lies in Greater China, where sales continue to disappoint.</p>
<div class="lb-trans"><p>耐克股票最大未解决的挑战在于大中华区，销售持续令人失望。</p>
</div><p>As Siegel put it: “North America is good … but China remains a little bit more challenged.”</p>
<div class="lb-trans"><p>正如西格尔所说：“北美表现良好……但中国的挑战仍然更大。”</p>
</div><p>This regional imbalance is significant because Beijing has historically been a major growth engine for Nike – and so, continued weakness there undermines its broader narrative of recovery.</p>
<div class="lb-trans"><p>这种地区不平衡是显著的，因为北京历来是耐克的主要增长引擎，因此，持续的疲软削弱了其更广泛的复苏叙述。</p>
</div><p>NKE’s recently posted earnings, while better than expected, revealed a continued decline in China sales, dragging the overall sentiment.</p>
<div class="lb-trans"><p>耐克最近发布的财报虽然好于预期，但显示中国销售持续下降，拖累了整体情绪。</p>
</div><p>Meanwhile, tariffs have compounded the problem, adding a $1.5 billion headwind.</p>
<div class="lb-trans"><p>与此同时，关税加剧了这一问题，增加了 15 亿美元的阻力。</p>
</div><p>According to the Guggenheim analyst, until Nike Inc stabilises its China operations, investors will struggle to see the company’s turnaround as being successful – regardless of resilience elsewhere.</p>
<div class="lb-trans"><p>根据高盛分析师的说法，直到耐克公司稳定其中国业务，投资者将难以看到公司的转型成功——无论其他地方的韧性如何。</p>
</div><h2>Earnings revisions remain a risk for NKE shares</h2>
<div class="lb-trans"><h2>盈利修正仍然是 NKE 股票的风险</h2>
</div><p>On “ <em>The Exchange</em>”, Siegel cautioned investors against assuming that Nike Inc is past the wave of downward earnings revisions.</p>
<div class="lb-trans"><p>在 “<em>The Exchange</em>” 节目中，西格尔警告投资者不要假设耐克公司已经度过了下调盈利预期的浪潮。</p>
</div><p>The uncertainty around whether “numbers are safe and everything is good” reflects a broader issue: NKE has repeatedly adjusted guidance – leaving investors wary of further cuts.</p>
<div class="lb-trans"><p>关于 “数字是否安全，一切是否良好” 的不确定性反映了一个更广泛的问题：NKE 多次调整指引——让投资者对进一步的下调感到警惕。</p>
</div><p>Even symbolic gestures – such as Tim Cook’s recent purchase of Nike shares – can’t erase doubts about the durability of earnings.</p>
<div class="lb-trans"><p>即使是象征性的举动——例如蒂姆·库克最近购买耐克股票——也无法消除对盈利持久性的怀疑。</p>
</div><p>The focus remains on margin pressures, turnaround costs, and discounting, Siegel noted – adding that until NKE demonstrates consistent earnings stability, the risk of further revisions will continue to weigh on its stock.</p>
<div class="lb-trans"><p>西格尔指出，焦点仍然在于利润压力、转型成本和折扣，直到 NKE 展示出持续的盈利稳定性，进一步修正的风险将继续影响其股票。</p>
</div><h2>Sentiment vs fundamentals mismatch</h2>
<div class="lb-trans"><h2>情绪与基本面不匹配</h2>
</div><p>Finally, Simeon Siegel highlighted the disconnect between consumer sentiment and fundamentals.</p>
<div class="lb-trans"><p>最后，西门·西格尔强调了消费者情绪与基本面之间的脱节。</p>
</div><p>Holiday traffic looks strong, and he observed busy malls, but the analyst warned that retail stocks often underperform around year‑end due to volatility, thin trading volumes, and anecdotal biases.</p>
<div class="lb-trans"><p>假日流量看起来强劲，他观察到商场人流繁忙，但分析师警告称，零售股票在年末往往表现不佳，原因是波动性、交易量稀薄和轶事偏见。</p>
</div><p>“At the end of the day, these are companies. They have numbers. They have fundamentals,” he said, stressing that investor enthusiasm must be grounded in financial reality.</p>
<div class="lb-trans"><p>“归根结底，这些都是公司。它们有数字。它们有基本面，” 他说，强调投资者的热情必须建立在财务现实之上。</p>
</div><p>Consumer surveys show frustration with housing and insurance costs, yet retail spending remains resilient.</p>
<div class="lb-trans"><p>消费者调查显示对住房和保险成本的沮丧，但零售支出仍然保持韧性。</p>
</div><p>This mismatch creates noise around NKE stock, where optimism about brand strength collides with lingering operational challenges.</p>
<div class="lb-trans"><p>这种不匹配在 NKE 股票周围制造了噪音，品牌实力的乐观情绪与持续的运营挑战相碰撞。</p>
</div><p>Until fundamentals catch up, sentiment alone won’t fix Nike’s story. Siegel concluded.</p>
<div class="lb-trans"><p>在基本面追赶之前，仅凭情绪无法修复耐克的故事。西格尔总结道。</p>
</div><p>Other Wall Street analysts, however, remain bullish on the footwear giant, with a mean target of $77 indicating potential upside of nearly 30% from here.</p>
<div class="lb-trans"><p>然而，其他华尔街分析师对这家鞋业巨头仍持乐观态度，平均目标价为 77 美元，表明从这里还有近 30% 的上涨潜力。</p>
</div><p>The post Here's why North America recovery isn't enough for Nike stock to rally in 2026 appeared first on Invezz</p>
<div class="lb-trans"><p>本文的标题是《北美复苏为何不足以推动耐克股票在 2026 年反弹》，首发于 Invezz。</p>
</div>

以下是为什么北美市场的复苏不足以推动耐克股票在 2026 年上涨的原因