记者丨贺泓源 实习生韦怡琦 编辑丨陶力 运动市场的"双十一"大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次"双十一"打出"岂只5折"的核心口号。运动鞋低至200多 元，形成全渠道优惠矩阵。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150元消费券。 安踏以天猫"折上再6折起"的力度打响"双十一"大战。李宁在天猫、京东均推出"折上再6折起"的基础优 惠，京东还有会员满600减212的满减券，抖音主打"限时折扣3折起"。 而据不完全统计，从品牌整体折扣力度来看，李宁折扣力度或许最大。 源：21世纪经济报道 梁远浩 摄 图 Adidas Adios Pro4定位公路竞速与马拉松，官网发售价1699元，"双十一"期间优惠力度整体较弱，且平 台差异明显。具体来看，经不完全估算，淘宝平台折扣率约9.1折，京东平台折扣率约9.3折。而抖音平 台则无任何品牌或平台额外优惠，维持1699元原价销售。 安踏C202 6Pro，官网统一发售价1699元。"双十一"期间，三大平台原价与优惠力度存在差异：淘宝、 京东原价1599元，抖音维持1699元原价。经不完全估算，优惠后，京东 ...

记者丨贺泓源 实习生韦怡琦 编辑丨陶力 运动市场的"双十一"大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次"双十一"打出"岂只5折"的核心口号。运动鞋 低至200多元，形成全渠道优惠矩阵。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150 元消费券。 安踏以天猫"折上再6折起"的力度打响"双十一"大战。李宁在天猫、京东均推出"折上再6折 起"的基础优惠，京东还有会员满600减212的满减券，抖音主打"限时折扣3折起"。 而据不完全统计，从品牌整体折扣力度来看，李宁折扣力度或许最大 。 图源：21世纪经济报道 梁远浩 摄 折扣各异 客观上，从旗舰产品上，更能感受到今年"双十一"的折扣力度。 以Nike主打公路竞速与马拉松的旗舰鞋款Vaporfly4为例，截至10月31日，经不完全估算，该 款产品淘宝平台通过各种优惠叠加，最终到手价1409元，累计优惠290元，折扣率约8.3折。 京东平台在相同满减基础上，额外优惠后到手价降至1369元，折扣率或低至8折。抖音平台采 用"直降290元"的简单优惠模式，到手价1409元，与淘宝折扣率一致。 Adidas Adio ...

21世纪经济报道记者贺泓源、实习生韦怡琦 运动市场的双十一大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次双十一打出"岂只5折"的核心口号。运动鞋低至200多 元，形成全渠道优惠矩阵。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150元消费券。 安踏以天猫"折上再6折起"的力度打响双十一大战。李宁在天猫、京东均推出"折上再6折起"的基础优 惠，京东还有会员满600减212的满减券，抖音主打"限时折扣3折起"。 客观上，从旗舰产品上，更能感受到今年双十一的折扣力度。 以Nike主打公路竞速与马拉松的旗舰鞋款Vaporfly4为例，截至10月31日，经不完全估算，该款产品淘宝 平台通过各种优惠叠加，最终到手价1409元，累计优惠290元，折扣率约8.3折。京东平台在相同满减基 础上，额外优惠后到手价降至1369元，折扣率或低至8折。抖音平台采用"直降 290 元"的简单优惠模 式，到手价1409元，与淘宝折扣率一致。 Adidas Adios Pro4定位公路竞速与马拉松，官网发售价1699元，双十一期间优惠力度整体较弱，且平台 差异明显。具体来看，经不完全估算 ...

21世纪经济报道记者贺泓源、实习生韦怡琦 运动市场的双十一大战渐入高潮。 作为天猫运动鞋热销品牌榜榜首品牌，耐克此次双十一打出"岂只5折"的核心口号。运动鞋低至200多元，形成全渠道优惠矩 阵。 从品牌整体折扣力度来看，李宁折扣力度或许最大。其热门鞋款飞电5 Elite优惠260元，折扣率低至6.9折。其次是安踏，C202 6 Pro优惠240元，折扣率8.5折，国产品牌整体看起来让利更多。Nike Vaporfly 4有一定优惠，但折扣率（8折）低于李宁、安踏； Adidas Adios Pro4 最高仅优惠150元，部分平台无折扣。 阿迪达斯则将优惠集中于爆款单品。在天猫推出"爆款5折起"的策略同时可叠加满1500减150元消费券。 安踏以天猫"折上再6折起"的力度打响双十一大战。李宁在天猫、京东均推出"折上再6折起"的基础优惠，京东还有会员满600减 212的满减券，抖音主打"限时折扣3折起"。 而据不完全统计，从品牌整体折扣力度来看，李宁折扣力度或许最大。 折扣各异 客观上，从旗舰产品上，更能感受到今年双十一的折扣力度。 以Nike主打公路竞速与马拉松的旗舰鞋款Vaporfly4为例，截至10月31日 ...

Core Viewpoint - The era of "technological sovereignty" has fundamentally changed the logic of global industrial competition, making technological innovation a necessity for survival and development rather than an option [1][6]. Group 1: Industry Innovation and Collaboration - The establishment of the "Sports Goods Industry Innovation Consortium" led by Anta aims to create an open and collaborative innovation platform to overcome common technological bottlenecks in the industry [3][5]. - The consortium has provided continuous R&D support and resource sharing, forming a technology innovation system that integrates enterprises, markets, and research [5][6]. - Anta's approach not only represents a technological revolution but also a development path that addresses how Chinese companies can systematically provide "innovation certainty" across the entire industry chain in a highly competitive global environment [6][18]. Group 2: Technological Advancements and Market Position - Anta achieved a historical revenue high in the first half of 2025, with a 14.3% year-on-year increase to RMB 38.54 billion, marking 12 consecutive years of growth and maintaining the top position in the Chinese market for four years [8]. - Over the past decade, Anta has invested more than RMB 20 billion in R&D innovation, establishing a strong foundation for market leadership through continuous technological investment [9][48]. - The gap between domestic brands and international giants is rapidly closing, with both sides now in a position of coexistence and competition rather than mere following [11][51]. Group 3: Material Science and Product Innovation - Anta's "fluorine-free membrane technology" and "six-degree core warming technology" represent significant advancements in material science, with the former achieving international advanced levels at one-third the price of international brands [13][16]. - The application of basalt fiber technology in outdoor apparel demonstrates a breakthrough in material innovation, with potential applications extending beyond sportswear to aerospace and medical fields [15][16]. - The innovation in core materials is expected to accelerate the localization of key materials in the industry, helping China's textile and apparel industry transition from a participant in the global value chain to a standard setter [18][54]. Group 4: AI Integration and Future Strategy - Anta has expanded its AI capabilities significantly, launching the "AI365 Strategy" to integrate AI across all business functions, including marketing, design, and supply chain [35][41]. - The introduction of the "Linglong Design Model" aims to enhance design efficiency, reducing development cycles by over 50% and increasing selection rates for design proposals by 30% [37][39]. - Anta plans to achieve over 50% internal AI usage coverage within three years, aiming to create value exceeding RMB 5 billion, thereby building a systematic competitive advantage centered on intelligent technology [42][43]. Group 5: Value Reassessment and Competitive Edge - Anta's role as a leader in the industry is reshaping its valuation logic, transitioning from a focus on acquisitions to building a technology-driven ecosystem [49][51]. - The company's deepening R&D investments and systematic ecological layout are critical drivers of its competitive edge, enabling it to break free from homogeneous competition and move towards higher-dimensional value competition [52][54]. - The establishment of a mature technological ecosystem allows Anta to efficiently connect R&D with market needs, promoting effective technology transfer and reducing reliance on external technologies [53][54].

瑞银发布研报称，将特步国际(01368)的评级由"中性"上调至"买入"，目标价由6.4港元升至7.6港元，并 将2025至2027年净利预测调高1%至9%，预期旗下品牌Saucony及Merrell的盈利贡献将从2024年的5%显 著提升至2027年的16%。另外该行亦看好安踏体育(02020)，预期垂直品牌的盈利贡献可从2024年的9% 升至2027年的31%，维持"买入"评级及目标价127港元。 中国体品股股价自今年8月以来平均下跌约20%，反映市场对第三季销售疲弱感到忧虑，以及消费者对 专业细分运动领域及垂直品牌的偏好日渐增强。该行估算，2025至2027年户外用品市场规模的年复合增 长率将达16%，显著高于整体运动服饰的5%，认为网球及高端跑步产品等品类将拥有强大潜力。 ...

中国体品股股价自今年8月以来平均下跌约20%，反映市场对第三季销售疲弱感到忧虑，以及消费者对 专业细分运动领域及垂直品牌的偏好日渐增强。该行估算，2025至2027年户外用品市场规模的年复合增 长率将达16%，显著高于整体运动服饰的5%，认为网球及高端跑步产品等品类将拥有强大潜力。 智通财经APP获悉，瑞银发布研报称，将特步国际(01368)的评级由"中性"上调至"买入"，目标价由6.4 港元升至7.6港元，并将2025至2027年净利预测调高1%至9%，预期旗下品牌Saucony及Merrell的盈利贡 献将从2024年的5%显著提升至2027年的16%。另外该行亦看好安踏体育(02020)，预期垂直品牌的盈利 贡献可从2024年的9%升至2027年的31%，维持"买入"评级及目标价127港元。 ...

十五运会赛时制服融合了会徽色彩与粤港澳地域特色，采用几何色块拼接，以万花筒的形式展现变化多 端的视觉效果。在广州的安踏北京路旗舰店，记者看到这几款十五运会的赛时制服。碧青绿色制服献给 志愿者，袖口三道岭南镬耳墙灰线寓意步步高升；碧城蓝色制服致敬技术官员，错落烟花图案托起湾区 同心腾飞梦；晴空蓝色制服赋能工作人员，衣摆线条勾勒大湾区奔涌向前的脉搏；木槿橙色制服属于媒 体人，裤装侧缝的港珠澳大桥结构剪影寓意三地互联互通。 中国青年报客户端讯（中青报·中青网记者 林洁）随着第十五届全国运动会临近，"科技全运行"系列采 访于10月27日探访十五运会官方体育装备类合作伙伴，揭秘十五运会制服藏着哪些黑科技。安踏集团提 供了全额赞助的体育服装与鞋履，覆盖工作人员、技术官员、志愿者、火炬手、裁判员及媒体等群体。 部分赛时制服。中青报·中青网记者 林洁/摄 十五运会 人介绍制服背后的黑科技。中青报·中青网记者 林洁/摄 安踏将为此次十五运会提供全方位、专业化体育服装服务，整体保障范围涵盖了全体工作人员、技术官 员、志愿者、火炬手、裁判员和媒体，同时还有广东、香港、澳门、江苏、浙江、山东等多个代表团的 参赛队伍及随行人员；总体保 ...

Core Viewpoint - The article emphasizes the resurgence of private enterprises in China, driven by supportive government policies and a focus on technological innovation, particularly in AI, which is expected to enhance market valuations and attract significant foreign investment [2][3][25]. Group 1: Private Enterprises and Economic Contribution - Private enterprises contribute over 60% to GDP, account for more than 70% of technological innovation, and provide over 80% of urban employment, positioning them as a crucial growth engine for the Chinese economy [6]. - Since 2022, profits and return on equity for private enterprises have shown significant growth, indicating an increase in capital expenditure and investment willingness [4][6]. - The 2025 "Top 500 Private Enterprises" list reflects the strength of private companies in terms of scale, operational efficiency, innovation capability, and social responsibility [4][39]. Group 2: R&D and Innovation - During the "14th Five-Year Plan" period, China's R&D spending is projected to reach 3.6 trillion RMB in 2024, maintaining the second position globally, with private enterprises leading in R&D contributions [7][10]. - Private enterprises have outpaced state-owned enterprises in profit and revenue growth over the past decade, contributing approximately half of the new capital expenditure and 60% of the increase in R&D investment [7][10]. - The "Top 500 Private Enterprises" list indicates that companies in the computer, communication, internet, and automotive sectors are the main drivers of innovation [10]. Group 3: AI and Growth Drivers - The AI sector is expected to significantly boost the investment enthusiasm of private enterprises, with projected profit growth for tech-related private companies expected to exceed non-tech firms by about 15 percentage points in 2024-2025 [18][19]. - The anticipated widespread application of AI could contribute an additional 2.5% annual growth to the earnings per share (EPS) of listed companies in China over the next decade [19]. - The article highlights a positive feedback loop where AI drives growth, which in turn fuels further investment [26]. Group 4: International Expansion - The "15th Five-Year Plan" prioritizes high-level opening-up, indicating a shift towards more aggressive international expansion for Chinese enterprises [27]. - The 2025 "Top 500 Private Enterprises" report shows that overseas revenue for these companies reached 3.19 trillion RMB, a year-on-year increase of 14.74%, significantly outpacing overall revenue growth [30]. - By 2024, nearly 20% of private enterprises' total revenue is expected to come from overseas, reflecting a shift towards high-value products and services [31]. Group 5: Market Dynamics and Future Outlook - The concentration of market capitalization among leading companies in China is expected to increase, with private enterprises in sectors like automotive and renewable energy becoming market leaders [35][37]. - The "Top 10 Private Enterprises" in China, as identified by Goldman Sachs, collectively hold a market value of 1.6 trillion USD, representing 42% of the MSCI China Index, with projected profit growth of 13% over the next two years [37]. - The 2025 "Top 500 Private Enterprises" list shows a total revenue of 43.05 trillion RMB, with a net profit of 1.8 trillion RMB, indicating an improvement in growth quality [39].

Core Insights - Company reported Q3 2025 operational results on October 27, showing low single-digit growth in retail sales for the main brand Anta and FILA, while other brands experienced a significant increase in retail sales by 45%-50% year-on-year [1][2][3] Group 1: Main Brand Performance - Anta's Q3 retail sales remained stable compared to Q2, outperforming the overall industry despite a weak consumer environment and internal adjustments in franchise and e-commerce channels [1] - The company has improved over 100 franchise stores and is expected to continue this initiative, while the new e-commerce head is still in the process of product and channel adjustments [1] - The company has not set aggressive targets for the upcoming Double Eleven shopping festival [1] Group 2: FILA and Other Brands - FILA recorded low single-digit growth in Q3, with offline sales showing low single-digit growth and online sales achieving high single-digit growth [2] - FILA launched a tennis strategy and product plan in September, renewing its sponsorship of the China Open and announcing its first tennis ambassador [2] - Other brands, including Descente, KOLON, and MAIA ACTIVE, continued to drive group growth, with Q3 growth rates of 30%, 70%, and approximately 45% respectively [2] Group 3: Future Outlook and Adjustments - The company has lowered its full-year guidance for the Anta main brand to low single-digit growth due to short-term external pressures and internal adjustments, while maintaining growth targets of low single-digit for FILA and 40% for other brands [3] - The company anticipates that the impact of e-commerce and distributor channel adjustments will diminish by 2026, allowing for a potential release of growth momentum [3] - The company remains optimistic about its multi-brand strategy and expects continued strong performance from its brand matrix [3]