Group 1 - The Hang Seng Index (HSI) closed at 26,445.95, up by 107.48 points or 0.41% as of January 2, 16:00 Eastern Time [1] - The highest price during the trading session was 26,472.92, while the lowest was 26,180.87, with a trading volume of 58.0567 million [1] - The HSI has a 52-week high of 27,275.90 [1] Group 2 - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 125.368, up 0.86% from the Hong Kong close [2] - Tencent Holdings closed at HKD 627.621, reflecting a 0.74% increase from the Hong Kong close [2] Group 3 - Tencent Holdings (code: 00700) latest price is HKD 623.000, with an increase of HKD 24.000 or 4.01% [3] - Alibaba Group (code: 09988) latest price is HKD 149.000, up by HKD 6.200 or 4.34% [3] - HSBC Holdings (code: 00005) latest price is HKD 124.300, increasing by HKD 1.900 or 1.55% [3] - Other notable stocks include AIA Group (code: 01299) at HKD 83.300, up 4.26%, and Baidu Group (code: 09888) at HKD 143.800, up 9.35% [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安踏體育用品有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02020 | | 說明 | 不適用 | | | | | | | | 多櫃檯證券代號 | 82020 | RMB | 說明 | 不適用 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | 0 | | | | HKD | | 0 | | ...

Group 1 - Anta will support 10 Chinese national teams at the upcoming Milan Winter Olympics, with the official launch of the competition gear scheduled for December 29, 2025, at the Beijing Capital Sports Arena [1] - The teams include short track speed skating, speed skating, figure skating, curling, bobsleigh, luge, skeleton, parallel giant slalom snowboarding, big air snowboarding, and freestyle skiing [1] - Anta's competition gear previously helped the Chinese team achieve a record of 9 gold, 4 silver, and 2 bronze medals at the Beijing Winter Olympics [1] Group 2 - The upgraded competition gear features two core self-developed technologies: a self-developed drag reduction system and a thermal airflow system [1] - The drag reduction system improves wind resistance through modifications in raw yarn, fabric surface treatment, texture structure, and three-dimensional cutting, achieving world-leading performance [1] - The thermal airflow system optimizes airflow at the back to keep athletes dry, balancing dynamic moisture absorption and static warmth, and is applied in snowboarding and freestyle skiing competition outfits [1]

Core Viewpoint - The article reflects on the journey of athletes and the challenges they face, emphasizing the importance of perseverance, the role of technology in sports, and the relentless pursuit of excellence despite uncertainties and risks [2][10]. Group 1: Athlete's Journey and Challenges - The narrative begins with a personal reflection on the determination and sacrifices made by athletes, highlighting the emotional and physical toll of competing at high levels [2]. - The article discusses the historical performance of the Chinese team in the Winter Olympics, noting the pressure to succeed as the host nation and the challenges posed by both competitors and external factors [3][4]. - It emphasizes the extreme dedication required from athletes, using the example of Wu Dajing, who faced past failures and injuries but ultimately achieved success through relentless effort [4][5]. Group 2: Technological Advancements in Sports - The article highlights the advancements in sportswear technology, particularly in the context of short track speed skating, where protective gear is crucial for athlete safety [7][8]. - It discusses how Anta, a Chinese sportswear company, has invested in research and development to create high-performance, self-developed materials that enhance athlete safety and performance [8][10]. - The narrative underscores the importance of having the right equipment, stating that even with talent and hard work, the lack of proper gear can hinder an athlete's success [8]. Group 3: The Philosophy of Perseverance - The article reflects on the philosophical aspects of striving for success, questioning the motivations behind athletes' sacrifices and the unpredictability of outcomes in sports [10]. - It suggests that the pursuit of excellence is an intrinsic part of human nature, with the act of striving itself being a significant goal [10]. - The conclusion emphasizes that while success is not guaranteed, the courage to pursue one's dreams and the hope that comes with it are invaluable [10].

Market Overview - The Hang Seng Index (HSI) closed at 25,845.14, down by 9.46 points or 0.04% [1] - The index had a trading volume of 36.86 million shares, with a high of 25,919.17 and a low of 25,815.14 [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 123.376, up by 0.31% compared to the previous close [2] - Tencent Holdings closed at HKD 599.528, down by 0.08% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 600.000, up by HKD 3.500 or 0.59%, ADR price HKD 599.528, down by HKD 0.472 [3] - Alibaba Group: Latest price HKD 144.500, up by HKD 1.200 or 0.84%, ADR price HKD 143.326, down by HKD 1.174 [3] - HSBC Holdings: Latest price HKD 123.000, up by HKD 1.100 or 0.90%, ADR price HKD 123.376, up by HKD 0.376 [3] - AIA Group: Latest price HKD 81.650, down by HKD 0.550 or 0.67%, ADR price HKD 82.070, up by HKD 0.420 [3] - Meituan: Latest price HKD 104.300, up by HKD 0.100 or 0.10%, ADR price HKD 103.410, down by HKD 0.890 [3] - Ctrip Group: Latest price HKD 571.000, up by HKD 11.500 or 2.06%, ADR price HKD 562.723, down by HKD 8.277 [3] - BYD Company: Latest price HKD 97.600, up by HKD 0.500 or 0.51%, ADR price HKD 97.496, down by HKD 0.104 [3]

Core Insights - The article discusses the evolving landscape of brand marketing, emphasizing the shift from traditional marketing strategies to more personalized and emotionally resonant approaches. Brands must adapt to fragmented consumer attention and leverage technology, particularly AI, to create meaningful connections with users [2][3][6]. Group 1: Brand Marketing Evolution - Young consumers are increasingly selective, favoring brands that resonate with their personal values rather than those with high market visibility [3]. - Brands need to focus on creating a sense of "human connection" with users, moving beyond mere exposure to genuine engagement [3][5]. - Emotional value is becoming a critical component of consumer decision-making, with brands required to understand and fulfill both functional and emotional needs [5][10]. Group 2: Utilizing Technology and AI - AI is seen as a valuable tool for brands, enabling them to break traditional boundaries of creativity and engage users in innovative ways [6]. - Brands like Coca-Cola have successfully utilized AI to analyze global taste trends and involve consumers in product creation, enhancing brand engagement [6]. - The rise of social media and fragmented media consumption presents challenges for brands in delivering effective messaging [6][10]. Group 3: Creating Hit Products - The emergence of hit products is linked to brands' ability to understand and address consumer pain points, as demonstrated by various case studies [8][9]. - Anta's SV brand exemplifies a successful strategy of targeting younger consumers through high-end, trendy products, showcasing the importance of clear positioning in niche markets [8][9]. - Brands must embrace experimentation and innovation in product design and marketing strategies to create high-value offerings that resonate with consumers [9][10]. Group 4: Future Brand Strategies - The market is experiencing significant changes, with a focus on consumer engagement and interaction becoming essential for brand success [10]. - Brands are encouraged to create social currency and meaningful conversations around their products to build long-term value [10]. - The future of brand marketing will involve multi-dimensional, cross-platform strategies that cater to diverse consumer needs and emotional values [10].

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

Core Viewpoint - Anta Group has officially launched competition gear for ten Chinese national teams ahead of the upcoming Milan Winter Games, emphasizing its commitment to supporting Chinese sports through innovative technology and equipment upgrades [1][3][5]. Group 1: Equipment Support and Upgrades - Anta will provide equipment support for 13 Chinese national teams, including ten teams in various winter sports such as short track speed skating, speed skating, and snowboarding [3]. - The competition gear has undergone systematic upgrades through independent research and development, integrating multiple innovative technologies to enhance athletes' performance [3][5]. - The new short track speed skating suits utilize a cutting-edge anti-cutting material developed in collaboration with academic institutions, achieving a world-class anti-cutting level while ensuring lightweight and breathability [8]. Group 2: Technological Innovations - Anta's upgraded competition gear has been tested by authoritative institutions and athletes, confirming that its core performance meets world-leading standards [5]. - The company has implemented a new generation of lightweight special alloy spikes in its skeleton racing shoes, significantly improving grip and propulsion performance [10]. - Anta's self-developed drag reduction system and thermal flow system have been applied to the national team gear, enhancing aerodynamic efficiency and moisture management for athletes [12]. Group 3: Long-term Commitment to Sports - Since becoming a partner of the National Sports Administration's Winter Sports Center in 2010, Anta has consistently supported the development of Chinese winter sports, participating in four Winter Olympics [13]. - Anta has invested a total of 20 billion yuan in innovation over the past decade, with plans to invest another 20 billion yuan in the next five years for independent research and development [13][14]. - The company has established a global innovation network involving over 70 universities and research institutions, applying for more than 6,800 national innovation patents, making it the leading sports goods company in China in terms of patent applications [14].

Group 1 - Anta Group is increasing its investment in the upcoming 2026 Milan Winter Olympics, providing equipment support for 13 Chinese national teams, including sports like short track speed skating and freestyle skiing [1] - Anta's brands, including FILA and Descente, have established partnerships with various national teams, enhancing their presence in winter sports [1] - The company is focusing on technological advancements, with new equipment set to be released by December 29, 2025, featuring innovations like cutting-edge materials and proprietary systems [1] Group 2 - The ice and snow sports market is currently not mainstream due to seasonal factors, which raises questions about the economic viability of Anta's investments in this sector [2][3] - Despite the challenges, the economic ecosystem around ice and snow events is developing, with technology from these events being integrated into consumer products, enhancing brand value [4] - The down jacket market in China has shown significant growth, with a compound annual growth rate of 12.84% from 2019 to 2023, indicating a lucrative opportunity for brands like Anta [5] Group 3 - As ice and snow sports gain popularity, the market potential is expanding, allowing Anta to launch cost-optimized products based on national team technology, which enhances the brand's value proposition [6] - This strategy serves as an effective marketing approach, aligning product offerings with consumer trends [7] - On December 29, Anta Sports shares closed at 80.3 HKD, reflecting a decline of 1.71% [8]

Core Insights - The upcoming Milan Winter Olympics will see the official launch of competition gear for ten national teams by Anta on December 29 at the Beijing Capital Gymnasium [1] - Anta will provide equipment for various winter sports, including short track speed skating, speed skating, figure skating, curling, bobsleigh, luge, skeleton, snowboarding, and freestyle skiing [1] Equipment Upgrades - The national short track speed skating uniforms feature a new generation of cut-resistant materials, achieving a breakthrough in single-layer structure cut resistance, meeting the highest international standard of level 4, while also being lightweight and breathable [3] - The uniforms are customized using 3D scanning modeling and AI technology, enhancing the fit and performance for athletes [3] - The short track speed skating uniforms have undergone 12 years of iteration, achieving full domestic production from design to manufacturing [3] Athlete Feedback - Olympic champion Wu Dajing, the world record holder in men's 500m short track speed skating, expressed gratitude for the technological advancements in protective and drag-reducing gear, allowing athletes to focus more on their techniques [5] Specific Equipment Innovations - The skeleton shoes have been upgraded with lightweight special alloy forged spikes for better grip, and a carbon plate insole combined with a dual-bending line design to significantly enhance propulsion performance [5] - The shoe design is customized based on athlete foot shape data, utilizing a bionic streamlined design to achieve breakthroughs in weight reduction and optimize overall aerodynamic drag [5] Core Technologies - Two core self-developed technologies have been applied in the equipment upgrades: a drag reduction system that improves wind resistance through fiber modification, fabric surface treatment, texture structure, and three-dimensional cutting, achieving world-leading drag reduction capabilities [7] - A thermal current system designed for snow sports optimizes back airflow and increases air circulation, ensuring athletes' backs remain dry, balancing dynamic moisture-wicking and static warmth [7]