Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

Group 1: Core Insights - Shanghai's commercial landmarks are enhancing consumer experiences with innovative and engaging consumption scenarios as 2026 approaches [1] - Haidilao opened its first "Dapaidang Hotpot" store in Huangpu District, offering a unique dining experience where customers can select fresh ingredients like in a market [2][3] - The new Haidilao store features a seafood pool, various food zones, and a pricing model based on the quantity of food selected, emphasizing freshness and visibility in food preparation [5][7] Group 2: Event Highlights - The opening of the "Super Anta" flagship store at Shanghai Universal Port was celebrated with the presence of three Olympic gymnastics champions, attracting significant public attention [8][9] - The event showcased a "micro-exhibition" model, integrating product launches, fashion shows, and interactive games to create an immersive brand experience [11] - L+Mall in Lujiazui launched a "Snow Country Carnival" and "Riding Carnival" to celebrate its seventh anniversary, transforming the mall into a whimsical winter wonderland [12][13] Group 3: Consumer Engagement and Trends - The L+Mall features a 1,000 square meter snow scene and a 500 square meter ice rink, becoming a popular destination for winter activities [14] - The mall's sales increased by 16% year-on-year in 2025, with a 24% rise in foot traffic, indicating a successful strategy in attracting consumers [15]

Group 1: Coca-Cola and Costa Sale - Coca-Cola's sale of Costa is facing significant challenges, with a reported risk of the deal collapsing due to a £1 billion price gap between Coca-Cola's asking price of £2.1 billion and TDR Capital's expectations [3] - The sale is being influenced by Costa's poor performance, with revenue declining since its acquisition in 2018 when it generated £1.3 billion, and only a modest increase in store count from 3,800 to 4,200 expected by September 2025 [4] - Coca-Cola's strategic focus has shifted towards divesting low-revenue subsidiaries like Costa, which has not met growth expectations in the competitive coffee market [4] Group 2: Li-Ning and Haglöfs - Li-Ning has opened the first global flagship store for the Swedish outdoor brand Haglöfs in Shanghai, showcasing a range of outdoor gear and apparel [5] - The partnership between Li-Ning and Haglöfs began in 2023 when Haglöfs was acquired by a fund in which Li-Ning is a limited partner, leading to a joint venture for sales and marketing in Greater China [6] - Haglöfs plans to expand rapidly in China, having opened 21 stores within a year, but its success in the high-end outdoor market remains to be seen [6] Group 3: Sequoia Capital and Golden Goose - Sequoia Capital has confirmed its acquisition of a controlling stake in the Italian luxury sneaker brand Golden Goose for €2.5 billion (approximately ¥206 billion) [7] - Golden Goose has shown strong performance, with revenue increasing from €266 million in 2020 to €655 million in the 2024 fiscal year, and plans for further growth in the Asia-Pacific region [8] - The brand's previous IPO plans were delayed due to poor European market conditions, leading to the partnership with Sequoia Capital as an alternative growth strategy [8] Group 4: Anta and Instant Retail - Anta has partnered with Taobao Flash Sale to enable over 1,000 stores nationwide to support online orders and rapid delivery, with plans to expand to over 4,000 stores by 2026 [9] - This move is part of Anta's broader strategy to enhance its omnichannel retail approach, addressing the growing demand for instant retail solutions [9][10] - The instant retail market is projected to exceed ¥1 trillion by 2025, with significant growth in the sports category, as evidenced by a 100% year-on-year increase in sales for sports products on Meituan Flash Sale [10] Group 5: PepsiCo and New Product Launch - PepsiCo has launched a new sugar-free strawberry milkshake-flavored cola in China, leveraging successful overseas experiences while tailoring the product to local consumer preferences [12] - The product has generated significant social media buzz and sales momentum, indicating a strong market reception [12] Group 6: Meituan and Burger King Collaboration - Meituan's "Pin Hao Fan" is collaborating with Burger King to develop customized meal packages, focusing on consumer preferences and optimizing the supply chain [13] - This partnership aims to enhance the dining experience by offering value-driven meal options that cater to evolving consumer tastes [13] Group 7: Birkenstock's Financial Performance - Birkenstock reported a 16.2% revenue increase to €2.097 billion in the 2025 fiscal year, with a notable 31% growth in the Asia-Pacific market [18] - The company's performance was driven by a 12% increase in sales volume and a 5% rise in average selling price, reflecting effective product strategy [18] Group 8: Taikoo Coca-Cola Leadership Change - Taikoo Group announced the resignation of Patrick Healy as the executive director and chairman of Taikoo Coca-Cola, with a successor appointed to take over in May 2024 [19] Group 9: KAILAS Controversy - KAILAS, a domestic outdoor brand, faced backlash over significant price differences between similar products, leading to consumer concerns about pricing strategies [20]

Core Insights - The town of Chen Dai in Fujian is a significant hub for the global footwear industry, producing over 1 billion pairs of sports shoes annually, accounting for one in every five pairs sold worldwide [1] - The region hosts more than 7,000 shoe companies and supporting enterprises, fostering leading brands such as Anta, Xtep, and 361° [1] - Chen Dai boasts an industrial cluster with an annual output value exceeding 50 billion yuan and an export value surpassing 18 billion yuan, enhancing its reputation as "China's Shoe Capital" [1] Industry Overview - The local industry ecosystem allows for rapid material sourcing, with a capability to assemble shoe materials within half an hour [1] - Technological advancements are driving innovation and upgrades within the footwear sector in Chen Dai [1]

Core Viewpoint - MUSINSA, known as the "Korean Uniqlo," is strategically expanding into the Chinese market, aiming to open 100 stores in five years and achieve significant sales growth through a partnership with local giant Anta [4][6][21]. Group 1: Company Overview - MUSINSA was founded in 2001 as a fashion e-commerce platform and has since developed its own brand matrix, including Musinsa Standard, Musinsa Beauty, and Musinsa Home [5]. - The company has become one of the top five fashion groups in South Korea, with a projected annual transaction volume of 24 billion yuan (approximately 240 billion KRW) in 2024 [6]. Group 2: Market Expansion Strategy - MUSINSA's entry into China is marked by a comprehensive approach, including both online and offline channels, with plans to open a flagship store and a designer brand collective store [6][27]. - The brand aims to leverage insights from its Korean operations, where 36% of revenue comes from foreign tourists, primarily from China [6]. Group 3: Sales Goals and Projections - The company plans to increase its store count in China to over 100 by 2030, targeting total online and offline sales exceeding 1 trillion KRW (approximately 47.8 million yuan) [6][21]. - MUSINSA's ambitious sales target for the next five years in China is 5 billion yuan, which is considered achievable if it replicates the performance of its Korean stores [27]. Group 4: Competitive Positioning - Musinsa Standard is positioned as a more fashionable alternative to Uniqlo, targeting consumers aged 20-39, with a product range that includes basic items at competitive prices [10][17]. - The brand's product offerings and store layout closely resemble those of Uniqlo, with a focus on trendy basics and a vibrant color palette [11][17]. Group 5: Partnership with Anta - MUSINSA has formed a joint venture with Anta, with an 8 billion yuan registered capital, to facilitate rapid expansion in China [21][24]. - Anta's extensive experience in the Chinese market will support MUSINSA's store selection and operational strategies, while the brand retains control over retail operations [24][25]. Group 6: Digital and E-commerce Strategy - MUSINSA plans to utilize local platforms like Tmall and Xiaohongshu for e-commerce, avoiding the development of a standalone app [27][28]. - The brand aims to optimize its product offerings and marketing strategies based on real-time consumer preferences tracked through these platforms [27].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for a shift in business paradigms to resist "involution" competition and focus on value creation and high-quality development [2][26]. Group 1: Transition from Scale to Quality - Chinese enterprises have achieved significant growth, with 130 companies entering the Fortune Global 500 this year, but now must transition from speed and scale to quality and efficiency [4][29]. - The criteria for measuring development quality include investment returns, market presence, profitability, employee income, government tax revenue, and environmental improvement [4][29]. - Companies like Midea are focusing on modern governance to ensure stable development, projecting a profit of 38.5 billion yuan in 2024 with a market value of 630 billion yuan [4][29]. Group 2: Focus on Core Competencies - Companies should prioritize strengthening their core business rather than blindly expanding into unrelated areas, as many issues arise from straying from core competencies [6][31]. - The principle of business core focus suggests eliminating non-core and loss-making operations to maintain clarity and efficiency [6][31]. - For instance, CATL focuses solely on its core business of power batteries, projecting a profit of 50.7 billion yuan in 2024 with a market value of 1.8 trillion yuan [6][31]. Group 3: Shift from Management to Strategic Operations - The current era requires businesses to focus on strategic operations rather than just management, emphasizing the importance of making the right business decisions to enhance profitability [7][32]. - Effective leadership involves setting strategic direction and resource acquisition while delegating management tasks to subordinates [7][32]. - The distinction between management and operations is crucial, with a focus on generating revenue and market engagement being paramount [7][32]. Group 4: Value-Driven Pricing Strategies - Companies must transition from cost-based pricing to value-based pricing, focusing on the value delivered to customers rather than merely production costs [13][40]. - The importance of understanding the relationship between price, volume, and cost is highlighted, with a focus on maintaining price stability in over-saturated markets [17][42]. - Successful brands like Pop Mart leverage emotional and social value in their products, achieving significant revenue growth and market capitalization [41]. Group 5: Moving Towards Cooperative Competition - The need for a shift from harmful competition to cooperative competition is emphasized, where companies focus on creating value rather than engaging in destructive price wars [18][43]. - The concept of "prisoner's dilemma" illustrates the need for industry players to prioritize collective industry benefits over individual gains [19][44]. - Promoting a cooperative ecosystem within industries can lead to sustainable growth and mutual benefits for all stakeholders involved [19][44].

Group 1 - The "Annual Outstanding PR Team" award recognizes PR teams that have made significant contributions to brand image maintenance and industry public relations governance [4] - The award aims to highlight the importance of effective communication in enhancing market vitality and confidence [4] - The selection process involved quantitative data analysis and expert review to determine the final results [4] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community [4] - The evaluation covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [4] - Ten companies, including 361 Degrees, Anta Sports, Yum China, and others, were awarded the "Annual Outstanding PR Team" award [1][4]

安踏體育用品有限公司 可持續發展委員會職權範圍 ANTA Sports Products Limited 安踏體育用品有限公司 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） （於開曼群島註冊成立之有限公司） 可持續發展委員會職權範圍 本 職 權 範 圍 生 效 日 期： 經 董 事 會 於 二 零 二 五 年 十 二 月 二 十 二 日 修 訂 並 生 效。 – 1 – 1. 設立及職能 1.1 董 事 會 組 成 和 設 立 本 委 員 會，其 權 限、責 任 和 具 體 職 責 如 下 文 所 述。 1.2 本 委 員 會 目 的 旨 在 協 助 董 事 會： (1) 就ESG事 宜 作 有 效 管 治 和 監 督； (2) 制 定 及 檢 討 本 集 團 可 持 續 發 展 戰 略 目 標； (3) 帶領及推動各部門以可持續發展角度提升各業務環節思維及營 運 舉 措； (4) 識 別、評 估 及 管 控 重 大ESG風 險 及 議 題； (5) 統籌及規範ESG相關數據信息收集以提高ESG信 息 披 露 質 量；及 (6) 開展相關培訓以確保董事會具備應對ESG議 題 的 能 力。 1.3 ...

Group 1 - The event "Technology Empowerment, Capital Breakthrough" was held online by Gelonghui on December 22, where the annual outstanding company awards were announced [1] - The "Golden Gelong Award" recognized ten companies for their "Outstanding PR Team of the Year," including 361 Degrees, Anta Sports, Yum China, Baiwang, Hehe Information, Jitu Express, Jianshi Technology, Shanghai Jahwa, Yadea Holdings, and Yika [1] - The award aims to honor PR teams that have made significant contributions to brand image maintenance and industry public relations governance, highlighting the importance of effective communication in enhancing market vitality and confidence [1] Group 2 - Gelonghui's evaluation aims to create a reference list of the most valuable listed companies and unicorns in the investment circle, covering all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]

Group 1 - The 2025 Guangzhou Parent-Child Run took place at the Tianhe Sports Center, with approximately 600 families and nearly 2,000 participants [1] - Anta Children's "Arch Growth Plan" was integrated into the event, providing a comprehensive approach to arch health through education, testing, and specialized footwear [1][3] - The new "Sprout" colorway of the Arch PRO running shoes symbolizes the hope for children's growth and incorporates dynamic support for arch health [1][7] Group 2 - The Guangzhou Parent-Child Run is a significant part of the Guangzhou Marathon, known for its warm and safe atmosphere, making it a hallmark of family sports [3] - Anta aims to leverage the influence of the Guangzhou Marathon to promote arch health awareness through its partnership as the exclusive sports equipment sponsor [3] - Children participated in arch testing and learned about arch types and development, highlighting the importance of arch health for long-term athletic ability [5] Group 3 - The Arch PRO running shoes, developed under the guidance of the Shanghai Sixth Hospital's National Orthopedic Medical Center, are designed specifically for children aged 6-12 [5] - The shoes utilize innovative dynamic arch technology to provide support while balancing the need for flexibility during physical activity [5] - The "Sprout" colorway reflects the vitality of children and emphasizes the importance of professional support for their running activities [7]