下班后约上搭子玩转飞盘、周末打卡城市马拉松赛道、节假日背起行囊奔赴山野徒步……如今在河南，户外 运动已从昔日的小众潮流，悄然成长为大众追捧的生活新风尚。 从沿黄大堤的生态马拉松赛道到南太行的徒步秘境，从伏牛山麓的冰雪经济走廊到郑州北龙湖的时尚皮划艇 水域，户外场景不断拓展；从商场热销的专业装备，到家门口智能化升级的运动公园，配套设施日益完善； 从溯溪露营、骑行、滑雪到马拉松、铁人三项，再到VR虚拟登山、沉浸式潜水体验等新样态，运动选择愈发 多元，这个"玩"出来的市场正加速崛起。 玩出新潮流户外休闲经济焕新彩 11月的郑州CBD，一次热闹非凡的城市马拉松大赛刚刚落幕。 晨曦微露中，发令枪声划破宁静，数万名马拉松爱好者如潮水般涌出，用脚步丈量城市热情。家住郑州的马 拉松爱好者唐韬，早已把马拉松跑成了生活常态，朋友圈清晰记录着今年报名"中签"的多个城市赛事：11月 23日绍兴、11月30日昆明、12月7日赣州、12月14日福州、12月28日海口……一场场赛事串联起他的户外时 光。 11月16日凌晨5时许，唐韬带着印有"唐"字Logo的装备出发，地铁里的免费乘车福利让他倍感自豪，"家乡赛 事的细节越来越贴心"。42. ...

Flash | 16 Nov 2025 14:10:19 ET │ 10 pages Li Ning (2331.HK) CITI'S TAKE Li Ning's retail sales growth during 11.11 Festival was "in line with mgt's expectation" and mgt has maintained its 25E full-year guidance (i.e., YoY flattish sales with HSD of NPM). Albeit a promotional environment, mgt targets to well balance its control of channel inventories (which is its operational top priority) and retail discount (which directly affects its margins). It saw YoY deepened retail discount in both online and offlin ...

金州勇士队的比赛日，除了胜负，如今还多了一个新的看点：Stephen Curry（斯蒂芬·库里）今天会上脚哪个品牌的球鞋。 这种关注从2025年11月库里与安德玛宣布结束合作后就开始了，他脚上的鞋成了观察下一步商业动作的窗口。 11月16日，他首次以自由身亮相，热身时穿的是耐克科比6代"Mambacita"配色。到了11月19日对阵魔术，他的鞋款更是轮番上阵——从球员通道里的锐 步"Shaqnosis"，到赛前热身的耐克Air Penny 2，最后在正赛换回自己的安德玛Curry Series 7。此后，李宁韦德之道的"魔鬼鱼"配色、Air Jordan 3等也相继 出现。 球迷们干脆把这件事当成看球的保留节目，戏称库里进入了"乱穿鞋"模式，但这看似随意的轮换背后，藏着不少心思，每一次选择都像是在和场外的品牌 们打哑谜。 他选择耐克科比系列，既是对科比的致敬，也好像是在对耐克——这个他职业生涯早期曾错过的品牌的一次隔空喊话。这次选择之所以引人遐想，是因为 双方在2013年那次关键续约会议上有过一段不太愉快的往事，当时，库里结束与耐克的新秀合同，但据ESPN等媒体报道，耐克团队不仅有人念错他的名 字，PPT上甚 ...

Core Viewpoint - The article discusses a comparative test conducted by the Shenzhen Consumer Council on 16 different brands of outdoor jackets, highlighting the importance of features such as waterproofing, durability, and comfort in outdoor apparel [1][3]. Group 1: Testing Brands and Prices - The tested brands include The North Face, Decathlon, Camel, Quechua, Jack Wolfskin, Xtep, JD.com, Li Ning, Toread, Semir, HLA, Kelty, Shixia, Taiping Bird, Columbia, and Anta [3]. - The sampling prices for the jackets range from 209.75 yuan to 1927 yuan [3]. Group 2: Testing Standards and Chemical Safety - The testing was based on the national standard GB/T 32614-2023, which includes chemical safety indicators such as PFOS and PFOA [4]. - Among the 16 jackets tested, only two brands, Decathlon and Quechua, were labeled as "fluorine-free" products [4]. - All tested samples showed no detectable levels of PFOS, and 8 samples had no detectable levels of PFOA, with 10 samples meeting the limit of <1.0μg/m² for both substances [4]. Group 3: Physical Performance and Durability - All 16 samples met the standard requirements for tear strength, with 7 samples exceeding 20N in both directions, indicating good durability [6]. - The abrasion resistance of all samples met the standard requirement of ≥10,000 cycles, and the appearance after washing and lightfastness also complied with the standards [6]. Group 4: Waterproof Performance - The waterproof performance was evaluated based on surface wetting resistance and hydrostatic pressure [7][9]. - After three washes, 7 samples achieved a surface wetting resistance of level 4 or higher, indicating good waterproofing [7]. - Five samples scored high in hydrostatic pressure tests, demonstrating strong waterproof capabilities [10]. Group 5: Breathability - The moisture permeability rate is crucial for comfort, with 6 samples exceeding 8000g/㎡•24h after three washes, indicating good breathability [11]. Group 6: Overall Evaluation - Among the 16 tested samples, 7 received a five-star rating based on laboratory testing results [12].

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Core Viewpoint - Li Ning's stock rose over 4%, reaching HKD 17.92 with a trading volume of HKD 322 million, reflecting positive market sentiment driven by brand strength initiatives and product launches [1] Group 1: Company Developments - Li Ning officially announced the release of the Wade's Way 12LUX x AAPE collaboration series, set to launch on November 22 [1] - The company is focusing on enhancing brand strength, which has injected optimism into the market according to Ping An International [1] - Dongwu Securities highlighted the release of the 2026 Milan Winter Olympics Chinese sports delegation award equipment at the end of October, emphasizing ongoing marketing activities related to the Olympics and technology [1] Group 2: Market Outlook - Analysts believe that Li Ning is on the right strategic path, with investments in brand strength and professional product development laying a foundation for future performance improvement [1] - The long-term market performance for brands is expected to recover, supported by Li Ning's efforts to solidify its professional image and leadership position [1]

智通财经APP获悉，李宁(02331)涨超4%，截至发稿，涨4%，报17.92港元，成交额3.22亿港元。 消息面上，据李宁官方披露，韦德之道12 LUX x AAPE 联名系列将于11月22日发售。浦银国际此前 指，公司持续聚焦品牌力提升，为市场注入乐观情绪。该行认为，李宁公司正在正确的战略方向上行 进，并相信公司今天对品牌力提升与专业产品研发所做的积极投入将为公司未来的业绩改善打下基础。 东吴证券指出，10月底公司发布2026年米兰冬奥会中国体育代表团领奖装备，围绕奥运+科技相关营销 活动有序开展中，巩固品牌专业形象及龙头地位，该行看好长周期品牌市场表现回暖。 ...

Core Insights - The article highlights the top short-selling stocks in the market, with AIA Group (81299), Li Ning (82331), and JD Group (89618) having the highest short-selling ratios at 100.00%, 100.00%, and 91.68% respectively [1][2] - Alibaba (09988), Xiaomi (01810), and Tencent (00700) lead in short-selling amounts, with figures of 3.531 billion, 1.787 billion, and 1.421 billion respectively [1][3] - China Mobile (80941), Shanghai Industrial Holdings (00807), and AIA Group (81299) have the highest deviation values, indicating significant differences from their historical short-selling averages [1][3] Short-Selling Ratios - AIA Group (81299) and Li Ning (82331) both have a short-selling ratio of 100.00%, while JD Group (89618) has a ratio of 91.68% [2] - Other notable companies with high short-selling ratios include Kuaishou (81024) at 90.75% and China Mobile (80941) at 90.20% [2] Short-Selling Amounts - Alibaba (09988) has the highest short-selling amount at 3.531 billion, followed by Xiaomi (01810) at 1.787 billion and Tencent (00700) at 1.421 billion [3] - Other companies with significant short-selling amounts include XPeng Motors (09868) at 1.012 billion and BYD (01211) at 1.001 billion [3] Deviation Values - China Mobile (80941) leads with a deviation value of 43.82%, indicating a significant increase in its short-selling ratio compared to its historical average [3] - Other companies with high deviation values include Shanghai Industrial Holdings (00807) at 40.85% and AIA Group (81299) at 36.63% [3]

Core Insights - The sports market is undergoing significant reshuffling, with FILA ranking first in Tmall's Double Eleven sales, followed by Adidas and Nike, marking Nike's first drop from the top position in years [1][4][10] Brand Performance - In the 2023 Double Eleven sales, the top three brands were Nike, FILA, and Anta, while in 2024, the rankings shifted to Nike, FILA, and Adidas, indicating a competitive landscape [1][10] - FILA's sales strategy includes a "customer service integration" project, enhancing the customer experience from pre-purchase to post-sale [4][5] - Nike's revenue in Greater China has been declining, with a 10% drop to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter [10][11] Market Dynamics - The competition is intensifying, with domestic brands like Anta and Li Ning gaining market share, while overseas brands face declining premium pricing [10][11] - Nike's market share in China decreased from 18.1% to 16.2%, while Anta's increased from 9.8% to 10.5% [10][11] - The overall market is under pressure, with reports of losses in domestic sales for brands like Peak and Li Ning [11][12] Strategic Adjustments - FILA is focusing on strategic investments in tennis and golf, with significant sales growth in these categories during the Double Eleven period [6][13] - Nike is recognizing the importance of localized operations, appointing local executives and establishing creative centers in China to enhance market engagement [7][10] - The need for Nike to adapt its strategies in China is critical, especially after its drop to third place in sales rankings [14]

Core Insights - The textile and apparel industry is expected to face pressure in 2025, with brand performance remaining subdued and manufacturing exports impacted by tariffs [1][2] - In 2026, manufacturing is anticipated to stabilize before brands, with investment opportunities focusing on resilient sectors such as outdoor sports, quality manufacturing firms benefiting from order recovery, and companies innovating in products and marketing [1][3] Industry Overview 2025 - Industry data indicates that apparel brand retail sales growth is slow, and textile manufacturing exports are weakening due to tariff impacts. Despite a low base in Q2 and Q3, growth accelerated in September and October [2] - The textile manufacturing sector experienced a high start but a decline in performance, while revenue drops in apparel and home textiles have narrowed. The sportswear segment showed better revenue growth, and online channels outperformed offline for home textiles [2] - The A-share textile and apparel index underperformed the broader market, with continuous downward adjustments in brand expectations and slow valuation increases in manufacturing [2] Outlook for 2026 - The textile manufacturing sector is expected to stabilize before the apparel sector, with structural opportunities in the industry. Key areas include the dominance of sports and outdoor categories, strong online growth driven by major home textile products, and new brands leveraging social media marketing and product iterations [3] - Brands with mid-to-high pricing power, the ability to explore niche markets, and innovative product offerings are likely to stand out in a cautious consumption environment [3] Manufacturing Opportunities - Tariff disruptions are showing signs of stabilization, with a recovery trend in exports of footwear and apparel products. Some raw materials, like wool, have seen a short-term price rebound [4] - Textile manufacturing firms are experiencing order pressures, but as tariff costs are gradually passed down, expectations for order stabilization have improved for Q4 and early next year. Companies with strong new product development and efficiency management are viewed favorably for both fundamental and valuation growth [4] Investment Recommendations - Investment focus should be on three main areas: outdoor sports, quality manufacturing, and brand innovation. The outdoor sports sector is expected to have long-term growth advantages, while brands that can innovate products and drive structural price increases are also promising [5] - Specific companies to watch include Anta Sports, Li Ning, and Xtep in the sports sector; Shenzhou International, Huali Group, and Kai Run in manufacturing; and Bosideng and Haier in the apparel and home textile sector [5]