Core Viewpoint - Li Ning's stock has risen over 5%, currently leading the blue-chip stocks, indicating positive market sentiment and confidence in the company's future growth [1] Group 1: Stock Performance - As of the report, Li Ning's stock price increased by 5.06%, reaching HKD 17.86, with a trading volume of HKD 656 million [1] Group 2: Shareholding and Investment Insights - Guotai Junan Securities recently reported that Li Ning has cumulatively increased its shareholding by 51.79 million shares by 2025, amounting to approximately HKD 809 million, raising its ownership stake from 10.57% to 13.08% [1] - This increase represents the largest shareholding boost since 2006, reflecting Chairman Li Ning's commitment to the company's development and confidence in its future [1] Group 3: Company Strategy and Outlook - The company is actively enhancing its products, channels, and marketing strategies [1] - The report suggests that Li Ning currently offers a high valuation-to-price ratio, and the improvement in operational trends is expected to lead to a "Davis Double" effect [1] - The recommendation to maintain a "Buy" rating indicates a positive outlook for the company's performance [1]

消息面上，国金证券近期研报指出，2025年李宁通过非凡领越累计增持5179万股，总金额约8.09亿港 元，持股比例由10.57%提升至13.08%，为2006年以来增持幅度最大一年，显示出董事长李宁本人对公 司发展的重视与公司未来发展的信心。此外，公司产品、渠道、营销调整持续发力。该行认为，李宁目 前估值性价比较高，看好经营趋势改善带动戴维斯双击。维持"买入"评级。 智通财经APP获悉，李宁(02331)涨超5%，暂领升蓝筹。截至发稿，涨5.06%，报17.86港元，成交额6.56 亿港元。 ...

8月21日，李宁将披露2025财年中报。 本文源自：金融界 8月14日，李宁(02331)盘中上涨5.29%，截至11:09，报17.9元/股，成交3.88亿元。 李宁有限公司是一家专业运动用品品牌，拥有完善的研发、设计、制造、市场、品牌营销、经销及零售 运营能力，主要经营李宁品牌专业及休闲运动鞋、服装、器材和配件产品业务。该公司已在全球建立起 领先的多渠道销售网络和供应链管理体系，2020年市值超过千亿港元，是第一家在港股上市的中国内地 体育用品企业。 截至2024年年报，李宁营业总收入286.76亿元、净利润30.13亿元。 作者：行情君 ...

港股体育用品股普遍上涨，其中，安踏、李宁均上涨超3%，特步国际涨近2%，裕元集团、361度、滔 搏皆有涨幅。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02020 | 安踏体育 | 93.050 | 3.39% | | 02331 | 李宁 | 17.560 | 3.29% | | 01368 | 特步国际 | 5.730 | 1.78% | | 02368 | 鹰美 | 4.050 | 1.25% | | 00551 | 裕元集团 | 13.360 | 0.60% | | 01361 | 361度 | 5.800 | 0.69% | | 06110 | 溜搏 | 3.140 | 0.32% | 消息上，里昂发表研究报告指，留意到内地运动服饰品牌持续扩大市占率，上半年销售按年增长 4.2%，优于服装及配饰行业的3.1%增幅。该行首选安踏，将2025至27年销售额预测轻微上调2%，净利 润预测上调1%，目标价由114港元上调至116港元，予"跑赢大市"评级。至于李宁，该行维持"持有"评 级，目标价16港元。同时，该行将特步目标价由5.9港元上调至 ...

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]

中信里昂发布研报称，预期中国运动服饰市场占有率将持续增长，上半年销售额年增4.2%，而运动休 闲服饰(AT&A)年增3.1%。但这仍低于整体消费品销售额年增5%的水平，这亦解释了市场对该行业的温 和情绪。 报告表示，安踏体育(02020)是主要的市场份额获得者，该行预计，国内品牌的销售额和盈利能力将超 国际运动零售商。同时，第三季基数应该会更加稳健，故该行预计品牌零售额在第二季放缓后将季比改 善。然而，折扣压力依然存在。 该行小幅调高了首选股安踏体育的盈测，并将目标价上调至116港元。同时维持李宁(02331)"持有"评 级，等待更多基本面因素的推动。该行另下调特步国际(01368)的盈测，但基于展期和外汇因素，将目 标价上调至6.3港元，并维持"跑赢大市"评级，因风险回报完整无缺。 ...

该行小幅调高了首选股安踏体育的盈测，并将目标价上调至116港元。同时维持李宁(02331)"持有"评 级，等待更多基本面因素的推动。该行另下调特步国际(01368)的盈测，但基于展期和外汇因素，将目 标价上调至6.3港元，并维持"跑赢大市"评级，因风险回报完整无缺。 报告表示，安踏体育(02020)是主要的市场份额获得者，该行预计，国内品牌的销售额和盈利能力将超 国际运动零售商。同时，第三季基数应该会更加稳健，故该行预计品牌零售额在第二季放缓后将季比改 善。然而，折扣压力依然存在。 智通财经APP获悉，中信里昂发布研报称，预期中国运动服饰市场占有率将持续增长，上半年销售额年 增4.2%，而运动休闲服饰(AT&A)年增3.1%。但这仍低于整体消费品销售额年增5%的水平，这亦解释了 市场对该行业的温和情绪。 ...

公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

李宁公布，公司将于2025年8月21日举行董事会会议，藉以批准发布公司及其附属公司截至2025年6月30 日止六个月的中期业绩公告，以及考虑宣派中期股息。 本文源自：金融界AI电报 ...

Core Viewpoint - Li Ning Company Limited (02331.HK) announced that it will hold a board meeting on August 21, 2025, to approve the release of its interim results for the six months ending June 30, 2025, and to consider the declaration of an interim dividend if applicable [1] Group 1 - The board meeting is scheduled for August 21, 2025 [1] - The meeting will focus on approving the interim results announcement for the six months ending June 30, 2025 [1] - The company will also consider the declaration of an interim dividend during this meeting [1]