Core Viewpoint - The upcoming 2026 Milan-Cortina Winter Olympics is set to showcase Chinese sports brands like Anta and Li Ning, marking a shift from a domestic focus to a global stage for technological innovation in sports apparel [1][15]. Group 1: Brand Participation and Sponsorship - Anta will provide professional competition and training gear for 13 Chinese national teams, including core speed events like short track speed skating and bobsleigh [2][15]. - Li Ning will exclusively supply the opening ceremony and award ceremony outfits for the Chinese sports delegation, incorporating advanced technologies such as aerospace thermal insulation [10][15]. - Anta has also become the official partner of the Greek Olympic Committee, expanding its reach to multiple countries including Italy, Norway, and Canada [15][17]. Group 2: Technological Advancements - Anta's new generation short track speed skating suit has undergone 200 wind tunnel tests and features domestically produced cut-resistant materials, achieving full domestic production [5]. - The development of the bobsleigh shoe involved over 1,000 athlete feedback records and more than 300 material experiments, leading to the creation of two core technology platforms: the Anta self-developed drag reduction system and thermal flow system [5][7]. - Li Ning's collaboration with the China National Space Administration has led to the introduction of dynamic thermal technology in their award outfits, enhancing both warmth and moisture permeability [10]. Group 3: Competitive Landscape - The competition among sports brands has intensified, with international giants like Adidas and Nike also showcasing advanced technologies for extreme cold environments [9]. - The marketing strategies have evolved into a "micro-operation" era, focusing on precise brand exposure through athlete sponsorships and event visibility [14]. - The presence of Chinese brands in international sports is seen as a significant step towards enhancing their global influence and recognition [17].

Core Viewpoint - The event "Li Ning Night" at the "China House" during the 2026 Milan Winter Olympics highlights the collaboration between Li Ning and the Chinese Olympic Committee to promote Chinese sports culture and technology [1] Group 1: Event Overview - The "China House" serves as a comprehensive service facility for the Chinese sports delegation at international competitions, providing support and promoting Chinese sports spirit and traditional culture [1] - The "Li Ning Night" event marks the official launch of the Li Ning themed exhibition at the "China House" [1] Group 2: Li Ning's Role - Li Ning is positioned as an official partner of the Chinese Olympic Committee, showcasing its commitment to Chinese sports [1] - The exhibition features five themes: "Chinese Glory," "Technology in Sports," "Guarding Chinese Culture," "Fashion in Sports," and "Green Sports," demonstrating Li Ning's strengths in advanced sports technology, Eastern aesthetic design, and environmental practices [1]

Core Viewpoint - The "China House" at the 2026 Milan Winter Olympics showcases the Li Ning brand through a special event, highlighting China's sports achievements and cultural heritage while promoting innovation in sports technology and sustainable practices [1][5][21]. Group 1: Event Overview - The "China House" serves as a comprehensive service facility for the Chinese sports delegation, providing support for international competitions and promoting Chinese sports culture [5]. - The event featured notable guests including IOC Executive Li Lingwei, Chinese Olympic Committee officials, and sports champions, emphasizing the collaboration between Li Ning and the Chinese Olympic Committee [1][5]. Group 2: Li Ning's Contributions - Li Ning, as an official partner of the Chinese Olympic Committee, showcases five themes: Chinese Glory, Technological Sports, Cultural Preservation, Fashion Sports, and Green Sports, demonstrating the brand's commitment to innovation and cultural representation [5]. - The exhibition design is inspired by traditional Chinese architecture, symbolizing the integration of cultural heritage with modern sports [5]. Group 3: Technological Innovations - The "Technology Sports" section highlights Li Ning's advanced sports technology, including various shoe technologies that have been utilized in the Chinese sports delegation's award-winning gear [8][9]. - Innovations such as the "Li Ning弜" structure and the award-winning "Carbon Core Structure Assistance System" are presented, showcasing the brand's commitment to enhancing athletic performance [8][9]. Group 4: Cultural and Fashion Integration - The "Cultural Preservation" section features collaborations with the Palace Museum, showcasing traditional Chinese craftsmanship in Li Ning's products, merging technology and cultural expression [12][13]. - The "Fashion Sports" area recreates scenes from the recent Milan Fashion Week, illustrating the fusion of professional sports and fashion aesthetics [13]. Group 5: Sustainability Efforts - The "Green Sports" section promotes sustainable practices, highlighting Li Ning's initiatives in using biodegradable materials and environmentally friendly production processes [15]. - The brand emphasizes its commitment to sustainability with the slogan "Every Step Forward," showcasing its efforts in the green sports sector [15]. Group 6: Brand Commitment - Li Ning's founder expressed gratitude towards the Chinese Olympic Committee for their support, emphasizing the brand's role in promoting Chinese sports and culture on an international platform [21]. - The event served as a celebration of Li Ning's 40-year journey alongside Chinese sports, reinforcing its position as a key player in the industry [18].

Core Insights - The event "Li Ning Night" at the "China House" during the 2026 Milan Winter Olympics showcases the collaboration between Li Ning and the Chinese Olympic Committee, emphasizing the brand's commitment to Chinese sports and culture [1][5] - The exhibition highlights Li Ning's role as an official partner of the Chinese Olympic Committee, focusing on themes of "Chinese Glory," "Technology Sports," "Cultural Preservation," "Fashion Sports," and "Green Sports" [1][4] Group 1: Exhibition Highlights - The "Chinese Glory" section features outdoor and indoor award outfits for the Chinese sports delegation, showcasing the evolution of award gear since 1992 [2] - The "Technology Sports" area presents Li Ning's advanced sports technology, including innovations in footwear such as the "Li Ning弜" and various cushioning systems, demonstrating the brand's commitment to enhancing athletic performance [3] - The "Cultural Preservation" section integrates traditional Chinese craftsmanship into modern sportswear, showcasing collaborations with institutions like the Palace Museum [4] Group 2: Brand and Cultural Impact - Li Ning's participation in the "China House" serves as a platform for promoting Chinese culture and sports on an international stage, enhancing cross-cultural exchanges [1][4] - The event features interactive experiences, including AI technology to blend sports and fashion, reflecting Li Ning's innovative approach to merging traditional and modern aesthetics [4] - The brand's commitment to sustainability is highlighted through its initiatives in eco-friendly materials and production processes, aligning with global trends in green sports [4]

Core Viewpoint - The event "Li Ning Night" at the "China House" during the 2026 Milan Winter Olympics showcases the Li Ning brand's commitment to promoting Chinese sports culture and innovation in sports technology [1][5][19]. Group 1: Event Overview - The "China House" serves as a comprehensive service facility for the Chinese sports delegation, promoting Chinese sports spirit and traditional culture while facilitating international sports exchanges [5]. - The event featured notable attendees including IOC Executive Board member Li Lingwei, Chinese Olympic Committee officials, and sports champions, highlighting the significance of the occasion [1]. Group 2: Li Ning Brand Presentation - Li Ning, as an official partner of the Chinese Olympic Committee, presents five themes: "Chinese Glory," "Technology Sports," "Cultural Preservation," "Fashion Sports," and "Green Sports," to showcase China's advancements in sports technology and aesthetics [5]. - The design of the Li Ning exhibition draws inspiration from traditional Chinese architecture, symbolizing the brand's connection to cultural heritage and competitive spirit [6]. Group 3: Exhibition Highlights - The "Chinese Glory" section displays the evolution of the Chinese sports delegation's award outfits from past Winter Olympics, emphasizing Li Ning's 40-year partnership with Chinese sports [7]. - The "Technology Sports" area features cutting-edge technologies used in Li Ning's products, including advanced shoe technologies and materials that enhance performance [9][10]. Group 4: Cultural and Environmental Initiatives - The "Cultural Preservation" theme showcases collaborations with cultural institutions, integrating traditional craftsmanship into modern sportswear, thus promoting Chinese culture on an international stage [14]. - The "Green Sports" section highlights Li Ning's commitment to sustainability through innovative materials and eco-friendly production processes, aligning with global trends in environmental responsibility [16]. Group 5: Brand Commitment and Future Outlook - Li Ning's founder expressed gratitude towards the Chinese Olympic Committee for their support and emphasized the brand's ongoing commitment to contributing to the high-quality development of Chinese sports [23].

Core Viewpoint - The article highlights investment opportunities in the textile, apparel, and jewelry industries for 2026, focusing on outdoor apparel companies that combine functionality and fashion, distinctive gold jewelry brands amid high gold prices, and leading manufacturers with global layouts and improving customer cycles [1]. Group 1: Outdoor Apparel - The outdoor sports apparel sector is expected to outperform the industry, with brands that effectively blend functionality and fashion showing better growth trends. The market for functional products that cater to diverse consumer scenarios is anticipated to expand further in 2026 [4][7]. - The demand for functional footwear and apparel remains strong, driven by an increasing number of consumers participating in sports and outdoor activities. By 2024, the number of people regularly engaging in sports in China is projected to reach 38.5% [8][10]. - The outdoor apparel market is expected to grow at a CAGR of 10% from 2015 to 2025, outpacing the overall apparel market growth of 3% [8]. Group 2: Jewelry Sector - With gold prices remaining high, brands with distinctive products are expected to perform well. Gold prices have risen significantly, with a cumulative increase of 63% in 2025 and an additional 25% in early 2026, reaching historical highs [27]. - The jewelry sector is projected to benefit from increased consumer interest and spending, as the perception of gold jewelry as a store of value strengthens. The retail sales of gold and silver jewelry in 2025 increased by 12.8%, significantly outperforming the overall retail market growth of 3.7% [29][31]. - The article notes that brands with unique product offerings are likely to continue their strong performance, supported by improved supply levels and consumer aesthetic recognition [31]. Group 3: Global Manufacturers - Manufacturers with a global presence and a diverse customer base are expected to benefit from stable order sources, particularly as overseas brands in leisure and outdoor apparel continue to grow [33][42]. - The article indicates that the inventory levels in the U.S. apparel sector are low, which is expected to stabilize demand for apparel orders in 2026. The inventory turnover efficiency of major brands is improving, suggesting a positive outlook for manufacturers [38][40]. - The operational outlook for outdoor and leisure apparel brands is more favorable compared to traditional sports brands, with higher revenue growth and more optimistic guidance [42][43].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report highlights the investment opportunities in the functional home textile and sports outdoor apparel sectors, particularly favoring companies like Luolai Life (002293, Buy) and Mercury Home Textile (603365, Buy) for home textiles, and Anta Sports (02020, Buy) and Li Ning (02331, Buy) for sports apparel [3][8] - The rise of domestic brands in the luxury goods sector is a significant trend, with local brands expanding from traditional categories into ready-to-wear, footwear, and leather goods, driven by generational shifts and cultural confidence among consumers [8] - High-net-worth individuals are shifting their clothing preferences from high luxury to practical and functional styles, providing long-term growth potential for the sports outdoor industry [8] - There is a notable opportunity in functional home textiles linked to sleep health, as high-net-worth individuals currently express low satisfaction with their sleep quality [8] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on functional home textiles and sports outdoor apparel, highlighting specific companies for investment: Luolai Life (002293, Buy), Mercury Home Textile (603365, Buy), Anta Sports (02020, Buy), Li Ning (02331, Buy), and Xtep International (01368, Buy) [3] Industry Overview - The textile and apparel industry in China is experiencing a transformation, with a focus on functional and practical products that cater to the evolving preferences of high-net-worth consumers [8] - The report emphasizes the potential for growth in the home textile sector, particularly in products that enhance sleep quality, as consumer interest in sleep health increases [8]

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: | 2026年1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: | 李寧有限公司 | | | | | | 呈交日期: | 2026年2月4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) | 02331 | | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 多櫃檯證券代號 | 82331 | RMB | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 10,000,000,000 HKD | | 0.1 HKD | | 1, ...

Core Viewpoint - The Pokémon Company faced significant backlash after announcing a card experience event at Yasukuni Shrine, leading to the cancellation of the event and the removal of related products from major retailers like Uniqlo and Li Ning [1][4]. Group 1: Company Response - The Pokémon Company issued an apology and removed the event announcement after receiving feedback, stating they would strengthen their review processes to prevent similar issues in the future [1]. - Despite the apology, the negative impact on the brand persisted, with many consumers expressing disappointment and vowing to boycott Pokémon-related products [4][5]. Group 2: Market Reaction - Following the controversy, Pokémon-themed products were swiftly removed from e-commerce platforms, including Uniqlo and Li Ning, indicating a strong market reaction to the incident [1][4]. - Retail staff confirmed that all Pokémon-related items were taken off the shelves, and there was uncertainty about whether they would be restocked [4]. Group 3: Consumer Sentiment - Consumers expressed strong dissatisfaction with the Pokémon Company's actions, highlighting the importance of historical and political sensitivity, especially in a significant market like China [4][5]. - The incident raised concerns about the potential impact on young audiences' historical understanding, with calls for cultural IPs to maintain historical integrity [5].

Group 1 - The core issue revolves around the backlash against Pokémon for an inappropriate event linked to the Yasukuni Shrine, which is associated with Japan's militaristic past and war criminals [3][4] - Following the controversy, major retailers like Uniqlo and Li Ning have removed Pokémon collaboration products from their online stores, indicating a significant response to public sentiment [1] - Pokémon Company issued an apology, acknowledging the error in promoting the event and committing to improve their review and confirmation processes to prevent similar issues in the future [3][4] Group 2 - The incident highlights the potential impact of cultural IPs like Pokémon on youth, as the company is criticized for potentially distorting historical perceptions among its young audience [4] - The backlash emphasizes the importance of historical awareness and the responsibility of cultural brands to uphold historical justice and correct perspectives [4]