Core Viewpoint - The 2026 Jiangsu Province Urban Football League ("Su Super") has entered a critical phase of self-breakthrough as a "second-year" league, requiring continuous improvement on multiple levels, including securing substantial capital support to maintain its momentum and expand its influence [1][4]. Group 1: Partnership and Sponsorship - On January 27, 2026, Su Super announced Adidas and six other companies as official strategic partners, marking a significant event for the league [2]. - Adidas' partnership with Su Super is unprecedented, as it is rare for a world-renowned brand to sponsor a local amateur football league in China, highlighting a notable return to the Chinese football scene after a hiatus since 2014 [2][5]. - The collaboration aims to provide regionally rooted competition and training gear for the 13 participating teams, enhancing the league's cultural significance [2]. Group 2: Audience Engagement and Market Potential - The inaugural season of Su Super in 2025 was highly successful, with total attendance exceeding 2.4 million and an average of 28,628 spectators per match, including a record attendance of 62,329 for the final [3]. - Online viewership reached over 2.2 billion, with social media engagement surpassing 100 billion views, establishing Su Super as a phenomenon in sports IP with significant advertising value [4]. - The influx of world-class brands like Adidas into Su Super not only provides financial and equipment support but also enhances the league's credibility and sustainability [4][5]. Group 3: Broader Impact on Amateur Football - The success of Su Super has inspired the rise of other local amateur football leagues, such as Gan Super and Xiang Super, which have also attracted numerous sponsors, indicating a promising commercial outlook for these "provincial super" leagues [6]. - The collaboration between Adidas and Su Super serves as a model for the diversified development of amateur football leagues in China, emphasizing the importance of brand value and market expansion in fostering a vibrant football culture [5][6].

Core Viewpoint - The article discusses the competitive landscape of commercial sponsorship in Chinese football, highlighting the rivalry between Nike and Adidas as they vie for sponsorship rights in the market [3][4]. Group 1: Sponsorship Developments - Adidas has secured exclusive equipment sponsorship rights for the Jiangsu Provincial City Football League, reportedly investing 21 million yuan (8 million cash + 13 teams at 1 million each for equipment) [4]. - Nike has a long-standing presence in Chinese football, having been the sponsor of the Chinese Super League since 2005 and extending its contract in 2018 for another 10 years [5]. - Adidas is shifting its strategy in China from a fashion-oriented approach to a focus on sports, particularly in grassroots markets, as it seeks to break into areas dominated by Nike [5][7]. Group 2: Youth Development Initiatives - The "Adidas Support for Chinese Youth Football Development Plan (2026-2029)" aims to enhance the training and competition systems for youth football, with a focus on organizing events and developing elite youth players [7]. - Adidas has partnered with the Shanghai Football Association to localize event equipment design, with 60% of its products designed locally and 95% manufactured in China [7]. - The collaboration with the Scottish Professional Football League (SPFL) is seen as a way for Adidas to deepen its engagement in the Chinese football market and connect with grassroots events [8]. Group 3: Market Potential and Brand Impact - The article emphasizes the growing commercial value of Chinese football, driven by over 200 million football enthusiasts and increasing sports consumption [8]. - Sponsorship in football is shown to significantly enhance brand recognition and consumer favorability, with Nielsen Sports indicating a 30% higher increase in brand favorability compared to traditional advertising [8]. - The ongoing investment from international brands like Adidas and Nike is expected to mature the economic landscape of Chinese football, creating a positive cycle of brand empowerment and event support [8].

中国足球赛事商业价值的持续攀升。 早在2005年，耐克就成为了中超联赛的赞助商，这一合作长达12年。2018年，双方再次签署了一份长达10年的赞助合同。国字号球队领域， 耐克同样手握核心资源。自2015年起，耐克成为中国之队装备赞助商，合作期限长达12年。此外，耐克还同步赞助中国足协杯、超级杯等配 套赛事，构建起覆盖职业足球全产业链的赞助体系。 阿迪达斯早前在中国市场更多定位偏时尚路线，这几年业绩恢复后，管理层调整了战略开始加码原本的体育专业领域。但由于本土的顶级职 业赛事已被耐克"垄断"，阿迪达斯更多地是从 "草根市场"破局，构建了"青少年+区域"的布局。 2025年12月，由中国足球发展基金会和阿迪达斯公司共同发起设立的"阿迪达斯支持中国青少年足球发展计划"发布仪式在京举行。这也是国 家足球青训中心11月15日正式挂牌后，首个由社会力量支持青少年足球发展的中长期合作计划。 2026年开年不久，中国足坛就迎来商业赞助领域的对决。 这一厢，U23国足挺进决赛，耐克立马发海报恭喜。几日之后，老对手阿迪达斯则将此前网上赞助"苏超"的传闻坐实。 江苏省城市足球联赛赛事组委会于27日公布了今年赛季主要商务合作伙伴及相 ...

作为中国大众足球领域现象级赛事，苏超自2025年创立以来，迅速成为成为全民热议、全网追捧的现象 级体育IP，成功跻身国内最具影响力的省级足球赛事行列。数据显示，整个赛季现场观赛人次累计突破 243万，场均2.8万人的上座率创省级联赛纪录。线上直播观看人次超22亿，社交平台相关话题播放量突 破1000亿。 经济观察网1月27日，阿迪达斯宣布成为2026江苏省城市足球联赛(以下简称"苏超")官方战略合作伙 伴。这是阿迪达斯首次赞助国内业余球赛。 本次赞助，阿迪达斯不仅将为赛事提供资金支持，还为13支参赛球队量身打造比赛服、训练服及配套装 备等支持。其中，13支球队的专属球衣均由阿迪达斯上海创意中心(CCS)专属设计师操刀设计。该中心 成立于2005年，是品牌本土化战略的核心创意与产品开发平台。上海创意中心(CCS)团队深耕本土需求 与文化，打造出新中式系列、三叶草宠物系列等爆款产品。截至目前，阿迪达斯在华销售产品中超60% 由本土团队设计，95%为中国制造。 与苏超的合作，是阿迪达斯"全球品牌，本土思维"战略的又一次深度落地。 ...

对苏超而言，吸引世界级品牌加入，不仅能为赛事和训练提供资金与装备支持，提升这项业余足球比赛 的含金量与规格，也能为其可持续发展奠定坚实基础。 2025年年末，笔者在回答媒体关于2026年苏超"还会继续火爆吗"的提问时，给出了肯定的答案，并获得 许多认同。但也应看到，2026年的苏超已成为"二年级生"，处于自我突破的关键期。要想持续火爆，还 需在多层面继续精进，包括获得实质性的资本助力。显然，在已获喜力赞助的基础上，争取更多国 际"大牌"支持，能助力苏超行稳致远，并在更大范围内产生影响。 伍里川/文1月27日，2026江苏省城市足球联赛("苏超")宣布阿迪达斯等7家企业成为其官方战略合作伙 伴。与阿迪达斯开启合作，对于"二年级"苏超来说，是一个标志性事件。 在各层级24家官方合作伙伴中，阿迪达斯或许并非最"醒目"的。然而，熟知阿迪达斯和中国足球渊源者 都知道，这是其赞助史上一次破天荒的举动——世界著名品牌赞助中国地方业余足球联赛。放眼全世界 足坛，阿迪达斯牵手业余足球联赛，亦不多见。 自20世纪八十年代起，阿迪达斯就与中国足球开展了深度合作。阿迪达斯设计的中国足球队球衣，在包 括笔者在内的资深球迷心中都留有难以 ...

Core Viewpoint - The article discusses the investment position in ADDYY, indicating a beneficial long position held by the author, which suggests confidence in the company's future performance [1]. Group 1 - The author expresses a personal opinion on ADDYY, emphasizing that the article is not receiving compensation from any company mentioned [1]. - The author clarifies that they are not a licensed financial advisor, and the content should not be construed as financial advice [2]. - The article highlights the importance of due diligence and research by investors before making any investment decisions [2]. Group 2 - The author mentions a watchlist position in Adidas, indicating potential interest in increasing the investment in the future [2].

(阿迪达斯) 1月27日，阿迪达斯宣布成为2026江苏省城市足球联赛官方战略合作伙伴，双方达成深度合作，阿迪达 斯将为赛事提供资金支持，并为联赛13支参赛球队量身打造比赛服、训练服及配套装备，所有球队专属 球衣均由阿迪达斯上海创意中心设计师操刀，结合各城市地域文化打造定制化设计。 资料显示，江苏省城市足球联赛于2025年创立，该赛季现场观赛人次累计达243万，场均上座率2.8万 人，线上直播观看人次超22亿，社交平台相关话题播放量突破1000亿，跻身国内具有影响力的省级足球 赛事行列。 此次合作是阿迪达斯深化中国本土足球布局的重要举措，其上海创意中心作为品牌本土化核心创意平 台，目前阿迪达斯在华销售产品中超60%由本土团队设计、95%为中国制造。据悉，阿迪达斯与中国足 球的合作可追溯至1996年，近年来持续加码本土足球领域，先后支持全国青少年校园足球联赛高中组等 多项赛事，2025年联合中国足球发展基金会发起"阿迪达斯支持中国青少年足球发展计划"，形成覆盖全 民基础、青训核心的足球领域体系化布局。 ...

安利股份公告，公司实验室近日通过阿迪达斯的实验室认证，取得阿迪达斯实验室认证证书，有效期两 年，自2026年1月21日起至2028年1月21日止。公司于2024年5月成为阿迪达斯合格供应商后，积极进行 实验室认证工作。通过认证后，公司供给阿迪达斯的鞋用聚氨酯合成革及TPU材料的22项测试项目可由 公司实验室进行自主检测分析，检测结果直接获得阿迪达斯认可。此次认证有利于深化与阿迪达斯合 作，扩大销售，提升公司品牌影响力和市场竞争力。 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Core Insights - NIKE Inc. and adidas AG are two leading brands in the global sportswear industry, each with distinct strategies and market positions [1][2] - NIKE holds a dominant market share, leveraging its scale and direct-to-consumer model, while adidas focuses on heritage and lifestyle integration [2][3] NIKE's Positioning - NIKE's investment case is supported by its significant market share and brand equity, with a diversified portfolio that includes Running, Basketball, and Training [5] - The company is focusing on sport-led innovation and portfolio discipline, prioritizing major franchises and enhancing digital engagement [6] - Despite its strengths, NIKE faces challenges such as uneven growth across geographies and margin pressures from promotions and inventory management [7] adidas's Positioning - adidas is experiencing renewed brand momentum and growth across various regions and categories, positioning itself as a significant player in the sportswear market [8][10] - The company emphasizes a balance between Performance and Lifestyle, with strong growth in Running and Football, and a focus on connecting sport with street culture [11] - adidas has shown improved margins and operating leverage, indicating effective expense management and brand investments [12] Financial Estimates - The Zacks Consensus Estimate for NIKE's fiscal 2026 sales indicates a modest growth of 1%, with a significant EPS decline of 28.2% [13] - In contrast, adidas's estimates suggest a robust year-over-year growth of 13.5% in sales and an impressive 88.7% in EPS for 2025 [14] Stock Performance and Valuation - Both NIKE and adidas have seen stock declines in the past three months, with NIKE down 5.8% and adidas down 17.6% [17] - NIKE's forward price-to-sales (P/S) multiple is 1.98X, while adidas's is 1.05X, indicating a more attractive valuation for adidas [20][19] Conclusion - NIKE and adidas present distinct strengths, but adidas currently shows better momentum and profitability improvements, making it a more favorable investment option [22][24] - NIKE remains a long-term player, but adidas's current positioning offers a compelling risk-reward profile for investors [25]