大行评级丨花旗：对安踏开展为期30日的上行催化剂观察期 评级“买入”

Core Viewpoint - Citigroup has initiated a 30-day observation period for Anta, highlighting potential catalysts including the better-than-expected performance of its subsidiary Amer Sports last quarter and the upward revision of its 2025 full-year operating guidance [1] Group 1: Performance and Guidance - The direct impact of the Arc'teryx brand's September fireworks event is expected to be less than anticipated, with the indirect impact on the Anta brand likely to be milder than market expectations in the coming quarters [1] - Citigroup anticipates that Anta will achieve its full-year retail sales guidance, which includes low single-digit growth for the Anta brand, mid single-digit growth for the Fila brand, and a 40% growth for other brands [1] Group 2: Rating and Target Price - Citigroup has assigned a "Buy" rating to Anta, with a target price set at HKD 109.7 [1]