摩根大通：中国运动服巡展收获_黄金周假期业绩亮眼

Investment Rating - The report maintains an "Overweight" rating for Anta Sports, indicating an expectation of outperforming the average total return of the stocks in the coverage universe [10]. Core Insights - The China sportswear industry showed encouraging performance during the Golden Week Holiday, with notable retail sales growth for leading brands such as Anta and Li Ning, exceeding previous expectations [1]. - Anta's outdoor category has seen a sales contribution of approximately 15%, driven by enhanced product development and competitive pricing [2]. - Kolon is experiencing strong momentum with improved operational metrics and aims to exceed its 2024 sales target of Rmb15 million [2]. - Bosideng's self-operated business reported over 30% retail sales growth in eastern China, driven by winter apparel [1]. - Li Ning's operational metrics improved despite flat retail sales, indicating better conversion rates and average selling prices [5]. Summary by Company Anta - Retail sales increased in the high-teens, outperforming expectations, with a strong contribution from the outdoor category [1][2]. - The brand has successfully elevated its equity through new store formats in high-end shopping malls [2]. Kolon - The company is confident in beating its 2024 sales target, supported by a strong product mix and improved operating metrics [2]. Bosideng - The company maintains guidance for mid-teens sales growth, with self-operated sales growth exceeding 20% [5]. Li Ning - Despite a decline in traffic, operational metrics improved, and the company is focusing on enhancing its product offerings [5].