掘金户外赛道，品牌腾飞，推荐优质标的

Investment Rating - The report maintains a rating of "Buy" for key companies in the outdoor sports industry, including Anta Sports, Li Ning, and Bosideng, with a recommendation to increase holdings in Tabo [5][8]. Core Viewpoints - The outdoor sports market in China is expected to maintain double-digit growth driven by policy support, social media influence, and increasing health awareness among residents [1][28]. - The market size for outdoor equipment in China is projected to reach USD 4.45 billion in 2024, with a forecasted CAGR of 13% to reach USD 9.18 billion by 2030 [1][34]. Summary by Sections Industry Analysis - The outdoor sports sector is currently in a rapid development phase, with increased participation in activities like skiing and camping [13][19]. - The market is experiencing a shift towards outdoor activities as a lifestyle choice, particularly among younger demographics [19][32]. Competitive Landscape - The competitive landscape is characterized by three main categories of participants: professional outdoor brands, comprehensive sports brands, and functional brands [37][44]. - Professional outdoor brands like Arc'teryx and The North Face focus on high-performance products and have seen significant revenue growth, with Amer Sports projected to reach USD 1.3 billion in 2024 [2][37]. Key Company Analysis - Anta Sports is highlighted for its stable growth and multi-brand strategy, with a projected PE ratio of 17x for 2025 [3][8]. - Amer Sports is expected to continue outperforming the market, with a strong capital structure supporting long-term growth [3][8]. - Bosideng, a leader in down jackets, is expanding into outdoor categories, with a projected PE of 12x for FY2025 [3][8].