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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 Insights - 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. The market size for outdoor equipment is projected to reach USD 4.45 billion in 2024 and USD 9.18 billion by 2030, with a CAGR of 13% [1][34]. - The competitive landscape is characterized by a clear segmentation of brands into three categories: professional outdoor brands, comprehensive sports brands, and functional brands, each with distinct competitive focuses [2][37]. Summary by Sections Industry Analysis - The outdoor sports sector is currently in a rapid development phase, with increasing participation in activities like skiing and camping. The market is transitioning from niche to mainstream, with a significant rise in consumer interest [13][19]. - The market size for outdoor apparel and footwear reached CNY 45 billion in 2023, with a compound annual growth rate of nearly 20% over the past three years [21][25]. Competitive Landscape - The report identifies three main categories of market participants: 1. Professional outdoor brands (e.g., Arc'teryx, The North Face) focusing on high-performance products [2][37]. 2. Comprehensive sports brands (e.g., Anta, Li Ning) targeting mass-market consumers with technology-driven innovations [3][37]. 3. Functional brands (e.g., Bosideng) that cater to specific consumer needs in outdoor settings [3][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 see a revenue increase of 53.7% in 2024, indicating strong market performance [2][25]. - Bosideng, a leader in down jackets, is also recommended for its strategic expansion into outdoor categories, with a projected PE of 12x for FY2025 [3][8].