智通财经APP获悉，摩根士丹利发布研报称，安踏体育(02020)宣布拟以内部资源支付约15亿欧元，收购 Puma约29.06%股权，交易定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于 Puma拥有约90亿欧元的营收规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是 次交易将为安踏带来益处。 大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [7] Core Views - Anta Sports announced an agreement to acquire approximately 29.06% of PUMA's shares for €15.06 billion (approximately ¥122.8 billion), becoming PUMA's largest shareholder [1][2] - The acquisition is part of Anta's strategy of "single focus, multi-brand, and globalization," aiming to enhance its global brand matrix and leverage PUMA's strengths in professional sports and fashion [2][4] - The transaction is expected to be completed by December 31, 2026, pending regulatory approvals, and is anticipated to have no impact on Anta's dividend capacity for 2025 [3][4] Summary by Sections Acquisition Details - Anta Sports will pay €35 per share, representing a 63% premium over PUMA's closing price of €21.5 on January 27, 2026 [3] - The acquisition is valued at approximately 0.8 times the expected revenue for FY2027, indicating a reasonable valuation for a global brand [3] Financial Projections - Anta forecasts net profits of ¥130.2 billion, ¥140.1 billion, and ¥155.0 billion for 2025, 2026, and 2027 respectively [5] - The target price for Anta is set at HKD 109.21, based on a target PE of 20x for 2026 [5] Market Potential - PUMA's revenue in China is currently low, accounting for about 7% in the fiscal year 2024, indicating significant growth potential in the Chinese market [4] - Anta plans to utilize its established "brand + retail" business model to enhance PUMA's operations in China, aiming for growth above the industry average [4]

摩根士丹利发表研报指，安踏体育宣布拟以内部资源支付约15亿欧元，收购Puma约29.06%股权，交易 定位为战略投资，公司表明现阶段不考虑将Puma私有化。大摩认为，鉴于Puma拥有约90亿欧元的营收 规模及强大的品牌知名度，对安踏现有品牌组合可带来互补作用，相信是次交易将为安踏带来益处。 大摩表示，Puma在欧洲、拉丁美洲、非洲及印度市场有较高业务敞口，上述市场正是安踏目前业务占 比相对有限的地区，因此预计今次交易将对安踏的全球化发展带来积极贡献。交易估值相当于2027年预 测市销率0.8倍，考虑到Puma的品牌价值，大摩认为估值合理。 ...

股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...

晨星分析师Ivan Su报告称，安踏 体育计划收购彪马29%的股份，这为其中国业务的增长提供了上行空 间。他预计，得益于安踏在规模化运营国际品牌方面的良好往绩，彪马在中国的收入将有显著改善。虽 然彪马中国业务的好转可能需要时间，但Su认为这极有可能实现。他表示，安踏可以重整彪马的分销 策略，转向直营更高质量的门店，推出更多本土化产品，并利用其在足球领域的传统优势。Su还认 为，安踏决定用现金为此次收购提供资金是积极的，因为这解决了投资者对现金储备过多的担忧。晨星 维持对安踏122.00港元的合理价值估值，并计划在获得监管部门批准且有更多细节公布后，重新评估其 估值。 ...

Core Viewpoint - UBS reports that Anta Sports has announced the acquisition of over 29% stake in Puma for more than €1.5 billion, making it the largest shareholder of Puma [1] Group 1: Acquisition Details - Anta has no intention to privatize Puma, with the acquisition price reflecting approximately a 62% premium [1] - The purchase price corresponds to a projected price-to-earnings ratio of about 15 times and a price-to-sales ratio of approximately 0.6 times for 2024 [1] Group 2: Financial Position and Impact - UBS anticipates that this transaction is within expectations for investors, considering Anta's net cash of 31.5 billion yuan as of June last year [1] - The firm believes that the dividend policy will remain unaffected by this acquisition [1] Group 3: Growth Potential - UBS expects that the acquisition will create brand synergy, noting that only about 8% of Puma's sales currently come from China, which is below the 10% to 20% range of leading global sports brands [1] - There is significant growth potential for Puma in the Chinese market [1] Group 4: Investment Rating - UBS maintains a target price of HKD 117 for Anta and rates it as "Buy" [1]

Market Performance - A-shares showed a slight increase with the Shanghai Composite Index up 0.18% to 4139.9 points, and the Shenzhen Component Index up 0.09%[1] - The Hang Seng Index rebounded, rising 1.35% to 27126.95 points, with the Hang Seng Technology Index up 0.5% and the Hang Seng China Enterprises Index up 1.07%[1] - The total market turnover in Hong Kong was 2543.726 billion HKD[1] Currency and Federal Reserve Insights - Trump downplayed concerns over the dollar's depreciation, leading to a significant drop in the dollar index, with the euro rising above 1.20 against the dollar[1][12] - The Federal Reserve is expected to pause its interest rate cuts, indicating a potential consensus on policy direction[1][12] Economic Sentiment - A survey by the People's Bank of China revealed that more households are looking to increase savings and reduce spending compared to before the latest round of the US-China trade war, reflecting a more pessimistic outlook on income[8][12] - The market is closely monitoring the Federal Reserve's interest rate decision, with expectations of no changes this week[12]

Group 1 - Anta Sports plans to acquire 29.06% stake in PUMA SE for €1.5055 billion (approximately ¥12.278 billion) to enhance its global market position and brand influence [2] - Shandong Agricultural University Fertilizer Technology Co., Ltd. is set to be listed on the Beijing Stock Exchange on January 28, 2026, with an initial public offering of 16 million shares priced at ¥25.00 per share, raising a total of ¥400 million [2] Group 2 - DeepWay has completed a Pre-IPO financing round of ¥1.177 billion, marking the largest single financing in the autonomous driving new energy heavy truck sector [3] - Turing Quantum has secured several hundred million in Series B financing, continuing its trend of raising significant capital within six months [4] - AI medical innovation company Xu Zhi Shi has completed an A+ round of financing exceeding ¥50 million, with plans for a B round to be initiated after the Spring Festival [5] Group 3 - Elon Musk announced that SpaceX's Starship V3 will undergo its first flight test in six weeks, aiming to launch the next generation of Starlink V3 satellites [6] - Ying Shi Innovation is set to launch a dual-camera handheld gimbal camera, with product details leaked prior to the official announcement [7] - Apple has released a new version of AirTag, featuring a wider tracking range and louder speaker, priced at $29 for a single unit and $99 for a four-pack [10]

Group 1: AI Ecosystem Developments - The AI ecosystem is rapidly evolving with major players like ByteDance, Alibaba, Tencent, and Baidu developing various AI applications across multiple domains such as education, health, finance, and entertainment [1] - ByteDance's AI offerings include Doubao for education and health, while Alibaba's Qianwen focuses on financial services and education [1] - Tencent and Baidu are also expanding their AI capabilities, with Tencent offering services like QQ Browser and Baidu focusing on AI health and education [1] Group 2: Market Changes in Electricity Pricing - A significant market reform in China's electricity sector is underway, with nine regions canceling fixed time-of-use electricity pricing, marking a shift towards market-driven pricing [4] - The National Development and Reform Commission's new rules will eliminate government-set time-of-use pricing starting March 1, 2026, allowing market forces to dictate pricing [4] Group 3: AI Funding and Valuation Trends - Anthropic is planning to raise approximately $20 billion, doubling its initial target, reflecting strong investor interest and pushing its valuation to $350 billion [7][8] - The demand for investment in AI startups is surging, with investor interest reportedly reaching 5 to 6 times the original target [8] Group 4: New AI Models and Innovations - DeepSeek has released a new OCR model, DeepSeek-OCR 2, which utilizes a novel architecture to enhance AI's visual processing capabilities [7] - Alibaba has launched its flagship reasoning model, Qwen3-Max-Thinking, which surpasses leading models in performance and enhances its tool-calling capabilities [13] Group 5: Corporate Developments and Acquisitions - Anta Sports is planning to acquire a 29.06% stake in Puma for €1.5 billion, aiming to enhance its global market position [22] - DeepWay has completed a Pre-IPO financing round of ¥1.177 billion, marking a significant investment in the autonomous driving sector [23]

股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...