Company Performance - Anta brand's retail revenue decreased slightly in low single digits year-on-year in Q4 2025, while FILA brand's revenue increased in low single digits [1] - Other brands (excluding new brands added after early 2024) achieved a revenue growth of 35-40% year-on-year in Q4 2025, demonstrating strong performance [2] - The company maintained a stable offline discount rate at 71% and an online discount rate reduced by 2 percentage points to 50% year-on-year, with a slight increase in inventory turnover ratio above 5x at the end of the quarter [1] Brand Insights - FILA brand focused on experience upgrades and brand expression, with retail revenue growth in low single digits in Q4 2025, and significant online performance in categories like down jackets and dad shoes [1] - Descente brand achieved a revenue growth of 25-30% year-on-year, becoming the third brand in the group to reach a revenue of 10 billion [2] - Kolon Sport brand saw a revenue increase of 50-55%, indicating continued brand momentum [2] Future Outlook - The company aims for high-quality growth and healthy inventory and discount management in 2026, with several major events planned [2] - The management plans to continue investing in long-term brand development, although short-term operating profit margin may face some pressure [2] Earnings Forecast and Valuation - The EPS forecast for 2025 is maintained at 4.71 yuan, while the 2026 forecast is adjusted down by 4.5% to 5.03 yuan, with a new forecast for 2027 at 5.45 yuan [2] - The target price is adjusted down by 4% to 110.91 HKD, corresponding to a 20x P/E for 2026, indicating a potential upside of 34% [2]

深圳商报·读创客户端记者 刘娥 大会主论坛上，中国会展经济研究会会长曲维玺剖析了严峻复杂的内外环境，指出会展业的核心指导原 则：必须紧扣国家"十五五"规划，以高质量发展为核心，统筹发展与安全，主动服务于现代化产业体系 建设与双循环新格局。 中华酒业国际促进总会创始会长、正大集团中国区首席运营官侯孝海指出，消费人群、科技基础与商业 环境已发生根本性剧变，会展业必须摒弃传统"人山人海"的增量思维，主动拥抱高质量、存量化的发展 新阶段。 在科技变革与产业融合的双重驱动下，中国会展业正迎来前所未有的发展机遇。1月21日，2026第二届 国际会展活动产业链大会（简称"展链会"）在深圳国际会展中心落幕。为期三天的议程涵盖了一场洞察 宏观趋势的主论坛、三十场聚焦细分领域的平行活动、一场规模达4000平方米的产业生态展览，并举办 了百亿招采等多场精准的产业对接活动，为会展行业发展注入澎湃动能。 2026展链会由中国会展经济研究会指导，广东会展组展企业协会、深圳市会议展览业协会主办，深圳市 招华国际会展运营有限公司、采购中国、CWTO新型消费研究专业委员会联合主办。 深圳市商务局党组成员、副局长池卫国表示，深圳以年轻活力、多项 ...

新华社评论员：推动高质量发展不断取得新成效——二论学习习近平总书记在省部级主要领导干部专题 研讨班开班式重要讲话精神 高质量发展是全面建设社会主义现代化国家的首要任务。习近平总书记日前在省部级主要领导干部学习 贯彻党的二十届四中全会精神专题研讨班开班式上发表的重要讲话，着眼党的二十届四中全会对"十五 五"时期经济社会发展的战略擘画，就抓住工作重点、完成好战略任务，进一步作出部署、提出要求。 我们要自觉把思想和行动统一到总书记重要讲话精神和党中央决策部署上来，学以致用、知行合一，推 动高质量发展不断取得新成效。 高质量发展是推进中国式现代化的本质要求，关系我国社会主义现代化建设全局。"十五五"时期，坚持 以新发展理念为引领，认真贯彻落实推动高质量发展的战略部署，加快构建新发展格局，真抓实干、久 久为功，推动高质量发展不断取得新成效，我们必将续写经济快速发展和社会长期稳定两大奇迹新篇 章，不断开创中国式现代化建设新局面。 回首过去一年，面对国内外经济环境的复杂变化，国民经济运行顶压前行、向新向优，高质量发展取得 新成效，经济社会发展主要目标任务圆满实现，"十四五"胜利收官。回望过去五年，在以习近平同志为 核心的党 ...

高质量发展是全面建设社会主义现代化国家的首要任务。习近平总书记日前在省部级主要领导干 部学习贯彻党的二十届四中全会精神专题研讨班开班式上发表的重要讲话，着眼党的二十届四中 全会对"十五五"时期经济社会发展的战略擘画，就抓住工作重点、完成好战略任务，进一步作出 部署、提出要求。我们要自觉把思想和行动统一到总书记重要讲话精神和党中央决策部署上来， 学以致用、知行合一，推动高质量发展不断取得新成效。 大国经济的特征都是内需为主导、内部可循环。我国人口多、市场大、产业全、发展动能强，有 条件加快构建新发展格局。推动高质量发展不断取得新成效，必须坚持扩大内需这个战略基点， 坚持以国内大循环为主体，正确处理消费和投资、需求和供给的关系，坚持惠民生和促消费、投 资于物和投资于人紧密结合，努力提高国民经济循环质量和效率，让内需成为经济发展的主动 力。全球市场是一个你中有我、我中有你的整体。要以做强国内大循环提升扩大高水平对外开放 的自主性，以拓展国际循环增强国内改革发展的活力，努力实现内外联通、互促共进。增强国内 大循环内生动力和可靠性，以内需的稳定发展对冲外需的不确定性，把大国经济纵深广阔的比较 优势转化为竞争优势，才能不 ...

Core Points - The Jiangsu Provincial Political Consultative Conference in Yancheng successfully concluded its fifth session of the ninth committee on January 22, highlighting the importance of the meeting in the context of implementing the spirit of the 20th Central Committee of the Communist Party of China and the local government’s development plans [2][3] Group 1 - The meeting was characterized as a significant event for uniting efforts and promoting practical actions towards the successful completion of the "14th Five-Year Plan" and the initiation of the "15th Five-Year Plan" [3] - The conference emphasized the need for all levels of the Political Consultative Conference to actively contribute to economic and social development, aligning with the new directives from the municipal government [4] - A report on the preliminary review of proposals from the conference was presented, and the resolution of the meeting was unanimously adopted [4]

Group 1 - The Central Military Commission Chairman Xi Jinping signed an order to issue the "Military Theory Work Regulations," effective from March 1, 2026 [6] - Xi Jinping emphasized that consolidating and expanding the achievements of poverty alleviation is a bottom-line task for comprehensively promoting rural revitalization, ensuring no large-scale return to poverty occurs during the "14th Five-Year Plan" period [7][8] - The development vitality of poverty-stricken areas is continuously increasing, injecting strong momentum into the comprehensive revitalization of rural areas and the new chapter of Chinese-style modernization [7] Group 2 - In 2025, China's agricultural and rural development is expected to progress steadily, providing foundational support for high-quality economic and social development [9] - The manufacturing industry in China is accelerating its intelligent and green development, with a significant increase in the procurement of automated and digital equipment by over 10%, leading to a 28.1% year-on-year growth in sales revenue of intelligent equipment manufacturing [10] - The service industry in China is experiencing rapid growth, with modern service sectors playing a significant leading role and steadily expanding service consumption, contributing increasingly to national economic growth [11]

原标题：锐意进取 真抓实干 北京银行召开2026年工作会议 来源：北京银行 要奋发有为抓好各项工作落实。一是要坚持党建引领，坚持把党的政治建设摆在首位，持续强化宣传思 想工作，扎实推进基层党组织建设，打造过硬人才队伍，持之以恒正风肃纪反腐，建设清朗美丽银行。 二是要坚持价值创造，优化资产负债体系。三是要坚持客群建设，做好深度经营、协同经营、价值经 营，厚植长远发展根基。四是要坚持特色发展，做深"五篇大文章"，做透"五大特色银行"，做专"六大 创新金融"，巩固市场竞争优势。五是要坚持业技融合，加快打造一流数智银行。六是要坚持因地制 宜，做实做细差异化区域政策。七是要坚持集团协同，强化投资机构管理。八是要坚持守牢底线，确保 稳健合规发展。九是要坚持改革攻坚，释放运营管理成果；十是要坚持精细高效，不断打造规范、精 细、赋能、系统、科学的管理体系，稳步提升管理质效。 会议强调 1月22日，北京银行召开2026年工作会议。党委书记关文杰讲话，党委副书记、行长戴炜作工作报告， 党委常委、党委委员出席会议。 会议指出 2025年，北京银行党委坚持以习近平新时代中国特色社会主义思想为指导，认真贯彻新时代党的建设总 要求，党建 ...

无锡市政府市长蒋锋在1月22日举行的无锡市第十七届人大六次会议开幕式上指出，今后五年，无锡的总体目标是：高质量发展继续走在前列，经济总量 突破2万亿元，人均GDP保持全国大中城市前列。 科技创新和产业创新深度融合，全社会研发投入强度达3.8%，战略性新兴产业产值占规上工业比重达46%以上，打造江苏发展新质生产力重要阵地；改革 开放向纵深拓展，重要领域和关键环节改革取得新突破，开放型经济占全省比重稳中有升，区域协调发展优势进一步彰显。 共同富裕取得明显成效，高质量充分就业实现新进展，教育、医疗、养老等公共服务优质均衡水平显著提升；美丽无锡建设迈上新的台阶，太湖无锡水域 水质稳定保持III类，碳达峰目标如期实现，生态环境质量一年更比一年好；市域治理体系和治理能力现代化水平实现新提升，重点领域风险得到有效防范 化解，平安无锡、法治无锡建设达到更高水平。 通过接续奋斗，到2035年，人均地区生产总值在2020年基础上实现翻番、居民人均收入实现翻一番以上，"强富美高"新无锡现代化建设取得长足进展，新 时代工商名城城市品牌的国际知名度和美誉度明显提升，产业科创名城、湖湾生态名城、开放枢纽名城、江南文化名城功能更加完备、影 ...

Core Viewpoint - Nanjing Bank has demonstrated strong performance in 2025, with significant growth in total assets, operating income, and net profit, while maintaining a low non-performing loan ratio and high provision coverage [1][2][4]. Group 1: Financial Performance - As of the end of 2025, Nanjing Bank's total assets exceeded 3 trillion yuan, reaching 30,224.24 billion yuan, a year-on-year increase of 16.63% [2]. - The bank achieved operating income of 555.40 billion yuan, reflecting a growth of 10.48% year-on-year [3]. - Net profit attributable to shareholders was 218.07 billion yuan, marking an 8.08% increase compared to the previous year [3]. - The non-performing loan ratio stood at 0.83%, with a provision coverage ratio of 313.31% [4]. Group 2: Business Development - Nanjing Bank has focused on enhancing financial supply in key areas, supporting the real economy, and boosting consumption, which has solidified its operational foundation [2]. - The bank's total deposits reached 16,707.89 billion yuan, an increase of 11.67% year-on-year, while total loans amounted to 14,243.56 billion yuan, growing by 13.37% [2]. - Retail banking has seen rapid growth, with retail customer financial assets surpassing 1 trillion yuan, up 21.23% from the previous year [3]. Group 3: Risk Management - The bank has implemented significant measures to enhance risk control, including vertical reforms in credit approval, resulting in improved asset quality [4]. - The core Tier 1 capital adequacy ratio was reported at 9.31%, providing a solid safety net for sustainable operations [4]. Group 4: Market Performance - Nanjing Bank's capital strength has attracted market attention, with a successful market conversion of 20 billion yuan in convertible bonds, enhancing its capital position [5]. - The bank has seen significant share purchases from major shareholders, totaling over 15 billion yuan, indicating strong confidence in its long-term prospects [5]. - The bank distributed cash dividends totaling 37.857 billion yuan, maintaining a cash dividend rate above 30% for several consecutive years [5].

Core Viewpoint - In 2025, Huimin County is experiencing significant economic growth, with key indicators such as GDP, industrial added value, fixed asset investment, and per capita disposable income ranking among the top in the city, driven by major projects and industrial development [1] Group 1: Economic Development - Huimin County's industrial output value has surpassed 90 billion yuan, supported by the establishment of major projects like the Runlong New Energy High-end Equipment Manufacturing Base and the Binda Rope Network Industrial Park [1] - The county has been recognized as a notable county for high-quality economic development in the province and a leading commercial county nationally, indicating a shift towards higher quality and more efficient growth [1] Group 2: Government Initiatives - The government work report emphasizes the acceleration of infrastructure projects such as the Qingzhang Expressway and the completion of the Le'an Yellow River Bridge, which aligns with the county's development goals [2] - Huimin County plans to focus on six key areas to implement the strategies outlined in the government report, enhancing clarity in development paths and action plans [2] Group 3: Industrial and Infrastructure Focus - The county aims to strengthen its leading industries by attracting complementary projects and expanding the industrial chain, with 77 key projects set for implementation [3] - Infrastructure improvements, including the completion of the Jibin High-speed Railway and the acceleration of major road projects, are prioritized to enhance connectivity and support economic activities [3] Group 4: Rural Development and Agriculture - As an agricultural county, Huimin will enhance high-standard farmland construction and stabilize the supply of key agricultural products, promoting a model of one town, one industry, and one village, one product [3] - The county is committed to building a strong regional public brand for agricultural products, focusing on rural revitalization [3] Group 5: Reform and Open Economy - The county is focused on consolidating reforms in various sectors, including business environment and state-owned enterprises, while actively engaging in national and provincial reform initiatives [4] - Efforts to expand cross-border e-commerce and improve foreign trade and investment quality are part of the county's strategy to enhance economic dynamism [4] Group 6: Cultural and Tourism Development - Huimin County plans to leverage its cultural resources, including Sunzi culture and Yellow River culture, to enhance tourism experiences and promote regional tourism [4] - The opening of the high-speed railway is seen as an opportunity to boost tourism and create a regional consumption center [4] Group 7: Social Welfare and Quality of Life - The county prioritizes improving the quality of life for its residents by focusing on education, healthcare, and social security, ensuring that development benefits the community [4] - Initiatives are aimed at addressing the urgent needs of the population, enhancing overall happiness and well-being [4]