安踏体育 ANTA SPORTS (2020 HK) 4Q25 营运表现点评：FILA 稳健增长，2026 展望谨慎运动大年将加大投入 4Q25 Review: FILA Delivers Steady Growth; Cautious Outlook for 2026 with Increased Investment Planned for the Sports Year 20 Jan 2026 研究报告 Research Report [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$82.55 目标价 HK$97.10 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$230.86bn / US$29.61bn 日交易额 (3 个月均值) US$87.90mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年股价 ...