Industry Overview - The research report from Jefferies expresses a more optimistic outlook on the Chinese sportswear industry, despite facing challenges from unseasonably warm winter weather [1] - Retail sales during the Lunar New Year holiday are expected to outperform expectations, attributed to government subsidies, changes in holiday dates, and the increasing popularity of outdoor sports [1] Retail Sales Performance - Year-to-date retail sales are projected to grow over 5% year-on-year, showing a significant acceleration compared to flat performance in the fourth quarter of the previous year [1] - However, discount rates have worsened compared to the same period last year, indicating potential pricing pressures in the market [1] Company Insights - Anta Sports (02020) is showing signs of operational stability following recent guidance downgrades, driven by a low base effect, store renovations, and discount optimization [1] - Jefferies sets a target price of HKD 95 for Anta Sports with a "Hold" rating [1] - Li Ning (02331) receives a target price of HKD 48 with a "Buy" rating from Jefferies, reflecting positive sentiment towards the company's performance [1]