Market Overview - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average rising by 404.41 points (0.94%) to 43,386.84, while the S&P 500 increased by 48.86 points (0.80%) to 6,141.02 [1] - In contrast, the European Stoxx 50 declined by 7.98 points (-0.15%) to 5,244.03, and the Shanghai Composite Index fell by 7.52 points (-0.22%) to 3,448.45 [1] Trade and Economic Policies - U.S. trade partners, including Japan, India, and the EU, are hesitant to sign agreements due to uncertainty over potential tariffs on key exports like chips and pharmaceuticals [2] - The U.S. Treasury Secretary requested the removal of a "retaliatory tax" proposal from a tax bill, which could impose a 20% tax on foreign investors from countries deemed to impose unfair taxes on U.S. companies [2][5] Company Developments - Xiaomi announced that its Yu7 model received over 289,000 pre-orders within the first hour of availability, indicating strong consumer interest [3][4] - Nike's stock surged by 10% following the release of its quarterly earnings report, which showed earnings per share of $0.14, slightly above expectations [4] - Nike's CFO indicated that new tariffs could increase total costs by approximately $1 billion for the fiscal year 2026, prompting the company to adjust its supply chain and pricing strategies [5] Mergers and Acquisitions - CoreWeave is in talks to acquire Core Scientific to expand its cloud computing capabilities, with the deal expected to be finalized in the coming weeks [7][8] - Following the acquisition news, Core Scientific's stock price rose by 33%, reflecting investor optimism [9] Regulatory Changes - Apple modified its App Store policies in Europe to comply with the Digital Markets Act, aiming to avoid a potential €500 million fine [11][12] - The new policy introduces a complex fee structure for app developers, including a 5% commission on digital purchases made outside the App Store [12]

Core Viewpoint - Nike's fourth-quarter financial results show a revenue decline of 12% year-over-year, but the results exceeded market expectations, indicating a potential stabilization in sales trends despite ongoing challenges [1][2]. Financial Performance - Nike reported a revenue of $11.1 billion for the fourth quarter, which is 3.8% higher than the market forecast of $10.72 billion [1]. - Adjusted earnings per share fell by 86% to $0.14, yet this was slightly above expectations by 2 cents [1]. - Gross margin contracted by 440 basis points, slightly better than the anticipated 403 basis points decline [1]. Market Dynamics - Sales in North America, Greater China, and Europe, the Middle East, and Africa experienced double-digit declines, but the actual declines were within expected ranges [1]. - Direct sales fell by 14%, which was greater than the 9% decline in wholesale channels, indicating a shift in consumer behavior back towards distributor channels [2]. Product Category Performance - Footwear led revenue with $7.2 billion, despite a 13% decline, outperforming apparel and equipment categories [2]. - Apparel revenue decreased by 10% to $3 billion, while equipment revenue fell by 2% to $567 million [2]. Strategic Initiatives - CEO Elliott Hill emphasized a restructuring strategy focusing on digital capabilities, global supply chain optimization, and core category innovation [1]. - The company aims to reduce reliance on Chinese production to mitigate the impact of U.S. tariffs, targeting a reduction of Chinese imports to a "high single-digit percentage" by May 2026 [3]. Cost Management - CFO Matthew Friend acknowledged the challenges faced in the fourth quarter but noted improvements in key operational metrics [2]. - The company plans to evaluate cost-cutting measures in response to tariff impacts and has announced price increases on some products in the U.S. [3]. Market Reaction - Following the executives' comments, Nike's stock rose over 10% in after-hours trading [4].

随着江苏省城市足球联赛火热开赛，球迷的热情不仅点燃了绿茵场，更推动了足球周边产品的销售热 潮。数据显示，足球鞋、足球、足球袜位列成交量前三位，同时，包括颠球训练器、敏捷梯、足球阻力 带等在内的诸多专业训练装备增幅亮眼，销量同比增长均超60%，显示足球消费正向着专业化方向迈 进。 从全民健身向赛事导流，从兴趣运动到专业化训练，足球正在从赛场走入更广泛的消费生态。随着联赛 深入推进和足球文化的快速发展，专业足球装备、训练辅助工具、运动时尚穿搭等多元细分产品不断涌 现，将进一步拓宽足球消费边界。 （文章来源：经济日报） 各地消费者展现出特色鲜明的足球消费偏好。从地域分布看，广东、北京、山东、四川、江苏是足球装 备消费前5名。其中，北京消费者对护具类产品情有独钟，运动护踝、护腿板等产品受青睐；广东消费 者更偏爱战术板和运动发带，反映出他们对专业训练的关注；江苏赛事带动作用显著，周边消费全面升 温。 从消费者年龄结构看，36岁至45岁人群是足球消费主力，占比超五成；其次为26岁至35岁人群，占比 26.1%。这一消费结构的形成，既源于该年龄段足球爱好者的持续参与，也反映了家长为孩子购置足球 训练装备的旺盛需求。此外，数 ...

耐克第四季度营收111亿美元 高于市场预期 智通财经6月27日电，耐克第四季度营收111亿美元，预估107.2亿美元。 ...

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports - **Industry**: Sportswear and Footwear Key Points Financial Performance and Projections - Anta Sports expects profit margins to improve year-on-year in the second half of 2025, benefiting from a low profit margin base in the second half of 2024 [2] - The brand's guidance for 2025 indicates high single-digit growth, with an EBITDA margin target of 20% and a net profit margin target of 25% [3] - The footwear segment is projected to account for approximately 44% of total revenue in 2024, significantly up from about 20% in 2021, driven by strategic deployments in FILA footwear products [2][7] Brand Performance - FILA's full-year guidance for 2025 is mid-single-digit growth, with confidence in achieving this target [5] - FILA KIDS and FILA Fusion sub-brands are growing faster than the main FILA brand, indicating a shift in consumer preference [6] - The average sales price (ASP) for FILA remains stable, with marketing investments primarily focused on celebrity endorsements and limited sponsorships in functional sports [9] Store Performance and Expansion - Anta's Champion stores achieve sales efficiency of over 500,000 to nearly 600,000 yuan, more than double the average for all Anta stores [2][10] - The SNEAKERVERSE concept stores have shown impressive performance, with sales efficiency exceeding 1.5 million yuan [10] - FILA currently operates around 2,000 stores in China, with plans to upgrade existing stores rather than expand into lower-tier cities [8] E-commerce and Online Sales - Anta's online business is expected to grow faster than offline sales, with good profitability despite lower gross margins due to frequent discounting [17] - The Douyin channel accounts for over 30% of Anta's e-commerce sales, benefiting from a strong offline store network [21] Strategic Acquisitions - Anta completed the acquisition of Jack Wolfskin in June 2025, with plans to enhance product offerings and brand promotion [22][23] - Jack Wolfskin's market size is approximately 300 million euros globally, with a significant contribution from the Chinese market [23] Market Trends and Competitive Advantages - The outdoor segment is expected to maintain double-digit growth in the coming years, with Anta's competitive advantages lying in its strong investment capabilities and operational efficiency [24][25] - Anta aims to balance online and offline channel investments, recognizing the importance of physical stores in brand sustainability [26] Future Plans - FILA plans to strengthen its apparel category and expand women's outdoor series to fill market gaps [19][20] - Descente and KOLON brands aim for approximately 10% annual store growth, with performance improvements from existing stores [27][29] Shareholder Returns - Anta Group maintains a stable dividend payout ratio of no less than 50% due to strong cash flow, with a completed share buyback of 2 billion yuan [30] Additional Insights - The basketball category faces challenges with recent growth performance, attributed to a lack of new iconic stars in the global basketball market [18] - The company is focused on enhancing the operational efficiency of Jack Wolfskin, particularly in the Chinese market, while also addressing brand perception issues [24]

Group 1: Public Fund Market - The total scale of public funds in China reached 33.74 trillion yuan as of May 2025, marking the eighth historical high since early 2024 [1] - In May, the scale of money market funds increased by over 400 billion yuan, while bond funds grew by over 220 billion yuan [1] - The number of newly registered private funds in May 2025 was 1,219, with a total new registration scale of 607.26 billion yuan [1] Group 2: Banking Sector Changes - Many national banks have stopped offering medium to long-term large-denomination certificates of deposit due to reduced interest rate advantages [2] - This shift reflects a strategic adjustment in banks' cost control and liquidity management in response to pressure on net interest margins [2] Group 3: Semiconductor Industry Growth - The global semiconductor manufacturing industry is expected to maintain strong momentum, with monthly production capacity projected to reach 11.1 million wafers by 2028, growing at a CAGR of 7% [3] - Advanced process capacity (7nm and below) is expected to grow approximately 69%, from 850,000 wafers per month in 2024 to a historical high of 1.4 million wafers per month by 2028 [3] Group 4: New Technology Developments - The launch of the new generation of domestic general-purpose processor, Longxin 3C6000, was announced, which does not rely on foreign technology or supply chains [4] - This processor is designed to meet various computing needs across multiple scenarios, indicating advancements in China's tech capabilities [4] Group 5: Corporate Developments - Tianfeng International has upgraded its securities trading license to provide virtual asset trading services in Hong Kong [6] - Longjian Co. won a bid for a national road project valued at 780 million yuan, with a planned construction period of 48 months [8] - Anqi Yeast plans to invest 502 million yuan in a bio-manufacturing center, expected to be completed by the second half of 2027 [10]

来源：中国新闻网 中新网北京6月26日电 题：高校多措并举促就业 为青春梦想保驾护航 记者 曾玥 又是一年毕业季。 "双选会上初步建立的良好沟通有效降低了我们双方的沟通成本，得益于会上对企业业务和文化的充分 了解，我在面试中关于各类提问的回答更具有针对性，专业能力也获得认可。"樊汶青说，最终找到这 份理想工作，需要感谢学校和学院铺设的这座"桥梁"。 这是中国人民大学为高校毕业生高质量就业全链条护航的一个缩影。据该校就业部门有关负责人介绍， 为满足不同群体毕业生求职就业需求，校院协同举办"一院一会"活动，以精准化、专业化、个性化为核 心，分行业、分群体、分地域推出"小而精、专而优"的专场招聘活动。2024年9月以来，中国人民大学 共计举办用人单位专场招聘宣讲会600余场，大中型双选会60余场，累计参会单位5000余家，提供岗位 27万余个。 中国人民大学2024年秋季经管专场双选会现场。(中国人民大学供图) 除充分发挥校园招聘的主渠道作用外，上述负责人还介绍，中国人民大学进一步加强校地校企人才合 作，共建"需求对接—能力培养—精准就业"全链条服务体系。目前，学校已与各地党政机关、企事业单 位签署战略合作协议，共 ...

对于跑者们来说,跑步像是一种"执念"。不管烈日酷暑,还是寒冬凛冽,晨光微熹时的街巷、深夜路灯下的 跑道,总有脚步丈量着城市的轮廓。这份执念里,藏着对呼吸节奏的偏执、与风为伴的自由,更藏着一双能 承载每一次"起落"的跑鞋。而中乔体育近期推出的中风行PRO 2.0和风行 14,正是为这份执念而生,它们 以卓越的性能和优秀的设计,让跑者获得更多的支持,尽情享受跑步的乐趣。 中乔体育推出风行 PRO 2.0,顶级缓震守护全场景畅跑 中乔体育此次推出的顶级缓震慢跑鞋——风行PRO 2.0是一款"全能型选手",它适合进阶跑者、大众跑 者、入门跑者,以及LSD、有氧慢跑、恢复跑等不同水平及场景。其搭载的巭PRO中底用料十足,能量回 馈ER超过80%,减值g值更是达到7.0,可有效减少地面冲击、降低损伤风险,助力跑者轻松迈出下一步,畅跑 无忧。 当跑鞋成为跑者与大地对话的媒介,中乔体育风行 PRO 2.0与风行 14用科技诠释着对奔跑的热爱。从巭 PRO中底的能量反馈到TPU抗扭片的稳定守护,每一处细节都在诉说:跑步的执念从不止于里程,更在于每 一次起落间与自我的和解。相信这两双跑鞋能够陪伴跑者踏碎晨霜、掠过晚风,在与风同行 ...

Company Overview - CICC maintains the EPS forecast for Tmall (06110) at 0.21/0.26 HKD for FY26/27, with the current stock price corresponding to 12/10 times FY26/27 P/E, maintaining an outperform rating [1] - The target price is raised by 10% to 3.40 HKD, corresponding to 15/12 times FY26/27 P/E, indicating a 19% upside potential from the current stock price [1] Recent Performance - In Q1 FY26 (March to May), Tmall's total sales in retail and wholesale declined in the mid-single digits year-on-year, consistent with the company's expectations [2][3] - The retail channel's sales decline was less severe than that of the wholesale channel, primarily due to a double-digit drop in same-store traffic [3] - The total sales area of direct-operated stores decreased by 1.3% compared to the end of February, and by 12.3% year-on-year, although the average sales area per store continued to grow year-on-year [3] - Online sales grew year-on-year, with online direct sales accounting for approximately 40% of total direct sales [3] Inventory and Discounts - By the end of May, the total inventory decreased year-on-year, with the inventory-to-sales ratio remaining stable, aligning with management's expectations for inventory optimization [3] - The retail business experienced deeper discounts year-on-year due to inventory optimization and an increase in online business share, although the extent of discounting eased compared to the previous quarter [3] Category Performance - The professional sports category outperformed the overall market, while the mass sports category performed at an average level, and the sports leisure category faced relatively greater growth pressure [3] Future Outlook - In Q2 FY26, offline sales continue to be pressured by weak customer traffic, and online channel competition remains intense, particularly during the 618 shopping festival [4] - Management expects improvements in some brand orders in FY26 as product optimization and new elements are gradually introduced [4] - The company maintains its guidance for FY26, expecting net profit to remain flat year-on-year, with an improvement in net profit margin [4]

Core Viewpoint - Shanghai Yaoji Technology Co., Ltd. maintains a stable credit rating of A+ for both its corporate entity and the "Yaoji Convertible Bond" with a stable outlook, reflecting its strong market position and financial stability despite some revenue decline [1][4][10]. Company Overview - The company, originally established as Shanghai People's Printing Factory, has evolved into a well-known manufacturer of playing cards and is publicly listed since 2011 [10][11]. - As of March 2025, the company has a total share capital of 415 million shares, with the controlling shareholders holding 49.95% of the shares [10][11]. Financial Performance - In 2024, the company reported total revenue of 32.71 billion yuan, a decrease of 24.05% year-on-year, while the total profit was 6.81 billion yuan [4][11][24]. - The company has a strong cash position with cash assets amounting to 10.81 billion yuan by the end of 2024, and total assets of 50.69 billion yuan [9][11]. - The company's gross profit margin improved to 43.44% in 2024, up by 5.81 percentage points from the previous year [24]. Business Segments - The playing card business remains stable, while the mobile gaming segment experienced a decline in revenue due to a decrease in active users [4][24]. - The digital marketing segment saw a revenue drop but an increase in gross margin due to adjustments in client cooperation and reduced inefficient spending [4][24]. Industry Analysis - The playing card industry in China is characterized by stable demand and intense competition, with the country being a major producer and consumer of playing cards globally [14][15]. - The mobile gaming market in China reached a sales revenue of 325.78 billion yuan in 2024, with a year-on-year growth of 7.53%, indicating a shift from user expansion to increased per capita spending [15][16]. - The internet marketing sector is also growing, with the market size reaching 776.5 billion yuan in 2024, reflecting a 15.04% increase [19]. Risks and Challenges - The company faces risks related to high supplier concentration in its playing card business, which could impact cost control and operational performance [25][26]. - The mobile gaming industry is under pressure from regulatory scrutiny and increased competition, which could affect revenue growth [15][16].