港股午评：恒指收涨0.28% 大市一度涨至近四个月高位 金十数据7月16日讯，隔夜美股三大股指走势分化，中国金龙指数大涨。港股过去4日累涨697点，恒指 今早再度高开113点报24704点，之后反复向上，最多升277点高见24867点，创3月19日后近4个月高位， 但抛盘随即涌现，大市升幅收窄。截至收盘，恒指早盘收涨0.28%，科指早盘收涨0.61%，恒指大市成 交额1579.4亿港元。盘面上，影视娱乐、国内零售、稀土概念股走强，体育用品股反弹，稀土概念、加 密货币概念股再度拉升；建材水泥、消费电子、汽车经销商股走低，中资券商及内险股回调，纸业股连 跌两日。个股方面，三三传媒(08087.HK)涨近49%，同程旅行(00780.HK)、腾讯音乐(01698.HK)均涨超 3%，阿里巴巴(09988.HK)、百度(09888.HK)均涨1.6%。 ...

Group 1 - The Hang Seng Index rose by 0.28%, gaining 68 points to close at 24,658 points, while the Hang Seng Tech Index increased by 0.61% [1] - The Hong Kong stock market saw a trading volume of HKD 157.9 billion in the morning session [1] - The National Healthcare Security Administration of China added innovative commercial insurance drugs to the list for 2025, supporting new drugs with high clinical value but payment bottlenecks, leading to a rise in the Hang Seng Biotechnology Index [1] Group 2 - Livzon Pharmaceutical (01513) surged by 12.69% as the Phase II clinical trial for its cardiovascular innovative drug H001 capsule completed patient enrollment [2] - InnoCare Pharma (02577) increased by 6.41%, planning to significantly enhance its 8-inch gallium nitride wafer production capacity over the next five years [2] - China Heartland Fertilizer (01866) rose by 3.83% following reports of a meeting held by relevant authorities to ensure the supply and stabilize prices of potash fertilizer [2] Group 3 - Chongqing Machinery and Electric (02722) saw a significant increase of over 17% due to catalysts in the domestic AIDC market, with Chongqing Cummins being a supplier for engines [2] Group 4 - Jifang Zhitu Holdings (09636) rose by 10.18% after announcing a proposed share placement to raise approximately HKD 746 million for developing on-chain financial resources [3] Group 5 - Smoore International (06969) fell by 3.55%, expecting a year-on-year decline of approximately 21% to 35% in half-year profits [4] - Kanglong Chemical (03759) issued a profit warning, dropping by 5.24%, with an expected year-on-year decline of 36% to 39% in net profit attributable to shareholders for the first half [5]

央视网消息：眼下正是暑期，文旅市场"热"力全开，成为带动消费的重要引擎。上半年，国内文旅市场也出现不少创新多元的消费新场 景。你可以跟着书本去旅行，也可以跟着电影去旅游，还可以现在就出发，跟着一场球赛去旅行。走，马上跟随镜头去看一看。 江苏常州奥体中心体育场最多可以容纳41000人。7月20日，常州队将在这里主场"迎战"徐州队。自从5月份比赛以来，"苏超"热度持续不 减，单场上座最高突破了6万人。 夜幕降临，白天的暑气渐消，随之而来的是点燃的夜经济。大家吃着烧烤、喝着啤酒，还可以一起通过大屏观看赛事直播；此外，各大商 业街区也打造"美食+购物+足球"等多元的夜间消费场景，将赛事IP转化为激活夜间消费的"超级接口"。 眼下的江苏，全域都是文旅赛场，24小时消费热力在线。两个月以来，"苏超"早已超越足球竞技本身，成为江苏13个城市串联文旅资源、 激发消费潜力的有力引擎。据江苏省体育产业集团预测，整个"苏超"赛季将创造超3亿元的综合经济效益，江苏省平均每个城市将增收两千多 万元。 上海师范大学旅游学院教授宋波称："以一张球票来带动吃住行游购娱的全产业链的消费，以各个地方文化符号，'赛事+文化''赛事+旅 游''赛事 ...

Core Viewpoint - Li Ning's 2Q25 retail sales were in line with expectations, but margins likely missed, leading to a cautious outlook for 2H25E despite maintaining FY25E guidance [1][4] Group 1: Sales Performance - Retail sales grew by low single digits (LSD), approximately 1%, in 2Q25, which is below Li Ning's internal target due to low consumer spending, intensified competition, and a decline in offline foot traffic [5] - Offline retail sales experienced a low single-digit decline, while e-commerce sales increased by mid-single digits (MSD) [5] - Performance varied by sports category, with running showing high single-digit (HSD) growth, lifestyle remaining flat, and basketball experiencing a significant drop of around 20% [5] Group 2: Store Operations - The number of stores remained stable at 6,099 as of 2Q25, with 19 direct retail stores closed and 1 wholesale store opened, slightly behind the FY25E guidance [3] - Management's guidance included 10 to 20 direct retail store closures and 30 to 40 new wholesale store openings [3] Group 3: Financial Outlook - Net profit forecasts for FY25E, FY26E, and FY27E have been revised down by 4%, 4%, and 3% respectively, due to weaker sales outlook and increased discounts leading to a drop in gross profit margin [2][4] - The stock is currently trading at 15x FY25E P/E, which is considered undemanding compared to its 10-year average of 25x [4] Group 4: Marketing and Sponsorship - Li Ning plans to support Yang Hansen, a newly drafted NBA player, with marketing campaigns and product launches, although material sales contributions are not expected immediately [7]

安踏体育（02020.HK） 25Q2 流水点评：安踏品牌推进渠道升级，户 外品牌引领增长 买入（维持） 证券研究报告·海外公司点评·纺织及服饰(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62,356 | 70,826 | 78,173 | 86,079 | 94,239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10,236 | 15,596 | 13,232 | 14,763 | 16,431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 22.41 | 14.71 | 17.34 | 15.54 | 13.96 | [T ...

喜欢匹克球的市民朋友有福了，日前，浙江最大室内匹克球馆——杭州天幕匹克球馆正式启用，成 为大家运动锻炼的又一新选择。 什么是匹克球？这项运动诞生于1965年的美国，近年风靡全球，2024年首次被列为巴黎奥运会表演 项目，已成为当代年轻人的社交"新宠"。 简单来说这是一种将网球、乒乓球、羽毛球合而为一的混合运动，不仅趣味性强而且也非常容易上 手，相较于网球来说，匹克球场地较小，对于参与者的力量要求低，老少皆宜,适合全家共同参与体 验。 此次开放的杭州天幕匹克球馆位于杭州奥体AT中心综合训练馆9楼，由杭州奥体AT中心与杭州天幕 网球俱乐部联合打造。天幕匹克球馆刚启用，就吸引了不少萧山、滨江的年轻人前来挥拍体验，日客流 量已达上百人。 场馆总面积约4400平方米，配备15片国际赛事标准场地。场地内铺设奥运会指定品牌运动地胶，搭 配职业级照明系统和通风系统。通透的大落地窗，可一览奥体中心风景，体验感拉满。 馆内设有中央球场，可容纳300人同时观赛，满足匹克球联合会（WPF）最高级别赛事承办要求。 7月19日，这里将迎来2025年JOOLA 匹克球俱乐部联赛分站赛，届时来自全国各地的匹克球运动员将齐 聚于此，展开激烈角 ...

新华社杭州7月16日电 题：小球转动大市场——一家冰雪装备企业的跨界破局观察 新华社记者夏亮 注塑机有节奏地律动，带着余温的塑料半球被顶出，犹如珍珠般滚落，自动化的粘和臂迅速而精准地将 两个半球合二为一……盛夏时节，走进位于宁波余姚的雪鹰运动装备科技公司智能生产车间，一颗颗匹 克球正在全自动生产线上传送，一支支匹克球拍正在注胶成型，准备销往世界各地。 目前，袁永康的企业拥有儿童拍、玻璃纤维、冷压碳纤维、热压碳纤维以及国际最新采用的发泡工艺匹 克球拍等多种产品，匹克球的日均产值可达数万颗，球拍数千支。 袁永康坚信，匹克球对场地要求低，具有上手快等特点，市场前景十分广阔。于是，他成立匹克球俱乐 部大力组织匹克球公益推广活动，通过匹克球易上手的特点不断组织周赛、月赛、季度赛等，让更多的 群众了解匹克球，加入匹克球，爱上匹克球。 2024年初秋，宁波老外滩的滨江步道上，百组匹克球家庭挥动着霓虹夜光球拍，这场由雪鹰运动装备掀 起的全民运动热潮，正以日均落地5个社区的节奏席卷长三角。 从代工滑雪手套，到创立自主冰雪装备品牌，这家拥有国家高新技术企业、浙江制造"品字标"等九项资 质的制造企业，在冰雪装备出口市场收缩的情况下 ...

港股早晨快訊 2025 年 7 月 16 日星期三 個股推介 藍思科技(6613) 19.44 元 / 短線目標價：21.80 元 / 19.1%潛在升幅 催化劑：i) 在美國解除 EDA 禁令和美越貿易協定於同日達成的背景 下，有利後續訂單交付外，料亦可舒緩市場對上游供應鏈單價、毛利率 壓力的憂慮；ii) 預期最快 8 月初可獲納入港股通； 估值：A 股現價對應 FY25E/26E 22.5x/17.7x 預測市盈率(P/E)，H 股 較 A 股折讓超過 25%，我們認為其於行業的龍頭地位，有助折讓收窄； 拜訪紀要 361 度(1361) 收市價：HK$5.01 / 評級：維持買入 / 目標價：HK$5.40 市場回顧 短期看好板塊 今日市場焦點 ➢ 美國聯儲局褐皮書；英國6月CPI及核心CPI ； 宏觀焦點 中國第二季GDP增長5.2%勝預期，工業勝預期，固投零售遜預期； 港滙再觸發弱方兌換保證，金管局買入逾148億港元； 美國6月CPI按年升2.7%，高於預期； 歐盟羅列反制美國關稅清單，涉720億歐元貨品； 企業消息 | 各國指數 | 收市價 | | 變動% 年初至今% | | --- | --- | ...

Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast for 2025/26 at 4.81/5.42 HKD, with a current stock price corresponding to 17/15 times the 2025/26 P/E ratio, and a target price of 120.92 HKD, indicating a 35% upside potential from the current price [1] - Anta and FILA brands achieved low single-digit and mid single-digit revenue growth respectively in Q2 2025, while all other brands saw revenue growth of 50-55% year-on-year [1] - The company is expected to achieve high single-digit and mid single-digit revenue growth targets for Anta and FILA brands in 2025, supported by adjustments in offline stores and online channel management, as well as a low base effect [1] Group 2 - The report indicates that the mid-to-high-end outdoor segment continues to show strong growth, with Anta brand achieving low single-digit revenue growth in Q2 2025, and FILA brand achieving mid single-digit revenue growth [2] - FILA's performance remains stable, with new categories like golf and tennis becoming growth highlights, and the company strategically increasing discount rates online to accelerate inventory turnover and drive revenue growth [2] - Other brands such as DESCENTE and KOLON experienced revenue growth of over 40% and 70% respectively, while the new brand Maia Active achieved over 30% year-on-year growth, indicating a strong expansion of new store types [2]

Group 1: Economic Growth of the Service Sector - The service sector maintained a rapid growth rate, with a value added of 39,031.4 billion yuan in the first half of the year, representing a year-on-year increase of 5.5% [2] - The contribution rate of the service sector to national economic growth was 60.2%, an increase of 5.8 percentage points compared to the same period last year [2] - In the second quarter, the service sector's value added accelerated to 195,172 billion yuan, with a year-on-year growth of 5.7% [2] Group 2: High-Quality Development and New Momentum - Modern service industries, such as information technology and business services, showed strong growth, with value added increasing by 11.1% and 9.6% respectively in the first half of the year [3] - The combined value added of these sectors contributed 1.7 percentage points to the overall growth of the service sector [3] - High-tech service industries saw significant investment growth, with fixed asset investment in high-tech services increasing by 8.6% year-on-year [4] Group 3: Service Consumption Trends - Service consumption showed steady improvement, with service retail sales growing by 5.3% year-on-year, outpacing the growth of goods retail sales [5] - Online retail sales increased by 8.5% year-on-year, indicating a positive trend in new business models such as instant retail and live e-commerce [5] - Cultural and tourism services also experienced significant growth, with transaction volumes increasing by 31.9% and 7.4% respectively [5] Group 4: International Trade and Investment in Services - The total import and export value of service trade reached 32,543.6 billion yuan, a year-on-year increase of 7.7% [6] - The actual use of foreign capital in the service sector was 259.64 billion yuan, accounting for over 70% of total foreign capital utilization [6] - The e-commerce service industry saw a remarkable increase in foreign investment, growing by 146% year-on-year [6] Group 5: Market Sentiment and Future Outlook - The business activity index for the service sector remained above the critical point, averaging 50.2, indicating expansion [8] - The business activity expectation index averaged 56.7, reflecting a positive market sentiment [8] - The service sector is expected to continue its upward trend, but external uncertainties remain, necessitating further policy support to strengthen domestic circulation and enhance service quality [8]