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]

Core Insights - The global sports market is projected to exceed $417 billion by 2025, with an annual growth rate of 5% since 2020, and is expected to rise to approximately $602 billion by 2030 [6][2] - The sports industry has evolved from a passion-driven sector to a vibrant commercial ecosystem, where financial success must accompany competitive victories [2][3] - The industry faces challenges such as changing preferences among younger fans, regulatory pressures, content piracy, and the rise of women's sports, which present both risks and opportunities [2][3] Revenue Pools - The sports market revenue is driven by three main value pools: event IP and live experience commercialization, sports betting, and broadcasting and streaming [6][7] - The event IP and live experience pool is expected to reach $154 billion by 2025, with an annual growth rate of 8%, driven by the enduring appeal of sports content and enhanced operational efficiency through data analytics [11][12] - The broadcasting and streaming market is projected to reach $86 billion by 2025, facing challenges from traditional broadcasting being replaced by lower-margin streaming services [17][18] - The sports gaming and betting sector is anticipated to be the largest and fastest-growing value pool, reaching approximately $177 billion by 2025, fueled by the legalization of sports betting in the U.S. and the rise of mobile platforms [19][20] Emerging Trends - Women's sports are becoming a significant growth engine, with projected revenues of $2.35 billion by 2025, reflecting a 240% increase from 2022 [30][31] - New sports formats and derivative forms are emerging, appealing to younger audiences by prioritizing entertainment and interactivity [34][35] - The Middle East is positioning itself as a global sports hub, attracting significant investments and hosting major international events [40][41] Investment Opportunities - Investors can leverage various value levers to enhance institutional value, including optimizing operational efficiency and reconstructing financial systems [3][46] - The influx of value-driven investors is reshaping the sports industry landscape, with a focus on diverse investment types beyond traditional teams and leagues [46][47] - Six core strategies are recommended for value-driven investors to capture growth opportunities while managing risks [51][52]

Economic Data - The GDP of China for the first half of the year reached 66,053.6 billion yuan, showing a year-on-year growth of 5.3% [1] - The National Bureau of Statistics released this preliminary calculation on July 15 [1] Policy Changes - The Ministry of Commerce, in collaboration with the Ministry of Science and Technology, announced adjustments to the "Catalog of Technologies Prohibited from Exporting and Restricted from Exporting" [1] - This adjustment aims to address concerns regarding technology export restrictions [1] Industry Developments - The eleventh batch of national organized drug procurement has been initiated, with 55 varieties included in the procurement range [2] - The new policy in Beijing allows for the direct payment of rent using housing provident fund, with an increase in payment frequency to quarterly [4] Fuel Pricing - Domestic retail prices for refined oil have been reduced for the sixth time this year, with a decrease of 0.1 yuan per liter for 92-octane gasoline [7] - The price adjustments are based on the average international crude oil prices over the previous ten working days [7] Financial Regulation - The National Financial Regulatory Administration has released the "Interim Measures for the Supervision and Management of Local Asset Management Companies" to enhance oversight and promote healthy industry development [8]

Core Viewpoint - The article highlights the development initiatives in Gaoqiao Town, Danju District, emphasizing the focus on enhancing industrial capacity, improving living standards, and promoting high-quality regional development through various projects and community services [1][2][3][4]. Group 1: Industrial Development - Gaoqiao Town is accelerating the development of its characteristic industries, with significant projects like the 1,727-acre fishing-solar complementary photovoltaic project, which is expected to generate an average annual power output of 120 million kWh, replacing 36,400 tons of standard coal [1]. - The Mengjiagang International Logistics Park's first phase has commenced operations, achieving a cargo throughput of over 4 million tons from January to May [2]. - Local enterprises such as Honglian Electric and Aikexin Footwear have completed technological upgrades and expansions, enhancing their production capabilities [2]. Group 2: Infrastructure and Water Management - The construction of six new pumping stations is crucial for flood control and drainage, designed to handle a flow rate of 6.0 m³/s, benefiting 15,000 residents and 13,000 acres of rice fields [3]. - An accompanying 8.59-kilometer asphalt flood prevention road is being built to improve transportation conditions along the river [3]. Group 3: Community Services and Welfare - Gaoqiao Town is implementing various community welfare projects, including the "Love Summer Care Class" for underprivileged children and upgrading services for the elderly and disabled [4]. - The town aims to enhance the living environment by regularly improving the aesthetics of the community, aligning with provincial goals for livable and workable rural areas [4]. - The local government is committed to completing eight key livelihood projects to increase residents' happiness index in the second half of the year [4].

匹克球示意图 阳光洒进球馆，球拍轻击塑料球的"啪嗒"声此起彼伏。周末，位于北京延庆的世园国际匹克球运动中心 内，十多片球场上人声鼎沸。匹克球爱好者来回奔跑、挥拍接球，欢笑与呐喊交织成一幅动感十足的画 面。 2023年，在海外留学和工作多年的王夕多回到上海，创办了匹克球俱乐部。短短两年，俱乐部从最初的 2片球场扩展至华东、华北2个城市、3家俱乐部，拥有多片匹克球专业场地。据她介绍，目前俱乐部会 员已超过1200人，其中20至35岁的青年占比超过七成。 同样是在2023年，中国网球协会正式启动匹克球推广工作，搭建起从竞赛规则、器材标准到教练裁判管 理的整体框架。国家体育总局网球运动管理中心青少年与群众网球部主任、中国网球协会副秘书长孙文 兵说："我们以标准化引领推广，力求在起步阶段就把基础打牢，扩大匹克球在国内的普及范围和人口 规模，为推动全民健身提供新的路径。" 打通推广的"任督二脉" "我们现在有200多名会员，大家打球的'黏性'很强，很多人一周要来四五次。"中心总经理姚裕说，作 为华北地区最大的匹克球中心，这里不仅球友活跃，比赛也一场接一场。 从俱乐部到社区，从高校到中小学，近年来，匹克球运动正以意想不到的 ...