Core Viewpoint - The major shareholder of Amer Sports, FountainVest Partners, is planning to sell half of its stake in the company, raising concerns about the sustainability of growth for the high-end outdoor brand Arc'teryx, especially after the company's stock price has reached new highs [2][6]. Company Overview - Amer Sports, known for its high-end brands like Arc'teryx, Salomon, and Wilson, has seen significant growth in the Chinese outdoor sports market, although it remains less known in China compared to other brands [3]. - The acquisition of Amer Sports in 2018 by a consortium led by Anta Sports and FountainVest Partners was a landmark case of Chinese capital globalization, with a total purchase price of €4.6 billion [4][5]. Financial Performance - Amer Sports reported a revenue of $5.183 billion in 2024, a year-on-year increase of 18%, with outdoor functional apparel, particularly Arc'teryx, contributing significantly to this growth [5][11]. - The company's market capitalization has surged from approximately €4.6 billion at the time of acquisition to over $20 billion by June 2025, reflecting nearly a fourfold increase [6]. Market Dynamics - The high-end consumer market is undergoing structural changes post-pandemic, with consumers becoming more critical of product quality and value for money, leading to increased scrutiny of premium brands like Arc'teryx [7][10]. - Complaints regarding product quality have risen, with numerous reports of durability issues, which could impact brand reputation and consumer trust [9]. Competitive Landscape - The competitive environment in the high-end outdoor apparel sector is intensifying, with brands like Lululemon and Descente ramping up marketing efforts to capture market share [12]. - Amer Sports is initiating a multi-faceted transformation, including the launch of a footwear division and targeting the female market to drive future growth [13][14].

金融工程 · 专题报告 | 《多因子系列：因子投资手册（一）》 | | --- | | 《多因子系列：因子投资手册（二）》 | | 《多因子系列：因子投资手册（三）》 | | 《多因子系列：因子投资手册（四）》 | | 《多因子系列：因子投资手册（五）》 | F券 CGS 财务基本面解析(一) 财务报表重构-资产负债表 核心观点 分析师 吴俊鹏 ☎： 010-8092-7631 网：wujunpeng@chinastock.com.cn 分析师登记编码：S0130517090001 www.chinastock.com.cn 证券研究报告 相关研究 金融工程 · 专题报告 正券|CGS 中国银河证券|CGS 目录 Catalog | 一、财务报表重构研究 … | | --- | | 二、财务报表重构框架 | | （一）财务报表格式变更 | | (二) 新金融准则和新收入准则 … | | (三) 财务报表处理. | | 三、重构报表因子 … | | （一）资产类因子 | | （二）负债类因子 ……………………………………………………………………………………………………………………………………………………………… ...

Core Viewpoint - The A-share market experienced fluctuations with mixed performance among the three major indices, reflecting a volatile trading environment influenced by sector-specific trends and investor sentiment [1][2]. Market Performance - As of the market close, the Shanghai Composite Index rose by 0.04%, while the Shenzhen Component Index and the ChiNext Index fell by 0.19% and 0.45%, respectively. The total trading volume for the day was approximately 1.18 trillion yuan [2]. Sector Highlights - The metal, Tianjin Free Trade Zone, and communication services sectors showed notable gains, with specific stocks like Shengda Resources, Silver Industry, and Hunan Silver reaching their daily limit [4]. - The football concept stocks saw a resurgence, with Co-Creation Lawn achieving a "5 consecutive limit up" and Jinling Sports experiencing significant volatility, ultimately closing up by 8.92% after a sharp intraday drop [4][7]. Football Concept Stocks - The recent popularity of the "Su Super" (Jiangsu Province City Football League) has positively impacted the A-share football concept stocks, which have been on an upward trend, although some adjustments were noted [6][11]. - Co-Creation Lawn reported a 69.93% revenue contribution from leisure grass and 20.25% from sports grass in 2024, indicating a strong market position despite potential fluctuations due to external events [11]. Innovative Drug Sector - The innovative drug sector showed signs of recovery, with stocks like Changshan Pharmaceutical and Hai Chen Pharmaceutical hitting their daily limit, reflecting a growing interest in this area [12][13]. - Changshan Pharmaceutical's stock price increased by 15.12%, reaching a historical high, with a cumulative increase of 106.42% since May [13][16]. Company Announcements - Co-Creation Lawn confirmed that its business operations remain normal, with no significant changes in fundamentals, despite the heightened market attention [11]. - Jinling Sports acknowledged the abnormal volatility in its stock price, attributing it to market sentiment and potential irrational trading behaviors, indicating a need for caution [11]. Future Outlook - Analysts suggest that the recent surge in "Su Super" concept stocks is primarily driven by market sentiment rather than fundamental changes, highlighting the risk of a potential correction as enthusiasm wanes [11]. - The innovative drug sector is entering a technology-driven cycle, with a focus on antibody drugs and ADCs, suggesting a promising outlook for companies in this field [16].

值得关注的是，作为本次赛事的专用装备，HONMA樱之舞高尔夫球杆也在京东同步开售。为女性打造 的37g轻量型杆身，搭配特有重心设计，让挥杆击球更优雅轻松。大家可以来京东APP搜索"HONMA"选 购该款球杆，不仅可以享受限时立减3000元、12期免息等优惠，还可获赠包括专属球包、POLO衫、空 顶帽、防晒袖套等在内的樱花粉装备套装。 一直以来，京东运动持续深耕高尔夫领域，今年618开门红1小时内，京东高尔夫鞋服品类成交额同比增 长翻倍。未来，京东运动也将携手HONMA等更多品牌，通过专业赛事合作和场景化直播方式，带来最 全最专业的高尔夫装备，让更多人体验到高尔夫运动的乐趣。 高尔夫集健身、休闲、社交于一体，近年来正受到更多年轻女性群体的青睐。2025 HONMA高尔夫樱 花女子巡回赛设置了多样化的赛事形式，采用18洞标准赛制，设置了趣味试打、专业指导、游戏挑战等 丰富的赛前环节，还为"一杆进洞"的选手送上价值435800元的星级套杆大奖。 作为比赛的官方合作伙伴，京东运动在现场同步开启直播，带领观众体验现场氛围并带来多款大牌低价 的专业装备。此外还在现场设置互动展位，让选手们在比赛之余通过互动打卡等方式赢取高 ...

Core Insights - Pickleball is emerging as a popular sport in China, with a growing number of enthusiasts and participants, likened to a "three-in-one" sport due to its combination of elements from badminton, tennis, and table tennis [1][2] - The sport's accessibility, low equipment costs, and ease of learning are driving its popularity among various age groups, including children and adults [2][4] - Major sports brands are increasingly investing in pickleball, with companies like Adidas and Li Ning actively expanding their product lines and hosting tournaments [4][5] Industry Trends - The global pickleball community has expanded to over 90 countries, with significant participation growth in China, particularly in Guangdong and Shanghai, where the number of courts is expected to increase significantly [2][5] - The cost of pickleball equipment is relatively low, with paddles priced between 100 to over 1000 yuan, making it more accessible compared to other racquet sports [2][4] - The pickleball equipment market is projected to grow, with global sales reaching $204 million in 2023 and expected to hit $360 million by 2030, reflecting a compound annual growth rate (CAGR) of 8.6% [7] Market Opportunities - The rise of pickleball has created business opportunities, with private coaching sessions priced similarly to tennis lessons, indicating a viable market for coaching and facilities [4][5] - China is a major production hub for pickleball equipment, with around 300 companies manufacturing related products, highlighting the potential for growth in domestic production and export [5][8] - The professionalization of pickleball in the U.S. has led to increased investment and revenue generation, with leagues like Major League Pickleball (MLP) attracting significant financial backing and partnerships [6][7]

Core Viewpoint - The 2025 Jiangsu Province Urban Football League, dubbed "Su Super," has gained significant attention and discussion online, with local enterprises actively sponsoring the event to enhance brand visibility and community engagement [3][4][8]. Sponsorship Landscape - The league features five levels of sponsorship, including a total title sponsor, official strategic partners, and official suppliers, with notable participation from local companies such as Jiangsu Bank and Jinshiyuan Liquor [7][10]. - Local enterprises dominate the sponsorship landscape, indicating a strong regional commitment to supporting community sports initiatives [8][12]. Audience Engagement - Over 180,000 fans have attended matches across various host cities, showcasing the league's ability to attract local support and engagement [5]. Financial Institutions' Involvement - Jiangsu Bank, as the title sponsor, reported a revenue of approximately 80.81 billion yuan in 2024, reflecting an 8.78% year-on-year growth, and views sponsorship as a means to enhance its cultural and financial integration [10][11]. - The sponsorship by financial institutions like Jiangsu Bank and Zijin Insurance is driven by the need for brand exposure and community connection, leveraging the league's social influence [12][10]. Future Development - The Jiangsu Province Football Association emphasizes the need for a market-oriented approach to ensure the league's sustainability, focusing on broadcasting rights, sponsorship returns, and merchandise planning [14]. - Experts suggest that the league should enhance its social impact before pursuing commercialization, ensuring high participation and coverage while gradually increasing its commercial value [14][15].

Market Overview - The A-share market opened higher and experienced a mixed trading session, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component increasing by 0.58%, and the ChiNext Index up by 1.17% [2] - The total market turnover reached 13,170 billion, an increase of 1,395 billion compared to the previous day [2] - The market has seen three consecutive days of gains, with the Shanghai Composite Index approaching the 3,400-point mark, needing just 16 more points to break through [2] Sector Performance - The new consumption sector experienced a significant decline, with stocks like Laishen Tongling and Chaohongji hitting the daily limit down, while others like Zhou Dashing and Mingpai Jewelry also saw substantial drops [4] - The decline in the new consumption sector is attributed to previous excessive gains, with notable stocks in the Hong Kong market experiencing massive increases, such as Laopu Gold rising over 300% and Pop Mart increasing from approximately 20 HKD to 252 HKD [4] - The valuation of companies in this sector has reached high levels, with Mijue Group at a P/E ratio of 44, Pop Mart at 95, and Laopu Gold at 97, indicating potential overvaluation [4] Notable Gainers - The football concept sector saw strong performance, with stocks like Gongchuang Turf achieving four consecutive daily limits, and Jinling Sports also recording three consecutive daily limits [5] - The military restructuring concept gained 8.24%, with stocks like Huqiang Technology rising over 13% and several others hitting the daily limit [5] - The AI computing power sector experienced a significant rally, contributing to the rise of the innovation index, with stocks like CPO and Zhongji Xuchuang showing strong performance [5] Market Sentiment - The overall market showed a mixed sentiment with 2,677 stocks rising and 2,541 stocks falling, indicating a split market [7] - There were 76 stocks hitting the daily limit up and 12 stocks hitting the daily limit down, reflecting a decrease in market strength compared to previous trading days [7] - The market is currently characterized by rotation among sectors, with a focus on finding opportunities in active sectors while managing risk [7]

Group 1 - The Chinese government will establish 10 national data element comprehensive pilot zones in Beijing, Zhejiang, and Anhui to support the cultivation of business entities and the expansion of the data market [3] - The Ministry of Commerce will actively cooperate with relevant departments to strengthen comprehensive rectification and compliance guidance in the automotive industry to maintain fair competition and promote healthy industry development [4] - The China Securities Regulatory Commission's chief lawyer stated that efforts are being made to formulate a comprehensive policy document on investor protection for small and medium-sized investors in the capital market [5] Group 2 - The company Co-Creation Turf, which has seen a four-day stock increase, stated that the hosting of domestic football sports events will not have a significant impact on its business activities and performance [6] - Sanofi's new drug application for a humanized monoclonal antibody injection targeting IL-1β has been accepted for restructuring [6] - Lianhua Technology, which has seen a six-day stock increase, reported stable gross margins for its K-amine products and has not received any notifications of increased customer demand [6] - Wentech Technology's shareholder, Wuxi Guolian Integrated Circuit Investment Center, plans to reduce its holdings by no more than 3% of the company's shares [6]

Core Viewpoint - The "Su Chao" event has significantly boosted the stock prices of related companies, despite these companies not providing sponsorship or establishing direct cooperation with the event [1] Group 1: Impact on Companies - Companies such as Jinling Sports, Gongchuang Turf, and Kangliyuan have seen substantial stock price increases due to the "Su Chao" concept [1] - These companies have expressed interest in potential collaborations with "Su Chao" despite not currently being sponsors or partners [1] Group 2: Sponsorship Insights - Jinsiyuan, one of the main sponsors of "Su Chao," noted that their sponsorship was a routine arrangement that unexpectedly generated significant traffic, and they are exploring opportunities to convert this traffic into value [1] - Tianmuhu, involved in the cultural tourism industry, reported that "Su Chao" has a noticeable positive impact on consumer spending among tourists [1]

来源：新华网 新华网北京6月5日电（刘品彤）6月3日，2025年服贸会"高管谈服贸"系列采访活动走进李宁公司。活动 实地走访了位于北京经济技术开发区的北京李宁中心，探索李宁公司在科技创新与绿色环保方面的前沿 实践。 从实验室到生产线：环保科技的"全链路魔法" 图为北京 李宁中心园区内的李宁运动科学研究中心。新华网 毕尚宏 摄 在北京李宁中心旗舰店内，一双双"会呼吸的跑鞋"揭开环保科技的神秘面纱。鞋面采用的䨻丝科技，提 取自蓖麻油等生物基材料，这种"源于自然"的创新让超1000万双跑鞋兼具透气性与可持续性。 李宁中心园区内的门店。新华网 毕尚宏 摄 图为北京 在产品染色工艺环节，李宁秉持对水资源的节约理念，采用"自然而染"的无水染色技术，单件产品节水 40升。而采用传统植物染色匠艺的服装，从植物中萃取天然色彩，以蓝颜色为例，使用植物染色工艺能 使电力消耗降低42.2%，水耗降低53.4%。 令人震撼的当属一款全降解专业运动鞋，埋入土壤中180天的降解周期演示了"从自然中来，到自然中 去"的循环。作为国内首个联合合作伙伴攻克可降解橡胶大底技术的品牌，李宁通过20年的持续研发投 入和不断突破技术难关，让专业运动鞋告 ...