Core Insights - The running gear market is experiencing significant growth due to the rising popularity of running as a part of a healthy lifestyle, with products like trail running shoes, ankle supports, waist packs, and sports watches gaining consumer interest [1] - Functional running shoes, particularly carbon plate shoes and high-energy return foam shoes, are favored by runners, but there is a need for proper guidance on their suitability for different skill levels to prevent injuries [1] - The fashion aspect of running gear is becoming increasingly important, with many brands launching stylish activewear that appeals to younger consumers, indicating a broader market potential for running equipment beyond just athletic use [1] Industry Trends - The proliferation of smart wearable devices has made sports watches that track pace, heart rate, and blood oxygen levels standard for many runners, with consumers seeking to integrate health data with exercise metrics for better personal health insights [2] - There is a growing opportunity for companies to collaborate with healthcare institutions to provide more precise exercise plans and health management services, enhancing the value proposition of running gear beyond mere product sales [2]

Group 1: Urban Diving - Urban diving is rapidly gaining popularity, allowing individuals to experience diving without traveling to coastal areas, with facilities like the TD25 Urban Blue Hole in Chengdu offering a 25-meter deep diving experience [2] - The hidive diving center in Beijing has upgraded to a new 33-meter deep diving space, enhancing the diving experience and attracting more enthusiasts [3] - The domestic diving market is growing faster than the global average, driven by social media platforms like Xiaohongshu and Douyin, which have significantly increased interest in urban diving activities [4] Group 2: Paddleboarding and Kayaking - Paddleboarding and kayaking have transitioned from niche activities to mainstream summer sports, comparable in popularity to marathons and cycling [5] - Paddleboarding is favored for its low entry barrier and versatility, appealing to a wide range of participants, while kayaking emphasizes teamwork and skill [6][7] - These water sports are now accessible in many inland cities, with numerous locations offering equipment rentals and professional coaching [6][7] Group 3: Water Parks - Water parks are innovating to attract younger audiences, introducing unique events like water music festivals and themed parties [8] - New attractions, such as the "Sky Water Park" in Shanghai, offer thrilling experiences with high-speed slides and immersive environments [9] - Guangzhou's Changlong Water Park has transformed into a trendy complex, featuring cutting-edge rides and diverse entertainment options, enhancing the overall visitor experience [11]

策略研究 | 证券研究报告 — 点评报告 2025 年 6 月 18 日 策略点评 新消费仍具择机配置机会 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 20 世纪 90 年代后的日本消费呈现出四大趋势：1）"性价比"消费崛起； 2）低成本"宅"娱乐产业热度提升；3）"失业潮"驱动职教需求提升； 4）新兴户外消费兴起。近年来，我国消费结构与消费趋势也出现了一定 的变化，贡献了新的投资机会。"性价比"消费呈现崛起态势，特别是 折扣零售、量贩零食、跨境电商、国货美妆等平价消费赛道景气度向好； "娱乐经济"消费热度不断提升；户外运动消费崛起的趋势也较为明显。 同时，国内多家新消费公司，如蜜雪集团、布鲁可、古茗等登陆港股且 表现亮眼，A 股新消费赛道有望持续受到港股映射的带动。新消费产业 趋势仍在，择机配置仍具机会。重点关注折扣 ...

比网球更易上手，比羽毛球强度更低、比乒乓球活动空间更大，匹克球，这个融合了网球、羽毛球和乒乓球的"三合一"运动，正在成为当代年轻人的新 宠。 小红书上#匹克球#的话题浏览超过 1.2 亿，关于匹克球打法、教学、球拍场地推荐的话题讨论引来众多网友讨论。各类社交媒体上，余承东、郑凯、郭晶 晶、何雯娜等各界公众人物的分享、站台，进一步拉高了匹克球的关注度。 图源：微博截图 真金白银的消费力，是参与热情更直观的显现。京东和上体联合发布的《2024年体育消费报告》显示，2024 年匹克球相关产品，如匹克球拍、匹克球网 等，成交额同比增长均超过 10 倍，增长率显著高于羽毛球、网球品类。 近两年，阿迪达斯、李宁、斯凯奇、安踏等头部运动品牌，纷纷加码匹克球市场布局，推出相关产品，积极赞助赛事和明星球员。 今年 3 月，北美匹克球装备与赛事运营的头部品牌 SKYPURE 宣布，旗下核心赛事 IP——SKYPURE Pro Pickleball Championship 将于今年进入中国市场， 落地中国首个国际级商业匹克球赛事体系。 这个曾经小众的的"缝合怪"，为何会突然成为球类运动的新晋网红？它的爆火会是昙花一现吗？ 匹克球 ...

近年来，齐商银行聚焦区域经济发展需求，通过精准对接企业痛点、创新金融产品、优化服务模式，为不同行业提供个性化金融支持，有效破解企 业融资难题，以实际行动诠释地方金融机构的责任担当。 前不久，红叶柿岩旅游区打造沉浸式文旅项目时遭遇资金瓶颈，齐商银行博山支行及时与景区对接，短短数天后，向山东红叶柿岩旅游发展有限公 司发放贷款950万元。景区负责人表示，此次贷款投放是淄博金融与文旅产业深度融合的一个缩影。在金融机构支持下，红叶柿岩的未来发展蓝图日 渐清晰。景区将继续坚持打造"乡村振兴齐鲁样板"和"全国山岳类主题度假乐园"的战略定位，用高质量的产品和服务回馈游客。 在淄博高新区，山东某健康科技有限公司的生产线正开足马力赶制订单。作为专注运动营养食品的研发及加工制造领域的企业，市场需求的大量增 长曾让企业陷入"甜蜜的烦恼"。齐商银行莲池支行了解到企业资金困境后，迅速行动，为其提供990万元贷款投放，帮助企业突破产能瓶颈。 金融与实体经济共生共荣，齐商银行用敏锐的市场洞察、更贴心的金融服务，深挖企业需求，为更多的优质企业"贷"去希望，携手共创地方经济繁 荣新局面，持续书写金融赋能实体的精彩篇章。 在"双碳"目标引领下，齐 ...

在国内社媒平台，率先发出"无鞋可穿"呼声的是鞋码超过40的大码女性消费者。她们指出，女款运动鞋的最大码往往止步于40码且长期缺货，"想买大码 只能被迫选择男款"。 图源小红书搜索页 一双合脚的鞋，往往是人们开启运动的第一件装备，但不少女性正面临"买不到鞋"的现实困境。 放眼整个消费市场，更多运动女性面对的则是"想买的新款运动鞋根本没有女码"的无奈。 精练GymSquare在电商购物平台搜索后发现，从球鞋、跑鞋，到新晋热门单品越野鞋，相比男鞋从款式到码数均供货较充足的状况，女性消费者的功能性 运动装备，在当下市场的选择空间更加狭小。 运动鞋大码甚至女码缺席的现象，在女性运动热潮、"她经济"蓬勃发展的当下，显得格外矛盾：各大运动品牌纷纷高调宣布加码女性市场，但真实情况是 女性运动装备的选择依然捉襟见肘。 不过，恰恰是这种矛盾的凸显，也正在成为推动市场变革的催化剂——被隐形的鞋码背后，是长期以来女性运动需求被边缘化的现实。当越来越多不甘沉 默的声音汇聚，失衡的供需现状也是时候发生改变了。 一、运动市场火热，女性运动鞋"缺席" "大码运动鞋也买不到，很多40/41码其实都是男款，不适合女性的脚。" 在精练GymSqu ...

此外,小微企业、外贸企业承载着大量就业,此次提高了稳岗扩岗专项贷款额度,小微企业最高授信由原来 3000万元提高至5000万元,对个人最高授信1000万元；对受关税影响较大的外贸企业,开展"点对点"上门 服务,支持企业组织在岗培训、转岗培训等,增强用工稳定性。 稳企业 对外贸企业 "应贷尽贷""能贷快贷" 聚焦稳企业,山东围绕信贷融资、账款清偿、补助补贴等方面,推出针对性政策措施。当前,外部冲击影响 加大,部分外贸企业生产经营面临困难,山东将用好小微企业融资协调工作机制,对有进出口实绩且正常经 营的外贸企业"应贷尽贷""能贷快贷"。建立省市县三级民营企业金融直连服务机制,完善以信用信息为 基础的普惠融资服务体系,2025年信易贷平台新增授信5000亿元以上。 近日,山东省政府印发《加力稳经济促高质量发展政策措施》。作为2025年第二批政策清单,山东聚焦稳 岗扩岗、援企助企、内需挖潜、要素供给等关键环节,加大支持力度,推出4个方面26条政策措施。 稳就业 把高校毕业生等 青年就业作为重中之重 聚焦稳就业,政策清单聚焦重点群体、企业,通过补助补贴、专项贷款等方式,加大支持力度。其中,山东把 高校毕业生等青年就业作 ...

Core Insights - Anta Sports has successfully acquired 75.13% of MAIA ACTIVE, a domestic yoga apparel brand focused on Asian women, enhancing its presence in the women's segment of the market [1][3] - MAIA's sales reached approximately 500 million yuan in 2022, with its flagship product, "waist-optimized pants," selling over 300,000 units [1] - The transition of MAIA's control to Anta is seen as a strategic move to overcome challenges in the online-to-offline integration process [2][3] Company Strategy - MAIA's new president, Zhao Guangxun, aims to maintain the brand's original tone while implementing strategic adjustments to focus on the mid-to-high-end market [5][13] - The brand has streamlined its product line by eliminating 10%-15% of non-core SKUs and is now concentrating on yoga-related products [13][19] - MAIA plans to expand its store count from approximately 45 to around 55, focusing on larger experiential stores [18][19] Market Positioning - MAIA aims to become the leading yoga brand in China and Asia, competing directly with established brands like Lululemon [8][26] - The brand's strategy includes a focus on product innovation tailored to the needs of Asian women, differentiating itself from Western brands [29][30] - MAIA's marketing efforts are bolstered by the appointment of new brand ambassador, Yu Shuxin, to embody the brand's "high-energy, high-emotional value, and high-deserving" image [8][33] Financial Performance - MAIA's revenue distribution has shifted from 100% online to a more balanced approach, with current estimates at 40% online and 60% offline, indicating a significant growth in offline sales [38][41] - Membership numbers have doubled since Zhao's appointment, reflecting successful community engagement strategies [35] Operational Efficiency - Anta's acquisition has led to more systematic management practices, enhancing logistics, supply chain control, and resource allocation [41][42] - The integration of the original team with new management has been smooth, fostering a collaborative work environment [42]

逆势高增的高端多品牌户外运动集团 ---- Amer Sports 深度报告 [Table_PicQuote] 本报告导读： 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略显 著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 风险提示：零售环境疲软，拓店不及预期，汇率波动，贸易政策变化。 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 3549 | 4368 | 5183 | 6012 | 7011 | 8228 | | (+/-)% | 15.7% | 23.1% | 18.7% | 16.0% | 16.6% | 17.4% | | 毛利润 | 1764 | 2276 | 2872 | 3421 | 4018 | 4740 | | 净利润 | -253 | -209 | 73 | 447 | 566 | 712 | | (+/-)% | -100.1% | ...

作 者丨周慧 编 辑丨周上祺 21君荐读 6月14日，江苏省城市足球联赛（"苏超"）第四轮，淮安主场对阵南京的比赛，以1:1的比分结 束。 10元门票，撬动3亿！"苏超"凭啥火出圈？ 21世纪经济报道记者在淮安奥体中心现场观赛，据当地政府工作人员介绍，这是淮安举办过 的最大规模的体育赛事活动。随着"苏超"的火爆出圈，相对"苏超"在淮安主场的上一场比赛， 观赛人数从一万多人直接增长到两万六千余人。 当天下午烈日暴晒，观众热情高涨，座无虚席，赛事保障秩序井然。赞助商数量也"水涨船 高"，记者在现场看到，赞助商除了江苏本土企业江苏银行、国缘V3、海澜之家、龙蟠科技， 还有包括京东、理想、喜力、佳得乐等外地品牌，其中包括在京东在内的部分赞助商是在后 期加入的。 赛事当天，也恰逢淮安市盱眙县举办龙虾节，"苏超"＋小龙虾的组合，让淮安文旅热度进一 步增加，在淮安东高铁站，关于"盐水鸭，小龙虾请你游淮安"的苏超广告牌随处可见。 SFC 视频编辑丨柳润瑛 本期编辑 刘雪莹 "苏超"的狂欢：一次扩内需的精彩"进球" ...