耐克盘后跌幅扩大至7%，CFO称预计今年耐克与匡威业务将面临更多阻力。 本文源自：金融界AI电报 ...

每经AI快讯，12月19日，耐克盘后跌幅扩大至7%。 （文章来源：每日经济新闻） ...

每经AI快讯，12月19日消息，耐克第二财季营收124.3亿美元，同比增长0.6%；第二财季每股收益0.53 美元，上年同期0.78美元。公司毛利率40.6%，上年同期43.6%。 ...

耐克第二财季营收124.3亿美元，同比增长0.6%，预估122.4亿美元；第二财季每股收益0.53美元，上年 同期0.78美元。公司毛利率40.6％，上年同期43.6％，预估40.6％。 本文源自：金融界AI电报 ...

Core Viewpoint - Anta Group has committed to continue its humanitarian project "Moving for Change" in collaboration with the UNHCR for the next three years, focusing on sports and basic education to enhance the safety, education, and well-being of displaced children in Africa [1][2]. Group 1: Project Overview - The "Moving for Change" project has benefited 300,000 displaced youth in Africa over the past three years, with Anta providing $1.5 million and over 1.2 million pieces of sports equipment to refugee camps in Ethiopia, Kenya, and Burundi [2][5]. - Anta Group is the first Chinese company to speak at the Global Refugee Forum mid-review, highlighting its global partnership with UNHCR initiated in 2023 [2][3]. Group 2: Impact and Achievements - By the end of 2025, the project aims to improve educational opportunities for 33,570 children, providing economic, material, and mental health support, and constructing classrooms and sanitation facilities [5]. - Anta has donated sports equipment to 127,451 beneficiaries across multiple refugee camps, enhancing their dignity and confidence through sports [6]. Group 3: Corporate Social Responsibility - Anta Group, through its partnership with the He Min Foundation, has established a dual platform for social responsibility, focusing on sports education, medical aid, and ecological protection, with cumulative donations exceeding 3.5 billion yuan [7]. - The company is also involved in promoting cultural and economic exchanges between China and Ethiopia through sports initiatives [7].

证券日报网讯12月18日，金陵体育（300651）在互动平台回答投资者提问时表示，截至2025年12月10日 股东人数为22004户。 ...

Investment Rating - The report maintains a "Positive" outlook on global sports brands, indicating a recovery in performance across most brands [4][5]. Core Insights - The latest financial quarter shows that most international sports brands exceeded expectations, with revenue growth for Deckers (+9.1%), Lululemon (+7.1%), Adidas (+3.0%), VF (+1.6%), and Nike (+1.1%), while Puma faced a decline of -15.3% [4][16]. - The guidance for the next financial quarter is cautious, with Nike expecting a low single-digit decline in revenue, while the overall annual performance outlook remains neutral to optimistic [4][17]. - Regional performance varies, with North America facing sales pressure, while the Greater China and European markets show signs of recovery [4][5]. Summary by Sections 1. Overview: Nike Revenue Growth and Adidas World Cup Preparations - Most brands reported better-than-expected performance, with significant revenue increases for Deckers, Lululemon, Adidas, VF, and Nike, while Puma continues to struggle [4][16]. 2. Nike: Strategic Adjustments and Revenue Forecast - Nike's revenue for FY26Q1 was $11.72 billion, a year-on-year increase of 1.1%, marking the first positive growth since FY24Q4. The company anticipates a low single-digit revenue decline for FY26Q2 [27][28]. 3. Adidas: Record Revenue and Upgraded Annual Guidance - Adidas reported a revenue increase of 3.0% in the latest quarter and has raised its annual performance guidance to a growth of approximately 9% [4][17]. 4. Lululemon: Exceeding Revenue and Profit Expectations - Lululemon's revenue grew by 7.1% in the latest quarter, with a notable 42.4% increase in the Greater China market [4][19]. 5. Puma: Continued Performance Pressure - Puma's revenue declined by 15.3%, with ongoing challenges affecting its profitability and market position [4][16]. 6. VF: Performance Exceeds Expectations - VF's revenue increased by 1.6%, but the company remains cautious about future guidance, expecting a decline in the next quarter [4][17]. 7. Deckers: Strong Performance from UGG and HOKA - Deckers reported a revenue increase of 9.1%, driven by strong sales from its UGG and HOKA brands [4][16]. 8. Investment Analysis Recommendations - The report suggests focusing on global supply chain manufacturers and outdoor sports brands, highlighting companies like Shenzhou International and Anta Sports as potential investment opportunities [5][18].

机构：中金公司 研究员：林骥川/杨润渤/宋习缘 公司近况 李宁品牌全球首家龙店在12 月14 日于北京三里屯太古里开业，同时李宁推出全新荣耀金标系列产品， 我们认为，此举是公司在奥运产品矩阵布局上的进一步强化。 龙店展示品牌新形象。李宁龙店将李宁品牌具有代表性的设计符号与传统文化链接，同时也强调了李宁 品牌作为中国奥委会官方合作伙伴的身份。门店内李宁围绕"领奖时刻"、"竞技时刻"、"生活时刻"三大 主题为消费者全面诠释品牌文化与产品专业性。 推出全新荣耀金标系列，满足消费者多功能多场景穿搭需求。李宁荣耀金标系列将李宁的专业运动科技 与消费者日常通勤需求相融合，以时尚简约的设计为消费者的日常都市通勤提供新的高品质选择。我们 认为，荣耀金标系列将会丰富李宁的产品矩阵，在强调核心运动功能性产品外，辐射更多的消费者。 核心产品顺利迭代。在全新产品系列之外，李宁在近日还推出了新的跑鞋中底科技"超胶囊"，同时也推 出了核心跑鞋产品"飞电"、"赤兔"的全新版本。李宁赞助的运动员在2025 年频繁登上东京半马1、瓦伦 西亚马拉松2等国内外顶级赛事的领奖台，展现了强大的整体实力。我们认为核心功能性的持续迭代， 能够让李宁持续在 ...

Core Viewpoint - Anta Group has committed to continue its partnership with the United Nations High Commissioner for Refugees (UNHCR) for the next three years, aiming to benefit 300,000 displaced youth through education and sports activities [1][2] Group 1: Partnership and Commitment - Anta Group has been involved in the "Sports Illuminate the Future" humanitarian project, which has reached 300,000 displaced youth in Africa over the past three years [1] - The company has pledged to donate $1.5 million and over 1.2 million pieces of sports equipment to refugee camps in Ethiopia, Kenya, and Burundi [1] - Anta Group is the first Chinese company to speak at the Global Refugee Forum, highlighting its commitment to corporate social responsibility [2] Group 2: Impact and Activities - The "Sports Illuminate the Future" project aims to improve safety, education, and well-being for children in displaced environments [1] - Anta has provided economic support, material assistance, and mental health support to 33,570 children, helping them continue their education [3] - The company has built 16 classrooms, 18 toilets, 13 water points, and one learning and sports innovation center to enhance educational infrastructure [3] Group 3: Logistics and Coordination - The humanitarian aid project requires extensive coordination, including careful classification of sportswear, international transport management, and ensuring smooth last-mile delivery [3] - Anta collaborates closely with various partners to overcome logistical challenges and optimize delivery routes [3] Group 4: Broader Social Responsibility - Anta Group's initiatives align with the United Nations Sustainable Development Goals, particularly in eliminating poverty, promoting health and well-being, ensuring quality education, and reducing inequality [2] - The company has donated over 3.5 billion yuan in domestic charitable projects, focusing on sports education, medical assistance, and ecological protection [5]

Market Overview - The Federal Reserve's mixed non-farm data has led to increased expectations for interest rate cuts, resulting in a volatile sentiment in the Hong Kong stock market, which opened lower but ended positively with the Hang Seng Index rising by 0.92% to 25,468.78 points and a total turnover of HKD 183.14 billion [1] - The forward P/E ratio of the Hang Seng Index is currently at 12.7 times, down 5% from its year-to-date peak, indicating a potential period of market consolidation without new catalysts [1] Blue-Chip Performance - Li Ning (02331) saw a notable increase of 4.26%, closing at HKD 19.07 with a turnover of HKD 613 million, contributing 2.91 points to the Hang Seng Index. The opening of its first global flagship store and the launch of a new product line are expected to enhance brand influence [2] - Other blue-chip stocks such as China Life (02628) and Pop Mart (09992) also performed well, rising by 4.31% and 3.44% respectively, while New Energy (02688) and Techtronic Industries (00669) faced declines [2] Sector Highlights - The airline sector continued its upward trend, with major airlines reporting strong passenger load factors for November. China Eastern Airlines (00753) reported a load factor of 87.37%, up 3.04 percentage points year-on-year [4] - The lithium sector saw significant movements, with Tianqi Lithium (09696) and Ganfeng Lithium (01772) both rising over 5% amid news of mining rights cancellations in Yichun, which may impact supply dynamics [5][6] Brokerage Sector - Chinese brokerage stocks experienced a rally, with CITIC Securities (06030) rising by 3.4% and other major firms also seeing gains. The recent announcements of dividend distributions by several brokerages have contributed to market activity [6][7] - The ongoing supportive policies for the capital market are expected to enhance the sector's performance, with a focus on wealth management transformation and international business expansion [6] Notable Stock Movements - Zhaoyan New Drug (06127) surged by 10.36% due to increased demand for preclinical testing resources, particularly experimental monkeys, which are in short supply [8] - Drug developer Yaojie Ankang-B (02617) rose by 17.41% following positive clinical trial results for its core product, which has received multiple orphan drug designations [9] - Yidu International (00259) faced a decline of 8.44%, attributed to market reactions following the IPO of a related company [10]