Market Performance - The market experienced a rebound with the ChiNext leading the gains, closing at 2057.32, up by 0.66% [2][4] - The Shanghai Composite Index closed at 3388.73, up by 0.35%, while the Shenzhen Component Index closed at 10163.55, up by 0.41% [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [7] Sector Performance - The top-performing sectors included Media (up 2.70%), Communication (up 2.11%), and Computer (up 1.99%) [3][4] - The sectors with the weakest performance were Agriculture, Forestry, Animal Husbandry, and Fishery (down 0.76%) and Beauty and Personal Care (down 0.49%) [3][4] - Concept indices that performed well included Digital Currency (up 4.72%) and Ant Financial Concept (up 4.40%) [3][4] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4% [6] - The industrial added value for large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% [6] - The average sales price of new residential properties in first-tier cities decreased by 0.2% month-on-month in May [6] Future Outlook - The market is expected to maintain a range-bound trend in the short term, but overall is in a healthy operating condition [7] - Mid-term prospects remain positive due to economic resilience and supportive policy measures, indicating potential upward movement in the market [7] - Recommended sectors for attention include Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) [7]

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]

分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 证券研究报告 | 策略点评 2025 年 06 月 16 日 投资要点 粤开市场日报-20250616 今日关注 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | 今日主要指数涨跌幅：沪指涨跌幅为 0.35%，深证成指涨跌幅为 0.41%， 创业板指涨跌幅为 0.66%。 申万一级行业表现：传媒、通信、计算机在行业涨跌幅榜居前；纺织服 饰、医药生物、汽车在行业涨跌幅榜居后。 概念板块表现：总体来看，数字货币、金融科技、首板概念表现相对较 好；黄金珠宝、仿制药、化学纤维概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / ...

| 股票名称 | 评级 | 股票名称 | 评级 | | --- | --- | --- | --- | | 耐克 | Outperform 永辉超市 | | Outperform | | 美的集团 | Outperform 苏泊尔 | | Outperform | | 京东集团 | Outperform 石头科技 | | Outperform | | 格力电器 | Outperform 李宁 | | Outperform | | 安踏体育 | Outperform 海信家电 | | Outperform | | 海尔智家 | Outperform 安克创新 | | Outperform | | 露露柠檬 | Neutral | 珀莱雅 | Outperform | | 中国中免 | Outperform 科沃斯 | | Outperform | | 百胜中国-S | Outperform 海信视像 | | Outperform | | 小商品城 | Outperform 稳健医疗 | | Outperform | | 三花智控 | Outperform 视源股份 | | Outperform | | TCL ...

Group 1: Pop Mart's Expansion - Pop Mart's independent jewelry brand popop opened its first global store in Shanghai, featuring popular IP jewelry priced between 319-2699 yuan [1] - The brand aims to capture a share of the global $50 billion fashion jewelry market, leveraging its existing 70-75% female user base and IP brand strength [1] - Pop Mart's market capitalization reached over 360 billion HKD as of June 13, with a target of achieving 20 billion yuan in total revenue by 2025, including 10 billion yuan from overseas markets [1] Group 2: Inditex's Underperformance - Inditex reported Q1 2025 revenue of 8.27 billion euros, below analyst expectations of 8.36 billion euros, with a net income increase of only 0.8% to 1.3 billion euros [2] - Summer sales growth has slowed, with a 6% increase from May 1 to June 9, compared to a 12% increase in the same period last year [2] - Inditex operates 5,562 stores globally and focuses on unique fashion propositions, customer experience, sustainability, and talent development [2] Group 3: H&M's Sales Decline - H&M experienced a sales increase of only 1% in March, down from 4% in the same month last year, with a 2% revenue growth from December 2024 to February 2025, below analyst expectations [3] Group 4: Yonghui Supermarket's Model Adjustment - Yonghui Supermarket completed the adjustment of the "Fat Donglai" model in 100 stores, focusing on upgrading "people, goods, and space" [4] - The company aims to enhance employee skills, transition from "cost performance" to "quality-price ratio," and upgrade retail spaces to quality life centers [4] Group 5: L'Oréal's Acquisition of Medik8 - L'Oréal announced the acquisition of a majority stake in UK skincare brand Medik8, pending regulatory approval, to strengthen its luxury product portfolio [5][6] - Medik8 is known for its effective skincare products and has established a strong brand image in clinical and scientific skincare [6] Group 6: Starbucks' Stake Sale Consideration - Starbucks is considering selling a portion of its Chinese business to attract external investors and restore growth in the region [7] - The CEO noted significant interest from potential investors, with plans to increase store numbers from 8,000 to 20,000 [7] Group 7: New Product Launches - "Let Tea" and JD.com launched a new product, "Orange C Oolong Tea," featuring a no-sugar formula with added vitamin C [8] - Lululemon introduced the second season of its SLNSH designer collaboration series, focusing on breathable and functional materials for summer [9] - Nongfu Spring launched a carbonated tea drink called "Ice Tea," emphasizing natural ingredients and health trends [10] Group 8: Dr. Martens' Revenue Decline - Dr. Martens reported a 10% decline in net revenue to 790 million pounds for FY2025, with net profit dropping significantly to 4.5 million pounds [14] - Direct sales revenue fell by 4.2%, while wholesale revenue decreased by 19.5%, with EMEA and Americas regions seeing declines of 11% and 11.4%, respectively [14] Group 9: Other Company Developments - Salia plans to establish its China headquarters in Guangdong to accelerate its business expansion [15] - Baifei Dairy's IPO application has been accepted, marking the first food consumption project in the Shanghai Stock Exchange for 2024 [16] - Fat Donglai estimates a net profit of 1.5 billion yuan for 2025, with an average monthly income of 9,000 yuan for employees [17] - Haidilao has introduced a self-service lunch priced at 22 yuan in some locations, reflecting a strategy to find new growth points [18] - Nissin Foods is shifting sales focus to inland markets in China, particularly in industrial towns [19] - General Mills is reportedly considering selling its Haagen-Dazs stores in China for several hundred million dollars [20] - Starbucks China announced a price reduction of 5 yuan on various iced and tea drinks to compete in the growing non-coffee market [21]

Core Viewpoint - Lululemon has achieved a significant milestone by reaching a global net revenue of $10.6 billion in FY2024, becoming the third sports brand to join the "billion-dollar club" after Nike and Adidas [1]. However, the company faces challenges with declining revenue growth rates and a significant drop in stock price [2][3]. Financial Performance - In Q1 FY2025, Lululemon reported a net revenue of $2.4 billion, a year-on-year increase of 7%, with a gross profit margin of 58.3% [5]. The company has lowered its revenue growth forecast for FY2025 to 5%-7% [5][6]. - The stock price plummeted by 20% following the release of disappointing earnings guidance, highlighting the disparity between Lululemon's revenue and that of competitors like Nike and Adidas [6][8]. Market Position and Strategy - Lululemon's brand strategy appears to be in conflict as it expands from a niche market of high-end yoga pants to a broader range of athletic apparel, which has diluted its premium image [3][4]. The company is now competing directly with established brands like Nike and Adidas [4]. - The company has faced challenges in appealing to male consumers, as its brand identity is deeply rooted in female-oriented products [4][24]. Regional Performance - China has emerged as a crucial market for Lululemon, with revenue reaching $1.361 billion in the previous year, a 41% increase, significantly outpacing growth in North America [9][11]. The company plans to continue expanding its presence in China, with expectations of 25%-30% revenue growth in the region [12][13]. Competitive Landscape - Alo Yoga, a competitor that focuses on high-end yoga apparel, has capitalized on Lululemon's shift away from its core market, experiencing rapid growth and planning to enter the Chinese market [16][18][19]. This competition poses a risk to Lululemon's market share among its original customer base [20]. Brand Identity and Consumer Perception - Lululemon's transition from a niche brand to a more mainstream one has led to concerns about brand dilution, particularly in China, where the company has faced backlash over its choice of brand ambassadors [14][25]. The brand's identity as a "small, fashionable, and sexy" athletic brand is at risk as it attempts to appeal to a broader audience [25].

lululemon需要新故事。 1955年的巴黎，克里斯蒂安·迪奥（Christian Dior）正为即将到来的演讲做最后的排练。索邦大学的演讲厅外，被学生与媒体围得水泄不通。他们期待亲眼见证 迪奥 的时装作品——传言中令人"触电般"难以忘怀的设计，真的存在吗？ "The New Look"——这是当时时尚评论界赋予迪奥系列作品的破格赞誉。半个世纪过去，时尚圈早已换了模样。大众时尚依靠科技和产业分工崛起，感谢它们—— 普通人只消花上十分甚至二十分之一的价格，就能买到昔日模特和富家女身上的衣衫。 现代时尚相信"设计应为大规模生产而生"，相信形式需服务于功能，相信衣食住行终将塑造每一个个体。无论时代如何更迭，The New Look 所承载的全球化气象与 积极向上的象征意义从未消散。 因此，我们决定把一档新栏目的名字定为「 New Look」，这会是一档关注时尚行业的访谈，在这里你会看到服饰巨头、运动新秀、奢侈品大牌、设计师新品牌的领 导人物如何思考生意、品牌、中国市场和消费者，洞悉"流行"究竟怎样发生，以及它们最终如何成为经典。 作者 | 李小霞 编辑 | 乔芊 今年是lululemon经典Align瑜伽裤诞生 ...

固定收益 | 固定收益专题 转债策略研究 证券研究报告 如何构建转债评级预测模型？ 可转债主体年报业绩期结束，转债评级调整重回市场短期关注焦点。评级 调整有何规律？如何对转债评级调整做前瞻预测？ 转债信用评级动态演化分析 1）转债市场近 5 年反映出信用风险边际扩大的趋势，整体呈"易下难上" 格局。2020-2024 年，评级下调数量由 7 只增至 49 只，上调案例不到 3 例/年。2）评级调整呈现季节性集聚。3）行业结构性分化明显，社会服务、 纺织服饰等行业下调比例显著较高。4）产业链分化显著，TMT 与制造产 业链风险抬升。5）评级下调迁移路径集中，下调主体中 AA、AA-级占比 长期占据主导地位。 转债评级因子体系 在可转债信用评级的预测中，构建一个全面且科学的评级因子体系是实现 精准预测的关键基础。基于市场实践与理论分析，并结合机器学习模型的 结果，可以将转债评级因子体系分为五大类： 1）转股压力因子：大多指标均为快变量，随市场行情逐日变化，便于实 时跟踪转债转股压力动态。债券余额/正股市值、正股近期是否创年内新低 等指标与评级下调显著正相关；正股收盘价、转股价值等显著负相关。 2）偿债压力因子：构 ...

Core Viewpoint - Nike is customizing racing gear for athlete Faith Kipyegon to assist her in breaking the 4-minute mile barrier, a feat considered nearly impossible in women's middle-distance running [3][5]. Group 1: Customized Racing Gear - Nike has developed an integrated racing outfit specifically for Kipyegon, including a racing suit, revolutionary 3D-printed high-performance innerwear, and ultra-light racing spikes [5]. - The Nike Fly Suit is designed with aerodynamics in mind, utilizing computer simulations and wind tunnel tests to minimize air resistance and enhance speed [7]. - The Fly Suit features Aeronodes technology, which strategically creates turbulence zones around the athlete's body to optimize airflow [7]. Group 2: Racing Shoes - Nike has redesigned a racing shoe specifically for Kipyegon, moving away from her usual Victory 2 spikes based on her feedback [9]. - The new racing shoe includes a higher, tuned Air Zoom cushioning unit, a lighter carbon fiber outsole, and is equipped with six spikes [9]. - Each detail of the shoe reflects Kipyegon's story, with personalized engravings and designs symbolizing her achievements [9]. Group 3: Innovative Innerwear - The Nike FlyWeb innerwear utilizes revolutionary 3D-printed TPU material, redefining high-performance apparel with its lightweight, breathable, and moisture-managing properties [12]. - This innerwear integrates seamlessly with Kipyegon's racing gear, ensuring unrestricted movement and comfort during competition [12]. - The development of FlyWeb innerwear represents a significant innovation in sports technology, combining Nike's design capabilities with advanced 3D printing techniques [12].

Group 1 - The core viewpoint of the news highlights the performance of Mandi Technology Co., Ltd., which saw a significant stock price increase of 31.25% on June 13, closing at HKD 0.021 per share, despite the Hang Seng Index declining by 0.59% [1] - Mandi Technology's cumulative stock price increase over the past month is 6.67%, and year-to-date, it has risen by 23.08%, outperforming the Hang Seng Index by 19.82% [1] - Financial data indicates that for the fiscal year ending December 31, 2024, Mandi Technology reported total revenue of CNY 113 million, a year-on-year decrease of 11.03%, while the net profit attributable to shareholders was a loss of CNY 88.39 million, showing a year-on-year increase of 89.11% [1] Group 2 - The company operates in the textile and apparel industry, with a current price-to-earnings (P/E) ratio of -0.64, ranking 114th in the industry, where the average TTM P/E ratio is -6.42 [1] - Mandi Technology is headquartered in Shishi, Fujian Province, a major manufacturing base for the clothing and footwear industry in China, with another production base in Huangmei County, Hubei Province [2] - The company benefits from a strong geographical position, robust R&D capabilities, highly automated production processes, and guaranteed product quality, allowing it to quickly adapt to market changes and seize opportunities from the textile industry's development plans in Fujian and Hubei provinces [2]