3. 海关：1 月 26 日，海关总署署长孙梅君在署会见哈萨克斯坦总统办公 厅副主任扎纳索娃。双方就落实中哈两国元首战略共识，加强智慧海关合作、 跨境贸易便利化、检验检疫、口岸保通保畅等议题交换意见，达成积极意向。 （资料来源：同花顺） 4. 人力资源保障部：我国将制定《新就业形态劳动者基本权益保障办法》， 进一步明确新就业形态劳动基准和企业劳动保护责任；出台《超龄劳动者基 本权益保障暂行规定》；推动修订《职工带薪年休假条例》，促进用人单位落 实职工带薪年休假制度。（资料来源：同花顺） 5. 香港：香港和上海签订合作协议，成立香港贵金属中央结算系统有限公 司(港金结算公司)。担任主席的财经事务及库务局局长许正宇表示，有逾 10 间本地及海内外银行参与，短期内会召开董事会。为配合黄金市场发展，当 局已将商品交易人才纳入人才清单，相关海外专业人士可透过加分制度申请 来港，同时鼓励企业透过旧人带新人及专业培训，以支持市场长远发展。（资 料来源：同花顺） 6. 财政部：为整治政府采购领域"内卷式"竞争，形成优质优价、良性竞 争的市场秩序，日前，财政部印发《关于推动解决政府采购异常低价问题的 通知》（以下简称"通知"） ...

Core Viewpoint - Anta Sports has announced an agreement to acquire a 29.06% stake in Puma SE, making it the largest single shareholder, with a cash consideration of €1.5 billion. This move is part of Anta's strategy to accelerate its multi-brand globalization efforts and enhance its influence in the global sportswear market [1][1][1]. Group 1: Acquisition Details - The acquisition will allow Anta to share its growth experience and help Puma unlock its potential globally, including in China [1][1]. - Anta has no plans to launch a takeover bid for Puma and expects the transaction to be completed by the end of 2026, pending regulatory approvals and customary closing conditions [1][1]. - Anta's Chairman, Ding Shizhong, emphasized that becoming the largest shareholder of Puma marks a significant milestone in Anta's strategy of "single focus, multi-brand, globalization" [1][1]. Group 2: Strategic Implications - The acquisition is expected to promote the global sports industry, including in China, and create long-term value for global consumers and stakeholders [1][1]. - Anta has committed to respecting Puma's management culture and independent governance structure as a German-listed company [1][1]. - After the transaction, Anta plans to seek representation on Puma's supervisory board to collaborate closely with other board members while maintaining Puma's brand identity and heritage [1][1].

Group 1 - Anta Sports Products Co., Ltd. announced the acquisition of a 29.06% stake in PUMA SE, making it the largest single shareholder [1] - The cash consideration for the acquisition is €1.5 billion [1]

智通财经1月27日讯（编辑 胡家荣）今日港股三大指数集体回暖。截至收盘，恒生指数涨1.35%，报27126.95点；科技指数涨0.50%，报5754.72点；国企指数 涨1.07%，报9244.88点。 | 27220.53 | | --- | | 27193.77 | | 27167.00 | | 27140.24 | | 27126.95 | | 27113.47 | | 27086.71 | | 27059.94 | | 27033.18 | | 27006.41 | | 26979.64 | | 26952.88 | | 26926.11 | | 26899.35 | | 26872.58 | | 26845.82 | | 26819.05 1-1 11-WL 11 -- - | 注：恒生指数的表现 今日市场 从市场表现来看，保险、半导体、AI应用等个股表现活跃，资金关注度显著提升；煤炭、互联网医疗、医药股则承压回调。 保险股多数上涨 估值修复动能增强 截至收盘，中国人寿(02628.HK)涨5.97%、友邦保险(01299.HK)涨4.09%、新华保险(01336.HK)涨3.56%。 | 代码 | ...

可能有人会问，彪马不是那个大名鼎鼎的德国运动品牌吗？没错！彪马1948年创立，主打鞋服和配饰， 曾经也是风靡全球的存在，但最近日子不太好过。 看一组扎心数据：2023年净利润3.6亿欧元，2024年降到3.42亿欧元，到了2025年直接亏麻了——上半年 净亏2.47亿欧元，第三季度又亏了6230万欧元，为了控成本，已经裁员500人，还计划再裁900个白领岗 位。 而安踏这边，简直是反向操作！作为咱们中国体育品牌的龙头，安踏早就开启了"收购模式"：2019年拿 下亚玛芬体育，手握始祖鸟、萨洛蒙；2025年刚全资收购德国狼爪，现在又瞄准了彪马。 而且安踏的业绩是真能打！2025年上半年，营收创下历史新高，达到385.4亿元，同比增长14.3%，旗下 安踏、FILA品牌稳步增长，其他品牌更是暴涨61.1%，这实力难怪敢出手抄底。 不过，安踏也有自己的问题。尽管不断地"买买买"，安踏体育2025年上半年的毛利率承压下滑。数据显 示，报告期内，安踏体育毛利率同比下降0.7个百分点至63.4%，其中安踏品牌毛利率下滑1.7个百分点 至54.9%，斐乐品牌毛利率下滑2.2个百分点至68%。收购的始祖鸟此前也曝出"炸山"舆情 ...

Group 1 - Anta Group announced the acquisition of a 29.06% stake in Puma for €1.506 billion, making it the largest shareholder of Puma [2] - The acquisition price translates to approximately ¥12.278 billion, funded entirely by Anta's own cash reserves without any debt [2] - Puma has been facing financial difficulties, with projected net profits declining from €360 million in 2023 to €342 million in 2024, and a significant loss of €247 million in the first half of 2025 [2] Group 2 - Anta's revenue reached a historical high of ¥38.54 billion in the first half of 2025, marking a 14.3% year-on-year increase, with its brands, including Anta and FILA, showing steady growth [3] - Despite the growth, Anta's gross margin decreased by 0.7 percentage points to 63.4% in the same period, with specific declines in the Anta brand's margin by 1.7 percentage points and FILA's by 2.2 percentage points [3] - The acquisition is aimed at enhancing Anta's global position and international competitiveness, leveraging Puma's established channels and brand presence in the European and American markets [3]

公司公告：1月23日，公司发布2025年第四季度及全年营运状况，第四季度特步主品牌线上线下全渠道 零售销售流水同比持平，零售折扣7.0-7.5折；索康尼品牌线上线下全渠道零售销售流水同比增长超过 30%；2025全年，特步主品牌全渠道零售销售流水同比增长低单位数，年末渠道库销比约4.5个月；索 康尼品牌线上线下全渠道零售销售流水同比增长超过30%。 国信纺服观点 第四季度特步主品牌流水同比持平、跑步品类表现亮眼，折扣保持稳定，库存小幅上升；索康尼流水增 长30%，迈乐流水增长双位数。 投资建议：看好主品牌发挥跑步品类优势销售稳健增长，专业运动品牌快速增长盈利提升。公司聚焦跑 步领域、发挥跑步品类专业优势，四季度在气温和春节延迟的负面因素影响下，主品牌流水保持同比持 平，跑鞋品类及核心系列"两千公里"、"冠军家族"表现亮眼；专业运动品牌索康尼环比提速至30%以上 增长，全年30%的增速达成管理层此前指引。 智通财经APP获悉，国信证券发布研报称，看好特步国际(01368)未来主品牌聚焦大众市场获得稳健增 速，索康尼和迈乐分别聚焦"双精英人群"和户外，保持较快增速，并在未来3-5年盈利持续提升。该行 维持盈利预测 ...

Core Viewpoint - Anta Group has announced a significant acquisition of a 29.06% stake in Puma SE for €1.5 billion, marking a strategic move to become the largest single shareholder of the iconic sports brand, Puma [1] Group 1: Acquisition Details - The acquisition is expected to be completed by the end of 2026 and is part of Anta's long-term strategy of "single focus, multi-brand, globalization" [1] - This transaction signifies a shift in the outbound strategy of Chinese sports brands from "capability export" to "ecosystem export," establishing a new third pole in the global sports goods market [1] Group 2: Multi-Brand Integration Methodology - Anta's core competitiveness lies in its replicable multi-brand operation system, validated through successful cases like FILA and Amer Sports, which lays a solid foundation for integrating Puma [3] - The success of this integration is attributed to three core capabilities: channel and retail model empowerment, multi-brand synergy and management, and global operation and resource integration [4][11] Group 3: Channel and Retail Model Empowerment - Anta's approach includes transforming brands like FILA, which was acquired in 2009 when it was losing over ¥30 million annually, into a profitable entity with a revenue of ¥26.63 billion in 2024, demonstrating a successful shift to a direct-to-consumer model [5] - Puma's current challenges, such as over-reliance on wholesale channels leading to inventory issues and a 15.3% decline in Euro-denominated revenue, can potentially be addressed through Anta's experience [6] Group 4: Multi-Brand Synergy and Management - Anta has established a differentiated brand matrix across various sports sectors, allowing brands to share resources while maintaining unique positioning, which has led to a 61.1% revenue increase for other brands in the first half of 2025 [7] - The addition of Puma will enhance Anta's global brand matrix, leveraging Puma's strong presence in Europe and its unique cultural resources in football and motorsports [8] Group 5: Global Operation and Resource Integration - Anta's strategy respects the operational expertise of acquired brands while injecting its own efficiencies in supply chain and digital operations, creating a dual synergy of global resources and Chinese capabilities [9] - The successful integration of Amer Sports post-acquisition in 2019, which saw significant revenue growth, serves as a model for the anticipated integration of Puma [10] Group 6: Strategic Implications of the Acquisition - The acquisition represents a critical step in Anta's "three-step" globalization strategy, transitioning from a regional leader to a global resource integrator [13] - Post-acquisition, Anta is expected to enhance its overseas revenue share significantly, filling gaps in its presence in core European and American markets [14] Group 7: New Paradigm for Chinese Enterprises - Anta's approach to global brand integration challenges the traditional Western-dominated model, promoting an "ecosystem export" strategy that emphasizes collaboration and shared growth [17] - This acquisition is poised to set a new precedent for Chinese brands in global markets, showcasing a shift from mere manufacturing to a comprehensive business model that integrates global insights with Chinese efficiency [21]

花旗发布研报称，安踏体育(02020)今早(27日)宣布以15亿欧元收购运动品牌Puma的29%股权，交易完成 后将成为Puma最大股东。该行认为，由于市场对此次收购已有预期，故维持对安踏的"买入"评级，目 标价107港元。 花旗强调，随著Puma收购案及公司对2026年的审慎展望已充分与市场沟通，短期利空因素已基本释 放。行业选股依次为安踏>滔搏(06110)，均予"买入"评级。 报告指出，收购对价相当于每股35欧元，约为Puma2025年预测市销率的0.7倍。安踏管理层在电话会议 中表明，现阶段并无将Puma私有化的计划，且收购资金将全部来自内部资源，不会影响公司的股息分 派及股东现金回报。花旗认为，这缓解了市场对安踏可能进行股权融资或全面合并Puma的担忧。 该行分析，安踏过往在收购FILA及Amer Sports后展现出卓越的整合与营运赋能能力，对其未来协助 Puma拓展业务(特别是在中国市场)具有信心。管理层预期，双方在品牌、供应链、分销渠道及物流基础 设施等方面可产生显著协同效应。该交易尚需通过监管审批及股东大会批准。 ...

Core Viewpoint - Anta Sports (02020) announced the acquisition of a 29% stake in Puma for €1.5 billion, becoming the largest shareholder of Puma, which is expected to enhance its market position and operational capabilities [1] Group 1: Acquisition Details - The acquisition price is equivalent to €35 per share, approximately 0.7 times Puma's projected price-to-sales ratio for 2025 [1] - Anta's management confirmed there are no current plans to privatize Puma, and the acquisition will be funded entirely from internal resources, ensuring no impact on dividend distribution and shareholder cash returns [1] Group 2: Market Reaction and Analyst Insights - Citi maintains a "Buy" rating on Anta with a target price of HKD 107, citing that the market had already anticipated this acquisition [1] - The acquisition alleviates market concerns regarding potential equity financing or a full merger with Puma [1] Group 3: Strategic Implications - Anta has demonstrated strong integration and operational empowerment capabilities in past acquisitions, such as FILA and Amer Sports, which instills confidence in its ability to assist Puma in expanding its business, particularly in the Chinese market [1] - Management expects significant synergies in branding, supply chain, distribution channels, and logistics infrastructure between Anta and Puma [1] Group 4: Regulatory and Market Outlook - The transaction is subject to regulatory approval and shareholder meeting consent [1] - With the communication of the Puma acquisition and a cautious outlook for 2026, short-term negative factors have largely been addressed [1]