福建省委书记周祖翼深入莆田市秀屿区、荔城区、仙游县。在仙游县，周祖翼先后调研走访了辉特体育 用品有限公司、海安橡胶集团，深入车间生产线，了解企业"智改数转"、市场经营、外贸出口等情况， 鼓励企业负责人坚定信心决心，坚守实体经济，致力 专精特新，培育自主品牌，积极拓展多元化海外 市场，推进内外贸一体化发展。 ...

证券研究报告 | 2025年05月22日 纺织服装海外跟踪系列五十九 亚玛芬一季度收入盈利均超彭博一致预期，管理层上调全年指引 |  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2025年5月20日，亚玛芬体育（Amer Sports）披露截至2025年3月31日的2025财年第一季度业 绩：收入同比增长23%至14.73亿美元，调整后净利润为1.48亿美元，相较去年同期0.39亿美元大幅提升。 国信纺服观点：1）业绩和指引核心观点：业绩全面好于此前指引和彭博一致预期，各业务、渠道、地 区均双位数增长且超彭博一致预期，管理层上调全年收入及 EPS 指引，关税风险可控。2 ...

Group 1 - President Trump pressured Walmart to absorb tariff costs without raising prices [1] - Target Corporation lowered its full-year sales forecast after a weak quarterly performance, downplaying plans for price increases related to tariffs [1][3] - Target's comparable sales fell by 3.8% in the quarter ending May 3, exceeding analyst expectations [3] Group 2 - Home improvement retailers Lowe's and Home Depot are exploring strategies to manage tariff costs without comprehensive price increases [3] - Home Depot indicated that while there won't be overall price hikes, some individual product prices may adjust, and certain items might disappear from shelves [3] - Lowe's executives emphasized maintaining price competitiveness and minimizing consumer impact [3] Group 3 - Nike avoided mentioning tariffs but announced price increases on various footwear and apparel products, with specific increases of $5 for shoes priced between $100 and $150, and $10 for shoes over $150 [5] - Major U.S. retailers are facing dual challenges of high costs from tariffs and the need to avoid alienating consumers or the White House [5] Group 4 - A recent Reuters survey indicated that economists believe U.S. government policies have negatively impacted the economy, with over 55% stating it caused severe damage [6] - Current tariff rates are significantly higher than at the beginning of the year, contributing to high policy uncertainty and recession risks [6] - Economists expect U.S. inflation to remain above the Federal Reserve's 2% target at least until 2027 [6]

· 2025 年 5 月 22 日 国都港股操作导航 星期四 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 41860.44 | -1.91 | | 标普 500 指数 | 5844.61 | -1.61 | | 纳斯达克综合指数 | 18872.64 | -1.41 | | 英国富时 100 指数 | 8786.46 | 0.06 | | 德国 DAX 指数 | 24122.4 | 0.36 | | 日经 225 指数 | 37079.62 | -0.59 | | 台湾加权指数 | 21803.91 | 1.29 | | 内地股市 | | | | 上证指数 | 3387.27 | 0.21 | | 深证成指 | 10294.22 | 0.44 | | 香港股市 | | | | 恒生指数 | 23827.78 | 0.62 | | 国企指数 | 8660.94 | 0.84 | | 红筹指数 | 3940.21 | 0.72 | | 恒生科技指数 | 5342.41 | 0.51 | | AH 股溢价指数 | 132.43 | -0.43 | | ...

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Core Insights - The article highlights the successful integration of sports events into urban development strategies in Yangzhou and Wuxi, showcasing their unique approaches to transforming sports consumption into economic growth [1][2][3]. Group 1: Sports Events and Economic Impact - Yangzhou's Jianzheng International Half Marathon attracted 30,000 participants, generating a record 252 million yuan in economic impact, while Wuxi Marathon brought in 445 million yuan from external visitors [2]. - Yangzhou's sports events are designed to reflect the city's strengths, connecting historical landmarks and modern attractions, thus converting transient event traffic into lasting economic benefits [2][3]. Group 2: Policy and Financial Support - Yangzhou established a funding pool of 3.5 million yuan to support sports events, leveraging government funds to attract high-quality competitions [4][6]. - Wuxi implemented a tiered subsidy system for events, providing up to 20% support for leading enterprises and 50% for significant events, fostering a comprehensive sports ecosystem [5][6]. Group 3: Infrastructure and Technological Integration - Yangzhou is enhancing its sports infrastructure, including a new water sports training base and a 300 million yuan international football training facility, to host international events [6][7]. - Wuxi's innovation in sports technology is exemplified by the development of electronic protective gear, showcasing the city's commitment to integrating technology into sports [8][9]. Group 4: Industry Diversification and Consumer Engagement - Yangzhou's sports industry is supported by over 300 manufacturing companies, aiming for a total output value exceeding 3 billion yuan [7]. - Wuxi is developing a complete ecosystem around esports, with projected industry growth surpassing 1 billion yuan by 2024, indicating a shift towards digital and experiential consumption [9].

Domestic News - Shanghai is promoting automobile consumption and has introduced new subsidies for digital products such as mobile phones, tablets, and smartwatches, as well as increased support for green home appliances and home decoration [1] International News - Demand for 20-year U.S. Treasury bond auctions was weak, with yields on both 20-year and 30-year bonds rising above 5%, leading to significant declines in U.S. stock markets [2] - The European Union is reportedly planning to propose a trade initiative to the U.S. to facilitate negotiations [2] - Nike plans to raise prices in the U.S., while Amazon's CEO stated that tariffs have not reduced demand [2] - The Chicago Mercantile Exchange intends to establish a warehouse in Hong Kong to enhance its presence in the Asian market [3] - OpenAI's largest data center has secured $11.6 billion in funding [3] - Bitcoin surged to nearly $110,000, reaching a historic high [3]

市场消息：耐克自2019年以来首次将产品销售给亚马逊。 ...

Group 1 - Nike will increase prices on several products this week, with shoes priced between $100 and $150 seeing a $5 increase [1] - Athletic shoes priced over $150 will experience a $10 price hike [1]

Core Insights - Amer Sports reported a strong financial performance for the first quarter, with revenue increasing by 23% year-over-year to $1.473 billion, surpassing market expectations of $1.38 billion [1] - The net income for the quarter was $135 million, indicating robust profitability [1] Revenue Growth by Region - The Greater China and Asia-Pacific regions showed significant growth, with revenues of $446 million and $157 million, reflecting year-over-year increases of 43% and 49% respectively [3] - The Americas and Europe/Middle East/Africa regions experienced growth rates of 12%, with revenues reaching $465 million and $405 million [3] Performance by Product Category - The technical functional apparel segment, including the Arc'teryx brand, saw revenue growth of 28% to $633 million [7] - The outdoor performance segment, represented by Salomon, achieved a revenue increase of 24% to $502 million [7] - The racquet and ball sports segment, led by Wilson, reported a revenue growth of 12% to $306 million [7] Strategic Developments - CEO Zheng Jie highlighted the continued market expansion driven by high-end outdoor functional apparel brands, particularly Arc'teryx and Salomon [10] - Arc'teryx announced the establishment of a footwear division, aiming to strengthen its footwear product line and retail distribution [10] - The footwear business is projected to grow over 60% in 2024, with its share of the brand's revenue expected to increase from 10% to over 20% in the coming years [10] Revised Financial Guidance - Based on the strong first-quarter performance, Amer Sports raised its revenue guidance for 2025, now expecting a growth rate of 15-17%, up from the previous forecast of 13-15% [10] - The gross margin and operating margin are expected to remain stable at 56.5%-57% and 11.5%-12% respectively [10] Segment Forecast Adjustments - The revenue forecast for the technical apparel segment has been adjusted to 20-22%, up from the previous estimate of 20% [11] - The outdoor leisure segment's revenue forecast was raised from low double-digit growth to mid double-digit growth [11] - The racquet and ball sports segment's revenue forecast was upgraded from low to mid single-digit growth to mid single-digit growth [11]