Group 1: Company Developments - Anta Group has officially onboarded over 1,000 fresh graduates for the 2025 intake, aiming to recruit over 100,000 young talents by 2030 [1] - Moonlight Dark Side has released the Kimi K2 model with a total parameter count of 1 trillion, engaging multiple engineers in a Q&A on Zhihu about its development [2] - BMW has announced a collaboration with Chinese tech company Momenta to develop new intelligent driving assistance solutions for the Chinese market [3] - Tabo has entered into an exclusive operational partnership with Ciele Athletics to manage its brand and market presence in China [4] - ByteDance is reportedly developing a lightweight mixed reality headset, although the company has not officially responded to inquiries [5] - Tesla has set the on-road price for the Model Y in India at 6.1 million rupees (approximately $70,919) [6] - Panasonic has commenced mass production at its Kansas battery plant, targeting an annual capacity of 32 GWh and plans to employ around 4,000 people [7] - Nvidia has received U.S. government approval to begin selling H20 chips in China, with the Chinese Foreign Ministry commenting on the implications of such technology sales [8] Group 2: Investment and Financing - Huayi Quantum has completed a multi-hundred million yuan Series A financing round, with funds aimed at accelerating the development of core quantum computing technologies [11] Group 3: Regulatory and Standards Updates - The Financial Regulatory Bureau has released interim measures for the supervision of local asset management companies to enhance industry regulation and risk management [12] - New national standards for power banks are being developed, focusing on stricter safety and technical requirements [13]

Group 1: Macro Insights - The growth of social financing in June exceeded expectations, primarily driven by net financing from government bonds and an increase in short-term loans, with new RMB loans reaching 2.24 trillion yuan, surpassing the expected 2.02 trillion yuan [2][3][8] - The year-on-year growth rate of social financing rebounded to 8.9% in June from 8.7% in May, with a month-on-month annualized growth rate increasing to 8.3% [2][3] - The M2 money supply growth rate rose to 8.3% in June, reflecting a low base effect, while M1 growth increased to 4.6% [2][3] Group 2: Fixed Income and Real Estate - The real estate market showed mixed performance, with new home sales slightly recovering while second-hand home sales remained stable, indicating a need for price stabilization [4] - The construction sector saw improved cement demand relative to supply, while black commodity prices rose due to anti-involution policies [4] - The liquidity in the market remained balanced but slightly loose, with the average DR007 rate declining to 1.47% [4] Group 3: Securities and Investment Opportunities - Major brokerages reported significant profit growth in the first half of the year, with large brokerages seeing net profit growth rates between 50% and 80% [6] - The public fund industry experienced a steady increase in scale, with total assets reaching 32.33 trillion yuan by the end of June, reflecting a month-on-month increase of 0.95% [7] - The ETF market saw a 74% year-on-year growth in assets, with significant contributions from various product categories [9] Group 4: Company-Specific Insights - Satellite Chemical is positioned for growth with a cost advantage in ethylene production and a focus on high-end materials, maintaining an "Accumulate" rating [15] - Three Trees is expected to benefit from a shift in domestic market demand towards retail, with a target price of 53.19 yuan and a "Buy" rating [16] - Quartz Co. is recognized as a leader in high-purity quartz materials, with a target price of 37.3 yuan and an "Accumulate" rating [19]

2025 年 7 月 15 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观经济及公司点评 2025 年 7 月 15 日 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 周一（7 月 14 日）中国股市上涨，机器人板块爆发，医药股强势反弹，公 用事业、能源与材料涨幅居前，地产、金融与通讯服务下跌。大宗商品普涨， 国债期货下跌，人民币走平。 中国 6 月社融存量、信贷与 M1 增速反弹，显示中国经济延续复苏，2 季度 经济数据可能好于预期，3 季度货币政策宽松的可能性下降，降准降息可能 推迟至 4 季度。6 月商品出口同比增长 5.8%好于预期，进口增长 1.1%， Labubu带动玩具出口破百亿，稀土出口创 2009年来最高，铁矿石进口创年 内新高，钢铁二季度出口创纪录。 字节跳动将开发一种轻便型混合现实设备，与 Meta 公司计划 2027 年推出 的一款产品类似。京东健康首个线下医美自营诊所在北京亦庄开业，第二家 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The report highlights that as the earnings season approaches, stock price volatility is expected to increase due to expectation gaps [4][21]. - The gambling sector has shown strong performance, driven by higher-than-expected visitor numbers in Macau, leading to upward revisions in market expectations for monthly GGR and EBITDA [5][12]. - The report notes that most sectors are currently valued below their historical averages over the past five years, indicating potential investment opportunities [8][16]. Sector Performance Review - Weekly performance rankings show Gambling > Luxury Goods > U.S. Hotel > Domestic Sportswear > Domestic Cosmetics > Daily Necessities > Overseas Sportswear > Overseas Cosmetics > Credit Card > Snacks > Gold Jewelry > Pet, with the Gambling sector outperforming the MSCI China index [10][21]. - Monthly performance also favors the Gambling sector, followed by U.S. Hotel and Luxury Goods, while Domestic Cosmetics and Pet sectors experienced negative growth [22]. - Year-to-date performance indicates Gold Jewelry leading, followed by Domestic Cosmetics and Overseas Cosmetics, with the Overseas Sportswear sector showing negative growth [23]. Valuation Analysis - The report provides a detailed valuation analysis, indicating that many sectors, including Overseas Sportswear and Domestic Sportswear, are trading below their historical PE averages, suggesting potential upside [8][16]. - Specific expected PE ratios for 2025 are provided, with Overseas Sportswear at 34.4x (55% of its 5-year average), Domestic Sportswear at 12.6x (72%), and Gambling at 17.6x (26%) [16].

Core Viewpoint - The yoga apparel market is becoming increasingly competitive, with both international and domestic brands vying for market share, particularly in China [2][3]. Group 1: Market Dynamics - The British yoga brand Sweaty Betty has been acquired by the Chinese e-commerce company Baozun, indicating a shift towards local management for better market adaptation [4][15]. - Alo Yoga, another prominent American brand, is expanding its presence in Asia, with plans to open its first store in China by 2025, following successful launches in other Asian countries [5][22]. - Lululemon, currently the market leader, is facing challenges as its revenue growth in China has been declining, prompting a strategic shift to focus on lower-tier cities [6][40]. Group 2: Financial Performance - Sweaty Betty's parent company, Wolverine Worldwide, has reported a significant decline in revenue and gross profit over the past three years, with a drop of approximately $1 billion in revenue [11][12]. - In contrast, Alo Yoga has seen substantial growth, with sales exceeding $1 billion in 2022, marking a nearly 100% year-over-year increase [21]. - Lululemon's revenue growth in China has shown a downward trend, with quarterly growth rates fluctuating and expected to stabilize between 25% to 30% moving forward [38][39]. Group 3: Competitive Strategies - Sweaty Betty's previous failure in China was attributed to a lack of localized marketing and consumer engagement, which the brand aims to rectify through its partnership with Baozun [25][32]. - Alo Yoga differentiates itself by positioning as a lifestyle brand, offering a broader range of products beyond apparel, which may enhance its appeal in the competitive landscape [17][21]. - Lululemon is adapting its strategy by expanding into lower-tier cities, where consumer spending power is rising, while also facing the risk of diluting its brand image [41][45].

Core Viewpoint - Zhejiang Jasan Holding Group Co., Ltd. (Jasan Group) aims to become a global leader in integrated supply chain manufacturing of knitted sports apparel, showcasing strong financial performance and strategic growth initiatives in 2024 [1][2]. Company Overview - The company reported a revenue of CNY 2.57 billion in 2024, representing a year-on-year increase of 12.81% [2][5]. - Net profit attributable to shareholders reached CNY 321.18 million, up 20.15% from the previous year [2][5]. - The company has a diversified product portfolio, primarily focusing on knitted socks and seamless apparel, serving major global brands such as UNIQLO, PUMA, and ADIDAS [6][9]. Financial Performance - The total assets of the company stood at CNY 3.90 billion, an increase of 11.98% compared to the previous year [2]. - Basic earnings per share rose to CNY 0.89, reflecting a growth of 20.27% year-on-year [2]. - The company’s cash flow from operating activities was CNY 342.25 million, indicating a decrease of 12.29% from the previous year [5]. Business Segments - The cotton sock segment generated approximately CNY 1.92 billion in sales, marking a 15.85% increase, with net profit growing by 12.62% to CNY 279 million [5][6]. - Seamless apparel sales also showed significant growth, contributing to the overall revenue increase [6][7]. Strategic Initiatives - The company is actively pursuing cost reduction and efficiency improvement strategies, including optimizing procurement and enhancing production processes [5][6]. - Jasan Group is expanding its production capacity in Vietnam, with projects aimed at producing 65 million pairs of mid-to-high-end cotton socks and other textile products [5][6]. Market Position - The company has established a strong foothold in the textile industry, with a focus on export markets, particularly in Europe, the United States, and Japan [6][9]. - In 2024, China's cotton sock exports reached 18.8 billion pairs, with an export value of USD 6 billion, highlighting the robust demand for the company's products [7]. Future Outlook - The company plans to continue enhancing its vertical integration and invest in research and development to maintain its competitive edge in the textile market [6][9]. - Jasan Group aims to strengthen its relationships with existing clients while exploring opportunities to attract new high-quality customers [6][9].

Core Viewpoint - The yoga apparel market is experiencing significant competition, with established brands facing challenges from new entrants and local players, leading to a dynamic shift in market strategies and consumer engagement [4][7][36]. Group 1: Market Developments - The UK yoga brand Sweaty Betty has been acquired by Chinese e-commerce company Baozun, indicating a strategic shift towards local operations to enhance brand performance in China [5][14]. - Alo Yoga has opened its first flagship store in Seoul, marking its expansion into Asia, with plans for a potential entry into the Chinese market by 2025 [6][17]. - Vuori, an American brand, is rapidly expanding in China, aiming to become a major player in the market [6][35]. Group 2: Financial Performance - Wolverine Worldwide, the parent company of Sweaty Betty, has reported declining revenues and gross profits over the past three years, with a significant drop of approximately $1 billion in revenue [11][12]. - Sweaty Betty's revenue for FY24 was $199 million, reflecting a year-over-year decline of 2.4%, while its Q1 FY25 revenue fell to $38 million, down 15.9% year-over-year [13][12]. - Alo Yoga's sales exceeded $1 billion in 2022, with a growth rate of nearly 100%, and the brand is currently valued at around $10 billion [17]. Group 3: Competitive Landscape - Lululemon, the leading brand in the yoga apparel market, is facing increased competition from both new entrants like Alo and Vuori, as well as local brands like MAIA ACTIVE [6][36]. - Lululemon's revenue growth in China has shown a declining trend, with quarterly growth rates fluctuating from 45% to 21% over the past year [31][32]. - The brand is shifting its strategy to focus on lower-tier cities in China, planning to open 30 new stores in these areas by 2025, while also enhancing its e-commerce presence [33][34]. Group 4: Brand Positioning and Strategy - Sweaty Betty's previous attempts to enter the Chinese market failed due to a lack of localized marketing and consumer engagement, highlighting the importance of understanding local consumer habits [20][26]. - Alo Yoga differentiates itself by positioning as a lifestyle brand, offering a broader range of products beyond apparel, which may enhance its appeal in the competitive landscape [15][17]. - Lululemon's strategy to penetrate lower-tier cities may risk diluting its brand image and value, as it navigates the challenges of maintaining brand allure while expanding its market reach [34][36].

Core Viewpoint - The acquisition of the British high-end yoga apparel brand Sweaty Betty by Chinese e-commerce and brand management company Baozun represents a significant trend in the consumer brand acquisition era, highlighting the increasing interest of Chinese companies in global classic consumer brands [4][5][9]. Group 1: Acquisition Details - Baozun has acquired Sweaty Betty's China operations, marking it as the third international brand purchased by the company, following Gap and Hunter [4]. - Sweaty Betty, founded in 1998, focuses on high-end women's sportswear with a price range of 480 to 1180 RMB, but has struggled to gain a foothold in the Chinese market, closing its only store in mainland China in March 2023 [7][8]. - In 2023, Sweaty Betty's overall revenue was reported at 203 million USD, indicating challenges in the competitive Chinese sportswear market [8]. Group 2: Baozun's Financial Performance - Baozun has been operating at a loss in recent years, with projections indicating continued losses in 2024. However, the company has actively pursued acquisitions to drive growth [9]. - The acquisition of Gap's China business for 40 million USD in late 2022 and Hunter in 2023 has contributed to a 23.4% year-on-year revenue increase in Baozun's brand management business for Q1 2025, amounting to approximately 390 million RMB [9]. - Baozun's adjusted operating loss narrowed by 28.1% year-on-year, indicating improved performance from the acquired brands [9]. Group 3: Broader Industry Trends - The consumer acquisition landscape is witnessing a surge, with companies like Anta acquiring brands such as MAIA ACTIVE and expanding their global presence through strategic purchases [11]. - Other notable acquisitions include the purchase of the French luxury brand Bonpoint by Youngor Group and the acquisition of the international outdoor brand Woolrich by a traditional menswear brand [12]. - The trend reflects a broader strategy among Chinese companies to enhance their business lines and achieve scale through the acquisition of foreign consumer brands [12][14].

Core Viewpoint - Baozun E-commerce is making a strategic gamble to transform its business model amid ongoing losses, focusing on acquiring international brands to enhance its brand management capabilities [1][2][3]. Group 1: Financial Performance and Strategic Shift - Baozun reported losses of 220 million RMB in 2021, which expanded to 653 million RMB in 2022, with continued losses expected in 2023 and 2024 [2]. - The company initiated a strategic restructuring in March 2023, dividing its operations into three segments: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) [2]. - The BBM segment showed a 23.4% year-on-year revenue increase to 390 million RMB in Q1 2025, with adjusted operating losses narrowing by 28.1% to 21 million RMB, attributed to the strong performance of GAP and Hunter brands [2][3]. Group 2: Acquisition of Sweaty Betty - The acquisition of Sweaty Betty, a high-end women's activewear brand, is valued between 40 million to 50 million USD and marks Baozun's third significant acquisition in brand management [1][3]. - Sweaty Betty has faced challenges in the Chinese market, including a failed initial entry and declining global revenues, with 2023 revenue at 203 million USD, down 3.6% [3][4]. - Baozun aims to leverage Sweaty Betty's brand potential and replicate the recovery path seen with GAP in China [3]. Group 3: Competitive Landscape - The high-end yoga market in China is highly competitive, dominated by lululemon, which reported a 21% revenue increase in Q1 2025 in the Chinese market [4]. - New entrants like Anta's MAIA ACTIVE and Alo Yoga are reshaping the competitive dynamics, with strategies targeting different market segments [4][5]. - Sweaty Betty's previous market entry failures highlighted issues such as imbalanced channel strategies, lack of product localization, and insufficient investment from its parent company [5]. Group 4: Operational Strategy and Challenges - Baozun's strategy for Sweaty Betty includes cost control and local adaptation, integrating the brand's team into the GAP China structure to reduce management costs [5][6]. - The operational model aims to utilize shared resources across brands, enhancing efficiency and market responsiveness [7]. - Despite the potential for synergy, the BBM segment remains in a loss-making state, with a need to establish a strong brand narrative to resonate with Chinese consumers [8]. Group 5: Future Outlook - Baozun's management has set a target for the BBM segment to achieve breakeven by 2025, with Sweaty Betty's success being critical to this goal [8]. - Initial strategies may focus on differentiating from lululemon by targeting emerging fitness trends and enhancing the brand's British fashion identity [8].

Group 1 - The recent executive changes at Amer Sports include the appointment of Ma Lei as the new president for China, succeeding Yao Jian, who will take on a global role at the acquired brand Jack Wolfskin [1][2] - Ma Lei has a diverse background in both international and local brands, which aligns with Amer Sports' strategy of localized operations in China [2][3] - Under Yao Jian's leadership, Amer Sports saw significant revenue growth, with total revenue increasing from $2.446 billion to $5.183 billion from 2020 to 2024, and the Greater China region's revenue rising from $202 million to $1.298 billion [3] Group 2 - Amer Sports is focusing on expanding its presence in first-tier and new first-tier markets, leveraging the strengths of its agents, particularly through partnerships with companies like Tmall and JD.com [2][3] - The company faces challenges as the outdoor performance segment, particularly Salomon, has shown only single-digit growth, while the technical apparel segment has seen a minimum growth of 23% [5][7] - The competitive landscape is becoming more crowded, with high-end sports brands losing their scarcity, necessitating a shift in marketing strategies to maintain consumer interest [7][8] Group 3 - Amer Sports aims to diversify its growth by enhancing the performance of brands like Wilson, Peak Performance, and Atomic, which are still in the early stages in the Chinese market [7][8] - The company is expected to achieve a revenue growth forecast of 15% to 17% for the year, with functional apparel sales projected to grow by 20% to 22% [8]