Group 1 - The core viewpoint of the report indicates that 361 Degrees (01361) has shown steady revenue growth in Q4 2025, with offline and online main brand revenues increasing by 10% and high double digits respectively, while children's clothing revenue also grew by 10% compared to Q3 2025 [1][2][3] - The company has exceeded its annual store opening target with 126 super stores established by the end of December 2025, surpassing the initial goal of 100 stores. The super stores opened 39, 44, and 33 locations in Q2, Q3, and Q4 respectively, and plans for net openings in 2026 are expected [1][3] - The outdoor brand ONEWAY is performing as expected, with 6 stores currently open and plans for further expansion in 2026 [1][3] Group 2 - The company focuses on the mass professional sports sector, leading the industry in revenue growth this year, while continuously innovating its products and optimizing its channel structure. The rapid expansion of the new super store format is also noted [2][4] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 1.27 billion, 1.4 billion, and 1.56 billion yuan respectively, with corresponding PE ratios of 8.5X, 7.7X, and 6.9X. The target price for 2025 is set at 6.83 HKD, reflecting a 9% decrease [2][4] - The company is expected to launch new products, including the top carbon running shoes and basketball shoes, and has successfully hosted various sporting events, enhancing its brand presence [1][3]

2026年1月15日，由中华全国体育基金会与安踏集团联合发起的"奥运领奖台公益基金"重要落地项目在 湖南省湘西土家族苗族自治州古丈县玉玲举重运动学校成功举行。活动聚焦体育后备人才培养与运动员 终身保障体系建设，为基层体校师生送去切实支持与温暖关怀。中华全国体育基金会理事长王卫东，国 家体育总局举重摔跤柔道运动管理中心副主任何一群，安踏集团副总裁李玲，湖南省体育局党组成员、 副局长张连标，中华全国体育基金会副理事长、秘书长彭维勇，湖南省举重运动管理中心主任何国，奥 运冠军龙清泉、向艳梅、谌利军、侯志慧、李雯雯等嘉宾出席了活动。 活动现场，奥运冠军龙清泉、向艳梅为师弟师妹们带来了一堂生动的"冠军课堂"，讲述了从基层体校走 向奥运冠军领奖台的奋斗历程，分享了训练中艰辛、挫折中的坚持以及成功后的感悟，用榜样的力量激 励着每一位青少年运动员。龙清泉告诉孩子们"梦想始于脚下，坚持铸造辉煌，要坚持信念持续努 力。"向艳梅鼓励孩子们："要勇敢追梦，相信自己比想象中更强大。" 中华全国体育基金会理事长王卫东表示："奥运领奖台公益基金的落地，为了构建从青少年培养到职业 保障的良性生态，希望将这份关怀传递到基层，通过冠军引领青少年 ...

Group 1 - Elon Musk demands compensation from OpenAI and Microsoft ranging from $79 billion to $134 billion, claiming OpenAI has deviated from its non-profit mission and engaged in fraudulent activities [1] - OpenAI plans to test targeted advertising within the ChatGPT application to diversify revenue streams ahead of a potential IPO, targeting free and low-cost subscription users while excluding premium users from ads [12] - Nvidia's H200 chip suppliers have halted production of critical components to avoid inventory write-downs, impacting the supply chain for this specific chip [7] Group 2 - Xingyuan Automotive announces a five-year investment of approximately $15 billion to develop 17 new models focused on smart new energy multifunctional vehicles [8][9] - Maruti Suzuki plans to invest $3.9 billion in a new factory in Gujarat, India, which will increase its annual production capacity by up to 1 million vehicles by the fiscal year 2029 [12] - The Ministry of Industry and Information Technology of China has introduced a management method to include technology-based SMEs in its cultivation program, aiming to enhance the quality of small and medium enterprises [16] Group 3 - SpaceX successfully launched the NROL-105 satellite into orbit using the Falcon 9 rocket, marking the 600th mission of the Falcon series [12] - The commercial space launch company Starship Dynamics reported a failure during the first flight test of its Ceres II rocket, with ongoing investigations to determine the cause [6] - The market for recycling used power batteries in China is projected to exceed 100 billion yuan by 2030, driven by the increasing volume of retired batteries from electric vehicles [17]

Group 1 - The company has achieved steady revenue growth in Q4 2025, with offline and online sales increasing by 10% and high double digits respectively, while children's clothing sales also grew by 10% compared to Q3 2025 [1][2] - The company has exceeded its store opening target for the year, with 126 super stores opened by the end of 2025, surpassing the initial goal of 100 stores [2] - The company plans to continue expanding its ONEWAY brand, with expectations for new store openings in 2026 [2] Group 2 - The company is focusing on professional sports and has launched new products, including the top carbon running shoes and basketball shoes, which have received positive responses [2] - The company has successfully hosted various sporting events and has become the official supplier for the WTCC intercontinental tennis event, with plans for new tennis shoes to be launched in Q3 2026 [2] - The company has revised its net profit forecasts for 2025-2027, with expected profits of 1.27 billion, 1.4 billion, and 1.56 billion RMB respectively, and a target price of 6.83 HKD [1]

流水表现仍有所承压，零售表现好于批发。由于整体消费较为疲软和竞争环境激烈，25Q4 公司全平台 流水（不包括李宁YOUNG）同比录得低单位数下滑，其中线下渠道（包括零售及批发）录得中单位数 下滑，零售渠道录得低单位数下滑，批发渠道录得中单位数下滑，零售好于年初预期，下半年加大了清 货和促销力度，使得零售表现好于批发；电商渠道持平，其中表现较好的渠道有抖音（双位数增长）、 京东（单位数增长）、唯品会（库存出清的重点渠道）。从不同的品类来看，跑步录得中单位数增长， 运动生活和篮球品类均录得负增长，户外品类表现较好。库存和折扣方面，Q4 库销比为4-5，保持健康 水平，但折扣同比和环比均有低单位数加深，目前略深于6 折中段（口径包含奥莱等所有特卖渠道）， 主要是由于暖冬需要加大折扣来清库存。未来公司也会通过产品的调整优化来改善流水表现。 门店数量下降，新店型或将带来惊喜。截止12 月31 日，李宁大货（不包括李宁YOUNG）门店数量为 6091 个，较Q3 末净减少41 个，年初至今净减少26个，其中直营零售门店净减少59 个，批发门店净增 加33 个；童装门店数量1518 个，较Q3 末净增加38 个，年初至今净 ...

Core Insights - The article discusses the different types of rubber used on table tennis paddles and their specific characteristics, which influence player performance and strategy [1]. Summary by Category Types of Rubber - **Reverse Rubber**: The most widely used type, featuring a smooth surface with internal particle alignment. It offers strong spin, stability, and control, making it suitable for loop and loop-attack combinations [1]. - **Pips-Out Rubber**: Characterized by short, cylindrical protruding particles, this rubber provides strong elasticity and speed, ideal for close-range attacks and counter-hitting. It is commonly used by players employing a fast-attack style [1]. - **Inverted Rubber**: This rubber has soft particles with low vulcanization, resulting in a sinking ball effect and weak spin. It is favored by players who prioritize speed changes and rhythm control, particularly those using a shakehand grip [1]. - **Long Pips Rubber**: Featuring long, soft particles, this rubber has unique anti-spin properties, making the ball unpredictable. It is typically used by defensive players or those employing tactical spin variations, though it can be challenging for amateur players [1].

又有个股走出"地天板"走势。 A股市场今天（1月16日）上午窄幅震荡，电子板块领涨，成为上午市场主要亮点之一，该板块多股涨停或涨幅超过10%。 热门个股方面，近期商业航天板块的大牛股*ST铖昌（001270）今日开盘跌停，随后1分钟内强势拉升涨停，走出"地天板"走势。 港股市场恒生指数今天上午明显高开，后收窄涨幅。港股通标的股中，德林控股大涨，盘中涨幅超过26%。 A股电子板块领涨 A股市场今天上午窄幅震荡，主要指数波动幅度不大。截至中午收盘，上证指数下跌0.22%，深证成指下跌0.10%，创业板指下跌0.01%。 行业板块方面 ，若按照申万一级行业划分，电子板块领涨，板块盘中涨幅超过2%，该板块中包含多只芯片股。天岳先进盘中"20cm"涨停，派瑞股份、科 翔股份、晶升股份、蓝箭电子、佰维存储等多股盘中涨幅超过10%。康强电子、可川科技等多股盘中涨停，另有多股跟涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 688234 | 天岳先进 | 111.19 | 18.53 | 20.00% | | 300831 | 派瑞股份 | ...

25Q4主品牌线下/主品牌线上/童装流水同比分别增长10%/高双/10%，与25Q3(同比分别增长 10%/20%/10%)相比，主品牌线上略有放缓，但整体流水增长仍相对稳健和亮眼。 超品店超额完成全年开店目标，ONEWAY运营符合预期、26年有开店计划 国泰海通证券发布研报称，维持361度(01361)"增持"评级，对应目标价为6.83港元，公司聚焦大众专业 运动领域，年初至今流水增速行业领先，同时公司立足科技创新，产品持续迭代升级，渠道结构持续优 化，新业态超品店快速扩张。该行预计2025-27年归母净利润预测为12.7/14.0/15.6亿元，对应PE分别为 8.5X/7.7X/6.9X，给予2025年PE10X。 国泰海通证券主要观点如下： 25Q4流水增长稳健 持续加码心智产品与专业赛事 产品层面，顶碳跑鞋飞燃5和5Future已经上市，篮球鞋约基奇Joker2、阿隆.戈登AG6等已经上市、美国 丹佛主场全球发售反响良好。赛事层面，顺利举办3号赛道10KM竞速决赛，赞助唐山马拉松、福州马 拉松，并首次成为WTCC洲际网球赛事官方供应商，该行预计26Q3将有网球鞋上市。 风险提示 零售环境恶化，行业竞 ...

截至25年12月末，361度超品店已开设126家，其中童装21家，整体数量已超额完成25年初100家的开店 目标。25Q2/Q3/Q4期内超品店分别开39/44/33家，该行预计26年计划仍为净开。户外品牌ONEWAY运 营符合预期，当前共开设6家店，该行预计26年ONEWAY也有拓店计划。 持续加码心智产品与专业赛事 产品层面，顶碳跑鞋飞燃5和5Future已经上市，篮球鞋约基奇Joker2、阿隆·戈登AG6等已经上市、美国 丹佛主场全球发售反响良好。赛事层面，顺利举办3号赛道10KM竞速决赛，赞助唐山马拉松、福州马 拉松，并首次成为WTCC洲际网球赛事官方供应商，该行预计26Q3将有网球鞋上市。 风险提示 智通财经APP获悉，国泰海通证券发布研报称，维持361度(01361)"增持"评级，对应目标价为6.83港 元，公司聚焦大众专业运动领域，年初至今流水增速行业领先，同时公司立足科技创新，产品持续迭代 升级，渠道结构持续优化，新业态超品店快速扩张。该行预计2025-27年归母净利润预测为 12.7/14.0/15.6亿元，对应PE分别为8.5X/7.7X/6.9X，给予2025年PE 10X。 国泰海通证 ...

本报讯 （记者袁传玺）2026年1月13日，由众安保险与分子实验室联合主办的"运动新生态：保险与体 育的跨界融合与价值重塑"主题论坛在厦门举行。本次论坛邀请到特步集团、HYROX、Garmin、我奥 体育、RQrun、小红书、马拉松国家级健将吴浩然等运动领域代表，围绕运动风险保障、产品服务创 新、生态共建等议题展开深度对话。 为此，众安保险同步启动"运动生态合作伙伴招募计划"，向体育全产业链开放合作。无论是有风险管理 痛点的赛事公司、希望提供增值服务的运动品牌，还是意图探索"保险+服务"前沿模式的运动科技机 构，均可接入"灵动"平台的能力。众安保险市场公关部总监于千智在论坛上表示："众安意在将过去十 年积累的产品设计、运营风控及服务整合能力进行标准化输出，与合作伙伴共同打造一个'一站式'的运 动风险保障服务平台，让保险无缝融入大众从参与专业赛事到进行日常锻炼的每一个场景。" 作为国内互联网保险的开拓者，众安在运动领域的布局已持续十年。近年来持续保障超百场马拉松赛 事、服务超150万运动用户。 "众安的探索始终围绕着'场景'展开。"众安保险资深产品专家王顺在论坛上介绍，基于深度洞察，众安 保险在面向运动人群的保 ...