Group 1 - The Hang Seng Index rose by 0.28%, gaining 68 points to close at 24,658 points, while the Hang Seng Tech Index increased by 0.61% [1] - The Hong Kong stock market saw a trading volume of HKD 157.9 billion in the morning session [1] - The National Healthcare Security Administration of China added innovative commercial insurance drugs to the list for 2025, supporting new drugs with high clinical value but payment bottlenecks, leading to a rise in the Hang Seng Biotechnology Index [1] Group 2 - Livzon Pharmaceutical (01513) surged by 12.69% as the Phase II clinical trial for its cardiovascular innovative drug H001 capsule completed patient enrollment [2] - InnoCare Pharma (02577) increased by 6.41%, planning to significantly enhance its 8-inch gallium nitride wafer production capacity over the next five years [2] - China Heartland Fertilizer (01866) rose by 3.83% following reports of a meeting held by relevant authorities to ensure the supply and stabilize prices of potash fertilizer [2] Group 3 - Chongqing Machinery and Electric (02722) saw a significant increase of over 17% due to catalysts in the domestic AIDC market, with Chongqing Cummins being a supplier for engines [2] Group 4 - Jifang Zhitu Holdings (09636) rose by 10.18% after announcing a proposed share placement to raise approximately HKD 746 million for developing on-chain financial resources [3] Group 5 - Smoore International (06969) fell by 3.55%, expecting a year-on-year decline of approximately 21% to 35% in half-year profits [4] - Kanglong Chemical (03759) issued a profit warning, dropping by 5.24%, with an expected year-on-year decline of 36% to 39% in net profit attributable to shareholders for the first half [5]

机构：招银国际 研究员：Walter WOO 2Q25 retail sales were inline, but the margin was likely a miss. Together with the deteriorated outlook for 2H25E (even though the FY25E guidance was maintained), we should be more cautious. However, given Li Ning's efforts for turnaround and the intrinsic value of the brand, as well as its undemanding valuation at 15x FY25E P/E, we maintain our BUY rating. Maintain BUY but trim TP to HK$ 18.95, based on 18x FY25E P/E (unchanged). We have revised down the net profit forecasts in FY25E ...

安踏体育（02020.HK） 25Q2 流水点评：安踏品牌推进渠道升级，户 外品牌引领增长 买入（维持） 证券研究报告·海外公司点评·纺织及服饰(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62,356 | 70,826 | 78,173 | 86,079 | 94,239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10,236 | 15,596 | 13,232 | 14,763 | 16,431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 22.41 | 14.71 | 17.34 | 15.54 | 13.96 | [T ...

港股早晨快訊 2025 年 7 月 16 日星期三 個股推介 藍思科技(6613) 19.44 元 / 短線目標價：21.80 元 / 19.1%潛在升幅 催化劑：i) 在美國解除 EDA 禁令和美越貿易協定於同日達成的背景 下，有利後續訂單交付外，料亦可舒緩市場對上游供應鏈單價、毛利率 壓力的憂慮；ii) 預期最快 8 月初可獲納入港股通； 估值：A 股現價對應 FY25E/26E 22.5x/17.7x 預測市盈率(P/E)，H 股 較 A 股折讓超過 25%，我們認為其於行業的龍頭地位，有助折讓收窄； 拜訪紀要 361 度(1361) 收市價：HK$5.01 / 評級：維持買入 / 目標價：HK$5.40 市場回顧 短期看好板塊 今日市場焦點 ➢ 美國聯儲局褐皮書；英國6月CPI及核心CPI ； 宏觀焦點 中國第二季GDP增長5.2%勝預期，工業勝預期，固投零售遜預期； 港滙再觸發弱方兌換保證，金管局買入逾148億港元； 美國6月CPI按年升2.7%，高於預期； 歐盟羅列反制美國關稅清單，涉720億歐元貨品； 企業消息 | 各國指數 | 收市價 | | 變動% 年初至今% | | --- | --- | ...

智通财经APP获悉，中金发布研报称，维持安踏体育(02020)2025/26年EPS预测4.81/5.42元不变，当前股 价对应17/15倍2025/26年市盈率，维持跑赢行业评级和目标价120.92港元不变，对应23/20倍2025/26年市 盈率，较当前股价有35%的上行空间。公司公告2025年第二季度营运情况：安踏品牌、FILA品牌流水 分别同比增长低单位数、中单位数，所有其他品牌流水同比增长50-55%。 报告指，从已披露的国内运动品牌2Q25流水增长情况来看，中高端户外细分赛道保持着较快的成长 性。其中安踏品牌2Q25实现低单位数流水增长(大货、儿童均为低单位数增长)；FILA品牌2Q25实现中 单位数流水增长，其中大货、儿童、潮牌流水同比增长高单位数、中单位数、中单位数。FILA品牌表 现延续稳健态势，高尔夫、网球等新品类成为增长亮点，同时公司策略性在线上渠道增加1-2ppt折扣率 来加快货品流转速度、推动流水增长，也为2026年的新品上市打好基础；其他品牌中，2Q25 DESCENTE、KOLON品牌流水分别同比增长40%+、70%+，延续高速增长，同时保持着较少的零售折 扣;新品牌Maia A ...

Core Viewpoint - The article highlights the development initiatives in Gaoqiao Town, Danju District, emphasizing the focus on enhancing industrial capacity, improving living standards, and promoting high-quality regional development through various projects and community services [1][2][3][4]. Group 1: Industrial Development - Gaoqiao Town is accelerating the development of its characteristic industries, with significant projects like the 1,727-acre fishing-solar complementary photovoltaic project, which is expected to generate an average annual power output of 120 million kWh, replacing 36,400 tons of standard coal [1]. - The Mengjiagang International Logistics Park's first phase has commenced operations, achieving a cargo throughput of over 4 million tons from January to May [2]. - Local enterprises such as Honglian Electric and Aikexin Footwear have completed technological upgrades and expansions, enhancing their production capabilities [2]. Group 2: Infrastructure and Water Management - The construction of six new pumping stations is crucial for flood control and drainage, designed to handle a flow rate of 6.0 m³/s, benefiting 15,000 residents and 13,000 acres of rice fields [3]. - An accompanying 8.59-kilometer asphalt flood prevention road is being built to improve transportation conditions along the river [3]. Group 3: Community Services and Welfare - Gaoqiao Town is implementing various community welfare projects, including the "Love Summer Care Class" for underprivileged children and upgrading services for the elderly and disabled [4]. - The town aims to enhance the living environment by regularly improving the aesthetics of the community, aligning with provincial goals for livable and workable rural areas [4]. - The local government is committed to completing eight key livelihood projects to increase residents' happiness index in the second half of the year [4].

匹克球示意图 阳光洒进球馆，球拍轻击塑料球的"啪嗒"声此起彼伏。周末，位于北京延庆的世园国际匹克球运动中心 内，十多片球场上人声鼎沸。匹克球爱好者来回奔跑、挥拍接球，欢笑与呐喊交织成一幅动感十足的画 面。 2023年，在海外留学和工作多年的王夕多回到上海，创办了匹克球俱乐部。短短两年，俱乐部从最初的 2片球场扩展至华东、华北2个城市、3家俱乐部，拥有多片匹克球专业场地。据她介绍，目前俱乐部会 员已超过1200人，其中20至35岁的青年占比超过七成。 同样是在2023年，中国网球协会正式启动匹克球推广工作，搭建起从竞赛规则、器材标准到教练裁判管 理的整体框架。国家体育总局网球运动管理中心青少年与群众网球部主任、中国网球协会副秘书长孙文 兵说："我们以标准化引领推广，力求在起步阶段就把基础打牢，扩大匹克球在国内的普及范围和人口 规模，为推动全民健身提供新的路径。" 打通推广的"任督二脉" "我们现在有200多名会员，大家打球的'黏性'很强，很多人一周要来四五次。"中心总经理姚裕说，作 为华北地区最大的匹克球中心，这里不仅球友活跃，比赛也一场接一场。 从俱乐部到社区，从高校到中小学，近年来，匹克球运动正以意想不到的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2025 operational data shows that the main brand achieved low single-digit growth, while FILA and other brands recorded mid to high single-digit growth [2][3] - The report anticipates high single-digit growth for the main brand and mid single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30% [4] - The report highlights the potential for KOLON and DESCENTE to enhance their market share and product competitiveness due to favorable outdoor market conditions [4] Summary by Sections Event Overview - In Q2 2025, the main brand, FILA, and other brands recorded low single-digit, mid single-digit, and 50-55% growth respectively [2] - For H1 2025, retail sales for Anta, FILA, and other brands showed mid single-digit, high single-digit, and 60-65% growth year-on-year [2] Analysis and Judgment - The main brand's growth in Q2 2025 slowed compared to Q1 2025 and Q2 2024, attributed to a slowdown in both online and offline sales [3] - FILA's growth in Q2 2025 was driven by improvements in children's and trendy brands, although it showed a slight slowdown compared to Q1 2025 [3] - Other brands like DESCENTE, KOLON, and MAIA experienced 50-55% growth in Q2 2025, which is a decrease from Q1 2025 but an improvement from Q2 2024 [3] Investment Recommendations - The report projects revenue forecasts of 770 billion, 859 billion, and 960 billion for 2025, 2026, and 2027 respectively, with net profit estimates of 138.74 billion, 159.07 billion, and 178.76 billion for the same years [4] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 15, and 13 [4]

Group 1 - Anta Sports Products Co., Ltd. reported a low single-digit positive growth in retail sales for its main brand in Q2 2025 compared to the same period in 2024 [1] - FILA brand products achieved a mid-single-digit positive growth in retail sales compared to the same period in 2024 [1] - Other brands (excluding those added after April 1, 2025) saw a significant retail sales growth of 50% to 55% compared to the same period in 2024 [1] Group 2 - In the first half of 2025, Anta brand products recorded a mid-single-digit positive growth in retail sales compared to the same period in 2024 [1] - FILA brand products achieved a high single-digit positive growth in retail sales compared to the same period in 2024 [1] - Other brands experienced a retail sales growth of 60% to 65% compared to the same period in 2024 [1] Group 3 - Anta is diversifying its brand strategy through a "thousand stores, thousand faces" approach, optimizing channel quality and covering various market segments [2] - The company has introduced various types of offline stores to cater to different consumer groups and shopping environments, enhancing its offline channel [2] - Anta's e-commerce business is increasingly contributing to the group's revenue growth, becoming a key growth engine [2] Group 4 - Anta maintains a multi-brand and global strategy, with the outdoor segment contributing to incremental growth [3] - FILA, as the second-largest brand, focuses on high-end sports fashion while investing in functional products and exploring new sports markets [3] - The acquisition of the Wolf Paw brand extends Anta's outdoor product line from high-end to mass market, enhancing competitiveness in the outdoor sports sector [3]

英超豪门曼城足球俱乐部15日宣布，他们已与彪马公司续签长期合同。据英国当地媒体报道，新合同总 金额多达10亿英镑（1英镑约合人民币9.6元），每年至少一亿英镑。 ...