作为2026厦门马拉松顶级战略合作伙伴暨唯一指定运动装备赞助商，特步将42.195公里的马拉松赛道意 象，与中山路街巷空间创新结合，真正让跑道"走进"街区，实现运动时尚与历史文化的交融。通过设置 多个主题打卡点，串联起中山路沿线特色地标，参与者可在漫步与趣味奔跑中完成一场 "街巷里的马拉 松"，亲身体验运动精神与城市文化交融的双重魅力。 来源：美通社 门2026年1月14日 /美通社/ -- 2026年1月11日，厦门马拉松赛事的热烈氛围从环岛路蔓延至城市深处。一 场以"街巷里的马拉松"为主题的 "马拉松冠军城市行•厦门站"活动，在承载百年历史的厦门中山路活力 上演。此次活动由特步联合思明控股•广悦建兴、厦门鑫中华投资有限公司、厦门中山路片区城市服务 有限公司共同呈现，通过马拉松冠军领跑、城市街区探索与产品沉浸体验等多元形式，在历史空间与现 代生活的交汇处，构筑了一场连接顶级赛事与城市生活的奔跑盛会，成为厦门探索 "商业+文旅+运 动"融合生态的生动实践。 街区成赛道，打造一场"街巷里的马拉松" 活动当天，马拉松冠军何杰、杨绍辉、杨定宏的亮相，将现场气氛推向高潮。三位冠军不仅分享了专业 跑步经验与赛事心得，更 ...

-上市动态- 钱大妈提交上市申请 港交所官网披露了钱大妈国际控股有限公司在港交所提交的上市申请，公司上市材料被正式受理，联席保荐人为中金公司和农银国际。 钱大妈是中国最大的小区生鲜连锁企业。公司经营家喻户晓的「钱大妈」品牌。2024年，公司的整体GMV达到了148亿元。根据灼识咨询的数据，以生鲜 产品GMV计算，公司连续五年在中国小区生鲜连锁企业中位列第一。（36氪） 小编评： 钱大妈赴港IPO若顺利，将以"社区生鲜第一股"身份获得低成本融资，用于未来门店扩张，强化"不卖隔夜肉"日清模式和极速周转壁垒优势。 近日，瑞士高端户外品牌 Mammut猛犸象的现任控股方、投资机构Jacobs Capital正考虑出售该品牌，预计交易估值高达5亿欧元，引发全球体育用品与消 费投资圈高度关注。 据多位知情人士透露，Jacobs Capital已启动初步市场测试，正式出售流程或将在近期展开，潜在竞购方阵容豪华，安踏集团被视为最受关注的买家之一， 此外，多家国际体育用品巨头及专注消费领域的私募股权基金亦表达出浓厚兴趣。（时尚商业Daily） 小编评： 值得注意的是，猛犸象在专业户外市场中具备稀缺地位，且拥有稳定的现金流能力。 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,783.18, down by 216.63 points or 0.80% as of January 14, 16:00 Eastern Time [1] - The index reached a high of 26,918.58 and a low of 26,724.89 during the trading session, with a trading volume of 82.41 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.501, up by 0.39% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 632.594, down by 0.06% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 633.000, with an increase of HKD 5.500 or 0.88%, but its ADR price is HKD 632.594, showing a decrease of HKD 0.406 [3] - Alibaba Group (09988) latest price is HKD 169.000, up by HKD 9.100 or 5.69%, with an ADR price of HKD 165.595, down by HKD 3.405 [3] - HSBC Holdings (00005) latest price is HKD 127.000, up by HKD 0.600 or 0.47%, with an ADR price of HKD 127.501, up by HKD 0.501 [3] - Other notable movements include Meituan (03690) down by 3.24% and Ctrip Group (09961) down by 6.49% [3]

来源：环球市场播报 美联储官员频频释放按兵不动信号 强调维护央行独立性 多位美联储官员周三就央行独立性的重要性发表了讲话，以回应美国司法部上周向美联储发出的传票。 该传票重点关注美联储高成本的楼宇翻修工程，以及美联储主席杰罗姆·鲍威尔去年就该项目在国会作 证的情况。 鲍威尔周日在一份声明中将司法部此举与美联储的利率政策联系起来，称这些指控是"借口"。明尼阿波 利斯联邦储备银行行长Neel Kashkari成为美联储首个明确支持鲍威尔说法的决策者。 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国最高法院再次未就特朗普关税案作出裁决 下个窗口期或在一周后 美国最高法院周三再次没有就总统特朗普的全球关税合法性作出裁决，全球至少需要等到下周才能得知 这项标志性经济政策的命运。 法院尚未说明计划何时发布下一批意见书，但下周二或周三大法官们再次开庭时可能公布更多裁决。 由于高院没有做出裁定，包括露露乐蒙、美泰在内的消费股纷纷下跌，电动工具制造商史丹利百得集团 回吐早前涨幅。 1、美国最高法院再次未就特朗普关税案作出裁决 下个窗口期或在一周后 2、美联储官员频频释放按兵不动信号 强调维护央行独立性 3 、马斯克旗下x ...

（文章来源：证券日报） 证券日报网讯 1月14日，金陵体育发布公告称，公司2026年第一次临时股东会审议通过《关于2025年前 三季度利润分配预案的议案》。 ...

Company Performance - In Q4 2025, the main brand and children's clothing of the company achieved approximately 10% year-on-year growth in offline sales, while online sales grew at a high double-digit rate [1] - Retail discounts during the quarter were stable at around 7-7.1, with a healthy inventory turnover ratio of 4.5-5.0x [1] - The company successfully opened 126 super stores by the end of December 2025, exceeding the initial target of 100 stores, with nearly 50% located in first and second-tier cities [1] Brand Development - The company continues to strengthen its brand strategy, focusing on "technology-based, brand-first" principles, and has entered a new strategic cooperation cycle with the Asian Olympic Council [2] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, enhancing brand recognition [2] - The order growth for the first two quarters of 2026 is primarily driven by volume increase, with limited improvement in average selling price (ASP) [2] Profit Forecast and Valuation - The company maintains its 2025 EPS forecast at 0.61, while the 2026 EPS forecast is adjusted down by 6% to 0.68, with a new 2027 EPS forecast of 0.74 [2] - The current stock price corresponds to 7.7/6.9 times the 2026/27 price-to-earnings ratio, with a target price adjustment of 3% to HKD 6.77, indicating a 17% upside potential from the current stock price [2]

Group 1 - Jacobs Capital is considering selling the Swiss outdoor brand Mammut, seeking a valuation of over €500 million (approximately ¥4.07 billion) [1] - The sale process is in preliminary discussions, with Anta Group being one of the most notable potential buyers [1][6] - This marks the second ownership change for Mammut in five years, having been acquired by Telemos Capital for approximately CHF 218 million (around ¥1.75 billion) in 2021 [1] Group 2 - Mammut has seen significant growth in the Chinese market, with sales increasing by 85% year-on-year in 2023 and projected to rise by 97% in 2024 [3] - The brand has shifted its strategy by entering high-end shopping districts in major cities, planning to open over 25 new stores in 2025 [3] - Mammut's marketing strategy has become more localized, appointing Chinese actor Zhang Ruoyun as the global brand ambassador [4] Group 3 - The outdoor market in China is rapidly growing, driven by an increase in middle-class consumer spending and a shift towards outdoor activities as a mainstream lifestyle [6] - Other international outdoor brands are also intensifying their presence in China, with significant sales growth reported by competitors like Marmot [6][8] - Mammut represents a unique opportunity for potential buyers, being a globally recognized brand with substantial sales and influence in high-end materials [8]

Group 1 - The core viewpoint of the news is that 361° has demonstrated strong operational performance in Q4 2025, with both its main and children's brands achieving approximately 10% growth in offline retail sales, and e-commerce platforms showing high double-digit growth [1] - The company actively fulfilled its corporate social responsibility by donating HKD 15 million in cash and supplies to support local rescue and settlement efforts following a fire in Tai Po, Hong Kong [1] - 361° has accelerated its e-commerce strategy by launching an instant retail initiative, allowing a thousand stores to join Taobao Flash Sale, and has opened its first overseas flagship store in Cambodia, marking a significant step in its international retail network [1] Group 2 - The company adheres to a strategy of "technology-based, brand-first," injecting strong momentum into high-quality industry development [3] - In the running segment, 361° has upgraded its "Flying Fire 5" series and Speed 3 with CQT QU!K midsole technology, balancing cushioning and stability [3] - The basketball segment features the launch of the second signature shoe "JOKER2" by global brand ambassador Nikola Jokic in the U.S., and the sixth signature shoe "AG6" by Aaron Gordon, enhancing performance with advanced technologies [3] Group 3 - 361° has strengthened its brand building and event resources through deep strategic collaborations, including a renewed partnership with the Olympic Council of Asia and collaborations with Tianjin Sports University to integrate aerospace and sports research resources [5] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge and has actively participated in marathons in Fuzhou and Tangshan, supporting elite athletes [5] - The successful conclusion of its own events, such as "Touch the Ground and Ignite" and "One Shot and Match" badminton tournaments, has helped to ignite public enthusiasm for sports [5] Group 4 - The operational performance in Q4 2025 reflects the results of 361°'s long-term commitment to professional product research and innovation, as well as deep channel cultivation [7] - Through continuous iteration of core technologies and deep collaboration of multi-dimensional strategic assets, 361° has consolidated its advantages in the professional sports sector while providing consumers with more valuable sports equipment options [7] - The company aims to continue leveraging its professional foundation to create sustainable value returns for the industry and market through high-quality business growth and enhanced product strength [7]

Core Viewpoint - The report from CICC maintains the 2025 EPS forecast for 361 Degrees (01361) at 0.61 yuan, while introducing a 2027 EPS forecast of 0.74 yuan, with the current stock price corresponding to 7.7/6.9 times the 2026/27 P/E ratio, and maintains an outperform rating for the industry [1] Group 1: Financial Performance - In Q4 2025, both the main brand and children's clothing achieved approximately 10% year-on-year growth in offline revenue, continuing the strong performance seen since the beginning of the year [2] - Online revenue in Q4 2025 experienced high double-digit year-on-year growth, with online discounts and new product ratios remaining stable [2] Group 2: Store Expansion - The company is successfully advancing its superstore format, having opened a total of 126 superstores in mainland China by the end of December 2025, exceeding the management's initial target of 100 stores [3] - Nearly 50% of the new stores are located in first and second-tier cities, with an average store area of 800–1,200 square meters, leading to improved customer acquisition and operational efficiency [3] Group 3: Brand Development - The company continues to strengthen its brand strategy, focusing on technology and brand leadership, and has initiated a new strategic cooperation cycle with the Asian Olympic Council [4] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Continental Challenge, enhancing brand recognition [4] - The order performance in the first two quarters of 2026 is expected to meet company expectations, driven mainly by volume growth, with limited ASP increase [4]

Core Viewpoint - Anta Sports is reportedly in talks to acquire a 29% stake in Puma from the Pinault family, which would make Anta the largest single shareholder of Puma if successful. This move comes as Puma has been struggling in a competitive market, with declining performance and market value [4][7]. Anta Sports Financial Performance - In the first half of the previous year, Anta Sports achieved a revenue of 38.544 billion yuan, a year-on-year increase of 14.26%. However, the net profit attributable to shareholders was 7.031 billion yuan, a decrease of 8.94% [4][10]. - Anta's stock price has significantly dropped from a historical high of over 170 HKD per share to 80.30 HKD, with a current market capitalization of 224.6 billion HKD [5]. Puma's Current Situation - Puma's sales in the first three quarters of the previous year fell by 4.3% to 5.974 billion euros, with a net loss of 309 million euros compared to a net profit of 257 million euros in the same period the previous year [8][9]. - The company has initiated multiple rounds of layoffs, planning to cut approximately 900 positions by the end of 2026, which represents about 13% of its total workforce [9]. Strategic Implications of the Acquisition - If Anta successfully acquires Puma, it could enhance its global brand portfolio and international expansion strategy. However, the challenge remains whether Anta can turn around Puma's struggling operations [5][10]. - Analysts suggest that Anta's growth may increasingly depend on the brands it has acquired, as its main brand is facing growth challenges [20][21]. Historical Context of Anta's Acquisitions - Anta has a history of successful acquisitions, such as the purchase of FILA, which transformed the brand and significantly contributed to Anta's revenue growth. FILA's revenue reached 14.2 billion yuan, accounting for 36.8% of Anta's total revenue [12][22]. - The acquisition of Amer Sports in 2019 also proved beneficial, with Amer achieving a revenue of 1.298 billion USD in 2024, marking a 53.7% year-on-year growth [23]. Market Concerns - There are concerns regarding the potential acquisition of Puma, with analysts warning that it may require significant financing that could dilute existing shareholder returns and divert management focus from Anta's core brands [23].