昨夜，美国三大股指高开后跳水，最终集体收跌，道指跌0.2%报46602.98点，标普500指数跌0.38%报 6714.59点，纳指跌0.67%报22788.36点。 耐克跌超3%，赛富时跌逾2%，领跌道指，特斯拉跌超4%。 昨夜，中概股普遍下跌，纳斯达克中国金龙指数跌2.24%。个股方面，小马智行跌近8%，世纪互联跌超 6%，奇富科技跌逾6%，万国数据跌超5%，陆控跌逾5%。 黄金方面，今早黄金再度高开，截至发稿涨逾0.1%，而COMEX黄金昨日稳稳收于4000美元上方。 消息面上，特斯拉推出的Model 3轿车与Model Y SUV"基础款"版本已开启销售，起售价分别为36990美 元与39990美元。这两款新增的"标准版"车型，满电状态下预估续航里程均为321英里（约合516公 里），且配置相较于更高端的后驱版或四驱版车型有所缩减，甚至未配备特斯拉的基础高级驾驶辅助系 统——Autopilot自动辅助驾驶。 此外，事关降息，美联储官员再度表态，美联储理事米兰认为应该继续降息。 米兰表示，他认为实现"最大就业"和"物价稳定"两大目标之间并不存在严重冲突，并主张美联储应继续 降息以应对政策过度紧缩风险。 ...

前日文1 zed (5) 48 万众瞩目中，WTT中国大满贯2025赛事在石景山区首钢园落幕。小将崭露头角，老将续写辉煌，场上奋力竞 逐，场下彼此鼓励……乒坛健儿超越自我的拼搏姿态，带给广大球迷鼓舞和感动，这场乒乓赛事也让石景山区收 获了一张含金量十足的"成绩单"——赛事直接收入近1.54亿元，首钢园区人流量和整体收入显著增长，国庆中秋 小长假前五天全区文商旅体消费总额近3.2亿元。透过这场体育赛事，我们可以看到北京从"双奥之城"迈向"赛事 之都"的生动实践，感受到赛事经济蓬勃向上的发展脉动。 "一旦成为奥运城市，便永远都是奥运城市。"奥运之缘，带来了北京城市面貌的全面成长，积蓄着北京长远发展 的资源禀赋。从"鸟巢""水立方"，到"冰丝带"、首钢园，这些场馆从建设改造之初便进行了"后奥运时代"的发展 规划，为社会大众体育健身提供服务。近些年，北京积极利用场馆资源和办赛经验，稳步推动"国际赛事名城"建 设，打造"双奥100"精品赛事体系。作为体系中重要的标志性赛事活动之一，WTT中国大满贯不仅是乒乓竞技的 重要舞台，更是北京"双奥"基因的生动延续。两年来赛事的成功举办，将市民的运动热情推上顶峰，更探索了推 动赛 ...

以下文章来源于财经三分钟 ，作者杨瑞 财经三分钟 . 4 亿中产财经资讯平台，专注深度财经商业报道。由财经媒体人杨瑞团队执笔，出品《广州租售同 权》、《北京学区房多校划片》、《国家抢占人工智能制高点》等多篇千万级刷屏文章。 作者：杨瑞 来源：财经三分钟 2024年联亚集团财报里的19%收入跌幅，给锐步的中国征程钉下沉重注脚。 ▲ 图源：锐步母公司联亚集团2024年度财报 2006年阿迪达斯以38亿美元收购锐步，本想借其篮球资源对抗耐克，却上演了"最昂贵的错误"。 阿迪不仅挤走锐步独占的NBA资源，更让其共享渠道、模糊定位：姚明代言的球鞋只停留在概念阶 段，消费者连购买渠道都找不到。 2020年 第二季度 锐步销售额暴跌44%，市场价值缩水至10亿美元，阿迪最终以25亿美元将其甩 卖给ABG，割肉超 10 亿美元。 这个曾在1987年以14亿美元营收碾压耐克（同期8亿美元）的品牌，如今在淘宝、京东、抖音 三 大平台年销售额不及耐克天猫618首小时成交额的零头 。 ---------------------------------- 时间倒回90年代健身房，锐步Freestyle健美操鞋的白色身影随处可见。 ▲ ...

Core Viewpoint - Tianfeng Securities has slightly adjusted the profit forecast for Anta Sports, expecting net profit attributable to shareholders to be 13.6 billion RMB, 15.5 billion RMB, and 17.3 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18x, 15x, and 14x, maintaining a "Buy" rating Brand Performance - Mature Brand: Anta brand is expected to achieve revenue of 17 billion RMB in H1 2025, a year-on-year increase of 5.4%, accounting for approximately 44% of total revenue, with a gross margin of 54.9% [1] - Growth Brand: FILA brand is projected to generate revenue of 14.2 billion RMB in H1 2025, a year-on-year increase of 8.6%, representing about 37% of total revenue, with a gross margin of 68% [1] - Emerging Brand Portfolio: Other brands (including DESCENTE and KOLON SPORT) are expected to achieve revenue of 7.4 billion RMB in H1 2025, a year-on-year increase of 61.1%, increasing their revenue share from approximately 13% to about 19%, with a gross margin of 73.9% [1] Channel Performance - DTC: Expected revenue of 9.4 billion RMB in H1 2025, a year-on-year increase of 5.3%, accounting for about 56% of total revenue [2] - E-commerce: Anticipated revenue of 6.1 billion RMB in H1 2025, a year-on-year increase of 10.1%, representing approximately 36% of total revenue [2] - Traditional Wholesale and Others: Expected revenue of 1.4 billion RMB in H1 2025, accounting for about 8% of total revenue [3] Strategy and Outlook - The company will continue to implement a "single focus, multi-brand, globalization" strategy in H1 2025, driving growth through dual core brands [4] - Anta brand will deepen its transformation and promote innovation in business models and specialized stores, while FILA will focus on golf and tennis to build a core product matrix [4] - Emerging brands like DESCENTE and KOLON SPORT are expected to maintain rapid growth, with global expansion covering Asia, Europe, and America [4] - The company is enhancing digital integration and initiating AI strategic layouts to drive material research and process innovation [4] - A 3-5 year revitalization plan has been established for the JACK WOLFSKIN brand to reshape its product system [4]

记者 叶宇 "好球！"随着上海网球大师赛上演一记精彩的扣杀，街边的球迷爆发出一阵欢呼。 今年7月，上海公布吴江路—丰盛里区域、西岸梦中心区域等首批夜间经济地标。随之而来一系列 丰富的夜间活动，在国庆中秋双节期间，向市民游客展示出一个浪漫松弛的"夜上海"。 许多店铺、餐饮企业延长营业时间。22时来到西岸梦中心，游客仍能看到一场结合水幕投影、激光 技术与冷焰火的船坞光影秀。沿着滨江步行，身旁的商场灯光明亮，某知名化妆品门店内，还能看到消 费者正在选购商品。大部分餐厅将营业时间延长到了23时或0时，其中面向江面的一楼餐厅都布置了大 量外摆位，深夜时分户外上座率仍有将近五成。 假日期间的夜晚，站在石门一路吴江路路口，节庆的热浪从四面八方扑面而来。 LV"路易号"以巨轮之姿"停泊"在兴业太古汇，吸引游人的目光与镜头；马路对面，凯迪拉克的品 牌快闪将先锋的电子音乐送入路人耳朵，与城市节拍共振；一转身，吴江路美食街摆开200米秋日市 集，烧烤、炸串等美食香气蹿入鼻腔，吸引食客停下脚步。 来自意大利的劳拉是第一次来上海旅行，充满烟火气的市集让她感到十分有趣。她说："之前朋友 们总说上海多么繁华，有许多摩登的高楼大厦，但是这种 ...

Core Viewpoint - Tianfeng Securities has slightly adjusted the profit forecast for Anta Sports, expecting net profit attributable to shareholders to be 13.6 billion RMB, 15.5 billion RMB, and 17.3 billion RMB for the upcoming years, with corresponding PE ratios of 18x, 15x, and 14x, while maintaining a "Buy" rating [1] Brand Performance - Mature Brand: Anta brand is projected to achieve revenue of 17 billion RMB in H1 2025, a year-on-year increase of 5.4%, accounting for approximately 44% of total revenue, with a gross margin of 54.9% [2] - Growth Brand: FILA brand is expected to generate revenue of 14.2 billion RMB in H1 2025, a year-on-year increase of 8.6%, representing about 37% of total revenue, with a gross margin of 68% [2] - Emerging Brand Portfolio: Other brands, including DESCENTE and KOLON SPORT, are anticipated to achieve revenue of 7.4 billion RMB in H1 2025, a significant year-on-year increase of 61.1%, accounting for about 19% of total revenue, with a gross margin of 73.9% [2] Channel Performance - DTC: Direct-to-Consumer channel is expected to generate revenue of 9.4 billion RMB in H1 2025, a year-on-year increase of 5.3%, making up about 56% of total revenue [3] - E-commerce: Projected revenue of 6.1 billion RMB in H1 2025, a year-on-year increase of 10.1%, accounting for approximately 36% of total revenue [3] - Traditional Wholesale and Others: Expected to achieve revenue of 1.4 billion RMB in H1 2025, representing about 8% of total revenue [4] Strategy and Outlook - The company aims to continue its strategy of "single focus, multiple brands, globalization" in H1 2025, driven by its dual core brands [5] - Anta brand will deepen its transformation and promote innovation, while FILA will focus on golf and tennis to build a core product matrix [5] - The company is advancing its global layout across Asia, Europe, and America, enhancing digital integration and launching AI strategies for material research and process innovation [5] - Sustainability efforts include expanding eco-friendly product lines and improving supply chain responsibility management [5] - The organization is enhancing decision-making flexibility and building a diverse talent pool, with a revival plan for the JACK WOLFSKIN brand over the next 3-5 years [5]

Core Insights - The article emphasizes the growing popularity and technological advancements of carbon plate running shoes, highlighting their benefits for runners and the competitive pricing of a specific model [5][8][10]. Group 1: Carbon Plate Running Shoes - Carbon plate running shoes have become a trend in the running community, especially after notable events like the Breaking2 challenge where elite athletes showcased their performance using such shoes [6][8]. - These shoes incorporate advanced technologies that enhance speed and performance, making them a flagship product for various brands [8][12]. - The high cost of carbon plate shoes is attributed to expensive research, development, and production processes, which are significantly more complex than standard running shoes [10][12][14]. Group 2: Product Offering - A specific model, the "简届灵动1.0全掌碳板运动跑鞋," is being offered at a promotional price of 199 yuan, significantly lower than the typical market price of 498 yuan [18][19][119]. - The shoes feature a full carbon plate design, which is a premium characteristic usually found in high-end models, providing enhanced propulsion and energy return during runs [25][61][68]. - The product is marketed as suitable for various types of runners, including beginners and those looking for performance shoes, emphasizing its versatility for different activities [54][56][104]. Group 3: Technical Specifications - The shoes utilize a supercritical MD midsole that balances lightweight, support, and cushioning, enhancing the overall running experience [82][85][89]. - The outsole is made from large particle rubber, providing excellent grip and durability, making it suitable for both road and trail running [39][104]. - The design includes a breathable mesh upper, ensuring comfort during extended wear, which is particularly beneficial in warmer conditions [109][111]. Group 4: Market Positioning - The brand behind the shoes is positioned as a value-oriented alternative to major brands, leveraging quality manufacturing from a factory that produces for well-known labels [46][49]. - The promotional strategy includes limited-time offers to create urgency among potential buyers, highlighting the significant price reduction as a key selling point [20][119]. - The article suggests that the shoes are an excellent investment for those seeking high performance at a competitive price, appealing to cost-conscious consumers [53][118].

Core Insights - The company reported a revenue of 170 billion RMB for the Anta brand in H1 2025, showing a year-on-year growth of 5.4% and accounting for approximately 44% of total revenue, with a gross margin of 54.9% [1] - FILA brand achieved a revenue of 142 billion RMB in H1 2025, reflecting an 8.6% year-on-year increase, representing about 37% of total revenue, with a gross margin of 68% [1] - Emerging brands, including DESCENTE and KOLON SPORT, generated 74 billion RMB in revenue, marking a significant 61.1% year-on-year growth and increasing their revenue share from 13% to 19% [1] Revenue Breakdown by Channel - Direct-to-Consumer (DTC) channel generated 94 billion RMB in revenue in H1 2025, up 5.3% year-on-year, contributing approximately 56% to total revenue [2] - E-commerce sales reached 61 billion RMB, with a year-on-year growth of 10.1%, accounting for about 36% of total revenue [2] - Traditional wholesale and other channels saw a revenue decline to 14 billion RMB, down 10.6% year-on-year, representing about 8% of total revenue [2] Strategic Outlook - The company continues to implement a "single focus, multi-brand, globalization" strategy, leveraging dual core brands for growth [2] - Anta brand will deepen its transformation and innovate store formats, while FILA will focus on core categories in golf and tennis [2] - The company is advancing its global layout across Asia, Europe, and the Americas, enhancing digital integration and launching AI strategies for material research and process innovation [2] Financial Forecast Adjustments - The company has slightly adjusted its profit forecasts, expecting net profits of 13.6 billion RMB, 15.5 billion RMB, and 17.3 billion RMB for the next three years, with corresponding PE ratios of 18x, 15x, and 14x [3]

天风证券（601162）发布研报称，维持安踏体育(02020)"买入"评级。公司2025年上半年持续贯彻"单聚 焦、多品牌、全球化"，通过双核心品牌驱动增长。安踏品牌将不断深化转型，推动创新业态与垂类店 铺孵化;FILA品牌聚焦高尔夫与网球领域，打造核心品类矩阵;DESCENTE、KOLONSPORT等新兴品牌 保持高速增长。公司全球化布局稳步推进，覆盖亚洲、欧美等市场。未来集团期望持续通过数字化转 型、供应链优化和技术创新，实现高质量盈利增长。 天风证券主要观点如下： 分品牌看： 成熟品牌：安踏品牌2025H1实现营收170亿元，同比增长5.4%，占总收入比重约44%，毛利率54.9%。 安踏品牌在电商渠道打造明星产品，持续强化大众市场影响力，并在海外市场积极拓展布局。 成长品牌：FILA品牌2025H1实现营收142亿元，同比增长8.6%，占总收入比重约37%，毛利率68%。品 牌在专业运动领域表现尤为突出，网球、高尔夫、女子和户外系列等运动品类保持较强的增长势头。 新兴品牌组合：所有其他品牌(包括DESCENTE迪桑特、KOLONSPORT可隆等)2025H1实现营收74亿 元，同比增长61.1%，占总 ...

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Anta Sports (02020), emphasizing the company's focus on "single focus, multiple brands, and globalization" to drive growth through its dual core brands [1] Brand Analysis - Mature Brand: Anta brand achieved revenue of 17 billion yuan in H1 2025, a year-on-year increase of 5.4%, accounting for approximately 44% of total revenue with a gross margin of 54.9% [2] - Growth Brand: FILA brand generated revenue of 14.2 billion yuan in H1 2025, up 8.6% year-on-year, representing about 37% of total revenue with a gross margin of 68% [2] - Emerging Brand Portfolio: Other brands, including DESCENTE and KOLONSPORT, reported revenue of 7.4 billion yuan in H1 2025, a significant year-on-year increase of 61.1%, now accounting for about 19% of total revenue with a gross margin of 73.9% [2] Channel Analysis - DTC: Direct-to-Consumer (DTC) revenue reached 9.4 billion yuan in H1 2025, a year-on-year growth of 5.3%, making up approximately 56% of total revenue [3] - E-commerce: E-commerce revenue was 6.1 billion yuan in H1 2025, reflecting a year-on-year increase of 10.1%, contributing about 36% to total revenue [3]