国泰海通晨报 2025 年 06 月 12 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【金融工程】我们调整此前的战术性大类资产配置观点。我们上修港股的战术性配置观点至超 配，下修国债的战术性配置观点至标配，上修黄金的战术性配置观点至超配。 2、【批零贸易业】5 月出口受关税及上年高基数影响，随中美贸易谈判取得实质性进展，出海链 受益，部分对美敞口高的公司望迎估值修复。 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 主动量化周报：《行云流水：欧洲央行连续八次降息》2025- 06-10 王子翌（分析师）021-38676666 我们上修港股的战术性配置观点至超配。中国科技突破与新兴产业主题交易热度持续高涨， 国际资金的投资组合调整行为近期更加倾向于流入港股。随着南下资金逐渐提升对于港股以及其部分 板块的定价权，全球宏观环境波动对港股的扰动边际减弱。随着市场对全球地缘政治冲突的担忧降温 以及对特朗普政策关税政策的逐渐钝化，港股的短期风险回报比相对于其他大类资产 ...

Core Viewpoint - Amer Sports reported strong Q1 2025 results, with revenue of $1.473 billion, a 23% year-over-year increase, and operating profit growth of 97% to $214 million, indicating robust market performance and growth momentum [1][4]. Group 1: Financial Performance - Q1 revenue reached $1.473 billion, up 23% year-over-year (26% growth at constant currency) [1] - Operating profit increased by 97% to $214 million, while adjusted operating profit rose by 79% to $232 million [1] - The company raised its full-year revenue growth forecast to 15%-17% and adjusted earnings per share expectations to $0.67-$0.72 [4] Group 2: Business Segments - The outdoor functional apparel segment, led by Arc'teryx, saw a revenue increase of 28% to $664 million [1] - The mountain outdoor apparel and equipment segment, driven by Salomon footwear expansion, grew by 25% to $502 million [2] - The racquet sports segment, through Wilson's strategic initiatives, achieved a revenue of $306 million, a 12% increase [2] Group 3: Regional Performance - Revenue in the Greater China region surged by 43% to $446 million, with Salomon adding 22 new stores [3] - The Asia-Pacific region reported a 49% revenue increase to $157 million [3] - EMEA region revenue grew by 12% to $405 million, while the Americas achieved $465 million in revenue [3] Group 4: Strategic Insights - The company emphasizes the effectiveness of its direct-to-consumer strategy, with DTC revenue in the outdoor functional apparel segment growing by 19% [1] - Strategic positioning and brand differentiation are highlighted as key factors for sustained growth across various market segments [2] - The CFO noted the company's ability to navigate macroeconomic uncertainties, including tariff adjustments, through a diversified global presence and strong pricing power [4]