机构：中银国际 研究员：Tony LI/Penny PENG LN announced that its 2Q25 retail sell-through increased by 1% YoY only, weaker than its expectations but in line with our channel check. This reflected the competitive landscape for sportswear brands has become tougher in 1H25, and LN, still undergoing its reform initiatives, could be vulnerable to such pressure. Its mgmt. saw such trend continued in early 3Q, and expect it could be difficult to maintain 2025 full year GPM as last year's level. We expect this could imply furt ...

14 July 2025 | 8:23PM HKT China Consumer Pulse check: Unexciting consumption backdrop with increasing risks to 2Q25 earnings The overall China consumption trend appears unexciting in 2Q25, and we observed sequentially softer trends in multiple sectors including spirits (along with headwinds from policy tightening on anti-extravagance), dairy, sportswear, cosmetics, condiments, and prepared food, though headline numbers (NBS retail sales growth, 618 GMV growth) showed resiliency supported by continuous trade ...

Market Overview - June saw significant gains in the stock market, driven by solid economic data, reduced trade war concerns, and the Federal Reserve's indication of planned rate cuts [1][3] - The S&P 500 reached an all-time high, while the Dow Jones Industrial Average also finished with solid gains despite not reaching its peak from December 2024 [1] Company Performance - **Goldman Sachs (Up 17.9%)** - Goldman Sachs experienced a nearly 18% increase in stock price, benefiting from the overall market uptrend, a recovering IPO market, and anticipated Fed rate cuts [4] - The company showed the largest year-over-year improvement in the Fed's stress test results, potentially allowing a 300 basis point reduction in its stress capital buffer, enhancing financial flexibility [5] - Despite strong past performance, further gains are contingent on continued economic health [5] - **Nike (Up 17.3%)** - Nike's stock surged following a better-than-expected earnings report, despite ongoing challenges from previous management and anticipated tariff-related costs of $1 billion this year [7] - The positive earnings results and guidance lifted investor sentiment, indicating potential for recovery, although it may take years [8] - Nike's strategic moves to rebuild wholesale relationships and invest in new products appear to be yielding positive results, positioning the stock as a long-term investment opportunity [8]

Sportswear giant Nike is stepping onto a new court of play. Learn more: https://t.co/vd4EaS5nVK https://t.co/vd4EaS5nVK ...

Legal Dispute - Lululemon accuses Costco of copying its apparel designs [1] - Lululemon shared images with the court as evidence [1]

Sportswear giant Nike is stepping onto a new court of play. Learn more: https://t.co/BKyvg0sFFC https://t.co/BKyvg0sFFC ...

Buzz about sought-after Caitlin Clark sneakers shows Nike is wise to tap the growing market for women's sportswear, Jefferies analysts said. https://t.co/3NPhrhs5FV ...

Core Insights - Yang Hanshen, a 20-year-old center, was selected 16th overall by the Portland Trail Blazers, marking a new record for Chinese players in the NBA draft and initiating a significant rise in his commercial value [1][2] Group 1: Commercial Value Development - The announcement of Yang Hanshen's selection was met with immediate commercial responses, including endorsements from brands like Alien Electrolyte Water and Li Ning, reminiscent of the marketing strategies used during Yao Ming's entry into the NBA [2][3] - Yang Hanshen had already signed a five-year contract with Li Ning before entering the NBA, and he also established a partnership with Alien Electrolyte Water in March 2025, indicating a faster commercial growth trajectory compared to previous Chinese players [3][6] - His performance in the CBA, averaging 16.6 points, 10.5 rebounds, and 2.6 blocks per game, has drawn comparisons to Yao Ming's rookie season, enhancing his marketability [3][9] Group 2: Market Potential and Brand Strategy - The entry of Alien Electrolyte Water as a sponsor highlights the brand's understanding of leveraging NBA visibility, targeting a younger consumer demographic that aligns with Yang Hanshen's image as a "00s star" [6][9] - Yang Hanshen's commercial potential is vast, with opportunities in sectors like automotive, finance, and technology, similar to the diverse endorsements enjoyed by Yao Ming and Yi Jianlian [6][9] - The increasing interest in NBA among Chinese audiences, with 90% of adult basketball viewers watching the league, presents a lucrative market for brands seeking to capitalize on sports IP, with the sports marketing market in China projected to reach 280 billion yuan by 2025 [9]

FOR THE CONVERSATIONS THAT MATTER AND INSIGHTS YOU NEED, LET'S GET STARTED. ♪ >> NEWSMAKERS AND MARKET MOVERS. THIS IS "THE PULSE WITH FRANCINE LACQUA." FRANCINE: GOOD MORNING AND WELCOME.TRUMP'S TARIFFS AND TAXES DOMINATING THE NEWS AGENDA. WE WILL HAVE TEAM COVERAGE OF TRADE DEALS AND THE SO-CALLED BIG, BEAUTIFUL BILL. FIRST, THE LATEST ON TRADE. U.S.COMMERCE SECRETARY HOWARD LUTNICK SAYS WASHINGTON AND CHINA HAVE FINALIZED A TRADE TRUCE. IT SETS OUT TERMS FROM EARLIER TALKS IT STILL DEPENDS ON FUTURE ACT ...

Core Insights - Nike plans to reduce its dependence on production in China to lessen the impact of US tariffs, forecasting a smaller revenue drop in the first quarter than analysts expected, resulting in an 11% increase in its shares during extended trading [1][4][12] Company Strategy - The company aims to decrease the percentage of shoes imported from China from approximately 16% to a "high single-digit percentage range" by the end of May 2026 by shifting production to other countries [4][10] - Nike will optimize its sourcing mix and adjust production allocation across different countries to mitigate the cost impact of tariffs [5] - The company is also evaluating corporate cost reductions and has already announced price increases to partially offset the tariff effects [5][6] Financial Performance - Nike reported a smaller-than-expected revenue drop of 12% in the fourth quarter, totaling $11.10 billion, compared to analysts' expectations of a 14.9% decline to $10.72 billion [12] - The forecast for first-quarter revenue is expected to fall in the mid-single digits, slightly better than the anticipated 7.3% drop, attributed to a renewed focus on product innovation and marketing [7] Market Position - The running category has returned to growth, with significant investments in running shoes like Pegasus and Vomero, while production of other sneaker lines has been scaled back [7] - Under the new CEO Elliott Hill, Nike is increasing its marketing spending by 15% year-on-year, focusing on sports-related promotions [9]