大消费 [Table_ReportDate] 2025 年 8 月 25 日 [T分析师able_A：uthor 郑彬彬] 执业证书号：S1030523030001 电话：0755-23602217 邮箱：zhengbb@csco.com.cn 分析师：罗鹏 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 分析师：赵靖 执业证书号：S1030525070001 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 潮玩龙头高增长引领行业发展 [Table_ReportType] 大消费行业周报（8 月第 4 周） [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 上周（8/18-8/22）大消费 ...

首先，我们着眼于竞技体育与群众体育的深度融合，持续丰富大型体育赛事、职业赛事及群众赛事的供给，努力构建更加完善的体育赛事体系。诸如冬奥 会、亚运会及世运会等大型综合性赛事，因其强大的辐射性和带动性，给周边地区带来了显著的经济增长。例如，在杭州亚运会的举办期间，消费增幅最高 达到了40%以上。同时，职业赛事的市场热度不断攀升，CBA、WTT和F1等热门赛事的门票销售一片火爆，去年中国网球公开赛的门票收入突破8000万 元，CBA 24-25赛季季后赛的场均视频播放量也超过了1500万。群众赛事活动如"村超"和"浙BA"的成功举办，更是让"小赛事"大放异彩，"苏超"单场观赛人 数超过6万，带动江苏多场景消费达380亿元，极大促进了消费活力。 其次，我们积极发挥体育赛事的引流和带动效应，增强"赛事"在文化、商业及旅游等领域的融合。如今，文体商旅已经成为拉动消费、扩大内需的重要"黄 金组合"。体育文创产品逐渐受到大众青睐，赛事的吉祥物、体育徽章及明星运动员的球衣等发掘了品牌的吸引力，使体育文化的价值不断提升。此外，我 们推出了"乐享精彩赛事，寻味中华美食"的主题，让赛事的体验更加丰富；"跟着赛事去旅行"的理念深入人心 ...

Core Insights - The article highlights the achievements in building a sports power during the "14th Five-Year Plan" period in China, emphasizing the growth of mass fitness and the integration of sports with various sectors [1][2]. Group 1: Mass Fitness Development - During the "14th Five-Year Plan" period, mass fitness has seen significant progress, with national sports venue area reaching 4.23 billion square meters, an increase of 1.131 billion square meters compared to the end of the "13th Five-Year Plan" [2] - The "2025 National Fitness Day" recently held saw over 22,000 events with more than 11 million participants, indicating a growing trend of public engagement in fitness activities [2] - The rise of local competitions, such as "village competitions" and "city competitions," has fostered community engagement and consumption, promoting a culture of fitness and health [2] Group 2: Sports Event Economy - The "14th Five-Year Plan" period has witnessed numerous large-scale sports events that enhance city image and stimulate consumption, with 511 monitored events in seven regions generating over 16 billion yuan in related consumption [4] - The sports event market is expanding, with ticket sales for popular events like CBA and WTT seeing significant demand, and the China Open tennis tournament generating over 80 million yuan in ticket revenue last year [4] - The integration of sports events with culture, commerce, and tourism is creating a "golden combination" for driving consumption and expanding domestic demand [5] Group 3: Competitive Sports Achievements - China's competitive sports have achieved remarkable success on the international stage, with an increase in Olympic qualification projects from 21 to 24, reflecting balanced development across various sports [6][7] - The "633" development strategy aims to strengthen six key sports while enhancing the competitiveness of foundational sports and revitalizing team sports [7][8] - Competitive sports are seen as a catalyst for promoting mass sports and youth engagement, contributing to economic and social development [8]

Core Insights - The sports industry in China has become a new highlight for economic development, with an average annual growth rate exceeding 10% over the past five years [1][3] - The sports service industry, led by competition performance and fitness leisure sectors, has rapidly grown, increasing its share of the sports industry's added value from 68.7% in 2020 to 72.7% in 2023 [1][4] - The National Sports Administration plans to develop policy documents to promote event economics, enhance event supply, and strengthen the coordination between events and industries [1][8] Industry Growth - The total scale of China's sports industry reached 3.67 trillion yuan in 2023, with an average growth rate of 10.3% [3] - The added value of the sports industry has been growing at an annual rate of 11.6%, reaching 1.49 trillion yuan in 2023, and accounting for 1.15% of GDP [5] - The ice and snow industry is projected to grow from 381.1 billion yuan in 2020 to 970 billion yuan by 2024, with an annual growth rate of 26.3% [5] Event-Driven Economic Impact - In the first half of the year, 511 key events across seven regions generated over 16 billion yuan in related consumption, averaging over 30 million yuan per event [6] - Major events like the Hangzhou Asian Games have significantly boosted local consumption, with surrounding areas experiencing growth rates exceeding 40% during the event [7] - The integration of sports events with tourism and commerce has created a "golden combination" for driving consumption and expanding domestic demand [7][8] Policy and Structural Support - The new sports law has established a dedicated chapter for the sports industry, leading to the formulation of specialized plans and the issuance of 84 sports standards [3][4] - The number of national-level "specialized, refined, distinctive, and innovative" small giant enterprises in the sports sector is expected to exceed 146 by the end of 2024, more than doubling since 2022 [4] - The introduction of 81 national holiday sports tourism routes and various outdoor sports routes has enhanced regional resource development and collaborative growth [4]

Group 1 - The core viewpoint of the article emphasizes the significant role of sports in promoting national development and economic growth during the "14th Five-Year Plan" period [1][2] - The sports industry has become a new highlight in economic development, with an average annual growth rate exceeding 10% over the past five years [3][4] - Major international and domestic sports events have been hosted, enhancing city image and stimulating consumption, with 511 key events monitored in the first half of the year generating over 16 billion yuan in related consumption [3][4] Group 2 - The integration of competitive and mass sports is being enhanced, with large-scale events like the Asian Games driving regional consumption growth by over 40% [4] - The sports event market is seeing rising ticket prices, with the China Tennis Open generating over 80 million yuan in ticket revenue last year [4] - The "event+" strategy is being implemented to strengthen the synergy between sports events and culture, business, and tourism, creating a "golden combination" for consumption and domestic demand expansion [5] Group 3 - Sports cultural products are gaining popularity, with mascots and athlete jerseys attracting significant consumer interest [5] - The trend of "traveling with events" is becoming prevalent, with events driving multi-day consumption for families [5] - Future policies will be developed to enhance event supply, brand influence, and coordination with industries, positioning sports events as a strong engine for economic activation and image enhancement [5]