一度被视为体育小年的2025，却在过去一年带给国内体育营销市场更多惊喜。 以全球大赛做统计，2024年有欧洲杯和巴黎奥运在前，紧接着2026年米兰·科尔蒂纳冬奥、美加墨世界杯都即将到来，这个中间年自然也就成为了这场"营 销赛事"上下半场的衔接之年。 但实际上，这个缺少世界顶级大赛以及配套营销资源的2025年，反而让参与体育营销的品牌将注意力重新投入中国市场本身，并伴随现象级运动、体育赛 事、运动员IP的涌现，把不断扩大的"内需"作为2025这一年体育营销叙事的主线。 传统大赛的营销"空窗期"，首先洗牌了国家队这一层级的营销资源。 2025年1月，懒熊体育曾独家披露，在安踏与中国奥委会合作16年后，李宁十分接近重新拿到这个合作权益，价格是四年周期（2025年-2028年）约8亿 元。后来这笔签约官宣落地，李宁品牌正式成为2025-2028年中国奥委会及中国体育代表团官方体育服装合作伙伴。 中国顶级体育营销标的时隔16年再度易手，这不仅是2025开年最为重磅的营销动作，也开启了新一轮围绕中国国家队以及国家单项队赞助权益的营销争 斗。 安踏的回击引人注目。从3月开始，安踏从安德玛手中接过了中国三人篮球国家队的赞助权 ...

Core Insights - The 2025 "Li Ning Cup" China Pickleball Tour Finals showcased the sport's growth and potential, highlighting its competitive spirit and social impact [1][14] - The event attracted a record number of participants and international competitors, indicating a strong grassroots foundation and increasing global interest in pickleball [3][6] Event Scale and Participation - A record 1,057 participants registered for the finals, demonstrating the sport's popularity [3] - The event featured 56 foreign athletes from 17 countries, enhancing its international profile and cultural exchange [3] Competition and Organization - The finals included over 1,000 matches across team and individual formats, held in two major venues, showcasing efficient event organization [3] - A professional judging team from the China Tennis Association ensured fair play, with 42 referees supporting the event [5] Cultural and Tourism Integration - The event integrated sports with local tourism, offering free entry to 20 scenic spots for participants, promoting the beauty of Guilin [6] - Special tours for foreign athletes highlighted the city's attractions, enhancing its global image [6] Media Coverage and Public Engagement - The event received extensive media coverage, with CCTV broadcasting key matches for a total of 36 minutes, setting a new record for pickleball events in China [6] - Multiple media outlets provided live coverage, increasing public awareness and interest in the sport [6] Community and Brand Interaction - The "Finals Carnival" connected athletes with the local community, featuring fashion shows and cultural performances that enriched the event experience [7][9] - Local businesses showcased their products at a vibrant sports market, boosting local consumption and engagement [9] Future Prospects and Development - The successful organization of the finals is seen as a foundation for future events, with plans for continued growth in the sport across various cities [13][14] - The integration of technology in the event, such as real-time scoring systems, aims to enhance the spectator experience and set new standards for future competitions [13]

Core Viewpoint - The Chinese government aims to boost the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030, emphasizing the importance of developing influential sports enterprises and events to achieve this goal [1][2]. Group 1: Sports Consumption Growth - Sports consumption is increasingly recognized as a new economic growth point, expanding from traditional goods to services like event viewing, fitness, and sports tourism [2]. - In the first half of this year, sales of sports entertainment products from key units grew by 22.2% year-on-year, with significant consumer spending observed at major events [2]. - Emerging trends in sports consumption include a rise in niche sports and related training markets, with notable participation in events leading to substantial economic impact [2]. Group 2: Future Development Strategies - The sports authority plans to enhance quality supply and diversify consumption scenarios by developing high-quality event brands and promoting international top-tier events [3]. - Efforts will focus on optimizing the consumption environment to boost consumer confidence, including increasing venue availability and enhancing community sports facilities [3]. - The government encourages local initiatives to stimulate consumption through sports vouchers and financial support for sports activities, aiming to lower participation costs [3]. Group 3: Outdoor Sports Industry Support - The outdoor sports sector is becoming a vital part of the sports industry, with national policies aimed at fostering its growth to meet public health demands and create new economic opportunities [5][6]. - By 2030, the goal is to establish around 100 high-quality outdoor sports destinations, supported by a comprehensive policy framework and funding initiatives [5][6]. - The government will continue to promote outdoor sports through planning, funding support, and collaboration with financial institutions to enhance investment in the sector [6].

Group 1: Industry Overview - The State Council issued an opinion to enhance the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030, with significant improvements in development levels [1] - The sports industry in China reached a total scale of 3.67 trillion yuan in 2023, with an average annual growth rate of 10.3% since the 14th Five-Year Plan [1] - The sports service industry, led by competition performance and fitness leisure sectors, accounted for 72.7% of the added value in the sports industry [1] Group 2: Outdoor and Ice Sports Development - The opinion emphasizes the development of outdoor sports, proposing differentiated development based on local natural resources and promoting high-quality outdoor sports destinations [2] - The ice and snow economy is being cultivated, with measures to support ice sports equipment and expand participation in ice sports [2] - The outdoor sports online consumption is projected to reach approximately 300 billion yuan by 2024, with participation expected to be around 200 million people [3] Group 3: Financial Support and Investment - The opinion encourages financial institutions to optimize financing services for sports enterprises, including support for listings, refinancing, and asset securitization [3] - The sports industry has seen significant investment activity, with 16 disclosed financing events totaling about 559 million yuan as of September 4, 2025 [4] - The domestic consumption stimulus policies are expected to improve macro consumption conditions, benefiting the sports apparel market [4] Group 4: Company Performance - Li Ning has established a clear product matrix and is focusing on product development, aiming to strengthen its market share against international brands [6] - Anta Sports reported a 15% year-on-year increase in net profit, driven by a 14% revenue growth, with an improved operating profit margin [6] - Xtep International achieved a revenue of 6.838 billion yuan for the first half of 2025, a 7.14% increase year-on-year, with significant growth attributed to online sales channels [6]

Investment Rating - The report maintains a "Buy" rating for several companies, including Century Internet, Huayi Group, and 361 Degrees, indicating a positive outlook for their future performance [19][25][31]. Core Insights - The report highlights significant growth in capital expenditure for Century Internet, projecting a 101-141% increase in 2025, driven by strong demand in the AIDC sector [15]. - The AI and cloud computing sectors are experiencing increased investment from both domestic and international giants, which is expected to accelerate AI application deployment [16]. - The report emphasizes the robust growth potential in the AIDC cloud computing market, with recommendations for various companies across different segments [17]. - Huayi Group is expected to see a revenue increase of 19.4% in 2024, with a focus on expanding production capacity and optimizing customer structure [19]. - 361 Degrees anticipates breaking the 10 billion yuan revenue mark in 2024, with a strong emphasis on exploring new retail formats [25]. - The report notes that the toy market, particularly in the building block segment, is rapidly growing, with a projected increase in market size from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028 [32]. - Shandong Pharmaceutical Glass is positioned to benefit from the increasing demand for borosilicate glass, with projected net profits growing significantly over the next few years [36][37]. Summary by Sections Technology Sector - The report discusses the trading congestion indicators for the technology sector, suggesting that high trading volumes may indicate a risk of price corrections [3]. - Relative valuation metrics show that technology growth stocks are not at historical extremes but are also not particularly cheap, with TMT and robotics sectors at high percentiles [4][5]. Communication Sector - Century Internet's capital expenditure is expected to reach 100-120 billion yuan in 2025, reflecting a strong growth trajectory in the AIDC market [15]. - The demand for AIDC services is anticipated to accelerate, supported by significant contracts from major clients [15]. Consumer Goods Sector - Huayi Group's new factory efficiency is expected to impact Q4 earnings positively, with optimistic projections for Adidas orders [19]. - 361 Degrees is actively exploring new retail formats and anticipates a revenue increase of 19.6% in 2024 [25]. Toy Industry - The report highlights the rapid growth of the building block toy market, with a significant market share held by companies like Bluko, which is leveraging a strong IP portfolio [31][32]. Pharmaceutical Glass Industry - Shandong Pharmaceutical Glass is expected to see substantial growth in net profits due to the increasing adoption of borosilicate glass in the pharmaceutical sector [36][37].