Core Viewpoint - Morgan Stanley's report indicates that Anta Sports (02020) is expected to meet operational performance expectations in Q4 2025, with growth momentum in the FILA and other brands, maintaining an "Overweight" rating with a target price of HKD 141 [1] Group 1: Brand Performance - The core Anta brand's performance from January to date is in line with expectations, with management's preliminary outlook on retail sales appearing pragmatic [1] - The core Anta brand is projected to achieve positive growth, while the FILA brand is expected to continue the growth trend seen in 2025 [1] - Other brands are anticipated to record normalized growth [1] Group 2: Earnings Forecast - Morgan Stanley maintains its earnings forecast for Anta for the year 2025 [1]