Core Insights - Yiwu's market is experiencing a significant increase in customer traffic and business transformation from wholesale to retail-wholesale integration, benefiting from its designation as a shopping tourism destination [1] - The number of customers from "Belt and Road" countries has increased by over 30% this year, reflecting the diversification of Yiwu's foreign trade market [1] - Yiwu's exports are showing double-digit growth, particularly in new markets such as Africa and Central Asia, with a shift towards online business models [1][2] Group 1: Market Dynamics - Yiwu's market is witnessing a surge in orders, with many small and medium-sized foreign trade businesses capturing market demand through product innovation and design [2] - The demand for products like inflatable swimming rings has skyrocketed, with monthly sales exceeding 300,000 units, driven by popular IP designs [4] - The sports goods sector is preparing for the 2026 World Cup, with a noticeable increase in orders, particularly for fan apparel and sports equipment [5][6] Group 2: Export Growth - Yiwu's total import and export volume is projected to grow by 18.2% in 2024, with exports increasing by 17.7%, making it the top county-level city in the province [9] - From January to May 2025, Yiwu's sports goods exports reached 4.79 billion yuan, marking a 16.6% increase [6] - The city is focusing on expanding its market presence in Southeast Asia, Central Asia, South America, and Africa, aligning with the "Belt and Road" initiative [11] Group 3: E-commerce and Digital Transformation - Yiwu is enhancing its online market presence, with over 75,300 e-commerce entities, accounting for 29.7% of Zhejiang province [10] - The city has hosted over 200 events to promote cross-border e-commerce, resulting in significant increases in professional buyer attendance and transaction volumes [10] - Yiwu is developing a cross-border e-commerce industrial park, aiming for over 100 billion yuan in online trade volume [10] Group 4: Government Support and Financial Innovation - The local government is actively supporting foreign trade businesses through initiatives like the "Ten Thousand Buyers Invitation" campaign and increasing flight frequencies to attract international buyers [9] - New financial products have been introduced to help foreign trade companies mitigate risks, providing a safety net for shipping costs [12] Group 5: Domestic Market Expansion - Yiwu is also focusing on expanding its domestic sales market, with a significant increase in trade exhibitions and participation from international buyers [13]

Core Viewpoint - The "Sports Eight Measures" initiative by Beijing's Education Commission and Sports Bureau aims to enhance physical education in schools, emphasizing health-first education through various activities and competitions. Group 1: Implementation of "Sports Eight Measures" - Schools are required to organize diverse class competitions each semester, ensuring full participation from students [1] - The initiative has led to daily class football leagues at Beijing Jianhua Experimental Yizhuang School, promoting gender inclusivity and overall student involvement [3] - The spring sports meeting at Beijing Aerospace University included innovative team-based competitions, enhancing collaboration among students and parents [3] Group 2: Development of Physical Skills - The initiative mandates that every student in compulsory education must master at least two sports skills, eliminating non-participatory physical education classes [6] - Beijing Jianhua Experimental Yizhuang School offers specialized courses in swimming, fencing, climbing, and ball sports, with professional coaches involved [6] - The school has integrated basketball, football, and volleyball into the compulsory curriculum, while also introducing dry-land ice hockey for middle school students [8] Group 3: Unique Sports Programs - Beijing Xicheng District Jinghua Experimental School has developed unique physical education classes, including Ba Duan Jin, Wing Chun, and physical fitness exercises, allowing students to learn multiple sports skills [10]

618大促，淘宝、京东、拼多多、抖音等巨头打得如火如荼时，还有一批电商"小透明"也支棱起来了。唯品会不声不响在5月12日便率先开启"抢先购"活 动，借着热剧《长安的荔枝》玩起IP联名；蘑菇街更是"借船出海"，以MCN的角色在电商黑马小红书开播... 这些无数次被预言"早晚要凉"的小透明们，如今来看其实"有点东西"。 边缘玩家第一招：坚定不移干"苦活" 在电商行业，女装赛道绝对属于地狱级副本。动辄70、80%的退货率，打倒了无数的线上品牌。以此为基本盘之一的唯品会，自然让人捏一把汗。然而唯 品会并没有着急跨界，反而高度聚焦在服装、美妆等少数品类，闷头干了下去。 这种打法有点像车圈比亚迪，把拳头产品锚定在10万元价格带。只不过比亚迪靠的是规模优势，而唯品会则是通过"联盟模式"。面对女装用户的"喜新厌 旧"，唯品会通过专业买手团队推陈出新，结合当季潮流不断引进新品牌。处理高频的退换货问题时，平台与顺丰快递合作提供上门取件退货服务。 要知道，很多有着运费险加持的综合型平台，也经常在退换货问题上产生争议和客诉。而唯品会直接拉来高服务水准的顺丰，大大降低了用户决策风险。 甚至对于那种同时购买多件商品，试穿后保留心仪产品， ...

（原标题：网红打卡地｜长春120个网红打卡地之摩天活力城） 2024年，长春在100个网红打卡地发布基础上又一次解锁20个新晋网红打卡地，长春网红打卡地增至120 个。为把网络"流量"变成游客"留量"，让"网红"走向"长红"，打造出更有生命力的旅游文化品牌，小布 带您开启线上游览模式，每日点亮一个网红打卡地，漫观细品，走遍长春！ 摩天活力城 （商圈街区类） 以欢乐、健康、益智为经营理念 摩天活力城屋顶摩天轮是美不胜收的"长春眼"，可以俯瞰整座城市，商场有长春首个奇幻电影乐园、首 家未来世界电子游乐基地、长春最前端的室内游乐场、长春最大的室内综合球类运动馆、首家卡通主题 动漫乐园，独特前卫的气质吸引着众多市民和游客。为春城的夜晚平添了一道活力四射的风景线。 吃·喝 大规模的美食集中营 打造出升级版 "舌尖上的购物中心" 玩·乐 摩天乐园(室内) 超多儿童娱乐项目全场嗨玩 长春首家星际传奇动漫游戏主题乐园 打造中国动漫游戏行业的全新形象 逛·购 近百家国内外知名零售品牌 联合打造了一个时尚购物聚集地 众多实力汽车品牌 入驻摩天活力城Mall 大润发Super 各类新鲜任你选 休闲 全馆雨林生态造景 是一座集动物科 ...

[Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 股 票 研 究 海 外 公 司 （ 美 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 202 ...

户外专题：为何兴起？趋势如何？20250610 摘要 中国户外运动市场在 2019 年人均 GDP 突破 1 万美元后迎来爆发，非竞 技性、强社交的特点使其更受女性欢迎，并注重体验和审美，与传统竞 技体育形成差异化竞争。 迪卡侬通过大众化产品定位和 100%自由品牌覆盖，压缩成本，提供入 门级和专业级产品，并设置体验区，但缺乏客户个性化服务，侧重大众 市场。 REI 通过高性价比产品、中高端市场覆盖和全渠道配送中心提高效率， 提供户外探险服务和课程，增强用户粘性，独特的社群运营模式使其拥 有强大的用户粘性。 K-Star Sports Q1 营收同比增长 26%，调整后毛利率增至 58%，技术 服装和鞋类增长显著。预计 2025 年收入增长 20%-22%，营业利润率 约 21%，计划全球新增 25 家门店。 Salomon 板块收入同比增长 29%，大中华区亚太增速超过 60%。预计 2025 年收入增长 15%，营业利润率约 9.5%，中国区目标年底开设 300 家门店。 Q&A 户外运动在疫情后为何迎来爆发式增长？ 在疫情之后，由于旅游限制和远距离出行的不便，近郊露营、溯溪、飞盘和野 餐等户外活动成为新 ...

Group 1 - The market is experiencing a resurgence in innovation drugs, with significant capital flowing back into this sector, indicating a potential new round of investment opportunities [1][3] - Companies like Shutai and Hengbao are showing strong performance, with Shutai reaching its ceiling and Hengbao rebounding, reflecting the market's focus on innovative pharmaceuticals [1][3] - The sports-related companies, such as Gongchuang and Jinling, are also gaining attention due to their local ties and relevance to the ongoing soccer events, which are driving investor interest [2][3] Group 2 - The nuclear power sector is seeing renewed interest, with companies like Baili experiencing a rebound after a period of adjustment, suggesting a potential for further capital inflow [4] - Hengbao is positioned as a key player in the stablecoin market, with ongoing support from investors, indicating a strong operational foundation and potential for growth [4]

受江苏省城市足球超级联赛("苏超")空前火爆氛围的强力驱动，相关概念股在A股市场掀起追捧热潮。 其中，主营体育器材的金陵体育（300651）(300651.SZ)成为绝对龙头，其股价与可转债价格在短期内 呈现惊人涨幅。 这对高位买入金陵转债的投资者构成巨大潜在风险。 金陵体育称，近期，江苏省城市足球联赛的火爆情绪蔓延至A股市场，公司股票波动严重异常，存在市 场情绪过热的情形，可能存在非理性交易行为，交易风险较大，存在下跌的风险，截至2025年6月5日， 公司动态市盈率为-701.18倍，静态市盈率为177.53倍，市净率为5.99倍。 概念火热，但业绩贡献或有限 作为"苏超"概念股的龙头，尽管金陵体育受到了投资者的追捧，但是"苏超"联赛带给该公司的业绩贡献 或比较有限。 自5月28日以14.40元/股的价格开盘，金陵体育的股价便开启暴涨模式。截至6月9日收盘，其股价已飙 升至36.90元/股。短短七个交易日内，该股累计涨幅高达156.25%。 与此同时，金陵体育旗下的可转债"金陵转债"也表现不俗。其价格从5月28日的收盘价123.04元/张，一 路上涨至6月9日的收盘价186.93元/张，涨幅为51.92%。 ...

Market Performance - The three major stock indices collectively rose in the past week, with the Shanghai Composite Index increasing by 1.13% to close at 3385.36 points, the Shenzhen Component Index rising by 1.42% to 10183.70 points, and the ChiNext Index gaining 2.32% to 2039.44 points [2] - Approximately 75% of individual stocks experienced gains during the week, with 103 stocks rising over 15% and 13 stocks declining more than 15% [2] Top Performing Stocks - Jinling Sports (300651.SZ) led the weekly gainers with an 88.24% increase, followed by Huijin Co. (300368.SZ) with a 50.54% rise, and several other stocks exceeding 40% growth [4] - Jinling Sports has seen a significant surge due to the popularity of the Jiangsu Province's first urban football league, known as "Su Chao," which has generated considerable social media buzz [5] Company Overview - Jinling Sports specializes in sports equipment, venue facilities integration, sports health, and event services, with its main products including ball equipment and athletic gear [5] - The company achieved a new high in stock price since June 2022, with a total market capitalization of 4.1 billion yuan [5] Market Sentiment and Risks - Jinling Sports acknowledged the volatility in its stock price, attributing it to the heated market sentiment surrounding the urban football league, indicating potential irrational trading behavior [6] - Despite the stock surge, the company reported a decline in performance, with a projected decrease in revenue and net profit for 2024, and a loss in the first quarter of 2025 [6] Industry Outlook - The sports industry is expected to maintain high growth, supported by favorable policies and a youthful consumer base driving demand [7] - Analysts recommend focusing on companies with strong sports IP and event hosting capabilities for investment opportunities in 2025 [7] Underperforming Stocks - Longjin Tui (002750.SZ) experienced a significant drop of 36.28% as it entered a delisting preparation period, with its stock price falling to 0.72 yuan and a total market value of 290 million yuan [12] - The company has faced continuous losses over the years, with a reported revenue decline of 23.25% in 2024 [12]