Group 1 - UBS upgraded the rating of Xtep International (01368) from "Neutral" to "Buy" and raised the target price from HKD 6.4 to HKD 7.6 [1] - The net profit forecast for 2025 to 2027 was increased by 1% to 9%, with expected profit contributions from Saucony and Merrell rising from 5% in 2024 to 16% in 2027 [1] - Anta Sports (02020) is also viewed positively, with profit contributions from vertical brands expected to increase from 9% in 2024 to 31% in 2027, maintaining a "Buy" rating and a target price of HKD 127 [1] Group 2 - Chinese sportswear stocks have seen an average decline of approximately 20% since August, reflecting market concerns over weak third-quarter sales and a growing consumer preference for specialized sports segments and vertical brands [1] - The estimated compound annual growth rate for the outdoor products market from 2025 to 2027 is projected to be 16%, significantly higher than the overall sports apparel growth rate of 5% [1] - Categories such as tennis and high-end running products are expected to have strong potential [1]