Core Insights - The 2025 Sports Bag and Accessories Merchant Conference hosted by DreamX Technology in Shanghai gathered nearly a hundred brand representatives to discuss industry trends for 2026 and promote high-quality development in the industry [1] Group 1: Market Performance in 2025 - The sports and outdoor sector maintained stable growth, with outdoor apparel experiencing a significant increase of 25%, while sports apparel and yoga fitness categories also achieved double-digit growth [2] - The bag category saw steady growth in 2025, with a notable shift in consumer trends towards "long-termism" rather than blind consumption, leading to strong sales in women's bags, men's bags, functional bags, and luxury items [2] - DreamX Technology continued to lead the private domain e-commerce sector in accessories, with a rising proportion of new and popular products, showcasing strong market competitiveness [2] Group 2: Trends and Projections for 2026 - Fashion will become a core decision factor for consumers in 2026, with the footwear market expected to adopt a dual-drive model of functionality and fashion, highlighting "technology + fashion" [3] - The global market for sports equipment is projected to reach $15.88 billion, with significant potential in the Chinese market, driven by trends in quality-price ratio and the "her economy" [3] - The trend of de-branding in the bag category will continue, with consumers focusing more on material quality, craftsmanship, and unique design, favoring local brands and traditional cultural elements [3] Group 3: Strategic Planning for 2026 - DreamX Technology has outlined a comprehensive annual activity plan for the bag, sports, and accessories categories, focusing on seasonal marketing themes to optimize inventory and achieve sales peaks [4] - The company introduced attractive collaboration models, including high commission and exclusive private domain options, to enhance sales through targeted marketing strategies [4] - The emphasis on private domain e-commerce is reshaping the competitive landscape, encouraging a long-term approach to user value to seize market opportunities [4] Group 4: Future Development and Ecosystem - DreamX Technology aims to leverage its strong supply chain resources and active store owner community to focus on quality supply, content upgrades, traffic expansion, and AI technology empowerment [5] - The year 2026 is anticipated to be a golden growth year for the sports bag and accessories industry, with a commitment to user-centric approaches and innovative collaboration models to create efficient growth platforms [5]

Core Viewpoint - The badminton equipment market is experiencing diversification, technological advancement, and market expansion, driven by the global popularity of badminton, especially in Asia, and the increasing demand for high-performance, personalized, and smart equipment [1][6]. Market Overview - The global badminton equipment market is projected to reach USD 1.659 billion in 2024 and is expected to grow to USD 2.421 billion by 2031, with a compound annual growth rate (CAGR) of 5.7% from 2025 to 2031 [2]. - Major companies in the market include Yonex, Victor, Li Ning, Kawasaki, and Lingmei, with the top five companies holding a market share of 59.63% as of 2024 [3]. Regional Distribution - The Asia-Pacific region dominates the global badminton equipment market, particularly in countries like China, India, Japan, and South Korea, due to the widespread popularity of the sport [6]. - The European market is growing, especially in Denmark and the UK, driven by a robust badminton training system and professional events [6]. - North America is in a developmental stage, with increasing market potential as badminton gains popularity [6]. Market Drivers - National fitness policies are promoting badminton as a low-barrier, high-participation sport, leading to increased market demand [7]. - Rising consumer income levels are driving a shift from basic to high-end, specialized equipment, fostering product innovation [7]. - The expansion of e-commerce and digital channels is lowering sales costs and broadening the consumer base, enhancing market penetration [7]. - The proliferation of badminton events and professional athletes is stimulating demand for specialized equipment [7]. Market Opportunities - The development of synthetic shuttlecock technology is reducing costs and promoting wider adoption [8]. - Environmental sustainability is becoming a key trend, with leading companies developing eco-friendly products and circular economy initiatives [8]. - Increasing consumer demand for personalized and high-end products is creating significant growth opportunities in the market [8]. Market Challenges - Intensifying competition is leading to price wars, which compress profit margins and impact brand image [10]. - Fluctuations in raw material costs, particularly for carbon fiber and natural feathers, can increase production costs and affect profitability [10]. - The cyclical nature of consumer demand for badminton equipment can lead to inventory buildup and sales pressure [10]. - Continuous innovation and R&D investment are necessary to meet the rising demand for high-performance equipment, with the risk of obsolescence for brands that fail to innovate [10].

Group 1 - The 15th National Games in the Guangdong-Hong Kong-Macao Greater Bay Area has generated significant public interest, leading to a heightened enthusiasm for sports events in China [1] - The upcoming 2025-2026 China Badminton Club Super League (羽超联赛) will commence on November 27 in Shenzhen, following the National Games [1] - The new season of the 羽超联赛 is set to benefit from the growing popularity of badminton, with a renewed focus on commercialization and operations, including the return of a title sponsor after ten years [1][2] Group 2 - Badminton participation in China has surged to 250 million people as of 2023, with a notable increase in younger participants, indicating a shift towards a more youthful and urban demographic [2][6] - The consumer market reflects this trend, with significant increases in searches for badminton equipment, such as rackets (63%), shoes (64%), and apparel (86%) from January to May 2025 [2] - Li Ning has reported that badminton now accounts for 7% of its overall revenue, highlighting the brand's commitment to this sport [2] Group 3 - The national badminton team's success in international competitions, including recent victories at the Paris World Championships, has further fueled public interest and participation in the sport [6] - The 羽超联赛 is poised for unprecedented growth, with its market potential being reevaluated in light of the sport's popularity and the success of other racquet sports [6][11] Group 4 - The new season of the 羽超联赛 will feature 8 clubs and 133 athletes, including numerous top domestic and international players, enhancing the league's competitiveness and appeal [7][8] - The inclusion of foreign players from countries like South Korea, Denmark, Malaysia, and Japan will add an international dimension to the league [8] Group 5 - Xiamen Sports Group, the new operator of the 羽超联赛, aims to leverage its experience from hosting international events to enhance the league's commercial viability and market reach [11][14] - The introduction of official merchandise, including unique items like pet-themed products, is expected to engage a broader audience and stimulate consumer interest [11][14] Group 6 - The 羽超联赛 represents a strategic shift for Xiamen Sports Group from local to national operations, marking a significant step in its development within the sports industry [14][19] - The group is focused on building a sponsorship system, optimizing ticketing management, and developing merchandise to enhance the league's overall operational efficiency [19]

Market Overview - On July 16, the Hang Seng Index fell by 72 points or 0.3%, closing at 24,517 points, while the Hang Seng Tech Index decreased by 0.2% to 5,418 points[1] - The total market turnover reached HKD 259 billion, indicating active trading, with a net inflow of HKD 1.6 billion through the Hong Kong Stock Connect[1] Sector Performance - Funds are shifting towards previously lagging sectors such as technology, robotics, software, telecommunications, and food and beverage[1] - Pharmaceutical stocks like Lijun Pharmaceutical (1513 HK), Fosun Pharma (2196 HK), and Weigao Group (1066 HK) saw gains between 5.6% and 13.1%[1] - High-end manufacturing stocks such as Sanhua Intelligent Control (2050 HK) surged by 8.4%, while related AI and robotics manufacturing stocks rose by 3.9% to 6.4%[1] Global Financial Trends - The US dollar index and the 10-year US Treasury yield have been gradually rising since July, potentially impacting liquidity in the Hong Kong market[2] - The forecasted PE ratio for the Hang Seng Tech Index is 15.6 times, close to historical lows, with its valuation relative to the NASDAQ 100 at the 23.3% percentile over the past three years[2] Company Highlights - Pop Mart (9992 HK) expects a revenue increase of no less than 200% and a net profit growth of at least 350% for the first half of the year, but its stock fell by 4.0% post-announcement due to profit-taking[3] - 361 Degrees (1361 HK) anticipates double-digit revenue growth for the first half of the year, with a year-to-date increase of 19.1%[3] Healthcare Sector Developments - The Hang Seng Healthcare Index rose by 0.8%, with China Biologic Products (1177 HK) announcing a USD 500 million acquisition of a new drug company, which is expected to drive revenue growth[4] - Green Leaf Pharmaceutical (2186 HK) shares increased by 9.4%, driven by expectations of overseas licensing agreements[4] Renewable Energy and Utilities - The renewable energy and utilities sector saw a general decline, except for Winsun Holdings (3393 HK), which rose by 3.6% and has increased by 28.7% since coverage began in June[5]