研究报告 Research Report 28 Jan 2026 安踏体育 ANTA SPORTS (2020 HK) [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.90 目标价 HK$91.40 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$217.86bn / US$27.94bn 日交易额 (3 个月均值) US$93.59mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年股价最高最低值 HK$104.40-HK$75.50 注：现价 HK$77.90 为 2026 年 01 月 27 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -7.2% -13.3% -0.1% 绝对值（美元） -7.4% -13.6% -0.2% 相对 MSCI China -10.3% -11.6% -33.7% [Table_Profit] Rmb mn Dec ...

Core Viewpoint - The 10th World Traditional Wushu Championship has commenced in Emei Mountain, Sichuan, with Li Ning brand announced as the global partner of the International Wushu Federation for the period of 2025-2032 [2] Group 1: Event Overview - The championship is recognized as the largest, highest-standard, and most influential traditional martial arts event globally, attracting nearly 5,000 traditional martial arts practitioners from all five continents [2] - The event serves as a platform for martial artists to showcase their skills and promote martial ethics, while also facilitating the international dissemination and exchange of martial arts culture [2] Group 2: Company Involvement - As the global partner of the International Wushu Federation, Li Ning will provide comprehensive professional sports equipment support, including sports shoes, clothing, and accessories for officials and events [2] - The partnership aims to meet the diverse needs of various scenarios such as competitions and meetings [2]