今年以来，A股公司赴港上市持续升温。据统计，截至目前，年内已有11家A股公司陆续在港股上市， A+H公司总数增至161家，另有逾50家A股公司正排队。"国民男装"海澜之家就在前几日发布了公告， 计划在港股上市，公司与中介机构已经就各项筹备事宜展开磋商。 从A股到港股，企业之所以选择重新上市，主要目的在于全球化战略布局，海澜之家也是如此。当海澜 之家在国内市场的多元化尝试与努力，最终反映在冰冷的业绩数据，出海成了其不得不加快进程的一条 出路。 这又何尝不是我国几乎所有服装品牌的共同选择？就连首选地，都一致地选在了同一个地方——东南 亚。东南亚各国庞大的人口基数、经济的起飞以及与我们相似的体貌特征，让这片市场看起来潜藏着巨 大的商业机遇。但国产品牌扎堆东南亚，带来的未必是"降维打击"。 东南亚的购物中心，挤满中国品牌 2017年，海澜之家在马来西亚的吉隆坡开出第一家门店，这家门店比邻优衣库、Zara和H&M，虽然相 比于它们，海澜之家算是后来者，但其扩张速度可不落后。 截至今年1月，海澜之家在马来西亚开出了50家门店，而且几乎都是在核心城市的顶级购物中心，放大 到整个东南亚市场，根据Google Maps及品牌所 ...

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2025-10-09 09:00——2025-10-10 15:00） | 2 | | --- | --- | --- | |  | 策略观察：《成交活跃度升高，万得全 A 估值领涨》2025-10-09 | 2 | |  | 行业专题研究：传播文化业《中国规模最大、增速最快的潮玩集合品牌，产品与渠道双轮驱动》2025-10-102 | | |  | 行业跟踪报告：机器人《Figure 03 展示家庭应用场景，为规模化生产做准备》2025-10-10 | 3 | |  | 行业深度研究：医药《小核酸，大时代，靶向治疗新纪元》2025-10-10 | 4 | |  | 行业跟踪报告：建筑工程业《建筑铜金等矿产价值重估，降息预期催化资源品涨价》2025-10-10 | 5 | |  | 行业跟踪报告：投资银行业与经纪业《25H1 小结：高增之下，酝酿变化》2025-10-10 | 6 | |  | 行业跟踪报告：半导体设备《自强，先进制程设备的突破是核心》2025-10-0 ...

2024年，河南省体育局在全省范围内发放1000万元体育消费券，涵盖全省范围内体育健身场馆、体育用 品专营店、体育培训机构、体育旅游景区等商户，拉动全省体育消费4000多万元。今年，从8月份开 始，河南省体育局安排1300万元分批次发放体育消费券，发放品类包括体育服务类和体育用品类，面值 为30、50、100元三种。 "根据往年的消费券核销情况，今年取消了10元面值的消费券，加大了优惠力度，让消费者可感可 及。"河南省体育局体育产业处负责人陈波说。 河南省五环体育集团有限公司总经理张二雷告诉记者，体育消费券至少有三倍的撬动作用，有些消费品 类可能更高，比如吸引了消费者办健身卡，撬动作用可能达到十倍。另一方面，它的引流作用也很明 显，消费者抢到一张消费券，可能来运动一次，也可能爱上一项运动。 在该公司运营的一家羽毛球场里，十一假期这几天，十几块场地几乎天天爆满。郑州的高中三年级学生 张元初从暑假起就报了"一对一"羽毛球培训班，他在教练的指导下，羽毛球水平突飞猛进。 "我是纯喜欢打羽毛球，高三学业紧张，打羽毛球能让我放松下来。"张元初一边擦汗一边说，他之所以 报"一对一"，是想提升自己的水平，"之前打了4年了，水 ...

本文来自微信公众号：亿邦动力 （ID：iebrun），作者：廖紫琳，编辑：董金鹏，原文标题：《买大的安踏们，崛起的第三极》题图来自：AI生 成 今年8月，有77年历史的德国运动品牌Puma传出"卖身"消息。消息称，Puma控股公司Artémis第一大股东皮诺家族，正与中国运动品牌巨头安踏和 李宁接洽，意图出售29%的Puma股份。 无独有偶，到了9月，另一家户外品牌加拿大鹅Canada Goose也找到安踏等中国企业。由于业绩持续低迷，其股东贝恩资本有意卖股。据报道，安 踏、波司登等，再一次出现在潜在买家名单中。不过双方公告予以否认。 近十年，在运动户外大市场里，国际品牌卖卖卖，中国企业买买买，已是常事。市场有任何风吹草动，大家首先想到的"金主"就是安踏、李宁和 特步等。FILA、亚玛芬、迪桑特、可隆、狼爪，到索康尼、迈乐、X-BIONIC……这些国际品牌的幕后操盘，都有中国企业的身影。 整合浪潮，风从欧洲起。据亿邦不完全统计，中国企业整合的运动品牌里，约60%诞生在欧洲。 继安踏之后，特步、非凡中国（李宁高度关联公司）、三夫户外和比音勒芬也走上"整合之路"。其中不乏成绩斐然者。比如，被特步收购后，索 康尼营 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry [9] Core Insights - The textile and apparel industry is experiencing pressure from tariffs, leading to a decline in manufacturing performance and continued challenges for brand performance [4][17] - In H1 2025, the A-share textile and apparel sector reported revenues of 796.9 billion and net profits of 74.4 billion, reflecting a year-on-year decline of 0.3% and 6.7% respectively [4][5] - The report highlights that the retail environment remains weak, impacting revenue growth across various segments [4][19] Revenue and Profit Analysis - Revenue growth rates for H1 2025 compared to H1 2024 are as follows: Sports (+7.9%), Mass Market (+0.7%), Textile Manufacturing (+0.5%), Mid-High End (-1.4%), Home Textiles (-2.5%) [2][6] - In Q2 2025, revenue growth rates compared to Q2 2024 are: Mass Market (+3.5%), Home Textiles (+0.8%), Mid-High End (+0.6%), Textile Manufacturing (-0.04%) [2][6] - Profitability analysis shows that in H1 2025, net profit growth rates are: Textile Manufacturing (+4.5%), Sports (-7.1%), Mid-High End (-9.4%), Home Textiles (-15.6%), Mass Market (-16.0%) [2][7] - In Q2 2025, net profit growth rates are: Textile Manufacturing (-6.4%), Home Textiles (-17.3%), Mass Market (-26.7%), Mid-High End (-36.6%) [2][7] Segment Performance - The sports segment shows resilience with a revenue of 750.6 billion in H1 2025, despite a net profit decline of 7.1% [19][20] - The mid-high end segment faces significant challenges with a revenue of 129.4 billion and a net profit decline of 9.4% in H1 2025 [36][40] - The mass market segment reported a revenue of 428.1 billion in H1 2025, with a slight decline in net profit [4][5] - Home textiles continue to struggle, with a revenue of 74.4 billion and a net profit decline of 15.6% in H1 2025 [4][5] Operational Quality - The report indicates that operational quality is declining, with inventory and accounts receivable turnover rates decreasing in a weak retail environment [4][5] - The cash flow situation remains healthy, with operating cash flow for the sports segment at 122 billion, maintaining a ratio of cash flow to net profit at 1.1 [28][33]

Core Viewpoint - The Chinese government aims to significantly enhance the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030, driven by policy support, consumption upgrades, and industry integration [1][2]. Group 1: Policy Initiatives - The State Council has issued an opinion outlining six key measures with 20 specific actions to stimulate sports consumption and support industry growth, including expanding the supply of sports products and increasing financial support [1]. - Financial institutions are encouraged to optimize investment and financing services, develop diverse credit products, and support qualified sports companies in listing and refinancing [2]. Group 2: Industry Growth and Economic Impact - The sports industry in China reached nearly 3.7 trillion yuan in 2023, with a year-on-year growth of 11.3%, and a compound annual growth rate (CAGR) of 6.69% from 2018 to 2023 [1]. - The sports events sector has evolved into a multi-dimensional economic ecosystem, integrating culture, tourism, and technology, thus becoming a key driver for consumer activation and urban branding [2]. Group 3: Market Trends and Opportunities - The outdoor economy is boosting sales in the sports apparel sector, with high certainty opportunities and high-growth segments being highlighted for investment [3]. - Domestic consumption stimulus policies are expected to improve macro consumption conditions, leading to increased penetration rates for sports footwear and apparel, with promising growth for domestic brands [3].

Core Insights - The four major domestic sports brands, Anta Sports, Li Ning, Xtep International, and 361 Degrees, reported a combined revenue of 65.9 billion yuan and a profit of 11.6 billion yuan for the first half of 2025, indicating stable revenue growth but significant divergence in profitability among them [2][3] Revenue and Profit Analysis - Anta Sports achieved a revenue of 38.544 billion yuan, a year-on-year increase of 14.3%, and a net profit of 7.031 billion yuan, which is double the combined profit of the other three companies [3] - Li Ning's revenue was 14.817 billion yuan, with a modest growth of 3.3%, and its net profit decreased by 11% to 1.737 billion yuan, marking the lowest profit growth among the four [3][4] - Xtep International reported a revenue of 6.838 billion yuan, up 7.1%, and a net profit of 914 million yuan, with a significant growth of 21.5% [3][4] - 361 Degrees had a revenue of 5.705 billion yuan, an 11% increase, but its net profit growth was only 8.6%, the lowest in five years [3][4] Market Dynamics and Competitive Landscape - The sportswear industry is facing intense competition, which has impacted Li Ning's performance, leading to a decline in net profit for three consecutive years [3][4] - Despite profitability pressures, Li Ning maintains healthy cash flow and asset quality [4] - Xtep International and 361 Degrees both achieved revenue and profit growth, with Xtep's net profit growth being the highest among the four [4][5] Inventory and Operational Efficiency - Anta Sports' average inventory turnover days increased from 114 to 136 days, indicating rising inventory pressure [5] - Li Ning, Xtep International, and 361 Degrees reported average inventory turnover days of 61, 94, and 109 days, respectively [5] Product Category Performance - Anta Sports' apparel category led with a revenue share of 54.2% and a gross margin of approximately 67.3%, while accessories saw the highest revenue growth of about 24.6% [6] - Li Ning's footwear category accounted for 55.6% of its revenue, with a growth rate of 4.9%, and its running category saw a retail sales increase of 15% [6] - Xtep International's footwear revenue share was 60.8%, but its growth rate was lower than that of its apparel category [6] Research and Development Investments - All brands, except Anta Sports, increased or maintained their R&D spending ratios, with Li Ning investing 3.45 billion yuan, a year-on-year increase of 8.7% [7][8] - 361 Degrees announced a strategic partnership with Stand Robotics for the development of wearable robotics and smart materials [8] Store Expansion and Channel Strategy - The four brands are slowing down their store expansion and focusing on improving store efficiency and quality [9][10] - Anta Sports has over 13,000 stores, with a focus on enhancing store performance rather than increasing the number of stores [10] - Li Ning closed 51 stores to optimize its store structure, concentrating resources on flagship and outlet stores [11][12] - The brands are increasingly investing in outlet stores, which have seen a rise in consumer interest, with a reported 12.8% increase in sales in the second quarter of 2025 [12]

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [2]. Core Insights - The report highlights a recovery in consumer demand as PPI reaches a bottom, with expectations for improvement in various sectors, particularly in food and beverage, retail, and healthcare [4][19]. - The report emphasizes the importance of strong operational capabilities in brands and manufacturers, particularly in the textile and apparel sector, as inventory levels stabilize [6][8]. - The healthcare sector is noted for its innovation potential, with a focus on domestic companies gaining recognition globally, particularly in the pharmaceutical and medical device industries [16][17]. Summary by Relevant Sections Food and Beverage - The liquor industry is experiencing a clearing phase, with major brands like Moutai and Wuliangye seeing profit growth slow down, while demand is expected to improve as PPI stabilizes [4]. - The snack food sector, particularly companies like Wei Long, is benefiting from seasonal demand increases, with sales expected to rise significantly [4][5]. Textile and Apparel - The sportswear segment is seeing inventory levels stabilize, with a focus on leading brands like Anta and Li Ning, which are expected to perform well due to their strong market positions [6][8]. - The textile manufacturing sector is projected to recover as overseas demand stabilizes, with leading manufacturers expected to see improved profitability [8]. Retail - The retail sector, particularly discount supermarkets and snack chains, is expanding rapidly, with significant net store openings reported [15]. - Wanchen Group's Q2 performance exceeded expectations, with a notable increase in net profit margins, indicating strong operational efficiency [15]. Healthcare - The report identifies opportunities in the innovative drug sector, with companies like United Imaging and Heptagon Pharmaceuticals highlighted for their growth potential [16][17]. - The medical device market is expected to grow as domestic companies enhance their product offerings and market presence [17]. Agriculture - The report emphasizes the importance of high-quality livestock enterprises and food security, with a focus on companies like Muyuan and DeKang [22]. - The planting sector is under scrutiny due to extreme weather conditions affecting crop yields, with a recommendation for companies involved in seed development and agricultural technology [22]. New Consumption Trends - The new-style tea beverage market continues to show high growth, with leading brands like Mixue and Gu Ming achieving significant revenue increases [19]. - The report suggests that the competitive landscape in the food and beverage sector is evolving, with a focus on brands that can leverage online and offline sales channels effectively [19].

Core Viewpoint - Anta Group is actively pursuing new investment opportunities, including a potential acquisition of Reebok or Puma, while also establishing a joint venture with the Korean fashion group MUSINSA to enhance its market presence and appeal to younger consumers [2][3][4]. Financial Performance - In the first half of the year, Anta Group achieved a revenue of 38.544 billion yuan, representing a year-on-year growth of 14.3% [2][5]. - The net profit for the same period was 7.031 billion yuan, which reflects a decrease of 8.9%, but excluding the impact of a non-cash accounting gain from Amer Sports, the net profit actually increased by 14.5% [5][6]. - Revenue from the Anta brand reached 16.95 billion yuan, growing by 5.4%, while the FILA brand generated 14.18 billion yuan, up by 8.6% [5][6]. Strategic Investments - Anta Group has formed a joint venture named MUSINSA China, where it holds a 40% stake, to develop its own brand "MUSINSA STANDARD" and multi-brand stores in China [3][4]. - The joint venture is expected to be completed by September 2025, pending regulatory approval [3][4]. Acquisition Activity - The company has accelerated its acquisition strategy, having recently completed the acquisition of the German outdoor brand Jack Wolfskin [4][5]. - Anta Group has a history of acquisitions, including brands like FILA and Amer Sports, and aims to continue this trend to expand its market reach [4][5]. Inventory Management - The average inventory turnover days increased by 22 days to 136 days in the first half of 2025, which is significantly higher than competitors like Li Ning and 361 Degrees [7][8]. - The increase in inventory is attributed to a rise in stock levels and the impact of recent acquisitions [8]. Market Challenges - Anta Group's main brands, Anta and FILA, are experiencing a slowdown in growth, with FILA's revenue growth fluctuating significantly compared to previous years [6][9]. - The company faces challenges in global operations, including market control, organizational efficiency, and supply chain optimization, which are critical for its continued expansion [9].

Group 1: Macro and Financial Data Insights - In July, the growth of M1 and M2 exceeded market expectations, with M2 expanding by 8.8% year-on-year and M1 growing by 5.6%, up from 8.3% and 4.6% in June respectively [2][3] - New social financing in July was 1.16 trillion yuan, lower than the Bloomberg consensus of 1.63 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating a shift in financing structure and seasonal factors [2][3] - The stock of social financing grew at a rate of 9.0% year-on-year, an increase from 8.9% in June, with seasonally adjusted month-on-month growth rising from 8.4% to 9.6% [2][3] Group 2: Banking Sector Analysis - The July social financing increment of 1.16 trillion yuan was below the expected 1.41 trillion yuan, with a year-on-year increase of 389.3 billion yuan [5] - The government bonds were the main support for social financing in July, while M1 growth showed a marginal recovery [5] - A new consumption loan subsidy policy is expected to stimulate the growth of consumer loans, indicating a positive outlook for the banking sector [5] Group 3: Company-Specific Insights - Tencent's Q2 revenue grew by 14.5% year-on-year, exceeding consensus expectations, with significant growth in value-added services, advertising, and fintech revenues [11] - The company is expected to benefit from the upcoming launch of several major shooting games, which could drive both player engagement and monetization [11] - Huatai Securities initiated coverage on Yuntianhua with a "buy" rating, citing its leading position in the phosphate industry and expected steady demand growth for fertilizers [15] Group 4: Technology and Robotics - The introduction of teaching-free robots is transforming the welding industry, addressing labor shortages and improving efficiency through advanced visual systems and welding software [7] - These robots are expected to penetrate more complex applications, such as shipbuilding, as technology continues to evolve [7] Group 5: Consumer and E-commerce Trends - SEA's Q2 revenue reached $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [29] - The company anticipates continued growth in its e-commerce GMV, projecting a 25% year-on-year increase for Q3 [29] - Tencent Music's Q2 revenue was 8.44 billion yuan, up 17.9% year-on-year, benefiting from rapid growth in super memberships and strong performance in non-subscription services [27]