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Hong Kong stocks rebounded in sporting goods stocks, with multiple stocks rising more than 4%. The General Administration of Sports proposed to cultivate more world-class sports enterprises.
The sporting goods stocks continued to rebound in the near term. As of the time of writing, Shenzhou International Group Holdings Limited unsponsored adr (02313) rose by 4.22% to 59.3 Hong Kong dollars; Li Ning (02331) rose by 4.55% to 13.8 Hong Kong dollars; Xtep Int'l (01368) rose by 4.07% to 4.6 Hong Kong dollars; and Anta Sports (02020) rose by 2.49% to 72.15 Hong Kong dollars.
BOCI Research: Still confident in the profitability of Shenzhou (02313.HK). Nike may indirectly benefit while facing difficulties, and Topsports (06110.HK) is downgraded to 'hold'.
According to the report released by China International Capital Corporation, since Nike (NKE.US) lowered its profit guidance in June, it is believed that Nike's issues are more severe than expected. On one hand, it is believed that the demand for the brand in the West and in China will face challenges, requiring a one to two year readjustment. On the other hand, this will bring uncertainty to the orders of the company's suppliers. The bank expects downstream issues to be more severe, particularly in China. At the same time, considering the resilience of the upstream leaders in adjusting orders, the bank maintains a positive view on these companies. Therefore, it maintains confidence in the profitability of Shenzhou International Group Holdings Limited unsponsored ADR (02313.HK). On the downstream side, the bank expects Anta to maintain a positive performance.
Electronics and domestic demand stocks perform well, Haier Smarthome (06690.HK) up more than 7%.
Midea Group Co., Ltd (00300.HK) continued to perform well on the day after listing, reaching a high of 64.3 yuan. It is currently trading at 63.1 yuan, up 6.77% from the listing price of 54.8 yuan, with a trading volume of 25.2796 million shares, involving 1.573 billion yuan. Other home appliances stocks followed suit with Haier Smarthome (06690.HK) opening high today at 2.14%, reaching a high of 25.25 yuan. It is currently trading at 25.2 yuan, up 7.69%, with a trading volume of 14.225 million shares, involving 0.347 billion yuan. Hisense Ha (00921.HK) opened high today at 4.36%, reaching a high of 22.5 yuan. It is currently trading
China's Sportswear Sector Looks Set for Slower Growth -- Market Talk
Express News | The State General Administration of Sports: To build a group of high-end brands in the field of sports, cultivate more world-class sports enterprises in China.
"Dahang" Domo: Mainland retail sales in August are lower than expected, and the weak trend is expected to continue in September.
Morgan Stanley's report stated that mainland China's social retail sales growth in August slowed to 2.1% YoY (compared to 2.7% YoY in July), lower than the market's original forecast of 2.5%, reflecting continued weak sentiment. The bank expects this weak trend to continue in September. In terms of category, electronics and appliances have the highest YoY growth rate, possibly due to government subsidies for equipment upgrades. Dining is improving. Clothing, footwear, and textiles have shown some improvement but are still in negative territory. At the same time, the sports and entertainment industries have seen the largest YoY slowdown in growth.
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