Daily focus：Anta (2020)
Sales of Anta's core brands declined slightly due to macroeconomic factors, but Fila and emerging brands remained resilient, and inventory levels have become healthier. Looking ahead to 2026, core brands are expected to return to growth, while emerging brands will continue to expand. Although increased investment will put pressure on short-term profit margins, the multi-brand portfolio makes it more resilient than its peers. The Group is optimizing brand assets and channel quality to transform brand power into stronger medium-term profitability and cash flow when the industry recovers.
Deepening the domestic consumption strategy
Beijing's latest policy mix reveals a macroeconomic strategy that is accelerating its shift towards a deeper "domestic consumption" approach. The Ministry of Finance's 500 billion RMB financing guarantee and interest subsidy policy is precisely injecting liquidity into the real economy; while the National Development and Reform Commission's (NDRC) new five-year plan targeting domestic demand aims to correct the long-standing imbalance of "strong supply and weak demand" by creating new consumption scenarios. This strategy of "short-term capital injection combined with long-term restructuring" demonstrates that policymakers are strengthening the depth of the domestic market to build a defensive barrier against external geopolitical shocks, clearly shifting the economic growth driver from external demand to consumption. Although the time lag in policy transmission to end-user demand remains a key variable in the current market dynamics, this shift is crucial.
Hong Kong Stock Connect recorded a net inflow of HK$3.66 billion on Tuesday, with Tencent Holdings (700) recording the largest net inflow at HK$660 million, followed by Meituan-W (3690); SMIC (981) recorded the largest net outflow at HK$720 million, followed by China Mobile (941).
The Hang Seng Index opened 19 points lower. Although it briefly rebounded in the morning session, it lacked support at higher levels and closed down 11 points or 0.04% at 26,552. The Hang Seng China Enterprises Index fell 11 points or 0.12% to 9,123. The Hang Seng Tech Index was weaker, falling 38 points or 0.66% to 5,712. The total turnover of the morning session was HK$129.8 billion, with continued inflows from Sorthbound funds. In terms of focus stocks, Pop Mart (9992) announced a share buyback to show confidence in its business prospects, and its share price surged 8.5% against the market trend, making it the best performing blue chip in the morning session. Ctrip (9961) rose 2.7% benefiting from positive tourism data. Conversely, WuXi AppTec (2359) was pressured down by 4.6%, and property stock New World Development (0017) also retreated significantly by about 10%.
Source: KGI Investment Products and Solutions Department
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