Daily Investment Strategy

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).