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港股異動 | 體育用品股全線下跌 李寧(2331.HK)跌逾6%
格隆匯9月20日丨體育用品股全線下跌,李寧、滔搏均跌逾6%,特步跌逾5%,361度、安踏跌逾4%。花旗近日發研報指,選股在下半年投資內地體育用品行業變得愈來愈重要,因有關板塊早已獲資金廣泛吸納,在7月消費數據可能轉弱時,相當可能會觸發獲利回吐。根據該行近兩星期的觀察,發現新疆棉事件的影響正在減弱,Nike及Adidas的品牌勢頭在內地消費者中已見起色。該行看好滔搏,料可受惠於Nike及Adidas銷售回升、利潤率潛在上升空間及估值吸引,目標價16.26港元;亦看好李寧,料其稍後發佈中期業績時或在現金流方面有驚喜,其渠道庫存風險低,以及品牌價值提升下毛利率有上行空間,目標價100.5港元,同予“買入”評級。花旗還指,國產品牌的大多數正面催化劑(包括中期盈喜及東京奧運開幕等)已完成。若第三季內地零售增長放緩情況顯著,很可能會引發市場對國產品牌渠道庫存的關注。

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