The Zhitong Finance App learned that Ping An Securities released a research report saying that based on the optional consumption repair logic, sports outdoor racetracks will become a key industry for the optional consumer industry to repair. After a long round of adjustments in the sports and outdoor industry, leading stock valuations are cost-effective and will usher in a new round of market conditions. It is recommended to allocate high-quality core assets for outdoor sports tracks, especially leading Hakuba stocks that have reversed their bottom-line difficulties.

Ping An Securities pointed out that since mature overseas markets are highly developed and very segmented at the level of consumer demand, the phenomenon of social consumption represents a stable state of consumer demand after social development is highly mature. Therefore, the current state of social consumer demand may give some reference value to China's future consumer demand trends. China's sports and outdoor industry has only been developing for more than 30 years, and is currently in a golden period of rapid development of the industry.

Currently, although the economic growth rate is slowing down, the industry is still in the early stages of development. The development stage is still immature. Many sports segments have just begun in our country. Therefore, the increase in industry penetration will bring more room for growth. Ping An Securities believes that the industry will have three major future development trends:

First, cost-effective domestic brands have a competitive advantage. China's sports and outdoor footwear has a good mass base, the public's perception of local brands has opened up, and local brands have competitive advantages and strength. In the short term, due to the impact of the global pandemic, consumers are more fond of cost-effective products, and the cost performance advantages of local sports brands have been recognized by the public. With changes in e-commerce shopping methods, channels such as online shopping and live streaming have emerged, leading to the rapid rise of local brands.

Second, large footwear products still have high potential for growth. According to the 2023 financial reports of various companies, compared with Nike footwear accounting for 64.7%, Anta and Li Ning sneakers accounted for 40.5% and 48.6% respectively, and there is still plenty of room for improvement. Ping An Securities believes that increasing the share of footwear revenue and focusing on footwear technology research and development will become another development direction.

Third, the strategic direction of globalization and the expansion trend of overseas layout were revealed. In the medium to long term, going overseas to expand the commercial landscape will become a new growth point for brand performance. Local sports brands in China aim at the right time to launch a global strategy to find breakthroughs in going overseas, and it is also a direction to expand their performance in the future.

Main line of investment: Main line 1. From top to bottom, select segmented track leaders with increased market share and cost-effective valuation. Among them, it is recommended to focus on investment opportunities for export companies related to garment manufacturing. Recommended attention: Shenzhou International (02313), etc. Main line 2. From the bottom up, white horse stocks with strong performance certainty and high dividend rates are preferred. Among them, it is recommended to focus on clothing brand companies with marginal improvements, and leading companies with steady dividend payout rates. Recommended attention: Anta Sports (02020), etc.

Risk warning: risk of changes in consumer preferences, uncertainty in overseas demand, risk of overall inventory backlog in the industry's retail channels