---
title: "《大行》富瑞对中国运动服装行业更乐观  料年初至今零售销售升逾 5%"
description: "富瑞对中国运动服装行业持乐观态度，预计年初至今零售销售增长超过 5%。尽管暖冬影响，农历新年假期零售销售仍优于预期，归因于政府补贴、假期变动及户外运动普及。安踏的运营趋于稳定，目标价 95 元，评级为「持有」；李宁目标价 48 元，评级为「买入」。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/276847527.md"
published_at: "2026-02-25T07:05:14.000Z"
---

# 《大行》富瑞对中国运动服装行业更乐观  料年初至今零售销售升逾 5%

> 富瑞对中国运动服装行业持乐观态度，预计年初至今零售销售增长超过 5%。尽管暖冬影响，农历新年假期零售销售仍优于预期，归因于政府补贴、假期变动及户外运动普及。安踏的运营趋于稳定，目标价 95 元，评级为「持有」；李宁目标价 48 元，评级为「买入」。

富瑞研究报告指，对中国运动服装行业持更乐观态度。虽然遇上暖冬天气，国内农历新年假期的零售销售可能仍优於预期。该行将此强劲表现归因於政府补贴支持、假期日期变动以及户外运动普及化。

该行预测年初至今零售销售按年增长超过 5%，较去年第四季的持平表现显着加速，但折扣率则较去年同期恶化。整体而言，该行认为表现属正面惊喜，尤其是在暖冬天气下。

在近期下调指引后，该行观察到安踏 (02020.HK) 的营运趋向稳定，基於低基数、门店整改及折扣优化所推动；现予目标价 95 元及「持有」评级。另外，该行予李宁 (02331.HK) 目标价 48 元及「买入」评级。

### Related Stocks

- [02331.HK - 李宁](https://longbridge.com/zh-CN/quote/02331.HK.md)
- [02020.HK - 安踏体育](https://longbridge.com/zh-CN/quote/02020.HK.md)

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