<p>耐克在华尔街的情绪正逐渐转向负面，股价跌至 2014 年以来的最低水平，市场对短期反弹的信心持续减弱。汇丰银行将该股评级下调至持有，称复苏论点为 “展示故事”，而瑞银则指出，目前的水平缺乏支持买入兴趣的催化剂。整体趋势表明，投资者正在重新评估预期，市场越来越多地将复苏时间线定为比六到十二个月前预期的更长。</p>
<p>投资者的担忧集中在耐克的市场定位上，特别是它能否在竞争加剧的情况下维持作为高端品牌的吸引力。像 On Holding AG 和 Deckers Outdoor Corp.的 Hoka 等竞争对手正在抢占市场份额，而耐克的 Converse 部门表现不佳，其在中国的业务也面临压力。在过去十年中，越来越多的竞争者开始关注高收入消费者，这可能使竞争环境比以往周期更加严峻。反映这一变化的是，包括摩根大通、 Goldman Sachs 和 Piper Sandler 在内的至少六家券商在最近几周已从之前的乐观观点中撤回。</p>
<p>然而，仍然有早期的选择性买入迹象。苹果公司首席执行官蒂姆·库克（Tim Cook）在耐克董事会任职，披露在 4 月 10 日的低点购买了 25,000 股，自那以来，股价已上涨 7.2%，有望迎来自 6 月以来的最佳一周。尽管如此，耐克仍然有望迎来连续第五年的年度下滑，股价较 2021 年的峰值下跌超过 74%，其估值从大约 2810 亿美元降至不足 700 亿美元。一些分析师现在开始质疑反弹是否会实现，认为投资案例可能越来越依赖于实际执行而非预期。</p>

耐克

<p>耐克的股价已跌至 2014 年的低点，比 2021 年的峰值下跌超过 74%，华尔街的情绪转为负面。汇丰银行将该股票评级下调至持有，理由是缺乏复苏的催化剂。投资者的担忧集中在耐克的高端品牌吸引力上，因来自 On Holding AG 和 Hoka 的竞争日益加剧。尽管包括苹果首席执行官蒂姆·库克在内的部分投资者进行了选择性买入，但分析师对反弹的可能性表示质疑，强调需要切实的执行而非仅仅是期望</p>

<p>Nike  is seeing sentiment on Wall Street shift more decisively negative, with shares falling to levels last seen in 2014 as confidence in a near-term turnaround continues to weaken. HSBC downgraded the stock to hold, describing the recovery thesis as a show me story, while UBS noted there are limited catalysts to support buying interest at current levels. The broader tone suggests investors are reassessing expectations, with the market increasingly pricing in a longer recovery timeline than it had anticipated six to twelve months ago.</p>
<div class="lb-trans"><p>耐克在华尔街的情绪正逐渐转向负面，股价跌至 2014 年以来的最低水平，市场对短期反弹的信心持续减弱。汇丰银行将该股评级下调至持有，称复苏论点为 “展示故事”，而瑞银则指出，目前的水平缺乏支持买入兴趣的催化剂。整体趋势表明，投资者正在重新评估预期，市场越来越多地将复苏时间线定为比六到十二个月前预期的更长。</p>
</div><p>Investor concerns are centered on Nike's positioning, particularly whether it can sustain its appeal as a premium brand amid intensifying competition. Rivals such as On Holding AG  and Deckers Outdoor Corp.'s  Hoka have been gaining share, while Nike's Converse division has struggled and its China operations remain under pressure. Over the past decade, more competitors have focused on higher-income consumers, which could be making the competitive environment more challenging than in prior cycles. Reflecting this shift, at least six brokerages, including JPMorgan Chase &amp; Co., Goldman Sachs, and Piper Sandler &amp; Co., have pulled back from previously bullish views in recent weeks.</p>
<div class="lb-trans"><p>投资者的担忧集中在耐克的市场定位上，特别是它能否在竞争加剧的情况下维持作为高端品牌的吸引力。像 On Holding AG 和 Deckers Outdoor Corp.的 Hoka 等竞争对手正在抢占市场份额，而耐克的 Converse 部门表现不佳，其在中国的业务也面临压力。在过去十年中，越来越多的竞争者开始关注高收入消费者，这可能使竞争环境比以往周期更加严峻。反映这一变化的是，包括摩根大通、 Goldman Sachs 和 Piper Sandler 在内的至少六家券商在最近几周已从之前的乐观观点中撤回。</p>
</div><p>There are, however, early signs of selective buying. Apple Inc.  CEO Tim Cook, who sits on Nike's board, disclosed a purchase of 25,000 shares at the April 10 low, and the stock has since risen 7.2% through Thursday, putting it on track for its strongest week since June. Even so, Nike remains on pace for a fifth consecutive annual decline, with shares down more than 74% from their 2021 peak, reducing its valuation from roughly $281 billion to under $70 billion. Some analysts are now beginning to question whether a turnaround will materialize, suggesting the investment case may increasingly depend on tangible execution rather than expectations.</p>
<div class="lb-trans"><p>然而，仍然有早期的选择性买入迹象。苹果公司首席执行官蒂姆·库克（Tim Cook）在耐克董事会任职，披露在 4 月 10 日的低点购买了 25,000 股，自那以来，股价已上涨 7.2%，有望迎来自 6 月以来的最佳一周。尽管如此，耐克仍然有望迎来连续第五年的年度下滑，股价较 2021 年的峰值下跌超过 74%，其估值从大约 2810 亿美元降至不足 700 亿美元。一些分析师现在开始质疑反弹是否会实现，认为投资案例可能越来越依赖于实际执行而非预期。</p>
</div>

Nike Shares Hit 2014 Lows As 74% Drop Fuels Turnaround Doubts

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JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

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JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

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耐克股价跌至 2014 年以来的低点，74% 的跌幅引发了对其转型能力的质疑