---
title: "《大行》富瑞對中國運動服裝行業更樂觀  料年初至今零售銷售升逾 5%"
description: "富瑞對中國運動服裝行業持樂觀態度，預計年初至今零售銷售增長超過 5%。儘管暖冬影響，農曆新年假期零售銷售仍優於預期，歸因於政府補貼、假期變動及户外運動普及。安踏的運營趨於穩定，目標價 95 元，評級為「持有」；李寧目標價 48 元，評級為「買入」。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/276847527.md"
published_at: "2026-02-25T07:05:14.000Z"
---

# 《大行》富瑞對中國運動服裝行業更樂觀  料年初至今零售銷售升逾 5%

> 富瑞對中國運動服裝行業持樂觀態度，預計年初至今零售銷售增長超過 5%。儘管暖冬影響，農曆新年假期零售銷售仍優於預期，歸因於政府補貼、假期變動及户外運動普及。安踏的運營趨於穩定，目標價 95 元，評級為「持有」；李寧目標價 48 元，評級為「買入」。

富瑞研究報告指，對中國運動服裝行業持更樂觀態度。雖然遇上暖冬天氣，國內農曆新年假期的零售銷售可能仍優於預期。該行將此強勁表現歸因於政府補貼支持、假期日期變動以及户外運動普及化。

該行預測年初至今零售銷售按年增長超過 5%，較去年第四季的持平表現顯着加速，但折扣率則較去年同期惡化。整體而言，該行認為表現屬正面驚喜，尤其是在暖冬天氣下。

在近期下調指引後，該行觀察到安踏 (02020.HK) 的營運趨向穩定，基於低基數、門店整改及折扣優化所推動；現予目標價 95 元及「持有」評級。另外，該行予李寧 (02331.HK) 目標價 48 元及「買入」評級。

### Related Stocks

- [02331.HK - 李寧](https://longbridge.com/zh-HK/quote/02331.HK.md)
- [02020.HK - 安踏體育](https://longbridge.com/zh-HK/quote/02020.HK.md)

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