Sports apparel and equipment stocks experienced a broad upswing. As of the time of writing, Topsports (06110) rose 5.84% to HK$3.08. ANTA Sports (02020) increased by 4.32% to HK$88.2. LI NING (02331) advanced 3.75% to HK$23.24. XTEP INT'L (01368) gained 1.31% to HK$5.41. The movement follows recent developments where the United States officially eliminated the 10% reciprocal tariff on China and a 10% fentanyl tariff on February 20th, while announcing a new 10% tariff on goods from various countries. Analysis from Shenwan Hongyuan indicates that, excluding specific products subject to anti-dumping and countervailing duties, the current U.S. tariff rate on most Chinese goods is the base rate plus 10%. This represents a net decrease of 10 percentage points compared to the previous additional 20% tariff imposed on China. The firm recommends continuous monitoring of the impact of tariff policy changes on export-oriented textile manufacturers, noting that stock prices for Hong Kong-listed sportswear manufacturers had already risen during the Lunar New Year period. Furthermore, the Milan Winter Olympics have officially commenced, with the Chinese delegation achieving its largest-ever participation in terms of events and athlete numbers for an overseas Winter Games. Chinese sportswear brands are making appearances at the Milan venues, showcasing Chinese strength in global sports. The growing excitement around the Milan Winter Olympics is expected to boost attention and consumer enthusiasm for winter sports and athletic events, suggesting potential catalysts for the sports sector.