Jefferies has issued a research report indicating a more positive outlook on China's sportswear industry. Despite unseasonably warm winter conditions, retail sales during the Lunar New Year holiday period likely exceeded expectations. The firm attributes this robust performance to government subsidy programs, changes in the timing of the holiday, and growing popularity of outdoor sports. Jefferies forecasts that year-to-date retail sales have increased by more than 5% compared to the same period last year, marking a significant acceleration from the flat performance seen in the fourth quarter of last year, though discount rates have worsened compared to a year ago. Overall, the firm views the results as a positive surprise, particularly given the warm weather. Following recent guidance adjustments, Jefferies has observed that ANTA SPORTS (02020) operations are showing signs of stabilization, driven by a low base of comparison, store optimization, and improved discount management. The firm maintains a target price of HK$95 and a "Hold" rating on the stock. Additionally, Jefferies has assigned LI NING (02331) a target price of HK$48 with a "Buy" rating.