行业趋势:疫情后品牌分化的基本面趋势带来截然不同的行情走势。运动户外行业2024 年规模约4000 亿美元,同比增长3.8%,行业稳健增长背后品牌表现显著分化,股价走势差距更为悬殊。观察代表性的国际品牌耐克、阿迪达斯和亚瑟士股价,以2019 年初价格为基准,耐克走势呈倒V 型,前半程翻倍上涨而后半程全部回吐;阿迪达斯N 型反转,前期大涨近80%而后大幅下跌至-45%水位,再反转至累计上涨20%;...
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