金吾财讯 | 体育用品股集体走高，安踏体育(02020)涨3.6%，特步国际(01368)涨3.41%，滔搏(06110)涨3.19%，李宁(02331)涨2.87%，中国动向(03818)涨2.04%，361度(01361)涨1.34%。国盛证券表示，波动环境下运动鞋服板块经营韧性强，同时看好运动鞋服板块长期增长性。2025Q3表现弱于Q2，但仍优于鞋服大盘。1）本土运动品牌2025Q3线下销售较弱，电商渠道优于线下。期末库存环比Q2增加，预计Q4有所改善。2）国际品牌中，adidas在大中华区保持快速增长态势，Nike在大中华区销售仍有下降、加快库存去化力度。中长期该机构仍然认可国内运动鞋服市场的增长韧性。
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