金吾财讯 | 体育用品股午后强势，特步国际(01368)涨5.36%，安踏体育(02020)涨4.55%，李宁(02331)涨3.85%，裕元集团(00551)涨2.08%，361度(01361)涨1.79%。国金证券表示，运动板块25全年流水稳健，龙头发力多品牌多业态。2025年运动服饰行业在外部需求波动及暖冬等不利因素挑战下，龙头企业依然展现了较强的经营韧性。从Q4及全年流水数据看，四家体育服饰公司表现虽有分化，但整体符合预期。各大公司库存普遍回落至健康区间。2026年奥运会等重大赛事临近，有望增加品牌曝光以及刺激终端需。若宏观消费环境趋于稳定，各品牌有望恢复稳步复苏的增长态势，继续巩固市场地位。
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