纺织服装: 政策发力推动体育消费,今年下半年举办首届中国飞盘联赛,关注相关产业链机会

（以下内容从天风证券《纺织服装: 政策发力推动体育消费,今年下半年举办首届中国飞盘联赛,关注相关产业链机会》研报附件原文摘录）
　　China Textiles and Apparel 政策发力推动体育消费，今年下半年举办首届中国飞盘联赛，关注相关产业链机会 Policy support drives sports consumption: inaugural China Frisbee League in H2 and supply chain opportunities 投资要点/Investment Thesis 投资要点/Investment Thesis 近期体育总局印发《关于体育助力稳经济促消费激活力的工作方案》发挥体育助力稳经济、促消费、激活力的作用。文件从加大助企纾困力度、加大体育产品供给两大方面展开，提出 ①加大登山、赛艇、帆船、马拉松、自行车等户外运动赛事供给，组织开展“体总杯”全国三大球城市联赛；②丰富健身活动；③吸引群众参与；④推动场馆开放；⑤支持各地加快体育公园、全民健身中心、公共体育场、社会足球场、健身步道、户外运动公共服务设施等体育设施建设进度；⑥满足双减背景下青少体育培训需求，认定一批国家体育旅游示范基地、国家级滑雪旅游度假地；⑦推动40个国家体育消费试点城市通过打造体育消费新场景、培育体育消费新业态新模式、发放体育消费券、组织体育消费节等措施；⑧带动体育就业等。 多项措施方法深化体育供给侧结构性改革，丰富体育产品和服务，激发体育消费活力，推动体育产业高质量发展。 China’s Sports General Administration (CSGA) issued a working plan that gives sports a key role in helping to stabilize the economy by encouraging consumption. The two main areas are: step up efforts to bail out companies that are experiencing difficulties and increase the supply of sports products. The details include: ·Increase outdoor sports events like mountaineering, rowing, sailing, marathons and cycling; and organize National Cup city leagues for the three top ball sports (soccer, basketball and volleyball); ·Enhance fitness activities; ·Attract public participation; ·Open up venues; ·Support cities to construct sports facilities such as sports parks, national fitness centers, stadiums, community football fields, fitness trails and outdoor sports service facilities; ·Meet the needs of youths in sports training in line with the implementation of China’s dual energy curbs’ policy and identify a few national sports tourism pilot bases and national ski tourism resorts; ·Help 40 sports pilot cities to create new consumer scenarios, cultivate new consumer formats and models, issue consumer coupons, organize consumer sports festivals and other measures; ·Promote sports employment. The sports policy measures aim to enforce the structural reform of the supply market, enrich the products and services, revitalize consumption and promote quality sports industry growth. 同时，体育总局下发关于举办首届中国飞盘联赛的通知，比赛时间22年8月至23年2月为分站赛阶段，候选地点北上广深杭等；23年5月总决赛。比赛项目：团队飞盘（男女混合）；参赛单位面向社会、社区、企事业单位、学校等；比赛用盘采用世界飞盘联合会认证的175g团队飞盘；比赛场地为十一人制足球场划分为两片飞盘场地等。 The administration also announced the formation of the inaugural China Frisbee League. The initial rounds of the competition will be held from August 2022 to February 2023 across different cities and the suggested locations include Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou; the finals will be in May 2023. The mixed gender teams will comprise social groups, communities, companies, institutions and schools. They will use the 175g frisbee certified by the World Frisbee Federation. As for the arena, an 11-a-side soccer field will be divided into two frisbee fields. 飞盘这项融入了足球、篮球与橄榄球规则特点的团队型运动，已经成为中国年轻一代社交圈和运动场的重要组成方式。在此次宣布首届中国飞盘联赛之前的很长一段时间，飞盘这项“民间”运动的成长，并不“野蛮”；去年11月，国家体育总局社体中心便相继发布了《全国飞盘运动竞赛规则（试行）》《全国飞盘运动裁判法（试行）》两大文件，对飞盘的场地、具体竞赛规则等内容做出了详细规范；今年4月，教育部印发《义务教育课程方案和课程标准(2022年版)的通知》，极限飞盘作为新兴体育项目被正式列入义务教育阶段课程；没有肢体接触、门槛不高，对于参与人数、场地、器材的要求并不苛刻，具有较强的趣味性和社交属性，广受年轻一代喜爱。 Ultimate frisbee: a team sport with the rules and characteristics of soccer, basketball and rugby, and a social and sports focal point for younger Chinese Long before the announcement of the first China Frisbee League, the policy groundwork had been laid with the release of two papers in November last year by CSGA’s Social and Sports Center. Entitled, Pilot: National Frisbee Sports Competition Rules, and Pilot: National Frisbee Sports Referee Laws, they also specified the venues. The Ministry of Education issued a paper in April this year, Compulsory Education Curriculum Program and Curriculum Standards: 2022 Edition. Ultimate frisbee is included in the compulsory education course as an emerging sport. The sport involves no physical contact, a low entry threshold and its requirements for the number of participants, venues and equipment are not difficult. The fun game with a strong social vibe is popular among the younger generation. 我们认为政策将积极有利于带动体育事业发展，拉动体育品牌消费及相关户外行业发展 一方面，头部体育品牌消费显著改善，产业拐点已现。6月以来头部运动品牌数据相较4、5月份显著边际增长，此前受高基数叠加疫情拖累线下客流，整体均下滑；6月份以来均恢复正增长，其中运动品牌增速优于非运动品牌；虽运动整体折扣有所加深，但零售及库销比压力较轻。我们预计李宁零售YTD有望同增双位数，特步YTD或在高双以上，在多重不确定因素叠加的上半年，整体呈现较强生意韧性；同时借助618电商发力，加速生意回归。 We believe policy support will drive ultimate frisbee growth, stimulate brand consumption and outdoor industries The consumption of leading sports brands has risen significantly and the industry is approaching an inflection point. June data by leading sports brands has risen increased significantly from April and May, when offline footfall was dragged by a high base and pandemic effects. Growth resumed from June and the growth rate of sports brands is higher than non-sports brands. While the sports market discount is higher, the pressure on retail and warehouse sales is also lighter. We estimate that Li Ning retail YTD would have increased by a double-digit yoy and Xtep’s YTD could have risen two-fold, a sign of their business resilience in H1 when multiple uncertainties overlapped, although the 618 online shopping festival helped to augment profitability. 另一方面，发展飞盘运动将有力带动户外露营及周边产业发展。飞盘是户外露营休闲中受到大众欢迎的运动方式之一，依靠操作易上手、社交属性及运动基因快速风靡；飞盘普及将进一步引导大众走向户外、亲近自然、充分运动。户外露营是休闲生活观念变化及消费升级趋势充分体现，我国露营市场有较大渗透率提升空间及装备升级潜力。同时，伴随户外配套完善，水域空域森林草原等场景解锁，不需长途跋涉且成本可控，户外丰富了亲子社交教育的选择。 Frisbee market growth to spur camping and other outdoor industries. As an outdoor camping and leisure activity, the rising popularity of frisbee is due to its ease of use, social vibe and sports elements. We believe that its promotion would encourage the public to enjoy the outdoors, get close to nature and to exercise. The camping industry is reaping the benefits of changing leisure and lifestyle perceptions, along with consumer upgrades. We see high potential for rising camping market penetration and equipment upgrades. As outdoor facilities improve, settings such as water environments and open-air spaces, woods and fields would become available. Easier access to such spaces would not only lower travel distance and cost but also enhance intangibles like parent-child interactivity and educational leisure options. 投资建议/Investment Ideas 相关标的【李宁】【特步国际】【安踏体育】【牧高笛】【申洲国际】【浙江自然】【华利集团】等 Stocks ·Li Ning (2331 HK, BUY) ·Xtep International (1368 HK, BUY) ·ANTA Sports Products (2020 HK, BUY) ·Comefly Outdoor (603908 CH, BUY) ·Shenzhou International Group (2313 HK, BUY) ·Zhejiang Natural Outdoor Goods (605080 CH, BUY) ·Huali Industrial Group (300979 CH, BUY) 风险提示：疫情局部反复影响后续线下客流；原材料及人工、环保要求稳步提升对产品价格压力；新品发售销量不及预期等风险。 Risks include: persistent local pandemic effects on offline footfall; persistent rise in raw material and labor costs; environmental protection requirements putting pressure on product prices; and new product sales fall below expectations. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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