汇丰银行-中国-纺织品、服装与奢侈品行业-中国体育用品：从2017年得出的三大教训-2018.1.27-30页

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:TheHongkongandShanghaiBankingCorporationLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.comMiFIDII–ResearchIsyouraccessagreed?CONTACTustoday??????Wehighlightthreekeysectordevelopmentsin2017?Awarmwelcometoacoldwinter:favourableweatherconditionshouldboostsector4Q17retailsales?Weseebestrisk-rewardprofileinLiNing(Buy)2017wasaneventfulyear.WhiletheChinaSportingGoodssectorcontinuedtogrowatahealthyandsteadypaceataroundtwotimesGDPgrowth,therewerealotofchangesthatthenumberdoesnottell.Wehighlightthreekeythemes:1)Chineseshiftingpreferenceinbothshoesandstocks:theseareindicatedbychangesinthetopfivebrandsbymarketshareandsouthbound