【出版时间及名称】：2009年11月中国消费品行业研究报告
        【作者】：BNP百富勤
        【文件格式】：PDF
        【页数】：52
        【目录或简介】：
Contents
1) 2010 outlook ............................................................................................................................................................................... 3
Recovery in GDP and World Cup next year ........................................................................................................................ 3
Recap of 2Q10 trade fair results ........................................................................................................................................ 4
Order growth matching expansion rate? ............................................................................................................................. 4
More on 2Q10 trade fair: Product mix and ASP trend ......................................................................................................... 6
Implications on 1H10.......................................................................................................................................................... 6
Next catalyst: 4Q09 SSS.................................................................................................................................................... 6
Consolidation of the sportswear sector ............................................................................................................................... 7
Global sports goods industry development is a good reference for the China market ........................................................ 7
Low base means ample room for growth ............................................................................................................................ 8
The innovative industry – 1) R&D is vital to the brand development ................................................................................. 10
The innovative industry – 2) Marketing is the key to brand building.................................................................................. 11
The next Michael Jordan or Tiger Woods?........................................................................................................................ 12
Brand equity: four dimensions.......................................................................................................................................... 12
Ballgame for China sportswear space M&A...................................................................................................................... 13
2) Picking winners........................................................................................................................................................................ 14
Our selection criteria ........................................................................................................................................................ 14
Moment of truth: BNP’s ranking of the sportswear companies.......................................................................................... 15
3) Stock Picks ............................................................................................................................................................................... 16
Peer Comparison ............................................................................................................................................................. 17
4) Devil’s advocate: Risks to our investment case..................................................................................................................... 21
Reliance on distributors.................................................................................................................................................... 21
Weak IT system ............................................................................................................................................................... 21
Increasing market competitions........................................................................................................................................ 21
5) Recent companies update....................................................................................................................................................... 23
China Dongxiang.............................................................................................................................................................. 23
Anta Sports ...................................................................................................................................................................... 31
Li Ning.............................................................................................................................................................................. 35
Ground checking in Changsha......................................................................................................................................... 40