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上半年過去,受新冠肺炎影響,全球經濟陷入衰退,早前德國和美國公佈今年第二季GDP,分別較前一季下跌10.1%和32.9%,均為有紀錄以來最大跌幅。與之相比,美國在2008年金融危機期間最大跌幅為8. 4%。而作為第一批受影響的國家,中國早前公布第二季 GDP 環比增加11.5%,復蘇跡象明顯。上半年中國 GDP 總值人民幣 45.66 兆元,按年減 1.6%。


在國內疫情受控的背景下,內需巿場將以較快的速度回復,當中運動品牌在第二季度恢復進度良好,Nike 和Adidas 第二季度在大中華地區的銷量回復去年水平。我們認為,上半年受疫情影響,不少優勢企業出現少有的低估機會,而下半年服飾行業將在內需恢復中得益。我們認為板塊中的龍頭企業的業績韌性較強,推薦安踏體育(2020.HK) 、李寧(2331.HK)。

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