1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Research at:https:/ Listen to our insightsFind out moreHSBCGlobal InvestmentR

2、esearchPodcasts Lower promotional environment,a leader coming back and favourable FX are helping the sector get to a good place For once,we like both leaders adidas and Nike(Buys)We retain Buy ratings on lululemon and On,and Hold ratings on Amer Sports and Puma;new TPs on Nike,LULU,Amer Sporting goo

3、ds sector could prove a good place to be given macro uncertainty There are few places to hide given the macro headwinds,but we think sporting goods is a sector that has a few things going for it at present.First,the leader of the industry,Nike,which had very big issues related to a disappointing pro

4、duct pipeline and a misguided channel shift(from wholesale to DTC)has visibly started to correct course.While the brand is not out of the woods yet and there will likely be another two quarters of sales declines and inventory clean-up,we are convinced that Nike will shortly see the end of the tunnel

5、,and that prompted us to upgrade the stock to Buy a few weeks ago(Found their greatness,27 June,2025).As Nike becomes less promotional structurally,in our view this should be viewed positively for the entire sector,a case of leader strength being beneficial to all.Separately,there are two short-term

6、 positives.First,USD weakness,which is good for all stocks under coverage,whether they report in USD or produce in USD-denominated contracts in Asia.Second,some brands in our coverage will benefit from the ramp-up ahead of the summer 2026 FIFA World Cup.Yes,we have Buy ratings on both Nike and adida