Analysis column of test points: Develop professional thinking, learn a little bit in one day, and then it will be a big topic in the future
"If the price continues to rise, playing badminton will soon become more expensive than playing tennis..." Since 2025, the popularity of badminton has continued unabated. After the "price increase" of badminton in April, Yonex, the leading company in the badminton circle, has taken the lead in raising prices recently.
Yonex will rise again during the year, ranging from 30-40 yuan per barrel
Less than three months later, Yonex Japan’s official website issued another “price increase announcement.” On July 1, Yonex officially stated that it would use new badminton prices on August 1. The price increase of many badminton models ranged from 30 yuan to 40 yuan.
Just halfway through 2025, this is the second time Yonex has raised prices.
Before this announcement, domestic dealers posted on social media that the domestic price of Yonex badminton would undergo a new round of price adjustments in July, with the range being around 40 yuan.
This news triggered a lot of discussion in the dealer circle. Many dealers told Blue Whale News reporters, "I did hear that it will increase, but there is no official notice yet, so the specific price has not increased yet."
The flipside of price increases is stockouts.
Currently, all badminton products in the official flagship stores of Yonex Tmall and JD.com are sold out, and customer service responded that they have not yet received a price increase notice. Some gym owners revealed that they have not been able to book badminton balls since June.
How did badminton rise? Other brands have not yet followed suit, and the industry says there will be price differentiation in the future.
Different from the "price increase" in April this year, currently only Yonex Japan's official website has issued a price increase announcement. No other badminton brands have followed suit for the time being, and many unstandardized balls have also maintained their original prices. However, rumors of price increases in the industry have never stopped, with many practitioners taking the opportunity to hawk and encourage stockpiling. A salesperson said bluntly: "According to the trend of badminton in recent years, it is not surprising that the price will increase several times a year."
Several brands of badminton products have experienced significant growth in the past two years. Take Yonex, the "King of Price Increases", as an example. The retail price of its mainstream high-end AS-05 badminton model has increased from 210 yuan/dozen to 225 yuan/dozen before April 2024. After July of that year, the price soared further, reaching 275 yuan/dozen. Badminton equipment blogger Chen Zui told Blue Whale News that he purchased this ball from a wholesaler for 95 yuan per dozen more than two years ago, but now the price of the product has risen to 190 yuan. Based on this calculation, the price of this model of badminton has increased by 100% in two years, which is higher than the increase of gold in the same period.
The fundamental reason for the soaring price of badminton is that the scale of badminton enthusiasts continues to grow, and the supply and demand of raw materials, which are core materials, are out of balance.
In the past two years, the price of sword feathers has experienced several significant increases. According to an earlier report by the Beijing News, the wholesale price of Dao Ling per catty at the end of 2023 will be around 200 yuan per catty, and in 2024 the price per catty will be close to 300 yuan. This year, the procurement platform shows that the wholesale price of different categories of pornographic films is 350-450 yuan per pound, an increase of as much as 50%.
Another important change is that pornographic films are being downgraded. More than one industry insider told Blue Whale reporters that the quality of the same ball purchased now is far inferior to that of a few years ago, and this impact may affect the entire industry. Under the fast-growing and fast-slaughtering mode, the cycle of duck breeding and slaughter becomes shorter, and both the hair quality and output decline.
Although rising porn prices are an overall trend, there are some key differences worth paying attention to.
Chen Zui believes that badminton will show an obvious price differentiation trend in the future. Because only good wool is scarce, and there are more people who want to play well, under this supply and demand relationship, the price of expensive balls will continue to increase, while the price of cheap balls will drop slightly.
News from the upstream of the industry chain verified this speculation. A pornographic film dealer revealed to Blue Whale reporters that there has been no significant increase in the price of pornographic films recently, and that some mid- to low-end feathers have actually dropped in price.
The Blue Whale reporter learned that the price increase of badminton is likely to be a multi-party participation and dynamic game process. Many dealers, sales and badminton bloggers said that as long as one big brand rises, other brands will follow suit, and the impact will be transmitted to every link in the industry chain. In addition, the behavior of some raw film dealers to hoard raw materials and dealers to suppress goods will also aggravate the trend of shortages and price increases.
"In fact, no matter whether there is a price increase announcement or not, dealers will sell in the end. How much they sell and whether they give up profits depends on market acceptance." Therefore, some people in the industry admitted that market regulation alone cannot solve the current problem from the root, and the industry needs more regulatory intervention.
How much does it cost to make a badminton? Rising prices have spawned "futures ball" and "eight badminton"
Badminton keeps rising, what should consumers and manufacturers do?
Channel source Xiao Cai revealed to reporters that the two largest domestic manufacturers are actually actively controlling prices, such as no longer purchasing pornographic films that exceed the existing price. Many manufacturers are still exploring upgrading artificial ball technology, such as Yonex's M2000 and Victor's Carbon Sound Pro, and their market acceptance has also increased significantly. There are even some badmintons with eight feathers on the market.
Under the continuous price increase trend, some practitioners have explored the sales method of "futures badminton", that is, customers pay the full price at the locked price, and the goods are shipped 2-3 weeks later. Under this model, the intermediary uses the customer's money to place an order directly with the manufacturer, bypassing traditional channels to increase the price, so the product will be dozens of yuan cheaper than the market retail price.
A businessman who runs the "futures badminton" business said that currently Yonex and some models of Asia Lion are not accepting "pre-orders" for the time being. Because Yonex’s price increase this time may be very high, there is no way to accept reservations at the lock-in price on the form. This "advance payment + delayed delivery" model is similar to dealers ordering from upstream. It is generally a passive means to resist price increases and has a very limited impact on the overall price system.
Many badminton enthusiasts have also turned their attention to second-hand balls and unmarked balls as substitutes.
Blue Whale reporter’s search found that there are currently a large number of second-hand badminton for sale on the e-commerce platform. These balls are usually put on the shelves after being recycled and repaired by vendors. Their quality is mainly 8-95% new, and the price of a ball generally ranges from 20-100 yuan.
In addition, unmarked balls are also popular among badminton enthusiasts as food balls and training balls. This type of ball usually indicates which well-known brand it is targeting, such as Asia Dragon, Yonex, Red Super, etc., but the price is less than 1/2 of the latter. There is no shortage of consumers in the comment area who affirm the product’s feel, cost-effectiveness, etc.
However, Xiao Cai, a badminton channel person, reminded that the profits of badminton are now very transparent. For example, the purchase price of a first-grade goose feather was 0.75 yuan some time ago, and a bucket of balls requires 192 knife feathers. Taking into account production losses, the cost of a bucket of raw balls may be nearly 150 yuan. Including coils, glue, ball heads, labor, and packaging, the production cost of a barrel of first-grade goose feather balls is about 1,780 yuan. Under cost pressure, unstandardized balls may have incorrect goods and poor quality control, and it is also difficult to achieve true "benchmarking."
Test point analysis column:
Notes on developing professional thinking. Learn a little bit a day, and then it will be a big topic. I believe in the power of accumulation and persistence.
This article is compiled and discussed every night at Miyou Xinchuan Professional Reading Club
Today’s knowledge point: McLuhan’s view of media and his evaluation
Subjects: Communication Studies
Common test types: term explanations, short answers, essay questions, case analysis questions
Knowledge point: Understand the relationship between media and people and its impact on society from a technical perspective
1. The medium is the message
1) Meaning: The medium itself is the truly meaningful message. That is, only when humans have a certain medium can they engage in communication and other social activities that are suitable for it.
2) From the perspective of the long development process of human society, the truly meaningful and valuable "message" is not the communication content of each era, but the nature of the communication tools used in this era, the possibilities it creates and the social changes it brings.
3) Media is the basic driving force for social development and a symbol that distinguishes different social forms. Every new media creates a new way for humans to perceive and understand the world. Changes in communication change human feelings, change the relationship between people, and create new types of social behaviors.
4) Media is the decisive factor in social development and changes in social form. Oral media (tribal society) - printed media (de-tribal society) - electronic media (global village) confirm this.
2. Media: extension of people
1) Any medium is nothing more than an expansion or extension of human feelings and senses. (Text and print media are extensions of human visual abilities, radio is an extension of hearing abilities, and television is a comprehensive extension of visual, auditory, and tactile abilities.) This illustrates the impact of communication media on human sensory centers.
2) The history of the development of media and society is also the history of human sensory abilities from "synthesis" - "differentiation" - "re-synthesis".
① Prehistoric people: Auditory culture is sensory integrated;
② The visual culture of civilized people, which is dominated by text and print media, focuses on details and differentiates and abstracts details from the whole. The shift from spoken language to writing and printing actually expanded a sense that was separated from the bundle of human sensations. This kind of sensory separation caused by the division of sensory fields can promote people's abstract and deep understanding of things. At the same time, alienating other senses and focusing only on vision will also cause emotional separation, which will reduce people's overall sensory ability.
③ Modern electronic media, especially television, are changing the situation in which civilized people are dominated by vision. They not only expand vision and hearing, but also expand human touch due to the strong sense of presence and contact. Modern people are retrieving the long-lost "feeling totality" and returning to a state of sensory balance.
3) Flaws: This view is not the conclusion of rigorous scientific investigation, but a speculative inference based on "insight".
3. “Hot Medium” and “Cold Medium”
Hot medium - the message conveyed is relatively clear and clear, and the recipient does not need to mobilize more sensory and associative activities to understand. (It is "hot" in itself, and people do not need to perform "warm-up exercises" when processing information. Such as: books, newspapers, radio, silent movies, photos.)
Cold media - the information conveyed is small and vague, requiring the cooperation of multiple senses and rich imagination to be understood. Such as: comics, audio movies, TV, etc.
There is a logical contradiction in the classification. But it gives us inspiration: different media affect people in different ways, and the psychological and behavioral responses they cause have different characteristics. Research on media should take these factors into consideration.
4. The significance and limitations of McLuhan’s theory:
(1) Significance: It opens up the perspective of observing the development of human society from the perspective of media technology, and emphasizes the social and historical role of media technology.
(2) Limitations:
① He is a technical naturalist whose theory is extreme and one-sided. Treat media technology as the only determinant of social development and change, ignoring the role of various complex social factors.
② People’s subjectivity and initiative cannot be seen. People seem to be completely dominated by the media technology or tools they invented.
③The entire basis of the theory focuses on the impact of media tools on the central sensory system. It is one-sided to explain all human behavior. Feeling is important, but people have rationality. This rational activity will in turn have an active restrictive effect on feelings and their extended forms of media.
④ Pan-mediaization - infinitely expanding the scope of media, even considering "stones" as media.
Direction of thinking: Media and technology are inseparable, and technological progress promotes the evolution and development of media. What we need to consider is not only the convenience brought by media technology, but also the tendency-metaphor contained in media technology, which determines the direction of our reshaping of the modern news communication system.
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02 Signing method
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Note: Some employers outside the province (registered with Shandong College Graduates Employment Information Network and qualified for online signing) can also sign agreements with graduates online.
If you have received a tripartite employment agreement and signed a contract with an employer in the province in the early stage, you need to sign a new online agreement.
The second is the entry agreement: Graduates and employers outside the province (not registered on the Shandong College Graduates Employment Information Network) use the entry agreement method.
If you have received a tripartite employment agreement and signed a contract with an employer outside the province in the early stage, you need to sign the contract again by entering the agreement.
(1) Online signing agreement process
1. Invitation from the employer to sign a contract. Employers in the province who are qualified for online visas inquire about the graduates they intend to hire and send them invitations to sign contracts.
2. Check the invitation letter. After receiving the contract invitation from the employer, graduates should check the invitation content and respond. Replying to agree will generate an agreement, replying to reject will invalidate the invitation letter.
3. Students should generate an agreement upon appointment and send it for review. Those who sign contracts before graduates leave school will be reviewed by the graduating school, and those who sign contracts after leaving school will be reviewed by the human resources and social security department of the county where the employer is registered.
(2) Entry agreement process
1. Graduates log in to the Shandong College Graduates Employment Information Network, enter the page and select [Signing Center] ---- [Offline Signing] ---- [Enter Agreement]
2. Enter the contracting information: Students enter the basic information of the contracting unit and file reception information as required. If there is any uncertain information, you can save it and not submit it for now. If you confirm that it is correct, you can save it and submit it for review. Submitting to the system will generate a valid agreement. If the agreement is terminated, the student must submit the agreement and must obtain the consent of the school before the agreement can be terminated.
3. Students should generate an agreement upon appointment and send it for review. Those who sign contracts before graduates leave school will be reviewed by the graduating school, and those who sign contracts after leaving school will be reviewed by the human resources and social security department of the county where the employer is registered.
4. Feedback on signing materials: Upload the scanned copy of the paper agreement and submit it for review.
03 Registration of other graduation destination information
(Labor contract employment, flexible employment, further education, going abroad, self-employment, enlistment in the army and grassroots project employment)
1. Labor contract employment registration
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2. Other forms of employment registration
Operation instructions: If students are employed with other employment forms of the unit, select other employment form types, fill in the other employment form information as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
3. Registration for further studies
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Instructions for filling in: Fill in the fields for graduates with various academic qualifications. You need to choose the content according to your academic qualifications.
4. Registration abroad
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Instructions for filling in: Going abroad includes working abroad and studying abroad. Select the country and the name of the employment unit or the school for further study according to the category.
5. Registration of self-employment
Operation instructions: If students start their own business, they should choose the type of self-employment, fill in the self-employment information as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
6. Registration for military enlistment
Operation instructions: If a student signs up to be drafted into the military, he or she must select the draft type and upload supporting materials on the interface. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
7. Grassroots project registration
Operation instructions: If students participate in national or local grassroots projects, select the grassroots project type and fill in the grassroots project information as required on the interface. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
04 Termination process
If graduates have signed the agreement online, entered the agreement and registered other destinations, they need to go through the procedures to terminate the agreement or change their employment information. The specific operation method is as follows:
1. Cancellation of online signing agreement
(1) The student submits a termination application: The student selects the type of termination, fills in the reason for termination, sends it to the unit, and waits for the unit's response.
(2) The unit submits an application for termination: The student receives the unit's termination notice and agrees to reply to complete the termination. If the student cancels, the agreement will continue to be valid.
2. Cancellation of entry agreement
After the agreement comes into effect, the student must fill in the reasons for termination, upload the certificate of termination and submit an application for termination, and wait for the school's review results. If the review is passed, the agreement will be terminated. If the review is not passed, the agreement will still be valid.
3. Termination of other destination agreements
(1) After graduates register their destination information, if the school does not review it, it will be canceled automatically through the function.
(2) After the graduates register their destination information, if the school approves it, they will send it to the school for review through the "Application to Release Current Employment Destiny" function, and the destination information will be released if they pass the review; if the school fails the review, the destination information will still be valid.
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Rising once a year or even more than a year is becoming a common practice in the badminton industry. On July 29, a reporter from Beijing Business Daily learned that many dealers of Yonex and several badminton clubs had made comprehensive price increases for the brand of badminton after receiving notices of price increases from the brand. The price increase ranged from 30 yuan to 40 yuan. Not only Yonex, but also brands such as Weikeduo and Double Happiness have increased the price of badminton. A reporter from Beijing Business Daily found that the reasons for price increases of these brands are relatively consistent - rising raw material prices.
When the unit price of a badminton is close to 20 yuan, "hoarding badmintons is like hoarding gold" has become a reality, and consumers can only lament that they cannot afford it while looking for replacement badmintons. In order to cope with a series of problems caused by the shortage of raw materials and rising prices, some brands have chosen to try to produce badminton made of artificial materials. However, it is difficult to completely replace them due to factors such as marketing, technical difficulties, and consumer usage habits.
The replacement method is not yet completely feasible, and the prices of branded products remain high. The badminton market is showing a polarized situation - brands with the ability to charge a premium can make some money while covering costs with price increases, while brands without room for premiums are facing a situation where costs and profits are inverted.
Price increases have become a "routine"
According to the price increase notice issued by Yonex, its badminton products will implement new prices starting from August 1 this year, with many types of badminton products increasing by 30-40 yuan. Among them, AS-05 has increased from 275 yuan/dozen to 350 yuan/dozen, and AS-9 has increased from 225 yuan/dozen to 295 yuan/dozen.
A reporter from Beijing Business Daily learned that some dealers and some badminton clubs have completed the price increase of Yonex badminton.
A Yonex badminton dealer in Beijing said: "We have completed the price increase, and the price has increased by 30 yuan per tube." When asked why the price increase, the dealer said: "It has almost become a routine for badminton prices to increase in the past two years. The brand has no choice but to increase." According to the dealer, the wholesale price of a tube of Yonex AS-05 last year was 190 yuan, and this year it rose to 235 yuan.
Similarly, TZ-one, a badminton club in Tongzhou, Beijing, also completed a price increase. A relevant person from the club said: "We raised the price immediately after receiving the price increase notice in July, and the current selling price is the newly increased price." When talking about the reason for the price increase, the person said: "There is no way, the price of raw material feathers has increased, and we can only follow the increase."
As the above-mentioned dealer said, it has become common practice for badminton prices to increase in the past two years. In April this year, the badminton industry had already experienced a wave of "price increases". Many well-known badminton brands, including Victor, announced price increases, with increases ranging from 5% to 29%. In addition, in early July 2024, many badminton brands such as Yonex, Double Happiness, Lingmei, Victor, Chaopai, Shipeng, Asia Lion, and Viking issued price adjustment announcements. The price increases for each brand and grade of badminton ranged from 40% to 60%.
Relevant personnel from Beijing Pengda Tiancheng Sports Goods Co., Ltd. revealed that "Li Ning basically adjusts its price every month, and has raised its price eight times this year, with each price increase ranging from a few yuan to ten yuan."
Some consumers have calculated that by 2025, Yonex's AS-05 badminton has risen from 95 yuan per tube at wholesalers more than two years ago to over 200 yuan per tube today, an increase of more than 100%. Some consumers also joked that hoarding gold is worse than hoarding badminton.
According to Jiang Han, a senior researcher at the Pangu Think Tank Research Institute, in a market economy, the price of badminton as a commodity is strongly affected by the relationship between supply and demand. When demand continues to increase and supply cannot keep up, rising prices are an inevitable economic phenomenon. In recent years, the increasing popularity of badminton around the world has become one of the reasons for the increase in badminton prices.
In the past two years, badminton has become very popular. According to the 2023 "National Sports Status Survey Report", the number of badminton participants in China has reached 250 million, and the number of badminton halls has increased by more than 40% in five years. Weekend venue fees in Beijing, Shanghai and other places have risen to 150 yuan/hour.
Out of stock, premium, replacement
In addition to the increase in market demand, rising raw material prices have become one of the important reasons for frequent price increases of various badminton brands.
A professional engaged in badminton production told a Beijing Business Daily reporter that the production of badminton is a relatively complex process, and high-quality badminton has extremely high requirements for the quality of feathers.
It is understood that currently there are two main materials for badminton on the market: duck feather and goose feather. The former is more suitable for casual beginners, while the latter is more suitable for higher-intensity training. Goose feathers are further divided into ordinary goose feathers, fourth grade goose feathers and special grade goose feathers. The key material for making badminton is duck and goose feathers. The industry insider told reporters: "A duck may normally provide about 20 feathers suitable for badminton, but to reach this number, the duck needs to grow for 3 to 4 months. However, in the actual poultry breeding market, many meat ducks are slaughtered in about 45 days in order to meet the rapid supply demand of the meat market. Due to the short growth time, the feathers of these meat ducks cannot meet the requirements of badminton production in terms of toughness, length, etc., which has led to a relatively insufficient supply of feather raw materials that can be used to produce high-quality badmintons."
According to public data, the scale of duck and goose breeding has been significantly reduced in recent years, resulting in an increase in the price of badminton raw materials. Data show that the number of meat ducks sold nationwide in 2024 will decrease by 658 million compared with 2019. The reduction in supply directly caused the price of knife feathers to soar. At the end of 2023, the wholesale price of a pound of knife feathers was about 200 yuan, including about 600 raw wool, which converted to less than 4 cents per knife feather; by June 2024, the wholesale price of a pound of knife feathers was about 280 yuan, an increase of 40% from the previous year.
The price of raw materials continues to rise, and high-end badminton is out of stock. Many badminton dealers told reporters from Beijing Business Daily that they currently have no Yonex products. It is understood that Yonex badminton is positioned in the high-end market and supplies professional events and professionals.
During the inquiry process, several badminton clubs stated that they only had a small number of Yonex badminton balls in their hands. Relevant personnel from Zhonghe Stationery and Sports Products Co., Ltd., a distributor of Yonex, made it clear that there is basically no stock now. If you want a large amount of goods, you can only charge it at a high price. Relevant personnel from Beijing Shenhemao Sports Goods Sales Co., Ltd., another Yonex distributor, also revealed similar information. It is not completely impossible to buy badmintons unless the price is increased.
When the reporter agreed to increase the price as a consumer, a Yonex dealer said that he could sell five boxes of AS-05 badminton balls at a wholesale price of 255 yuan per tube (a box of 50 tubes), which was 20 yuan higher than the prices of 220 per tube and 230 per tube mentioned by other dealers.
When brands and dealers increase prices or sell products at a premium, some end consumers have chosen to find alternatives.
In the Yonex flagship store, the retail price of AS-05 badminton is 280 yuan per tube, and the AS-9 is 246 yuan per tube. There are 12 balls in a tube, and each ball costs about 10-20 yuan. A tip from a badminton enthusiast said that two balls are basically used in one night, and they are gone for 40 yuan, which is already a bit unaffordable. Muzi recently searched for an unlabeled badminton ball recommended by netizens on Xiaohongshu. Although the feel is not as good as Yonex, it is cheaper than the badminton ball. A tube costs 60 yuan, so you can play as much as you want.
A reporter from Beijing Business Daily browsed social platforms and found that many badminton enthusiasts posted articles stating that they could not afford badminton, lowered their standards, and bought some affordable brands and some unlabeled products as substitutes. However, there are also some "hardcore" enthusiasts who insist on using good products. Li Sheng, who has played badminton for nearly ten years, told reporters that high-end balls have better feel, flight path and stability. At the current affordable price, they will still choose to buy Yonex.
Make money while hanging upside down
Facing the shortage of natural feather supply, badminton brands are looking for ways to break the deadlock, and artificial material badminton has become one of the directions to explore. Products such as the carbon tone series and nylon balls launched by Victor are gradually gaining popularity in the training market. It is reported that the durability of this kind of badminton made of synthetic materials is increased by 50%, and the price is only 1/3 of the natural ball. However, some people in the industry said: "The promotion of alternatives takes time, not only to overcome technical difficulties, but also to change consumers' deep-rooted usage habits."
Cheng Weixiong, an independent analyst in the fashion industry and founder of Shanghai Liangqi Brand Management Co., Ltd., said that the price of badminton has increased frequently. In addition to covering costs, it is more about brands wanting to reflect brand premiums. In the current fierce competition in the entire sports market, insisting on high-end positioning and brand premiums, constantly widening the competitive gap between brands. A Beijing Business Daily reporter found that in the high-end badminton market, natural feather raw materials are still the mainstream. Some high-end events and professional consumer markets are still firmly occupied by natural badminton.
In fact, some brands do make money in the process of continuous price increases. According to financial report data, in fiscal year 2025 (April 1, 2024 to March 31, 2025), Yonex’s revenue increased by 18.8% year-on-year to 138.2 billion yen; operating profit increased by 22.1% year-on-year, reaching 14.1 billion yen. From the perspective of market segments, the Asian market with the Greater China market as the core has the greatest contribution to Yonex's revenue. Its revenue share in the Asian market reached 49.2%, while the Japanese market accounted for 42%. At the same time, revenue in the Greater China market increased by 24% year-on-year to 68 billion yen, and operating profit increased by 9.3% year-on-year to 9.7 billion yen.
Yonex also mentioned in its financial report that although the raw materials for manufacturing badminton have increased significantly in price, squeezing gross profit margins, the revenue-increasing effect of badminton has boosted sales, outweighing the impact of rising costs.
But for some brands, they are facing a situation where costs and profits are inverted. According to public reports, on September 1, 2024, Asia Lion issued a notice stating that "2024 is an extremely extraordinary year in the history of badminton development. In this year, the price of raw wool and raw flakes has increased. The increase in raw wool is even greater than the increase in raw flakes. The sales price and production cost of badminton flakes and badminton are upside down..."
Wu Daiqi, CEO of Shenzhen Siqisheng Company, said that in order to fundamentally solve the problem, brands need to innovate and develop some new materials or raw materials to replace feather materials that are in short supply in future development. This is an issue that these brands need to consider. At the moment, raising prices may be the most effective and direct way.
"Faced with the current situation of continued rise in badminton prices, it seems difficult for brands to find effective mitigation measures in the short term. Considering practical problems such as long production cycles and high costs, badminton prices are expected to remain high in the future. However, in the long run, with the development of alternatives and self-regulation of the market, badminton prices are expected to return to a relatively reasonable level." Jiang Han added.
The three major A-share indexes collectively made a correction today (March 4). As of the close, the Shanghai Composite Index fell 0.98%, losing 4,100 points, the Shenzhen Component Index fell 0.75%, and the ChiNext Index fell 1.41%. The turnover of Shanghai, Shenzhen and Beijing was 2.39 trillion yuan, a decrease of nearly 770 billion yuan from yesterday.
On the market, the agricultural concept is active, with many stocks in the seed industry sector hitting the daily limit. The only agriculture, animal husbandry and fishery ETF (159275) in the market bucked the trend and rose 1.81%; the military industry quickly counterattacked, with military industry ETF Warbao (512810) and general aviation ETF Warbao (1 59231) both rose by more than 1% on the market; AI computing power detonated the demand for electricity, and the power grid sector continued to be active. The core asset of "HALO"-power ETF Huabao (159146) closed up nearly 1% on the market, hitting a new listing closing high. In terms of decline, brokerage stocks fell across a large area, and the price of brokerage ETF (512000) fell by more than 2%.
In the past two days, A shares have performed poorly. China Galaxy Securities stated that the violent fluctuations in A-shares are not a trend change, but a concentrated release of short-term emotions under the superposition of external pressures. The mid- to long-term market's upward trend has not changed. It will gradually return from "emotion-driven" to "fundamental-driven", showing an operating pattern of "shock digestion, momentum improvement, and structural focus." The current valuation of A-shares is still at a reasonable level, long-term funds are gradually entering the market, and the market's mid- to long-term positive trend is clear. *
Regarding the specific allocation direction of the market outlook, Ping An Securities pointed out that the impact of macro events and fundamentals in March will increase (important meetings, economic data, Trump's planned visit to China, the approaching financial reporting season, etc.), combined with the recent increase in geopolitical risks, and market fluctuations are expected to be amplified. It is recommended to continue to grasp the two main lines of cyclical price increases and technology manufacturing that are supported by the prosperity. *
[Review of all-knowing ETF hot spots] Focus on the transactions and fundamentals of ETFs in industries such as agriculture, animal husbandry, fishery, military industry, and securities companies.
1. Favorable policies have been introduced intensively! The seed industry set off a rising trend, and the Agriculture, Animal Husbandry and Fishery ETF (159275) bucked the trend and rose 1.81%! Institutions: The value of sector allocation has increased significantly
The agriculture, animal husbandry and fishery sector bucked the market trend today (March 4). The only agriculture, animal husbandry and fishery ETF (159275) in the market rose rapidly after opening, and then continued to fluctuate at high levels. As of the close, the price on the market rose by 1.81%.
In terms of component stocks, the seed industry has made a large-scale rally. As of the close, Nongfa Seed Industry and Yasheng Group both hit their daily limit, and Shennong Seed Industry soared 11.19%. Tsuen Yin Hi-Tech, Long Ping Hi-Tech, Denghai Seed Industry and other stocks rose more than 7%.
In terms of news, agricultural support policies have been introduced intensively in many places! On March 3, Fujian issued implementation opinions anchoring agricultural and rural modernization and solidly promoting comprehensive rural revitalization, proposing to improve the quality and efficiency of characteristic modern agriculture development, focusing on grain production and circulation reserves, ensuring the supply of important agricultural products, cultivating tens of billions of characteristic agricultural industry clusters, and improving agricultural product cold chain logistics systems. On March 2, Sichuan issued the No. 1 Provincial Party Committee Document for 2026, clarifying that the annual grain sown area will be stable at more than 96 million acres, and the output will be stable at more than 73 billion kilograms.
Some analysts pointed out that from the perspective of variety fundamentals, the current upward trend in grain prices has been established, the fundamentals of the planting & seed industry are good, and large-scale planting investment opportunities are highlighted.
From a valuation perspective, the current valuation level of the agriculture, animal husbandry and fishery sector is still at a relatively low level, and this may be a good opportunity for sector allocation. Data show that as of the close of yesterday (March 3), the market-wide market's only agriculture, animal husbandry and fishery ETF (159275) underlying index CSI All-Agriculture, Animal Husbandry and Fishery Index had a price-to-book ratio of 2.55 times, which is at the low of the 31.96% quantile in the past five years, highlighting the cost-effectiveness of medium- and long-term allocations.
Looking forward to the market outlook, Huayuan Securities pointed out that agriculture, as the foundation of the country, is one of the few industries with "insufficient domestic supply, price decline in the past few years, asset prices at the bottom and capital withdrawal". Multiple attributes such as "confrontational asset premium" + "relatively independent and smooth industrial logic" + "protection of farmers' income needs" + "the overall sector valuation is at a historical low" have significantly increased the value of sector allocation. *
One-click layout for the reversal of the pig cycle, focusing on the only agriculture, animal husbandry and fishery ETF in the market (159275). According to statistics from the China Securities Index Company, the Agriculture, Animal Husbandry and Fishery ETF (159275) passively tracks the CSI All-Inclusive Agriculture, Animal Husbandry and Fishery Index. The heavyweight stocks include leading stocks in the pig breeding industry such as Muyuan Shares and Wen's Shares, and also cover major sub-sectors of the agriculture, animal husbandry and fishery industry chain such as feed, grain planting, and animal health. Off-market investors can also invest in the agriculture, animal husbandry and fishery sector through the Agriculture, Animal Husbandry and Fishery ETF Feeder Fund (Class A 013471/Class C 013472).
2. OpenAI joins hands with the Pentagon, military AI is booming! Military ETF Huabao (512810) bucked the trend and gained 2%! Aerospace Rainbow has 2 boards in 3 days, a record high for medium-sized UAVs
After the heavy setback, the military industry quickly counterattacked and returned to the top of the industry growth list! The main force took action upon hearing the news and made a large-scale return. The net purchase of the national defense and military industry exceeded 8.1 billion yuan throughout the day.
The core asset of the military industry - the military industry ETF Huabao (512810) opened low and moved high. It once bucked the trend and surged more than 2%, closing up 1.28% to regain its 20-day moving average. The amplitude exceeded 4.3% throughout the day, showing its high elasticity and high volatility. It is worth noting that in the past two days, a total of more than 94 million yuan was added to the position.
Aerospace, ground military equipment, and navigation equipment-related stocks were among the top gainers. China UAVs soared more than 18% during the session, hitting a record high. Aerospace Rainbow rose to its daily limit of 2 boards in 3 days, Guoke Military Industry rose 7.62%, and Zongshen Power, China Dynamics, Highlander and other stocks rose more than 5%.
In terms of news, international geopolitical conflicts have continued to escalate recently, and the military industry has continued to pay high attention. Analysts believe that intensified geopolitical risks will further strengthen expectations for military expenditure growth, and the certainty of procurement pace and scale will significantly increase. China's military trade may welcome opportunities for structural expansion.
According to media reports, OpenAI has reached an agreement with the U.S. Department of Defense to deploy its AI model on the Pentagon’s confidential network. The analysis pointed out that countries around the world are rushing to promote the application of AI in the military industry. AI has shown a revolutionary impact on national defense security, reshaping a new paradigm of national defense security, and the construction of systematic and intelligent equipment is expected to be strengthened.
[To invest in the military industry, choose "August 1"] The military ETF Huabao (512810) (formerly the National Defense and Military Industry ETF) with the code "August 1" brings together cutting-edge military technology in "sea, land, air and space" and comprehensively covers popular topics such as "commercial aerospace, large aircraft, low-altitude economy, satellite navigation, military informatization, controllable nuclear fusion". It is also the subject of margin financing and securities lending + interconnection, and is an efficient tool for one-click investment in core military assets.
3. Opportunities breed in dormancy! Brokerages hit a new low, institutions remind: It is necessary to seize the cost-effective layout window
The Shanghai Stock Exchange Index shrunk and closed below 4,100 points. The brokerage sector pulled back with the market, and individual stocks fell on a large scale. The price of the 38.5 billion top brokerage ETF (512000) fell by more than 2%, hitting a new low since July 2025.
As of the latest, the price-to-book ratio PB (LF) of the CSI Securities Company Index tracked by the brokerage ETF (512000) is only 1.4 times, falling back to the low range of 31.51% in the past 10 years. At the same time, funds are showing more obvious signs of "buying the dip". Data from the Shanghai Stock Exchange shows that the brokerage ETF (512000) has received a cumulative net inflow of 454 million yuan in the past five days.
In fact, since the second half of 2025, the brokerage sector has shown a stagflation trend with a significant mismatch between performance growth and valuation. The influence of market theme preferences and financial constraints may be the main reasons. As the sector once again reaches a cost-effective range, institutions suggest that multiple factors are expected to support the upward momentum of securities firms.
① Performance has maintained high growth, and market transactions have remained high. In 2025, the net profits attributable to shareholders of many securities companies have reached a record high. Since the beginning of the year, various market indicators have grown strongly year-on-year. It is expected that the performance in the first quarter of 2026 will continue to show high flexibility.
② Industry integration is accelerating. Soochow Securities recently announced the integration of Donghai Securities, marking a new stage of securities mergers and acquisitions in the region. As the first year of the "15th Five-Year Plan", 2026 is expected to accelerate the integration process of the securities industry and promote high-quality development of the industry.
③ The valuations and positions of the brokerage sector are at historically low levels, and institutions’ allocation ratios to brokerages are mismatched with industry prosperity. In the future, driven by factors such as the continued implementation of public offering benchmarks, the sector is expected to gain upward elasticity.
At present, despite the rise in short-term geopolitical risks, supporting factors such as the domestic two sessions, loose liquidity, and profit restoration are still there, and the market may be gaming the expectations of easing policies. Great Wall Securities pointed out that the brokerage sector is in the stage of "high prosperity + low central valuation + marginal easing of capital suppression". In the short term, it is likely to fluctuate with high market fluctuations, but in the medium term, it is still on an upward channel of valuation repair, with high cost performance. *
If there is a market trend, buy a broker! The Brokerage ETF (512000) and its feeder funds (Class A 006098; Class C 007531) passively track the CSI All-Inclusive Securities Company Index, covering 49 listed brokerage stocks with one click. It is an efficient investment tool that concentrates on leading securities firms while also taking into account small and medium-sized securities firms. The latest fund size of the Securities ETF (512000) exceeds 38.5 billion yuan, and the average daily trading volume during the year exceeded 1.1 billion yuan. It is the top securities industry ETF with the largest A-share scale and liquidity.
Note 1: When investors subscribe and redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%, which includes relevant fees charged by stock exchanges, registration agencies, etc. Please refer to the legal documents of each fund for details of fund rates.
Note 2: The only agriculture, animal husbandry and fishery ETF in the market (159275) refers to the only ETF that tracks the CSI All-Inclusive Agriculture, Animal Husbandry and Fishing Index.
Reminder: The market may be volatile in the near future, and short-term increases and decreases do not predict future performance. Investors are requested to invest rationally based on their own financial situation and risk tolerance, and pay close attention to position and risk management.
* Sources of reference materials for institutional views: ① Galaxy Securities' March 3, 2026 strategic research "The "positive and negative hands" of A-share market fluctuations and investment prospects"; ② Ping An Securities' March 3, 2026 strategic allocation research "Grasping the two main lines of cyclical price increases and technological manufacturing that are supported by the economy" ; ③ Huayuan Securities' regular report on the agriculture, forestry, animal husbandry and fishery industry on March 3, 2026 "Pork prices continue to decline, and cycle reversal can be expected"; ④ Great Wall Securities 20250303 "Accelerate the merger and acquisition of local state-owned assets and continue to build a first-class investment bank - Comments on Soochow Securities' proposed acquisition of Donghai Securities".
Risk warning: The general aviation ETF Warbao passively tracks the National Securities General Aviation Industry Index, the index's base day is 2012.6.29, and was released on 2012.12.28; the Agriculture, Animal Husbandry and Fishery ETF passively tracks the CSI All Agriculture, Animal Husbandry and Fishery Index, the index's base day is 2004.12.31, and was released on 2016.12.12; the military industry ETF Warbao passively tracks the CSI Military Industry Index, the index The base day is 2004.12.31 and was released on 2013.12.26; the power ETF Huabao passively tracks the CSI All-Share Electric Power Utilities Index, which has a base day of 2004.12.31 and was released on 2013.7.15; the brokerage ETF passively tracks the CSI All-Share Securities Company Index, which has a base day of 2007.6.29 and was released on 2013.7.15. The composition of index constituent stocks is adjusted in a timely manner according to the index compilation rules, and its backtested historical performance does not predict the future performance of the index. The individual stocks mentioned in the article are only an objective display of index constituent stocks and do not serve as recommendations for any individual stocks. They do not represent the investment direction of the fund manager or fund. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for any independent investment decisions. In addition, any opinions, analyzes and predictions in this article do not constitute any form of investment advice to readers, and we are not responsible for any direct or indirect losses caused by the use of the content of this article. Investors should carefully read fund legal documents such as the "Fund Contract", "Prospectus", "Fund Product Information Summary", understand the risk and return characteristics of the fund, and choose products that are consistent with their own risk tolerance. The past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. According to the fund manager's assessment, the risk level of the military ETF Warburg, the general aviation ETF Warburg, the agriculture, animal husbandry and fishery ETF, the power ETF Warburg, and the brokerage ETF are R3-medium risk and are suitable for balanced (C3) and above investors. Please refer to the sales agency for suitability matching opinions. Sales agencies (including direct sales agencies of fund managers and other sales agencies) conduct risk assessments on the above funds in accordance with relevant laws and regulations. Investors should pay attention to the suitability opinions issued by the fund managers in a timely manner. The opinions on suitability of each sales agency are not necessarily consistent, and the fund product risk level evaluation results issued by the fund sales agencies must not be lower than the risk level evaluation results made by the fund manager. There are differences in the fund risk-return characteristics and fund risk levels in the fund contract due to different considerations. Investors should understand the risks and returns of funds, carefully select fund products based on their own investment purposes, duration, investment experience and risk tolerance, and bear their own risks. The registration of the above funds by the China Securities Regulatory Commission does not indicate that it has made a substantial judgment or guarantee on the investment value, market prospects and income of the fund. Fund investments must be made with caution.
Recently, Chinese citizens in Russia have clearly felt a "tide of returning home." Since late February, the price of air tickets from Moscow to major domestic cities such as Beijing and Shanghai has increased rapidly. Economy class has been frequently sold out during popular periods, and many flights have only high-priced business class or connecting tickets that require multiple transfers. Some international students and Chinese people who have been working and living in Russia for a long time said that ticket prices, which were relatively stable in previous years, have now almost doubled, and tickets need to be purchased more than half a month in advance.
This change is closely related to a new regulation in Russia targeting foreigners’ long-term residence. On November 5, 2025, Russian President Vladimir Putin signed Presidential Decree No. 821 "Provisional Regulations on the Acceptance of Applications for Citizenship of the Russian Federation and the Issuance of Long-term Residence Permits in the Russian Federation."
According to the regulations, when eligible foreign men apply for a long-term residence permit in Russia, they need to choose between "signing a military service contract for at least one year" or "providing a certificate of exemption from service." Although the decree came into effect last year, after February 2026, the implementation has become significantly stricter in some areas. Applicants in the Far East have been asked to sign a service contract on the spot, and the impact of the policy has quickly emerged.
At the same time, on February 22, 2026, the Chinese Consulate General in Vladivostok issued a reminder and officially posted it on the official website on February 24, reminding Chinese citizens in the consular district to pay attention to relevant policy changes and make prudent decisions based on their own circumstances. The official reminder further amplified public attention and prompted some people who originally planned to stay for a long time to reassess their future arrangements and speed up their return trip.
It should be noted that this new regulation is not “one size fits all”. Those who have obtained a long-term residence permit or permanent residence status in Russia are not affected; Chinese citizens holding student visas, tourist visas or short-term business visas are also not within the scope of application. Those who are really affected are foreign male groups aged 18 to 65 who are applying for long-term residence permits. Public information shows that there are currently about 220,000 to 270,000 Chinese citizens in Russia, including about 110,000 to 135,000 men. However, those who actually need to choose between military service and residence are only some people who are applying for permanent residence.
In the departure hall of Moscow Sheremetyevo Airport, the number of Chinese faces dragging suitcases increased significantly. Some people originally planned to settle down for a long time, but now they have changed their plans temporarily; some people stayed up late refreshing the ticket purchase page, just to get back home as soon as possible. "It doesn't matter if you spend more money, as long as you get home safely." This sentence expresses the true feelings of many people.
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