According to the Huafu Securities Research Report, China's outdoor market is in the stage of rapid expansion of the industry. The compound annual growth rate has reached double digits, and segmented racetracks such as camping, skiing, and hiking have formed a virtuous cycle under the promotion of policies and supporting facilities and supply-side improvement trends, driving a high increase in demand. Overseas professional outdoor brands have a long history of development, perfect fabric technology and process technology, and occupy the core domestic high-end outdoor market; however, as domestic brands continue to gain strength, increase investment in R&D, dig deeper into consumer demand pain points, and focus on cost performance advantages, the current domestic market share has shown a clear upward trend. Based on the current boom in the outdoor industry, it is recommended to focus on three main investment lines: 1) Considering that China's current outdoor development is still at a low penetration rate, it is currently spawning a pan-outdoor lifestyle, which also brings new growth momentum to traditional sportswear and other functional apparel. Focus on companies that lay out a matrix of high-end outdoor brands. 2) Professional outdoor brands still have certain technical barriers. Focus on: Pathfinder, Sanfu Outdoor, etc. 3) The rise in domestic outdoor demand is expected to benefit the outdoor industry chain as a whole. Focus on: Taihua New Materials, Huasheng Technology, etc.