Investment Rating - The industry rating is "Recommended" [5] Core Insights - Anta announced on January 26, 2026, the acquisition of 29.06% of Puma SE for a total of €1.506 billion (approximately ¥12.278 billion), becoming its largest shareholder. This transaction is a key step in Anta's globalization strategy, aiming to integrate its operational capabilities with Puma's global platform, which has an annual revenue exceeding €8.8 billion (2024) [2][14] - Adidas achieved a record high revenue of €24.811 billion in 2025, with operating profit of €2.056 billion exceeding market expectations. The operating profit margin increased by 2.6 percentage points to 8.3%, and the gross profit margin rose to 51.6% [2][14] - VF Corporation reported a revenue of $2.82 billion in Q3 of FY2026, a 4% year-on-year increase (2% growth at constant currency), with a 6% growth in the Americas region after excluding the impact of the sold Dickies brand [3][14] Summary by Sections Investment Recommendations - Manufacturing: Strong expectations for upstream price increases, with wool prices rising since Q3 2025 and domestic cotton prices also starting to rise. Recommended stocks include Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. For growth-oriented midstream, recommended stocks are Jiansheng Group and Kairun Co [3][15] - Brand: Recent signs of recovery in high-end consumption, with potential inflation in 2026 benefiting the consumer sector. Recommended brands with profit elasticity include Jinhong Group, Ge Li Si, Luolai Life, and Stable Medical [3][15] - Procter & Gamble's industrial chain: Recommended stocks include Jieya Co (benefiting from brand-owned capacity transfer), with beneficiaries being Yanjing Co [3][15] Market Review - The SW textile and apparel sector rose by 0.64%, outperforming the Shanghai Composite Index by 1.08%. The top five gainers in the sector included Harsen Co, Zhongwang Fabric, Hongda High-Tech, Mingxin Xuteng, and Aokang International [16] - The main inflow of funds was into Harsen Co, with a net inflow ratio of 10.10%, while the largest outflow was from Sanfu Outdoor, with a net outflow ratio of 4.59% [16][22] Industry Data Tracking - Wool prices increased by 2.49% this week, with a year-to-date increase of 41.94%. The Australian wool market index reached 1689 AUD cents/kg, equivalent to ¥82,085.40/ton [4][35] - The cotton price index in China rose by 3.84% year-to-date, with the 3128B index at ¥16,183/ton [30][32] - In 2025, textile and apparel exports decreased by 2.26% year-on-year, with total exports amounting to $267.79 billion [52]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

投资要点： 风险提示：终端消费意愿不及预期，原材料价格波动，行业竞争加剧。 股票研究 /[Table_Date] 2026.01.25 [Table_Industry] 纺织服装业 25Q4 纺服基金持仓环比基本持平，12 月服装 类零售额同比增长 1.2% [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 25Q4 纺服基金持仓环比基本持平，服装家纺优于纺织制造。12 月服装类零售额 +1.2%，增速环比上月放缓。 [Table_Report] 相关报告 纺织服装业《美棉价格历史深度复盘——美国、 巴西 25/26 产量预期双降，美棉安全边际显现》 2026.01.20 纺织服装业《巴西棉结束近 5 年扩产，美棉 ...

从资金流向上来看，当日服装家纺板块主力资金净流出4884.35万元，游资资金净流出1.11亿元，散户资 金净流入1.6亿元。服装家纺板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002780 | 三夫户外 | 1.37 Z | 23.30% | -4462.84万 | -7.57% | -9271.02万 | -15.73% | | 300005 | 探路者 | 9403.32万 | 7.09% | -8347.06万 | -6.30% | -1056.26万 | -0.80% | | 003041 | 直旁美家 | 7854.17万 | 19.81% | -2027.25万 | -5.11% | -5826.92万 | -14.70% | | 002029 | 七匹狼 | 1875.04万 | 6.45% | -385.66万 | -1.33% | -1489.38万 | -5.12% | ...

Investment Rating - The textile and apparel industry is rated as "Neutral" for the upcoming period, indicating that the industry is expected to perform in line with the overall market [9]. Core Insights - The report highlights a divergence in performance within the textile and apparel sector, with high-end outdoor and niche sports brands showing strong potential despite an overall slowdown in demand [3]. - Domestic retail sales for clothing and textiles reached 1.52 trillion yuan in 2025, reflecting a year-on-year growth of 3.2%, with a notable slowdown in December due to warmer winter temperatures [3]. - Export figures for the textile and apparel sector showed a decline, with total exports amounting to 293.8 billion USD, down 2.6% year-on-year, indicating a shift in supply chain dynamics towards countries like Vietnam [3]. Summary by Sections Domestic Demand - Retail sales for clothing and textiles in China reached 1.52 trillion yuan in 2025, with growth rates of 6.3%, 3.5%, and 0.6% in October, November, and December respectively [3]. - The warmer winter led to a slowdown in winter clothing sales, impacting overall performance [3]. International Demand - Textile and apparel exports totaled 293.8 billion USD in 2025, with textiles at 142.6 billion USD (up 0.4%) and apparel at 151.2 billion USD (down 5.2%) [3]. - Vietnam's textile exports grew by 7.0%, indicating a shift in orders due to tariff policies affecting different production regions [3]. Brand Performance - High-end outdoor brands and niche sports brands are expected to maintain strong growth, while traditional brands like Anta and Li Ning are projected to see varied performance, with Anta's revenue expected to decline slightly [3]. - Women's apparel is facing challenges, but companies like Xinha and Ge Li Si are expected to show improvements in profitability due to prior adjustments [3]. Home Textiles - Companies like Luolai and Water Mercury are expected to perform steadily, while Fuanna is still in a destocking phase [3]. Non-woven Fabric Industry - The non-woven fabric sector is anticipated to benefit from quality upgrades and expanding demand, with companies like Nuo Bang and Yan Jiang expected to see significant revenue growth [3]. Textile Manufacturing - The report notes that the performance of the sports manufacturing chain is under pressure due to fluctuations in brand orders, but the Australian wool industry is expected to see a rebound in demand and pricing [3]. Investment Recommendations - The report suggests focusing on high-performance outdoor brands, discount retail, personal care, and sleep economy sectors for potential investment opportunities [3].

Investment Rating - The textile and apparel industry is rated as "Overweight" indicating an expectation for the industry to outperform the overall market [4][10]. Core Insights - The report highlights a divergence in performance within the brand apparel sector, with expectations for growth in the non-woven fabric manufacturing segment and opportunities in the Australian wool cycle [4]. - Domestic demand for apparel has shown a modest increase, with retail sales of clothing, shoes, and textiles reaching 1.52 trillion yuan in 2025, reflecting a year-on-year growth of 3.2% [4]. - Export figures indicate a decline, with textile and apparel exports totaling $293.8 billion in 2025, down 2.6% year-on-year, while Vietnam's textile exports grew by 7% [4]. Summary by Sections Domestic Demand - Retail sales for clothing, shoes, and textiles in China reached 1.52 trillion yuan in 2025, with monthly growth rates of 6.3%, 3.5%, and 0.6% in October, November, and December respectively [4]. - The warm winter weather has negatively impacted winter apparel sales [4]. Export Demand - Textile and apparel exports amounted to $293.8 billion in 2025, with textiles at $142.6 billion (up 0.4%) and clothing at $151.2 billion (down 5.2%) [4]. - Vietnam's textile exports were $39.6 billion (up 7%) and footwear exports were $24.2 billion (up 5.8%), indicating a shift in the textile supply chain [4]. Brand Performance - High-end outdoor and niche sports brands are expected to maintain strong growth despite overall industry slowdowns [4]. - Anta, FILA, and outdoor brands are projected to see sales declines in Q4 2025, while brands like 361 Degrees are expected to grow by 10% [4]. Children and Women's Apparel - Women's apparel is facing challenges, but companies like Xinha and Ge Li Si are expected to show improvements in revenue and profitability [4]. - Men's apparel, particularly Haian, is projected to grow by 5% in revenue [4]. Home Textiles - Fuanna is still in a destocking phase, while companies like Luolai and Water Mercury are expected to perform steadily [4]. Non-Woven Fabric Industry - The non-woven fabric sector is benefiting from quality upgrades and expanding demand, with companies like Wanjian and Nuo Bang expected to see revenue growth of 10% to 20% [4]. Textile Manufacturing - The report notes that brands like Nike are experiencing performance fluctuations, impacting the manufacturing chain, while the Australian wool industry is expected to see price increases due to reduced supply and rising demand [4]. Investment Recommendations - The report suggests focusing on high-performance outdoor brands, discount retail, personal care, and sleep economy sectors for potential investment opportunities [4]. - Companies like Anta, Li Ning, and Tebu are highlighted as key players to watch [4].

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

Core Viewpoint - Ronglai Life is a leading enterprise in China's home textile industry, focusing on "super soft bedding" positioning and implementing a multi-brand, omnichannel development strategy, while maintaining a high dividend payout ratio for shareholder returns [1] Industry Summary - The home textile industry, as a daily consumer goods sector, is experiencing steady expansion in scale [1] - The awakening demand for sleep health and the deepening penetration of online channels are driving industry transformation [1] - Products with technological barriers and exceptional experiences, referred to as "big single products," are key for brand breakthroughs [1] Company Summary - The company's explosive product strategy has shown significant effectiveness, with online and offline channels working in synergy [1] - The big single product strategy has achieved substantial breakthroughs [1] - The furniture business is stabilizing and is expected to contribute to performance elasticity [1] - Given the company's leading position in the home textile industry, the growth elasticity brought by the big single product strategy, and the potential for multi-channel collaborative recovery, the company is rated as "buy" for the first coverage [1]

Group 1 - The core viewpoint of the report is that the home textile industry is experiencing steady growth, driven by the sleep economy and online transformation creating a new landscape [1] - The explosive product strategy has shown significant results, with both online and offline channels progressing in synergy [1] - The furniture business is expected to stabilize, potentially contributing to earnings elasticity [1] - The launch of the smart industrial park is expected to build a supply chain efficiency barrier [1] Group 2 - The report assigns a "buy" rating to Luolai Life (002293.SZ) based on the aforementioned factors [1]

Company Overview - 罗莱生活 is a leading enterprise in the Chinese home textile industry, focusing on "super soft bedding" positioning and implementing a multi-brand, omnichannel development strategy, maintaining a high dividend payout ratio for shareholder returns [1] - The company owns a multi-brand matrix including 罗莱, 罗莱儿童, LOVO, 廊湾, 内野, and 莱克星顿, covering high-end to mass-market segments [1] - Recently, the company has been advancing a "big product" strategy starting in 2024, launching star products like "zero-pressure deep sleep pillows" and "seamless sleep bed covers," successfully transitioning from channel-driven to product-driven strategies [1] Industry Insights - The home textile industry is experiencing steady growth, driven by the awakening demand for sleep health and deepening online channel penetration, with "big products" becoming key for brand differentiation [1] - Brands like 亚朵星球 have achieved rapid growth through a "product as scene" model, validating the effectiveness of this approach [1] - Traditional home textile leaders are adjusting strategies to focus on big product development and comprehensive marketing, indicating a potential increase in industry concentration [1] Strategic Developments - The company's big product strategy has shown significant results, with core products driving rapid growth in categories like pillow cores, positively impacting overall sales across all categories [2] - Online channels have leveraged content-driven promotion of big products, becoming a core revenue growth driver [2] - The improvement in high-margin product structure and supply chain efficiency is expected to enhance overall gross margins [2] - The offline channel is experiencing a revival, with improved confidence among franchisees and positive growth signals from the 2026 spring/summer ordering session [2] Furniture Business Outlook - The high-end furniture brand 莱克星顿 has seen a significant reduction in losses following inventory clearance, with signs of recovery in the U.S. real estate market potentially boosting home consumption demand [2] - 莱克星顿 is expected to synergize with the home textile business, enhancing overall brand value and growth potential [2] Supply Chain Efficiency - The 罗莱智慧产业园 has completed its first phase of construction and production by the end of 2024, significantly improving production response speed and order processing capabilities through automation and smart logistics [3] - This investment supports online big product sales and omnichannel expansion while reducing labor costs and improving inventory turnover efficiency, laying a solid foundation for long-term profitability and growth [3] Financial Projections - The company forecasts net profits attributable to shareholders of 5.26 billion, 6.08 billion, and 6.95 billion yuan for 2025-2027, with corresponding EPS of 0.63, 0.73, and 0.83 yuan [3] - The current market capitalization corresponds to a PE ratio of approximately 12.97X for 2026, reflecting the company's leading position in the home textile industry and the growth potential from the big product strategy and multi-channel collaboration [3]