智通财经网·2025-06-24 06:16Group 1 - The core viewpoint is that the sports and outdoor apparel sectors showed significant growth during the 618 shopping festival, with transaction values increasing by over 50% for various categories [1][2] - Major brands such as Nike, Fila, and Adidas saw transaction values exceed 100 million, while 2,196 brands including Salomon and HOKA experienced year-on-year growth of over 100% [2] - The report highlights three investment themes: the continuation of the fitness and outdoor trend, the potential for brands to expand stores or achieve high customer retention through refined management, and the home textile sector benefiting from real estate stabilization and subsidy policies [1] Group 2 - In May 2025, China's retail sales of clothing increased by 3.5% year-on-year, with a month-on-month acceleration attributed to the early timing of the 618 shopping festival [3] - In the U.S., retail sales decreased by 0.9% month-on-month in May 2025, but clothing and accessories saw a month-on-month increase of 0.8% and a year-on-year increase of 3.7%, indicating relative resilience in clothing consumption [4] - The inventory turnover ratio for U.S. clothing retailers remained stable at 2.25 months, suggesting a balanced supply-demand situation [4]