轻工纺服行业周报：纺服社零修复，关注运动和品牌服饰龙头成长

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [11] Core Viewpoints - The textile and apparel industry is experiencing a recovery in retail sales, with a focus on brand apparel growth and continuous export replenishment in the second half of the year [6][8] - In May 2024, the total retail sales of consumer goods reached 3.92 trillion yuan, a year-on-year increase of 3.7%, with clothing, shoes, and textiles growing by 4.4% year-on-year [6][8] - The 618 shopping festival has positively impacted retail performance, with leading brands like Haier and URBAN REVIVO performing well [6] - The outdoor sports apparel segment is benefiting from health trends, with brands like Nike and Adidas showing strong sales during the 618 event [6] - The textile manufacturing sector is entering a phase of active replenishment, with demand recovering and overseas markets reducing inventory [6] Summary by Sections Industry Overview - The A-share SW textile and apparel industry index fell by 3.72% in the week of June 17-21, 2024, while the light industry sector dropped by 4.23% [5] - Northbound capital has significantly increased its holdings in key companies such as Jiangxin Home, Saiwei Times, and Sun Paper [5] Retail Performance - The retail sales of clothing, shoes, and textiles in May 2024 reached 114.8 billion yuan, with a month-on-month increase of 9.54% [6] - The recovery in retail sales is attributed to the pre-sale promotions of the 618 shopping festival [6] Brand Apparel - Leading brands in the apparel sector are performing steadily, with notable mentions of Haier and URBAN REVIVO ranking in the top ten on major platforms [6] - The report suggests focusing on brands like Baoxini, Haier, and Jinhong Group for potential growth [6] Sports Apparel - The outdoor sports apparel market is expected to grow due to health trends, with brands like Anta and Li Ning recommended for investment [6] Textile Manufacturing - The textile manufacturing sector is in a replenishment phase, with companies like Huayi Group and Weixing Shares showing revenue growth [6] - The upcoming Paris Olympics is anticipated to boost demand in the sports manufacturing sector [6] Light Industry - The light industry is benefiting from export replenishment, with a focus on leading companies that have strong growth potential [7] - The global container shipping rates have increased, impacting the export dynamics of light industry products [7] E-commerce and Cross-border Trade - The cross-border e-commerce market is rapidly growing, with significant increases in import and export volumes [8] - Companies like SHEIN are leveraging new technologies to enhance product delivery and market responsiveness [9] Company Updates - Bosideng's brand value has surpassed 100 billion yuan, marking a significant milestone in the high-end textile industry [10] - Huayi Group is gradually ramping up production in its new factory, with a focus on operational efficiency [10] - Sophia has launched a new smart factory, enhancing its production capabilities and digital transformation [10]