纺织服饰行业周报：海外运动品牌上调指引，制造端企业业绩预增

Investment Rating - The investment rating for the textile and apparel industry is maintained at "Overweight" [1]. Core Insights - In June, retail sales of textile and apparel declined by 1.9% year-on-year, indicating slight pressure on domestic demand. The total retail sales reached 40,732 billion yuan, growing by 2.0% year-on-year, which was below the consensus expectation of 4.0% [7][19]. - Adidas reported better-than-expected Q2 2024 results, raising its full-year guidance. The company achieved a currency-neutral revenue growth of 11% and a significant operating profit increase of 97% [7][8]. - The textile manufacturing sector showed strong performance, with companies like Huali Group and Fuchun Dyeing and Weaving forecasting revenue growth of 20%-30% year-on-year for H1 2024 [8]. Summary by Sections 1. Weekly Core Insights - Retail sales in June showed a decline in the apparel category, primarily due to the cancellation of pre-sales on online platforms during mid-year promotions. However, the trend of domestic brand substitution is stabilizing, which may lead to a recovery in apparel sales [7][19]. 2. Industry Dynamics 2.1. Market Performance - From July 15 to July 19, the Shanghai and Shenzhen 300 index rose by 1.92%, while the textile and apparel sector fell by 2.95%, underperforming the index by 4.87 percentage points [10][13]. 2.2. Individual Stock Performance - In the A-share retail sector, 32 out of 113 companies saw stock price increases, while 81 experienced declines. The top gainers included Harsen Co. (+20.96%) and ST Modern (+15.05%), while the largest losers were Huafu Fashion (-14.86%) and Xin'ao Co. (-10.07%) [15][17]. 3. Industry Tracking 3.1. Industry Data Tracking - The total retail sales of consumer goods in June reached 40,732 billion yuan, with a year-on-year growth of 2.0%. The retail sales of clothing, shoes, and textiles fell by 1.9% [19][26]. - Exports of textiles and apparel in June amounted to 27.4 billion USD, with a year-on-year growth of 2.3%. Textile exports grew by 6.6%, while apparel exports decreased by 0.9% [30]. 3.2. Industry News - The luxury goods sector continues to face challenges, with Burberry issuing a profit warning and changing its CEO due to declining sales [35]. - Swatch Group reported a 14.3% decline in net sales for the first half of 2024, primarily due to weak demand in the Greater China market [36]. 4. Company Announcements - Huali Group expects a net profit increase of 20%-30% for H1 2024, driven by improved inventory levels and new customer collaborations [38]. - Seven Wolves announced a share buyback plan and a cash dividend distribution, reflecting a strategic move to enhance shareholder value [38].