轻工纺服行业周报：阿迪达斯上调业绩指引，关注赛事经济下龙头业绩表现

Investment Rating - The industry investment rating is "Overweight (Maintain)" [16][17] Core Viewpoints - The textile and apparel industry is experiencing a stable economic operation with a proactive inventory replenishment phase, and exports are showing a recovery trend. In H1 2024, China's textile and apparel exports reached USD 143.24 billion, a year-on-year increase of 1.6% [4][12] - The sportswear sector is benefiting from sports events driving consumer demand, with Adidas reporting a strong Q2 2024 performance, achieving revenue of EUR 5.822 billion, a year-on-year increase of 11% in currency-neutral terms. The company has raised its full-year guidance based on better-than-expected Q2 results [3][4] Summary by Relevant Sections Textile and Apparel Industry - The A-share SW textile and apparel index fell by 2.15% during the week of July 22-26, 2024, while the light industry manufacturing sector dropped by 2.81%. Northbound capital increased significantly in companies like Baoxini and Biyinlefen [3] - The report suggests focusing on quality menswear brands and anticipates continued growth in brand apparel performance in the second half of the year [3][4] - The report highlights the expected boost in demand for textile manufacturing due to the upcoming Paris Olympics, recommending companies like Huali Group and Weixing Co. [4] Light Industry - The light industry is expected to benefit from ongoing export replenishment, with leading companies' performance becoming increasingly important. For instance, Jiayi Co. anticipates a net profit of RMB 305-325 million for H1 2024, representing a year-on-year increase of 87.06%-99.32% [7][12] - The home furnishing sector is undergoing a transformation, with a focus on real estate policy improvements that could restore market confidence and demand [7][12] Cross-Border E-commerce - The global e-commerce market is rapidly growing, with increased competition among leading cross-border e-commerce platforms. The demand for overseas warehouses is expected to rise, with platforms like Temu and SHEIN focusing on semi-managed models [9][12]