社零数据点评：7月国内消费市场延续偏弱表现，体育娱乐用品当月增速转正

Investment Rating - The textile and apparel industry is rated as "in line with the market" [3][4]. Core Insights - The domestic consumption market continues to show weak performance, with July retail sales growth of 2.7% year-on-year, below market expectations of 3.1% [1][2]. - Online retail channels demonstrate resilience, with a 3.1% year-on-year increase in retail sales from January to July 2024, and a notable 8.7% increase in physical goods online retail sales [1][4]. - The performance of offline retail, particularly in discretionary consumption sectors like department stores and brand specialty stores, remains under pressure, with declines of 3.8% and 1.6% respectively in July [1][4]. Summary by Sections Market Performance - In July 2024, the total retail sales reached 3.78 trillion yuan, with a year-on-year growth of 2.7% and a month-on-month increase of 0.7 percentage points [1]. - The consumer confidence index has been declining, indicating weak domestic consumption sentiment [1]. Company Performance - PUMA maintains its full-year revenue growth guidance in the mid-single digits, while Adidas has reported a high single-digit revenue growth forecast for the full year [1][4]. - The textile and apparel sector's retail sales from January to July 2024 showed a slight year-on-year increase of 0.5%, but July alone saw a decline of 5.2% [4]. Recommendations - Focus on high dividend yield companies within the textile and apparel sector as they exhibit strong free cash flow and limited capital expenditure [3][4]. - Midstream textile manufacturing leaders like Huayi Group and Jian Sheng Group have reported results that meet or exceed market expectations, indicating a stable outlook [4]. - The sports apparel segment is expected to maintain its growth momentum, with a year-on-year sales increase of 11.1% from January to July 2024, supported by events like the Paris Olympics [4].