纺织服饰行业周报：休闲服饰板块表现分化，运动品牌经营更具韧性

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The casual apparel sector shows a mixed performance, with sports brands demonstrating greater resilience. Xtep International's H1 performance is steady, with revenue increasing by 10.4% to 7.2 billion yuan, driven by strong performance from its main brand and new brands in mainland China [7][8] - The textile manufacturing sector shows promising results, with Huali Group achieving a revenue of 11.472 billion yuan, up 24.54% year-on-year, and a net profit of 1.878 billion yuan, up 29.04% [8] Summary by Sections 1. Weekly Core Viewpoints - The casual apparel sector is experiencing a divergence in performance, with sports brands like Xtep benefiting from high-margin e-commerce sales, leading to a revenue increase of 6.6% to 5.79 billion yuan and an improvement in gross margin from 43.1% to 43.9% [7] - Professional sports brands saw a significant revenue increase of 72.2%, with gross margin rising from 42.0% to 56.8% due to acquisitions [7] - In contrast, Taiping Bird's revenue fell by 12.7% to 3.15 billion yuan, while Hailan Home showed resilience with a revenue increase of 1.53% to 11.37 billion yuan [7] 2. Industry Dynamics - During the period from August 19 to August 23, the Shanghai and Shenzhen 300 index fell by 0.55%, while the textile and apparel sector dropped by 2.29%, underperforming the index by 1.74 percentage points [9] - All three sub-sectors (textile manufacturing, apparel home textiles, and accessories) experienced declines, with textile manufacturing down 0.58%, apparel home textiles down 3.15%, and accessories down 2.60% [12] 3. Industry Data Tracking - In July, the total retail sales of consumer goods reached 37,757 billion yuan, a year-on-year increase of 2.7%. However, clothing, shoes, and textile products saw a decline of 5.2% [19] - Textile and apparel exports in July amounted to 190.69 billion yuan, a year-on-year decrease of 1.5%, with textile exports increasing by 3% and clothing exports decreasing by 4.6% [30] 4. Investment Recommendations - The industry is expected to enter a recovery phase, with recommendations to focus on: 1. Domestic sports shoe and apparel companies benefiting from sports events and social trends: Anta Sports, Li Ning, Xtep International, and 361 Degrees [8] 2. High brand concentration and loyalty in men's and children's clothing brands: Biyinlefen, Hailan Home, and Semir [8] 3. Textile manufacturing leaders with improved inventory situations and quick response capabilities: Shenzhou International, Baolong Oriental, Huali Group, and Xin'ao Co [8] 4. Jewelry brands driven by self-indulgence and value preservation demand: Old Puhuang, Zhou Dazheng, Lao Fengxiang, and Chao Hongji [8]