山西证券：研究早观点-20240906

Group 1: Market Trends - The textile manufacturing sector showed robust performance in H1 2024, with revenue growth of 17.5% and a net profit increase of 31.4% [3][6] - The sports apparel market in China experienced double-digit growth, with retail sales of sports and entertainment goods rising by 11.2% in H1 2024 [4][6] - The gold and jewelry sector maintained stable growth, with retail sales of gold and silver jewelry reaching 172.5 billion yuan, a 0.2% increase year-on-year [5][6] Group 2: Company Performance - Shanxi Fenjiu (600809.SH) reported H1 2024 revenue of 22.746 billion yuan, a 19.65% increase, and a net profit of 8.410 billion yuan, up 24.27% [9][10] - An analysis of the textile manufacturing sector indicated that major companies like Huayi Group and Weixing Co. benefited from increased market share and robust performance [6] - In the sports apparel sector, Anta Sports, Li Ning, and others reported significant revenue growth, with Anta achieving 33.735 billion yuan, a 13.8% increase [4][6] Group 3: Investment Recommendations - The textile manufacturing sector is recommended for investment due to the recovery of brand client orders and improved profit margins [6] - In the sports apparel market, companies with strong multi-brand strategies like Anta Sports are highlighted as having solid growth potential [6] - The gold and jewelry sector is expected to see long-term growth driven by brand strength and market share expansion, with companies like Chow Tai Fook and Lao Feng Xiang recommended for attention [6]