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Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry, recommending leading companies in the manufacturing sector such as Huali Group, Weixing Co., and Biyinlefen [1][4]. Core Views - The textile manufacturing sector remains buoyant, with data from August indicating a continued reduction in apparel inventory in the US and Japan, supporting the outlook for export-oriented companies. The report highlights Huali Group and Weixing Co. as key investment opportunities, alongside suggestions to monitor Jian Sheng Group and Kai Run Co. [1][4]. - In the branded apparel segment, Semir Garment's recent equity incentive plan reflects management confidence amid a challenging consumer environment. The report recommends Semir Garment and Biyinlefen, while also suggesting attention to dividend-paying stocks like Fuanna [1][4]. Summary by Sections 1. Key Insights and Investment Recommendations - Textile manufacturing shows sustained growth, with apparel export performance slightly better than footwear. Notable revenue growth in Taiwanese apparel companies, with Ruhong up 37% YoY and Juyang up 17.24% YoY, while footwear growth is mixed [1][4]. - Wool prices have increased for two consecutive weeks, indicating potential in the wool spinning sector, particularly for Xin'ao Co. [1][4]. - The retail environment remains weak, with a 36% YoY decline in Tmall's apparel and accessories sales since September, prompting some brands to adjust strategies [1][4]. 2. Market Review - The textile and apparel sector experienced a decline of 1.8% this week, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.2%. Year-to-date, branded apparel has underperformed compared to the textile sector [6]. 3. Major Raw Material Trends - Raw material prices are generally declining, with cotton prices down 0.9% YoY and polyester POY prices down 1.8% YoY. The Australian wool index shows a 0.7% increase YoY, indicating resilient demand in high-end wool spinning [14]. 4. Export Data Tracking - In August, apparel export values showed a 2.7% YoY decline, while footwear exports fell by 5.5%. Vietnam's textile exports grew by 23% YoY, indicating a positive trend in the export landscape [19].