纺服美妆行业周报：8月服装品类社零降幅收窄

Investment Rating - The report maintains an "Overweight" rating for the industry [3]. Core Insights - In August, the retail sales of clothing, shoes, and textiles showed a reduced decline, with a total of 994 billion yuan, down 1.6% year-on-year, a significant improvement from July's 5.2% decline [2][8]. - The overall retail sales of consumer goods in August reached 38,726 billion yuan, growing by 2.1% year-on-year, while the retail sales excluding automobiles increased by 3.3% [2][8]. - The cosmetics sector experienced a year-on-year decline of 6.1% in August, with total sales of 319 billion yuan, maintaining the same decline rate as the previous month [2][8]. Summary by Sections 1. August Retail Sales Performance - Retail sales in August showed a year-on-year growth of 2.1%, with total sales of 38,726 billion yuan [2][8]. - Clothing, shoes, and textiles saw a total retail sales of 994 billion yuan, down 1.6% year-on-year, a notable improvement from the previous month's decline [2][8]. - The cosmetics category reported a total of 319 billion yuan in sales, down 6.1% year-on-year, with a cumulative decline of 0.5% from January to August [2][8]. 2. Market Review (September 16 - September 20) - The textile and apparel sector rose by 1.04%, ranking 20th among 31 sectors, while the beauty and personal care sector fell by 0.08%, ranking 25th [10]. - The textile and apparel index underperformed the broader market, with a year-to-date decline of 25.56% compared to the 6.71% decline of the CSI 300 index [10]. - The report highlights that the jewelry segment performed well, increasing by 1.80%, while the textile manufacturing segment lagged with a 0.56% increase [10]. 3. Investment Strategy - The report suggests continued focus on leading companies in the beauty sector, specifically Proya, Juzhibio, and Shangmei [2]. 4. Important News and Company Announcements - China remains the world's largest textile and apparel exporter for 30 consecutive years, with exports exceeding 300 billion USD annually [20]. - The cumulative textile and apparel exports from January to August reached 197.77 billion USD, with a year-on-year growth of 1.1% [20].