纺织服装行业周报：政策利好频发，重视品牌服饰反弹机会

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, particularly highlighting New Australia Co., Ltd. (新澳股份) as a key investment opportunity [6][14]. Core Insights - The textile and apparel sector has shown a weaker performance compared to the overall market, with the SW textile and apparel index rising by 13.4%, lagging behind the SW All A index by 1.9 percentage points [4][7]. - Recent policy measures are expected to boost market sentiment and improve the fundamentals of the industry, particularly for branded apparel [5][12]. - The report emphasizes the dual growth drivers of wool and cashmere production for New Australia Co., Ltd., which is anticipated to enhance growth momentum and drive value re-evaluation [6][14]. Summary by Sections Industry Performance - The textile and apparel sector underperformed the market during the week of September 23-27, with the SW textile and apparel index increasing by 13.4% [4][7]. - The SW apparel and home textile index rose by 17.0%, outperforming the SW All A index by 1.8 percentage points, while the SW textile manufacturing index increased by 9.3%, underperforming by 6.0 percentage points [4][7]. Recent Industry Data - Retail sales for clothing, shoes, and textiles totaled 99.4 billion yuan in August, down 1.6% year-on-year, with cumulative sales from January to August reaching 904.6 billion yuan, a 0.3% increase [4][25]. - In August, textile exports amounted to 28 billion USD, a 1% year-on-year increase, with yarn and fabric exports rising by 5.0% to 12.2 billion USD, while clothing exports fell by 2.0% to 15.7 billion USD [4][34]. Key Company Insights - New Australia Co., Ltd. is positioned at the beginning of a significant expansion phase for wool and cashmere production, with a projected doubling of production capacity in the medium term [14][15]. - The company has maintained a continuous revenue growth for 16 consecutive quarters, with a forecasted net profit of 4.5 billion yuan for 2024, corresponding to a PE ratio of 11 [6][14]. - The report highlights the importance of brand strength and operational capabilities in the current market, recommending companies like Bi Yin Le Fen, Hai Lan Home, and Senma Clothing for investment [5][12]. Market Trends - The report notes a positive outlook for the outdoor sports segment, recommending brands such as Anta Sports and Bosideng, which are expected to benefit from improving consumer sentiment and policy support [6][12]. - The cross-border e-commerce sector continues to thrive, with significant growth in import and export activities, indicating a robust market environment for apparel brands [5][12].