纺织与服装行业周报：看好政策利好下优质品牌修复行情

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry, indicating a positive outlook under favorable policy conditions [2]. Core Insights - The report highlights that favorable policies are expected to support valuation recovery for quality brands, with recent significant policy announcements covering monetary, capital market, and consumption aspects [2][7]. - Despite a 10.7% decline in the Shenwan Textile and Apparel Index from July 1 to September 20, the report suggests that the current valuation levels for brands are below historical averages, indicating potential for recovery [2][7]. - The report emphasizes the importance of focusing on the sports sector and industry leaders, suggesting that companies like Anta Sports, Xtep International, and Li Ning are well-positioned to benefit from a recovery in consumer confidence and demand [2][7]. Summary by Sections Market Performance - The Shenwan Textile and Apparel Index increased by 13.38% in the week of September 23-27, 2024, but underperformed the CSI 300 by 2.32 percentage points, ranking 22nd among 31 industries [7]. - The current PE valuation for the textile and apparel sector is 16.45 times, below the historical average of 26.67 times, indicating room for valuation recovery [7]. Retail and Export Data - In August 2024, the retail sales of clothing decreased by 3.38% year-on-year, while the overall retail sales of consumer goods increased by 2.09% [17][22]. - China's textile and apparel exports in August 2024 were approximately $27.95 billion, showing a year-on-year growth of 0.32% [22]. Material Prices - Cotton prices increased by 1.04% to 15,285 RMB per ton, while Brent crude oil prices rose by 0.47% to $74.3 per barrel [24]. Company Recommendations - The report recommends focusing on companies with strong dividend yields and share buyback policies, such as New Silk Road, Jiangnan Buyi, and Bosideng, which are expected to provide stable returns [2][7].