纺织服装行业周观点：政策提振消费信心，估值提升先于业绩释放

Investment Rating - The report maintains a "Buy" rating for key companies including Huayi Group, Weixing Co., and Biyin Lefen [3]. Core Viewpoints - The Chinese government has introduced a series of policies to boost consumer confidence, including a 0.5 percentage point reduction in the reserve requirement ratio and adjustments to mortgage rates, which are expected to enhance the valuation of the textile and apparel sector [7][11]. - The textile and apparel index rose by 14.5% in the week of September 23-27, slightly underperforming the CSI 300 index, which increased by 15.7% [14]. - The report anticipates that the performance of listed companies in the sector may improve rapidly in the fourth quarter, driven by the wealth effect and various supportive policies [7][11]. Summary by Sections 1. Main Views and Investment Suggestions - The report emphasizes that the brand apparel sector is expected to rebound, with significant policy support aimed at enhancing domestic consumption [7]. - Recommended stocks include Semir Fashion, Baoxini, and Fuanna, alongside established brands like Haianzhijia and Biyin Lefen [11][12]. 2. Market Review - The textile and apparel sector saw a 14.5% increase, with notable gains from Haianzhijia, which rose by 35.3% during the same period [14]. - The report highlights that the brand apparel segment has experienced a smaller decline compared to textile manufacturing since the beginning of the year [14]. 3. Key Companies and Valuation - Huayi Group is projected to have an EPS of 3.3 yuan for 2024, with a PE ratio of 20.4, while Weixing Co. has an EPS of 0.6 yuan and a PE of 22.2 [13]. - Biyin Lefen is expected to have an EPS of 1.9 yuan with a PE of 11.5 for 2024 [13].