新消费纺服&美护行业梳理（20241007）：政策驱动消费回暖，消费品标的迎来估值修复

Group 1: Policy Impact on Consumption - The report highlights that multiple government departments have launched significant policies aimed at driving consumption recovery, including financial support for high-quality economic development and measures to enhance market liquidity [5][6][8] - The central bank is expected to lower the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the financial market, with potential further reductions based on market liquidity conditions [5][8] - Local governments are actively implementing consumption promotion policies, such as "trade-in" programs and consumption vouchers, which are expected to enhance consumer willingness and ability to spend [5][9] Group 2: Performance of Beauty and Textile Industries - The report notes that the Shenwan Beauty and Personal Care Index rose by 43.55% from September 24 to September 30, outperforming the CSI 300 by 21.27 percentage points, ranking second among 31 industry indices [12][17] - The Shenwan Textile and Apparel Index increased by 22.39% during the same period, but has seen a cumulative decline of 8.57% in 2024, underperforming the CSI 300 by 25.67 percentage points [12][17] Group 3: Insights and Investment Recommendations for Beauty and Textile Sectors - In the beauty sector, the report suggests focusing on undervalued stocks with strong fundamentals and growth certainty, such as Proya and Juzhibio, as the domestic brand revenue share in the cosmetics market has risen to 57% in H1 2024 [19][20] - The textile sector is advised to prioritize stocks with strong brand potential and those benefiting from macroeconomic policies, with recommendations including Anta Sports and Wah Lee Group, as the sector is expected to experience valuation recovery [20][21]