纺织服装行业周观点：内需财政政策加码，鞋类外需保持强劲

Investment Rating - The industry maintains a "Buy" rating for key companies including Huali Group, Weixing Co., and Biyinlefen [2]. Core Insights - The report highlights that the Chinese government is increasing fiscal policy support to stimulate domestic demand, which is expected to benefit brand apparel companies. The valuation of these companies is anticipated to rise ahead of performance recovery, with the earliest performance rebound expected in Q4 2024 [7][11]. - The National Day holiday showed strong consumer activity, with daily sales in consumption-related sectors increasing by 25.1% year-on-year. Retail sales overall grew by 9%, with department stores and supermarkets seeing significant increases [8][11]. - Taiwanese shoe manufacturers reported strong export performance, with companies like Yuanyuan and Laiyi showing revenue growth of 26.7% and over 30% respectively, indicating robust overseas demand [12][16]. Summary by Sections 1. Key Views and Investment Recommendations - The Ministry of Finance announced measures to enhance counter-cyclical adjustments, focusing on stabilizing growth and expanding domestic demand. This includes increasing government investment and supporting consumer spending [7]. - The National Day holiday saw a significant increase in consumer spending, with major shopping districts in Shanghai reporting a 9.8% increase in foot traffic [8]. 2. Market Review - The textile and apparel index fell by 6.7%, outpacing the 3.3% decline of the Shanghai and Shenzhen 300 index. Notable stock movements included a 17.4% drop in Hailan Home [18]. 3. Key Raw Material Trends - The report does not provide specific details on raw material trends. 4. Export Data Tracking - Taiwanese shoe manufacturers reported a recovery in sales, with significant year-on-year revenue increases for major companies [12][14]. 5. Domestic and Overseas Apparel Consumption Tracking - The report indicates a positive trend in domestic consumption, supported by local government initiatives to stimulate spending [11]. 6. Important Announcements and Industry News - The report includes various announcements regarding fiscal policies and consumer incentives aimed at boosting the apparel sector [7][11]. 7. Risk Alerts - The report does not include specific risk alerts.