纺织服装行业周：9月纺服社零降幅再收窄，旺季发力在即

Investment Rating - The report maintains a "Buy" rating for companies such as Bosideng and 361 Degrees, indicating a positive outlook for the textile and apparel sector [2][12][15]. Core Insights - The textile and apparel sector is expected to see a recovery in demand as the fourth quarter approaches, with brands increasing product launches and marketing efforts to capitalize on the peak season [8][10]. - Retail sales in September showed a narrowing decline, with a year-on-year decrease of 0.4% in clothing retail, suggesting a potential bottoming out of domestic demand [8][25]. - The report highlights the strong performance of cross-border e-commerce, with a 15.2% increase in export value, indicating robust growth opportunities in this segment [8]. Summary by Sections Industry Performance - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 1.0%, lagging behind the SW All A index by 2.1 percentage points from October 14 to 18 [3]. - The September retail sales data showed a total retail value of 116.9 billion yuan for clothing, down 0.4% year-on-year, while online retail for clothing grew by 4.1% [25][31]. Company Highlights - Bosideng's strategic investment in the luxury down jacket brand Moose Knuckles aims to enhance its brand matrix and expand its international presence [10][12]. - 361 Degrees reported a 10% year-on-year growth in both adult and children's apparel retail sales, with e-commerce sales increasing by 20-25%, reflecting strong operational quality [13][24]. Export Trends - In September, the textile industry experienced a 4% year-on-year decline in export value, totaling 24.8 billion USD, with apparel exports down by 5.1% [9][31]. - The report notes that Vietnam's textile exports continue to outperform those of China, indicating a shift in global textile production dynamics [9]. Market Outlook - The report suggests that the domestic demand is stabilizing, and the textile manufacturing sector is expected to benefit from a recovery in global demand, particularly in the sportswear segment [9][12]. - Companies with strong operational capabilities and brand recognition are recommended for investment, including Bosideng, 361 Degrees, and others in the textile manufacturing chain [8][12].