社零数据点评：9月国内社零增速超市场预期，可选消费品类降幅收窄

Investment Rating - The textile and apparel industry is rated as "In line with the market" [1] Core Insights - In September 2024, domestic retail sales (社零) reached 4.11 trillion yuan, showing a year-on-year growth of 3.2%, which exceeded market expectations [1] - The consumer confidence index has been declining since the second quarter of 2024, with the latest figure in August at 85.8, down 0.2 from the previous month [1] - Online retail channels outperformed overall retail sales, with a 3.0% year-on-year increase in retail sales from January to September 2024, and a 7.9% increase in physical goods online retail sales [1][2] - The performance of optional consumer goods showed a narrowing decline, with the textile and apparel sector experiencing a year-on-year decrease of only 0.4% in September 2024, a reduction of 1.2 percentage points from previous months [1][2] Summary by Sections Textile Manufacturing Sector - International textile and apparel brands, such as Fast Retailing and Adidas, are expected to see revenue growth of approximately double digits in the upcoming fiscal years [4] - The textile manufacturing sector is projected to maintain strong performance in Q3 2024, with companies like Huayi Group and Weixing Co. expected to benefit from new customer growth and production base expansions [4] Sportswear Sector - The domestic sports and entertainment goods retail sales grew by 9.7% year-on-year from January to September 2024, with a monthly growth of 6.2% in September [4] - Brands like Anta Sports and 361 Degrees are recommended due to their stable retail performance and innovative product offerings [4] Gold and Jewelry Sector - The gold and jewelry retail sales saw a narrowing decline in September 2024, with expectations for improved sales during the upcoming holiday season [4] - Companies such as Laoputang and Chow Tai Fook are highlighted for their strong sales performance and brand strength in the gold and jewelry market [4]