纺织服装行业周观点：服装销售社零降幅收窄，原料价格小幅回落

Investment Rating - The industry investment rating is maintained as "Buy" for key companies including Huali Group, Weixing Co., and Biyinlefen [2][4]. Core Insights - The report indicates a narrowing decline in clothing retail sales, with a year-on-year decrease of 0.4% in September compared to a 1.6% decline in August, suggesting signs of market recovery [8][10]. - Online retail sales for clothing categories showed a cumulative year-on-year increase of 4.1% from January to September, although this is a decrease from the 5% growth observed in August, potentially influenced by the upcoming Double 11 promotions [10][13]. - Australian wool prices have reached new heights, while domestic cotton prices have experienced slight declines, with the average cotton price index at 15,502 yuan, down 129 yuan week-on-week [14][16]. - The Double 11 pre-sale event has seen impressive performance, with top brands like Shein, Uniqlo, Anta, Ubras, and FILA achieving significant sales on the first day of pre-sale [18][20]. Summary by Sections 1. Main Views and Investment Suggestions - Clothing retail sales show signs of recovery with a total retail sales figure of 41,112 billion yuan in September, reflecting a 3.2% year-on-year increase [8][10]. - The report recommends brands such as Semir, Biyinlefen, Baoxini, and Fuanna, while also suggesting attention to Huali Group and Weixing Co. in the textile manufacturing sector [4][13]. 2. Market Review - The textile and apparel index has seen a decline of 0.5%, which is better than the Shanghai and Shenzhen 300 index performance [6][22]. 3. Major Raw Material Trends - Cotton prices have shown a slight decline, while wool prices remain relatively stable, indicating a mixed outlook for raw materials in the textile industry [14][16][17].