纺织服饰行业周报：9月终端降幅收窄，仍有待消费信心恢复

Investment Rating - The textile and apparel industry maintains a "Recommended" rating [3]. Core Insights - In September, the decline in clothing retail sales narrowed, indicating a need for consumer confidence to recover. The total retail sales in September reached 4.11 trillion yuan, a year-on-year increase of 3.2%, with clothing retail sales at 116.9 billion yuan, down 0.4% year-on-year, but the decline rate has been narrowing for two consecutive months [1][9]. - Short-term fluctuations in exports do not alter the overall steady recovery expected for the year. In September, domestic textile yarn exports were 80.184 billion yuan, down 4.18% year-on-year, while clothing exports were 96.484 billion yuan, down 7.84% year-on-year. Cumulatively from January to September 2024, textile yarn and clothing exports grew by 4.80% and decreased by 1.00% respectively [1][9]. - The textile and apparel sector saw a weekly increase in stock prices, with the Shanghai Composite Index rising by 1.36% and the textile and apparel industry increasing by 0.97% during the week from October 14 to October 18 [1][16]. Summary by Sections 1. Retail Performance and Export Fluctuations - September clothing retail sales showed improvement, with a narrowing decline. The overall retail sales growth indicates a gradual recovery in consumer spending [1][9]. - Export data for textiles and apparel showed short-term volatility, but the long-term trend remains positive, with expectations for steady growth in Q4 as overseas markets enter peak sales seasons [1][9]. 2. Key Company Announcements - The report suggests focusing on quality companies with potential for valuation recovery and stable dividend rates, including Hai Lan Home, Bi Yin Le Fen, and others in the domestic market, as well as Anta Sports and Li Ning in the Hong Kong market [2][9]. 3. Raw Material Price Movements - As of October 18, 2024, the price index for cotton in China was 15,430 yuan per ton, down 142 yuan from the previous week, while the Cotlook A index was 82.8 cents per pound, also showing a decline [2][28].