纺织服装行业周报：上海消费补贴新增家纺类，有望催化零售

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Li Ning, Xtep International, and New Australia Co., Ltd. [4][14][19] Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 4.4% from October 21 to 25, 2024, surpassing the SW All A index by 1.6 percentage points [5][6] - Recent industry data indicates a slight decline in retail sales for clothing and textiles, with a total retail sales of 116.9 billion yuan in September, down 0.4% year-on-year [3][5] - The report highlights the potential for retail catalysis in the home textile category due to new consumer subsidies introduced in Shanghai [3][8] Summary by Sections Apparel - The apparel sector experienced a weakening in performance during Q3, but there are signs of recovery in October driven by the National Day holiday and e-commerce promotions [3][8] - Recommended stocks include: Joy Bird, Biyin Lefen, Hailan Home, and Semir Clothing for A-shares; Bosideng, 361 Degrees, Tebu, Anta Sports, and Xtep International for Hong Kong stocks [3][8] - The introduction of consumer subsidies for home textiles is expected to stimulate retail sales in this category [3][8] Textile - Textile manufacturing companies reported strong Q3 results, with New Australia Co., Ltd. achieving a revenue growth of 11% and a net profit growth of 8% [9][20] - The report emphasizes the long-term growth potential of the sports manufacturing sector, with recommendations for companies like New Australia Co., Ltd., Weixing Co., Ltd., and Baolong Oriental [9][20] - The global demand for sports products remains resilient, and the concentration of supply chain segments is expected to increase [9][20] Company Highlights - Li Ning's Q3 performance met expectations, with a focus on expanding overseas markets through a joint venture [10][12] - Xtep International's Q3 results showed a stable performance, with a significant increase in its professional sports brand [13][14] - New Australia Co., Ltd. reported record high revenues and profits for the first three quarters of 2024, with a focus on expanding its wool and cashmere production capabilities [18][19] - Jian Sheng Group's Q3 revenue exceeded expectations, driven by strong performance in its cotton socks and seamless products [20][21]