纺织服饰：体育服饰Q3流水放缓，运营质量稳健

Investment Rating - The textile and apparel industry maintains a "Recommended" rating [4] Core Insights - Q3 revenue for sports apparel has faced pressure, but inventory levels remain healthy. The overall retail performance in Q3 was weaker compared to Q2 due to factors such as consumer fatigue, high temperatures in northern coastal areas, and frequent rainy weather affecting foot traffic and outdoor activities. Looking ahead to Q4 2024, companies are cautiously optimistic about consumer spending, planning to drive sales through new seasonal products and actively preparing for online sales events like Double 11 while managing offline inventory and discounts effectively [1][10] - Anta Sports' main brand saw single-digit revenue growth in Q3, while the FILA brand experienced a decline in consumer confidence, resulting in negative revenue growth. Descente and KOLON maintained a growth rate of 45%-50%, indicating strong market penetration in the outdoor segment. Li Ning's revenue declined in Q3, but inventory levels remain healthy. Xtep International's main brand showed single-digit growth, with online channels performing better than offline. 361 Degrees reported a 10% year-on-year growth, with a slight decline in growth rate [1][10] Summary by Sections 1. Sports Apparel Q3 Revenue Performance - Q3 revenue for sports apparel companies showed overall pressure, with a weaker retail performance compared to Q2. Factors affecting performance included consumer fatigue and adverse weather conditions [1][10] - Companies are optimistic about Q4, focusing on new product launches and online sales strategies [1][10] 2. Market Overview - The textile and apparel sector saw a 4.38% increase in stock prices during the week, outperforming major indices [2] - Cotton prices have risen, with the China Cotton Price Index at 15,509 RMB/ton, up 79 RMB/ton from the previous week [2][23] 3. Upstream Textile Exports - In September 2024, textile yarn, fabric, and related products exported amounted to 11.246 billion USD, a year-on-year decrease of 2.2%. Apparel and accessories exports totaled 13.532 billion USD, down 5.1% year-on-year [15] 4. Raw Material Prices - Cotton prices have increased, with the China Cotton Price Index at 15,509 RMB/ton, reflecting a monthly increase of 301 RMB/ton. The Cotlook A Index is at 84.25 cents/pound, also showing a weekly increase [23][24]