纺服美妆行业周报：1-9月我国服装出口同比下降1.3%

Investment Rating - The report maintains an "Overweight" rating for the textile and beauty sectors [2]. Core Insights - From January to September 2024, China's clothing exports decreased by 1.3% year-on-year, totaling $118.38 billion. The first quarter saw a slight increase of 1.2%, while the second and third quarters experienced declines of 1% and 3.5%, respectively [6][7]. - Domestic retail sales of clothing and footwear grew by 0.2% year-on-year, indicating a stable consumption market [6]. - The report highlights a trend of increasing export volume but declining prices, particularly in woven garments, which saw a price drop of 15.5% [7]. - Notably, knitted T-shirt exports surged by 26.3%, while outerwear categories faced significant declines [7]. Summary by Sections 1. Export Performance - Clothing exports from January to September 2024 totaled$ 118.38 billion, down 1.3% year-on-year. The breakdown shows first-quarter exports at $33.75 billion (up 1.2%), second-quarter at$ 40.11 billion (down 1%), and third-quarter at $44.52 billion (down 3.5%) [6][7]. - In September alone, exports were$ 13.53 billion, reflecting a 5.1% decline [6]. 2. Market Review - The textile and apparel sector index rose by 4.38% in the week of October 21-25, ranking 10th among 31 sectors. The beauty and personal care sector increased by 1.95%, ranking 23rd [8][10]. - The apparel and home textile sector performed well, with a 5.91% increase, while the accessories sector lagged at 2.27% [10]. 3. Key News and Company Announcements - The report mentions a positive outlook for the cotton textile industry, with the business climate index rising above the threshold, indicating improved operational conditions for companies [14][15]. - A specific company, Jin Hong Group, announced the completion of a share repurchase plan, acquiring 759,500 shares at prices between 6.53 and 6.99 yuan per share [16].