纺织服装行业周观点：Q3化纤、拉链、代工类增速较快，品牌服饰利润率下滑

Investment Rating - The report maintains a "Buy" rating for key companies including Huali Group, Weixing Co., and Biyin Lefen [1]. Core Insights - The textile and apparel industry is experiencing a slowdown in revenue growth, with Q3 total revenue reaching 78.88 billion yuan, a year-on-year decrease of 0.7%, and net profit down by 35.8% to 4.63 billion yuan [2][6]. - The profitability of the sector is weakening, with Q3 gross profit at 22.7 billion yuan and a gross margin decline from 29.6% in Q3 2023 to 28.7% in Q4 2024 [2][10]. - Sub-sectors such as zippers and chemical fibers are showing strong growth, with year-on-year increases of 22% and 30% respectively, while brand apparel is facing declining revenue growth [2][11]. Summary by Sections 1. Weekly Key Points and Investment Recommendations - Q3 performance shows a significant decline in brand apparel profits due to a deteriorating retail environment and a high base effect from substantial subsidies received by a competitor [6]. - The report suggests a gradual recovery in apparel consumption due to recent weather changes, recommending brands like Semir, Baoxini, and Fuanna for potential investment [2][6]. 2. Market Review - The textile and apparel sector's revenue and profit growth have slowed down, with specific brands like Taihu Snow and Night Bright showing contrasting performance trends [7][8]. 3. Major Raw Material Trends - Cotton prices have decreased slightly, with the China Cotton Price Index at 15,388 yuan per ton, down 0.8% week-on-week and 10.4% year-on-year [2][10]. 4. Sub-sector Performance - The report highlights that the outdoor apparel segment is performing well, contributing to the growth of zippers and high-performance fibers, while brand apparel is generally declining [2][11]. - The report also notes that e-commerce and OEM sectors are seeing improved margins, while brand apparel margins remain stable despite revenue pressures [2][19].