纺织服饰行业行业专题研究：双11第一波总结：综合电商/直播电商平台GMV高增长，服装家纺竞争格局较稳定

Investment Rating - The report provides a "Buy" rating for multiple companies in the textile and apparel industry, including 比音勒芬, 报喜鸟, 锦泓集团, 海澜之家, 朗姿股份, 太平鸟, and others [3][4]. Core Insights - The first wave of sales during the 2024 Double Eleven shopping festival saw a significant increase in total online sales, reaching 845 billion CNY, a year-on-year growth of 105.9% compared to 409.4 billion CNY in the same period of 2023 [1][2]. - The growth in sales was driven by both comprehensive e-commerce platforms, which generated 678.5 billion CNY (up 118.5% year-on-year), and live-streaming e-commerce platforms, which achieved 164.5 billion CNY (up 66.3% year-on-year) [1][2]. - The report highlights the stability of the competitive landscape in the clothing and home textile sectors, with leading brands maintaining their positions in sales rankings across various categories [2]. Summary by Sections E-commerce Performance - The comprehensive e-commerce sales during the first wave of Double Eleven reached 678.5 billion CNY, marking a 118.5% increase from the previous year [1][4]. - Live-streaming e-commerce platforms saw sales of 164.5 billion CNY, reflecting a 66.3% year-on-year growth [1][4]. Brand Rankings - In the Tmall channel, the top brands in men's clothing included 优衣库, 波司登, and 太平鸟, while in women's clothing, 波司登 maintained the top position [2]. - The rankings in the children's clothing sector were led by 巴拉巴拉, with significant movements in brand positions across various categories [2]. Investment Recommendations - The report suggests focusing on leading companies in the textile and apparel sector that performed well during the Double Eleven sales, as they are expected to benefit from the strong sales momentum [2][3]. - Companies with stable third-quarter performance and strong retail results, particularly in the leisurewear and children's clothing segments, are highlighted as having short-term resilience and long-term growth potential [2][3]. Stock Recommendations - Specific stock recommendations include 比音勒芬, 森马服饰, 报喜鸟, and others for A-shares, while 安踏体育, 波司登, and 李宁 are recommended for Hong Kong stocks [2][3].