纺织服装行业周报：10月服装社零同增8%，受益于大促提前

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The textile and apparel sector has shown resilience, with October retail sales for clothing and textiles increasing by 8% year-on-year, benefiting from the early Double Eleven promotions and improved consumer sentiment [3][15]. - The report highlights the ongoing policy support for the industry, which is expected to drive steady recovery in retail sales as the peak season approaches [3][15]. - Key investment opportunities are identified in both domestic and international markets, particularly in companies with strong brand power and those positioned in the outdoor and winter sports segments [21][24]. Summary by Sections Industry Performance - The textile and apparel sector outperformed the market, with the SW textile and apparel index declining by 3.4%, but still outperforming the SW All A index by 0.6 percentage points during the period from November 11 to 15 [1][9]. - The report notes that the apparel segment saw a significant improvement in retail sales, with a total of 134.7 billion yuan in October, marking an 8% year-on-year growth [2][15]. Recent Industry Data - Retail sales for clothing, shoes, and textiles reached 134.7 billion yuan in October, with a cumulative total of 1,157.1 billion yuan for the first ten months, reflecting a 1.1% year-on-year increase [2][48]. - The textile industry exported 25.5 billion USD in October, showing an 11.9% year-on-year growth, with yarn and fabric exports increasing by 16.1% to 12.4 billion USD [2]. Company Recommendations - A-share recommendations include Semir Apparel, Baoxiniao, and others, while Hong Kong stock recommendations include Anta Sports and Bosideng [3][15]. - The report emphasizes the potential of cross-border e-commerce, particularly highlighting Anker Innovations, which is expected to benefit from the ongoing sales season [3][16]. Sector Trends - The report indicates that the textile manufacturing sector continues to show revenue growth, with major companies reporting year-on-year increases in October [4][17]. - The global demand for sports apparel remains strong, with a focus on companies in the sports manufacturing chain for long-term growth potential [4][18]. Policy and Market Outlook - The report discusses the government's push for the ice and snow sports market, projecting a market size of 1.2 trillion yuan by 2027, which is expected to stimulate demand in the textile sector [21][23]. - The report also highlights the importance of brand strength in the domestic market, particularly for companies like Anta Sports and Bosideng, which are well-positioned to capitalize on the growing outdoor and winter sports segments [24][26].