纺织服饰行业周专题：10月社零公布，服装/珠宝消费改善明显

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [2]. Core Insights - The retail sales data for October 2024 shows a year-on-year growth of 4.8%, with a compound annual growth rate (CAGR) of 3.5% over the past two years [14]. - The apparel retail sales increased significantly in October 2024, while jewelry retail sales continued to decline, with respective year-on-year changes of +8% and -2.7% [14]. - The overall consumption environment is in a phase of volatile recovery, benefiting from festive demand and macroeconomic policy stimuli [14]. Summary by Sections Weekly Topic: October Retail Sales - October 2024 retail sales data indicates a 4.8% year-on-year increase, with a cumulative growth of 3.5% from January to October [14]. - Apparel retail sales grew by 8% in October, while jewelry sales saw a decline of 2.7% [14]. - The consumption environment is improving due to festive demand and the impact of the "Double Eleven" shopping festival [14]. Industry Trends - The textile and apparel sector is experiencing a recovery, with online retail sales growth of 8.3% in the first ten months of 2024 [14]. - The report highlights the performance of various retail channels, noting that online sales are outperforming offline sales [14]. Company Recommendations - Recommended companies in the apparel sector include Anta Sports and Li Ning, with projected price-to-earnings (PE) ratios of 15 and 12 times for 2024, respectively [22]. - In the textile manufacturing sector, companies like Weixing Co., Huali Group, and Shenzhou International are prioritized for their strong order trends and profitability improvements [23]. - In the jewelry sector, companies such as Chow Tai Fook and Lao Feng Xiang are noted for their focus on product and channel efficiency improvements [24]. Recent Performance Summary - The textile manufacturing sector has shown stable growth, with key companies reporting revenue increases of 10.4% in Q3 2024 [6]. - The apparel brand sector faced profit pressures, with a year-on-year revenue decline of 20.1% in Q3 2024 [6]. - The jewelry sector experienced a revenue decline of 24.9% in Q3 2024, attributed to a challenging consumption environment [6]. Valuation Summary - The report provides a valuation table for key companies, indicating attractive PE ratios for several recommended stocks, such as Weixing Co. at 21 times and Shenzhou International at 13 times for 2024 [27].