纺织与服装行业周报：10月中国纺服零售额同比+8.0%，印度箱包市场持续清库

Investment Rating - The industry investment rating is "Outperform the Market" [2][3] Core Viewpoints - In October, China's textile and apparel retail sales increased by 8.0% year-on-year, showing significant recovery in both offline and online channels. The retail sales of clothing, shoes, hats, and textiles increased by 8.0%, compared to a decline of 0.4% in September [3][4] - The U.S. apparel retail sales showed a slight acceleration in October, with a year-on-year increase of 2.9%, indicating a stable inventory level in the industry [4] - In India, leading local bag companies are facing inventory backlogs, which are expected to take 1-2 quarters to clear. The revenue growth for VIP and Safari was flat and 8.0% respectively, with significant declines in net profit margins [5] - The report suggests focusing on brands with stable operations or those that are expected to bottom out, such as Bosideng, Samsonite, and TBO [6] Summary by Sections Retail Performance - In October, China's retail sales of clothing, shoes, hats, and textiles showed a year-on-year increase of 8.0%, with significant recovery observed in both offline and online sales channels. The retail sales of department stores also improved, indicating a positive trend [3][4] U.S. Market Insights - The U.S. apparel retail sales increased by 2.9% year-on-year in October, slightly up from 2.8% in September, with inventory levels remaining at a normal low [4] Indian Market Analysis - Indian bag companies are experiencing inventory issues, with VIP and Safari reporting flat and 8.0% revenue growth respectively. The companies are under pressure to clear excess inventory, which has been accumulating since FY24H1 [5] Investment Recommendations - The report recommends focusing on brands with stable performance or those expected to recover, highlighting companies like Bosideng, Samsonite, and TBO for their potential in the market [6]