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Industry Investment Rating - The report suggests a positive outlook for the apparel and home textile industry, with potential valuation recovery for leading brands due to current low valuations and supportive consumption policies [2] Core Views - Apparel brand sales showed month-on-month improvement in October, indicating a steady and positive trend in fundamentals [2] - Leading home textile brands are expected to maintain high dividend payouts due to strong cash flow and low capital expenditure needs [2] - Government subsidies for home textiles have expanded nationwide, with significant discounts (15%-20%) expected to boost consumer demand [2][3] Subsidy Policy Details Online Subsidy Phases - Phase 1 (Double 11 period): Subsidies were initially limited to Shanghai, covering categories like bedding sets, down quilts, silk quilts, pillows, and blankets with a 15% discount [2] - Phase 2 (Post Double 11): Subsidies expanded to cover all inland regions in China, with JD.com offering a 20% discount on all categories [2] Offline Subsidy Implementation - Shanghai: Home textile products were included in the city's consumption subsidy policy in late October, with a 15% discount and a maximum subsidy of 2000 RMB per transaction [3] - Xiamen: Bedding products were added to the subsidy list with a 20% discount and a maximum subsidy of 2000 RMB per transaction [3] Impact on Leading Brands - Leading home textile brands such as Luolai, Shuixing, and Fuanna are actively participating in subsidy activities, which are expected to boost terminal sales due to wide coverage and significant discounts [3] - These brands are likely to benefit from their strong brand power and superior product quality, leading to sustained improvement in fundamentals [3]