纺织服装行业周观点：社零服装类恢复增长，台鞋厂出货依旧高增

Investment Rating - The report maintains a "Buy" rating for key companies including Huali Group, Weixing Co., and Biyinlefen [1]. Core Insights - The retail sales of clothing and footwear categories showed a recovery with a year-on-year growth of 8% in October, indicating a rebound in consumer confidence [10][12]. - Taiwanese shoe manufacturers continue to experience strong shipment growth, with major companies like Yuanyuan and Laiyi reporting year-on-year increases of 21.3% and 18.8% respectively [12][14]. - The report highlights stable raw material prices, with cotton prices slightly increasing and nylon POY prices remaining stable [12][14]. - Investment recommendations include brands benefiting from consumer confidence recovery, such as Biyinlefen and Semir, and textile manufacturers like Huali Group and Weixing Co. [12][14]. Summary by Sections 1. Key Views and Investment Recommendations - Retail sales in October reached CNY 45,396 billion, up 4.8% year-on-year, with clothing and footwear categories growing by 8% [10]. - Online retail sales for physical goods from January to October totaled CNY 103,330 billion, with a year-on-year increase of 8.3% [12]. 2. Market Review - The textile and apparel index experienced a weekly decline of 3.2%, outperforming the CSI 300 index [18]. - Year-to-date performance shows textile manufacturing down 8.6% while brand apparel is down 6.5% [21]. 3. Major Raw Material Trends - Cotton prices as of November 15 were reported at CNY 15,368, a slight increase from the previous week [12]. - Wool prices remained stable, with the EMI index showing minor fluctuations [12]. 4. Company Valuation Overview - Huali Group has a market capitalization of CNY 768.8 billion with a projected PE ratio of 19.8 for 2024 [29]. - Weixing Co. has a market capitalization of CNY 149.2 billion with a projected PE ratio of 21.1 for 2024 [29]. - Biyinlefen has a market capitalization of CNY 112.7 billion with a projected PE ratio of 12.0 for 2024 [29].