纺织服装行业周报：Lululemon中国收入高增，展现国内需求韧性

Industry Overview - The textile and apparel sector underperformed the broader market, with the SW Textile and Apparel Index rising 1.8%, lagging behind the SW All A Index by 0.5 percentage points [1] - The SW Clothing and Home Textile Index rose 2.7%, outperforming the SW All A Index by 0.4 percentage points, while the SW Textile Manufacturing Index fell 0.1%, underperforming by 2.4 percentage points [1] Recent Industry Data - In October, retail sales of clothing, footwear, and textiles above the designated size reached 134.7 billion yuan, up 8.0% year-on-year, with cumulative sales from January to October reaching 1.1571 trillion yuan, up 1.1% year-on-year [2] - China's textile exports in October were $25.5 billion, up 11.9% year-on-year, with textile yarn, fabrics, and related products exports up 16.1% to $12.4 billion, and clothing and accessories exports up 8.1% to $13.1 billion [2] - Domestic and international cotton prices declined, with the National Cotton Price B Index at 15,218 yuan/ton and the Zhengzhou Cotton Futures main contract at 13,865 yuan/ton, down 0.4% and 1.4% respectively from November 29 [2] Key Company Performance - Lululemon's global revenue grew 9% year-on-year to $2.4 billion in Q3 FY24, with China's mainland revenue surging 39%, demonstrating strong demand resilience in the domestic market [3] - Lululemon expects Q4 FY24 revenue growth of 8%-10% and full-year FY24 revenue growth of 9% [3] - Vietnam's textile and footwear exports continued to grow, with November exports up 11% and 12% year-on-year respectively, maintaining double-digit growth [4] Investment Recommendations - A-shares recommended: Baoxiniao, Biem.L.Fdlkk, Luolai Lifestyle, Mercury Home Textile, Semir [3] - H-shares recommended: Anta Sports, Bosideng [3] - Cross-border e-commerce recommended: Anker Innovations, with attention on Saiwei Times and Huakai Yibai [3] - Upstream textile recommended: Weixing Shares [4] - Midstream manufacturing recommended: Huali Group, Yue Yuen Industrial, Kaien Shares [4] Market Trends - The global sportswear market remains resilient, with Lululemon's strong performance in China highlighting the robustness of domestic demand [3] - Vietnam's textile exports continue to benefit from the Southeast Asian production shift, with double-digit growth in both textiles and footwear [4] - The cross-border e-commerce sector is expected to see strong performance in Q4, driven by policy support and seasonal demand [3] Industry Data Tracking - In October, China's textile exports reached $25.5 billion, up 11.9% year-on-year, with textile yarn, fabrics, and related products exports up 16.1% to $12.4 billion, and clothing and accessories exports up 8.1% to $13.1 billion [46] - From January to October, China's textile exports totaled $247.9 billion, up 1.5% year-on-year, with textile yarn, fabrics, and related products exports up 4.1% to $116.7 billion, and clothing and accessories exports down 0.7% to $131.2 billion [46]