轻工纺服行业周报：11月我国纺服出口同增6.8%，关注政策提振内需消费

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The textile and apparel industry is experiencing a weak recovery in consumer sentiment, supported by policies aimed at boosting domestic demand. The outdoor economy is driving high demand for sportswear, suggesting a focus on high-certainty opportunities and high-growth segments [1] - In the apparel sector, sales of warm clothing are strong, with Bosideng opening new concept stores. The search volume for warm clothing has exceeded 20 million recently, indicating a significant consumer interest [1] - The sportswear sector is expected to maintain high growth due to the ongoing vitality in outdoor consumption and government support for the sports industry [1] - The textile manufacturing sector is projected to grow long-term due to overseas manufacturing, market share increases, and enhanced core competitiveness [1] Summary by Sections Textile and Apparel - In the week of December 9-13, 2024, the A-share SW textile and apparel index rose by 4.23%, outperforming the Shanghai Composite Index, which fell by 0.36% [1] - The textile and apparel export value for November was $25.17 billion, a year-on-year increase of 6.8%, with textile exports at $12.16 billion (+9.6%) and apparel exports at $13.02 billion (+4.3%) [1] Light Industry - The light industry is benefiting from a recovery in real estate and the implementation of policies promoting consumption, particularly in home goods. Retail sales in the furniture and sanitary ware sectors grew by 16.8% and 12.5% respectively from January to November 2024 [4] - The home goods sector is expected to see continued demand growth due to government policies aimed at boosting consumption [4] Export Chain - The light industry export chain, including products like insulated cups and office furniture, is expected to benefit from the U.S. interest rate cuts and ongoing overseas replenishment demand. Furniture exports increased by 7.5% year-on-year in the first eleven months of 2024 [6] Recommendations - Suggested companies to focus on in the textile and apparel sector include Weixing Co., Huali Group, Baoxini, and Bosideng. In the light industry, recommended companies include Oppein Home, Zhijia Home, and Sun Paper [9]