中央经济工作会议纺织服饰行业点评：明确扩内需，服饰消费有望迎拐点

Investment Rating - The textile and apparel industry maintains a "Neutral" rating [5] Core Insights - The Central Economic Work Conference has emphasized expanding domestic demand and boosting consumption as key policy focuses for 2025, aiming to enhance overall consumption capacity and efficiency [2] - The apparel sector has shown weaker consumption compared to overall retail but is expected to exhibit stronger elasticity in response to policy support, indicating a potential turning point in 2025 [2] - Demand in the home textile sector has improved due to subsidy policies, with significant sales growth reported by participating companies [3] Summary by Sections Policy Impact - The government is implementing measures to boost consumption, including increasing pensions and promoting diverse consumption scenarios [2] - The apparel industry has historically lagged behind overall retail growth but is expected to benefit from upcoming policy initiatives [2] Demand Recovery - Home textile subsidies have led to notable sales increases, with specific companies reporting year-on-year growth of 39% to 71% [3] - The demand for sportswear, mid-to-high-end menswear, and home textiles is anticipated to improve due to supportive policies [3] Investment Recommendations - Companies to watch include: - Apparel: Baoxiniao, Bi Yin Le Fen, Bosideng, Hailan Home, Semir Apparel [4] - Sportswear: Anta Sports, Xtep International, Li Ning, 361 Degrees [4] - Home Textiles: Luolai Life, Mercury Home Textiles, Fuanna [4] - Quality textile leaders with international capacity: Huali Group, Weixing Shares, Kairun Shares, Shenzhou International, Jian Sheng Group, Xin'ao Shares [4]