轻工纺服行业：关注服装面辅料制造订单表现

Investment Rating - The industry investment rating is "Outperform the Market" [27] Core Viewpoints - Based on the recovery logic of discretionary consumption, apparel manufacturing and export-related companies are expected to encounter opportunities, while apparel and home furnishing companies going abroad may continue to benefit from favorable conditions [2] - The report suggests a two-pronged investment strategy: - Top-down approach focusing on leading companies in niche markets with improved market share and valuation [2] - Bottom-up approach emphasizing companies with strong earnings certainty and high dividend yields [2] Summary by Sections Industry Performance - The textile and apparel sector increased by 4.23% last week, while the light industry sector rose by 3.61%, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.01% [4] Key Companies in Apparel Manufacturing - Shenzhou International: The largest vertically integrated garment manufacturer globally, expected to maintain a high share of core customer orders due to the concentration of international clients [12] - Huali Group: A leading manufacturer of sports and leisure footwear, anticipated to see a recovery in order volume as major clients reduce inventory [12] - Fuchun Dyeing and Weaving: A top global sock yarn manufacturer, benefiting from a production model that ensures cost control and stable delivery times [12] - Jiansheng Group: A leading manufacturer of cotton socks and seamless sportswear, expected to improve order volume and profit margins as production capacity utilization increases [12] Key Companies in Apparel Brands - Bosideng: A leading domestic down jacket brand, focusing on product iteration and store efficiency to drive sustainable growth [15] - Hailan Home: A major men's clothing brand with strong performance in both online and offline channels, expected to stabilize its growth [15] - Baoxiniao: A mid-to-high-end men's clothing brand with a well-established brand matrix, anticipated to see growth through improved store efficiency and expansion [15] - Fuanna: A leading home textile company, increasing its offline store openings to boost performance [16]