纺织服装：社零数据点评：11月国内社零同比增长3.0%，10月消费者信心指数止跌回升

Investment Rating - The textile and apparel industry is rated as "in line with the market" [7][10]. Core Insights - In November 2024, domestic retail sales (social zero) grew by 3.0% year-on-year, with a slight decline of 1.8 percentage points month-on-month, which was below market expectations [1][3]. - The consumer confidence index for October 2024 was 86.9, showing a month-on-month increase of 1.20, ending a continuous decline since April 2024 [1][3]. - The textile and apparel sector saw a year-on-year decline of 4.5% in retail sales for November 2024, indicating a shift from positive to negative growth [2][10]. Summary by Relevant Sections Market Performance - In November 2024, the total retail sales reached 4.38 trillion yuan, with a year-on-year growth of 3.0% [1]. - The retail sales growth for the textile and apparel sector from January to November 2024 was -0.2% [2]. Online vs. Offline Channels - Online retail sales of physical goods grew by 6.8% year-on-year, outperforming overall retail sales [2]. - In the offline channel, convenience stores, specialty stores, and supermarkets saw year-on-year growth of 4.4%, 4.0%, and 2.6%, respectively, while department stores and brand specialty stores experienced declines of 2.9% and 0.7% [2]. Consumer Behavior - The growth rate of optional consumer goods declined after the "Double Eleven" shopping festival, while sports and entertainment goods showed resilience with a year-on-year growth of 10.5% from January to November 2024 [9][10]. - The demand for sports apparel remains strong, with recommendations for brands like Anta Sports and 361 Degrees due to their robust retail performance [9][10]. Recommendations - For the textile manufacturing sector, companies like Huayi Group and Yuyuan Group are recommended due to their growth potential and stable profit margins [9]. - In the brand apparel sector, companies such as Anta Sports and Bosideng are highlighted for their strong market positions and operational stability [9][10].