纺织服饰11月社零数据点评：11月社零同比+3.0%，以旧换新相关品类表现亮眼，化妆品、服饰类双月数据保持增长

Investment Rating - The industry investment rating is "Maintain Overweight" [9] Core Viewpoints - In November 2024, the year-on-year growth of social retail sales was 3.0%, with a month-on-month decline of 1.8 percentage points. The total retail sales reached 43,763 billion yuan, which was lower than the expected 5.30% growth. Excluding automobiles, retail sales grew by 2.5%, indicating a general recovery in market sales [4][5] - Online consumption continues to grow, with online retail sales accounting for 33.7% of total retail sales in November. The online retail sales of physical goods reached 14,729 billion yuan, showing a year-on-year growth of 7.4% [5] - The sales of products related to the "old-for-new" policy performed well, with cosmetics and clothing categories showing growth when combining data from October and November [6] Summary by Sections Retail Sales Performance - The total retail sales in November 2024 were 43,763 billion yuan, with a year-on-year growth of 3.0%, lower than the expected 5.30% [4] - The average growth rate for total retail sales in October and November was 3.9%, indicating an acceleration compared to the third quarter [4] Online vs. Offline Sales - Online retail sales of physical goods reached 14,729 billion yuan in November, accounting for 33.7% of total retail sales [5] - Offline retail sales totaled 29,034 billion yuan, with a year-on-year growth of 1.7% [5] Category Performance - Essential consumer goods such as grain and oil maintained a year-on-year growth of 10.1% in November [6] - The "old-for-new" policy significantly boosted sales in home appliances and furniture, with respective year-on-year growth of 22.2% and 10.5% [6] Investment Recommendations - Focus on domestic sportswear companies benefiting from sports events and social trends: Anta Sports, Li Ning, Xtep International, 361 Degrees [7] - Textile manufacturing leaders with improved inventory and quick response capabilities: Shenzhou International, Bailing Oriental, Huali Group, New Australia [7] - Home textile companies benefiting from consumption subsidies and improved real estate expectations: Luolai Life, Mercury Home Textiles, Fuanna [7] - Cosmetics companies benefiting from the "beauty economy" and the rise of domestic brands: Proya, Shiseido, Giant Biological [7]