纺织服装双周报（2412期）：1月越南和中国纺织品出口快速增长，服装零售增速回落

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel sector [6][11]. Core Insights - In November, Vietnam's textile and footwear exports continued to grow rapidly, while clothing retail growth slowed down. The cumulative year-on-year growth of clothing retail sales from January to November was 0.4%, with a decline of 4.5% in November due to the timing of the Double Eleven shopping festival [6][27]. - The report highlights that the retail environment is improving, supported by recent consumer confidence boosts and government consumption subsidy policies. Key brands such as Anta Sports and Li Ning are recommended due to their strong brand power and growth potential [6][87]. - The textile manufacturing sector remains robust, with a notable increase in exports from Vietnam and China. The report suggests focusing on companies with strong overseas production capabilities and those that can benefit from valuation corrections [6][87]. Summary by Sections Market Review - The textile and apparel sector has seen significant stock price increases in the A-share market, with brands like Dazzle Fashion and Stable Medical achieving stock price gains of 24% since December [6][25]. - The report notes that the retail sales of clothing in November were impacted by the pre-purchase of Double Eleven promotions, leading to a 4.5% year-on-year decline, but a combined growth of 1.1% for October and November [6][27]. Brand Channel Insights - The report indicates that outdoor apparel maintained a rapid growth rate of 50% in sales, while women's clothing and home textiles also saw double-digit growth during the October-November period across major platforms like Tmall, JD, and Douyin [6][30]. - Key brands such as Nike and Adidas experienced varying sales performances, with Nike showing a year-on-year increase of 23% on Tmall [6][19]. Manufacturing Export Insights - Vietnam's textile and footwear exports grew by 17.4% and 19.9% year-on-year in November, while China's textile exports increased by 9.3% [6][61]. - The report highlights that the textile manufacturing sector in China remains stable, with the Keqiao textile prosperity index showing a year-on-year improvement [6][62]. Investment Recommendations - The report suggests focusing on brands with strong market positions and growth potential, particularly in the sportswear segment, recommending companies like Anta Sports and Li Ning [6][87]. - For textile manufacturing, it advises monitoring companies with established overseas production capabilities, such as Shenzhou International and Huayi Group, as they may present valuation opportunities [6][87].