纺织服装行业双周报（2412期）：11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 [1][4]. Core Views - The textile and apparel sector has shown strong performance in the A-share market since December, with brand apparel outperforming textile manufacturing due to previously low valuations and improved consumer sentiment following stimulus measures [1][4]. - In November, the cumulative year-on-year growth of retail sales for clothing was 0.4%, showing an improvement from 0.2% at the end of September, despite a 4.5% decline in November due to pre-emptive consumption and the timing of the Double Eleven shopping festival [1][11]. - The report highlights the potential benefits of recent consumer subsidy policies, particularly in the home textile and children's clothing segments, with subsidies extending from offline to online platforms [1][4]. Summary by Sections Market Review - The A-share textile and apparel sector has seen significant gains, with key companies like DIZO Fashion and Stable Medical rising by 24% since December [1]. - In the Hong Kong market, companies such as TBO and Xtep International have also performed well, with stock price increases of 18% and 11%, respectively [1]. Brand Apparel Insights - The report notes that the retail sales of clothing in November were impacted by the timing of promotional events, but the overall growth for October and November combined is expected to be better than the third quarter [1][11]. - Key brands such as KOLONSPORT and Salomon have shown impressive growth rates exceeding 50% [1]. Textile Manufacturing Insights - Vietnam's textile and footwear exports maintained high growth rates in November, with increases of 17.4% and 19.9%, respectively, while China's textile exports grew by 9.3% [1][65]. - The report indicates that the domestic textile manufacturing sector remains stable, with a slight increase in the operating rate of weaving machines in the Shengze area [1][66]. Investment Recommendations - The report suggests focusing on brands with strong market positions and growth potential, recommending companies like Anta Sports, Li Ning, and Stable Medical [1][2]. - For textile manufacturing, it advises looking for valuation correction opportunities in established companies with overseas production capabilities, highlighting Shenzhou International and Huayi Group as key recommendations [1][2].