轻工纺服行业：持续关注近期服装零售流水表现

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [11][9]. Core Viewpoints - The report emphasizes that the apparel manufacturing and export-related enterprises are expected to benefit from the recovery of consumer spending, with a focus on companies with strong market share and valuation advantages [12][18]. - Key companies to watch include Shenzhou International, Bosideng, and Anta Sports, which are positioned to capitalize on market opportunities [12][24][27]. Summary by Sections Apparel Manufacturing - Shenzhou International is highlighted as the largest vertically integrated garment manufacturer globally, with strong order recovery from core clients expected to boost performance [24]. - Huayi Group is noted for its advantages in production efficiency and cost control, with anticipated order growth as client inventory levels normalize [30]. - Jian Sheng Group is recognized for its strong position in cotton socks and seamless sportswear, with improving order volumes expected as inventory levels decrease [31]. Apparel Brands - Bosideng is identified as a leading down jacket brand, with ongoing product upgrades and a focus on operational efficiency expected to drive sustainable growth [27]. - Hai Lan Home, a major men's apparel brand, is performing well across both online and offline channels, with a stable growth outlook [34]. Home Textiles - Fuanna, a leading home textile company, is expanding its offline store presence, which is expected to enhance overall performance [28]. - The report also mentions the defensive attributes of Fuanna due to its low valuation and high dividend yield [28]. Key Financial Metrics - The report includes a valuation table for key companies, showing metrics such as P/E ratios and dividend yields, indicating the financial health and market expectations for these companies [4][41].