纺织服装行业周报：2025年度策略发布，看好品牌主线行情

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market performance [124]. Core Insights - The report highlights a slow recovery in the apparel sector, with November retail sales of clothing and textiles in China at 148 billion yuan, down 4.5% year-on-year. However, the cumulative sales for October and November reached 282.7 billion yuan, showing a 1.1% year-on-year growth, aligning with the expected gradual recovery driven by policy support [2][20]. - The report anticipates a new consumption bull market driven by policies aimed at expanding domestic demand, with a focus on seven new consumption trends: ice and snow sports, IP, pets, silver-haired economy, self-care, experiential consumption, and AI applications [3]. - The textile and apparel sector underperformed the market recently, with the SW textile and apparel index dropping 3.2% from December 16 to 20, lagging behind the SW All A index by 2.1 percentage points [5][18]. Summary by Sections Apparel Sector - November retail sales in the apparel sector were weak due to delayed winter temperatures and early e-commerce promotions, but the cumulative performance for October and November met expectations, indicating a slow recovery [2][20]. - The report notes that the apparel and textile retail sales from January to November totaled 1.3073 trillion yuan, with a slight year-on-year increase of 0.4% [15]. Textile Manufacturing - The textile manufacturing sector is expected to see a narrowing of performance growth in Q4 2024 due to high base effects from the previous year, but the long-term growth trend for large textile enterprises remains intact [21]. - The report emphasizes the resilience of global demand for sports apparel and the ongoing shift in textile manufacturing capacity, which is expected to enhance supply chain concentration [32]. Cross-Border E-commerce - The cross-border e-commerce sector is experiencing a peak sales season, with platforms and merchants actively participating. Notably, Dunhuang.com reported that nearly half of its top merchants achieved a doubling of GMV during the Black Friday promotions [8]. - The report suggests focusing on companies with strong operational capabilities and improving brand strength, recommending stocks such as Anker Innovations, Saiwei Times, and Huakai Yibai [8]. Key Recommendations - The report recommends several companies based on their market positioning and growth potential, including domestic brands like Baoshiniao, Biyinlefen, and Luolai Life, as well as outdoor sports brands like Anta Sports and Bosideng [17][48].