轻工纺服行业周报：前11月越南纺服出口同比+10.6%，关注促消费扩内需政策催化

Investment Rating - The industry investment rating is "Buy" based on the analysis of the company's fundamentals and valuation expectations, indicating that the stock price is expected to outperform the benchmark index by over 20% within six months [4]. Core Viewpoints - The report highlights the rapid growth of the global e-commerce market, with intensified competition among leading cross-border e-commerce platforms. It suggests focusing on the growth potential of overseas warehouses and leading cross-border e-commerce platforms such as Pinduoduo, SHEIN, and Anker Innovations [1]. - The B2B online export sector is experiencing significant growth, with Alibaba International Station's GMV increasing by 30% year-on-year, driven by enhanced online trading tools and a shift in customer preference towards more stable trade forms [1]. Summary by Sections Cross-Border E-commerce - The report emphasizes the growth potential of overseas warehouses and leading platforms in the cross-border e-commerce sector, recommending attention to companies like Pinduoduo and SHEIN [1]. - B2B online exports are on the rise, with Alibaba International Station reporting a 30% year-on-year increase in GMV, indicating a strong preference for stable trade forms among overseas customers [1]. Textile and Apparel Industry - The textile and apparel industry is expected to benefit from a weak recovery in the overall consumption environment, with policies aimed at boosting domestic demand and a surge in outdoor apparel sales [7]. - The report suggests focusing on domestic brands that are ramping up marketing efforts during the holiday season, with specific recommendations for brands like Bosideng and Joybird [7]. Textile Manufacturing - The long-term growth logic for textile manufacturing is driven by overseas expansion, market share increase, and enhanced core competitiveness, with recommendations for companies like Huali Group and Weixing Co [8]. - Vietnam's textile exports increased by 10.6% year-on-year, supported by China's stable foreign trade policies [8][9]. Paper and Packaging - The report notes a continuous rise in corrugated paper prices, with significant mergers and acquisitions occurring in the paper industry, indicating a trend towards increased market concentration [10]. - Recommendations include leading companies like Sun Paper and Huawang Technology, which are expected to benefit from increased production capacity and efficiency [10]. Light Industry - The light industry is seeing improved expectations due to a recovery in real estate and the implementation of policies to stimulate consumption, particularly in the home goods sector [20]. - The report highlights a significant increase in retail sales for furniture and sanitary ware, with recommendations for leading companies like Oppein and Zhijia [20]. Export Chain - The report anticipates that the U.S. interest rate cuts will benefit the light industry export chain, particularly for products like insulated cups and office furniture [21]. - Recommendations include companies like Jiangxin Home and Jia Yi Co, which are expected to capitalize on the increased demand for imported goods [21]. Recommendations - Suggested companies to watch include those in the textile and apparel sector such as Weixing Co, Huali Group, and Bosideng, as well as light industry leaders like Oppein and Sun Paper [22].