纺织品和服装行业周报：微信礼物预计拉动鞋服动销，耐克FY25Q2业绩好于预期

Investment Rating - The report maintains a positive outlook on the apparel retail sector, suggesting that it is expected to gradually improve as the sales peak season approaches and consumer policies stimulate spending [1][36]. Core Insights - The introduction of the "gift-giving" feature on WeChat is anticipated to boost sales in the footwear and apparel sectors, leveraging social attributes to enhance consumer engagement and reduce marketing costs [1][35]. - Nike's FY25Q2 performance exceeded expectations with revenues of $12.35 billion, a decline of 7.7% year-over-year, but better than the anticipated 9.1% drop, indicating resilience in the brand despite challenges [1][31][59]. - Apparel retail sales saw a year-over-year decline of 4.5% in November, but improved in December due to lower temperatures, suggesting potential recovery in the sector [1][83]. Summary by Sections WeChat Gift Feature - The "gift-giving" function on WeChat is expected to significantly benefit the footwear and apparel categories, allowing users to select sizes and colors while maintaining privacy [1][35]. - Major brands such as Li Ning, Anta, and others have already set up WeChat stores, which will likely enhance retail performance during holiday seasons [1][35]. Nike's Performance - Nike's FY25Q2 revenue was $12.35 billion, with a 7.7% decline compared to the previous year, outperforming market expectations [1][31][59]. - Direct-to-Consumer (DTC) revenue fell by 13%, while wholesale revenue decreased by 3%, indicating challenges in both channels [1][31]. - The company aims to focus on inventory reduction and improving supplier and channel performance moving forward [1][31]. Apparel Retail Trends - November apparel retail sales dropped by 4.5% year-over-year, but December showed signs of recovery due to colder weather [1][83]. - The report suggests optimism for the apparel retail sector, highlighting its elasticity and potential for growth [1][83]. Investment Recommendations - The report recommends leading brands in the apparel sector such as Li Ning and HLA, suggesting they are well-positioned for recovery as consumer spending increases [1][36]. - For the manufacturing sector, companies like Huali Group are highlighted for their resilience and ability to capture market share amid external uncertainties [1][36]. Market Overview - The textile and apparel sector experienced a decline of 3.17% in the last week, with notable movements among individual stocks [1][90]. - The report notes that the overall market sentiment may be influenced by external factors such as potential tariff increases [1][36].