纺织服饰行业周报：Nike聚焦运动核心，纺织出口延续稳健

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [9] Core Insights - Nike is focusing on brand rejuvenation and core sports categories, with FY25Q2 revenue at $12.4 billion, a year-on-year decline of 9% [2][18] - The textile and apparel sector is expected to enter a recovery phase driven by external demand growth and internal demand recovery [21] Summary by Sections 1. Key Insights - In November, the total retail sales of consumer goods reached 43,763 billion yuan, a year-on-year increase of 3.0%, with notable growth in home appliances and furniture categories [6][17] - Nike's direct sales fell by 14% year-on-year, primarily due to a 21% decline in digital sales [2][18] 2. Industry Dynamics - The textile and apparel sector saw a cumulative export of$ 273.06 billion from January to November 2024, reflecting a 2.0% increase [7][19] - The textile and apparel exports in November amounted to $25.17 billion, a year-on-year increase of 6.8% [7][19] 3. Industry Tracking - The report indicates that the textile and apparel sector is experiencing a recovery, with a focus on outdoor sports and social trends benefiting domestic brands like Anta and Li Ning [21] - The cotton price index shows a slight decline, with domestic cotton prices at 14,628.59 yuan/ton as of December 20 [51]