纺织服饰行业2025年度投资策略：关注新局势下的内外需变化，静待消费需求修复

Investment Rating - The industry investment rating is optimistic (first-time) [1] Core Viewpoints - The report emphasizes the changes in domestic and foreign demand under new circumstances, awaiting the recovery of consumer demand [2] - The textile and apparel industry is expected to see growth opportunities in 2025, particularly in sports apparel and textile manufacturing [4][5] Summary by Sections 1. 2024 Industry Development Review - Brand apparel faced uncertainties due to objective factors affecting industry development [3] - Textile manufacturing saw improved performance for enterprises due to external demand [3] - In November 2024, China's social retail sales showed a year-on-year increase of 3.0%, with a cumulative increase of 3.5% from January to November [11] - The SW textile and apparel index closed at 1496.48 points on December 30, 2024, showing an upward trend in Q4 after a volatile Q2 and Q3 [19] 2. 2025 Industry Opportunity Analysis - The sports apparel market in emerging markets still has room for growth, with China's outdoor industry providing opportunities [4] - The running market in China is expanding, with market share concentrating among leading brands [4] - Textile manufacturing is seeing a concentration of orders towards leading manufacturers [4] 3. Key Coverage Targets - Anta Sports has a solid fundamental outlook with a projected PE of 16.1X for 2025 [5] - Li Ning is considered undervalued with a projected PE of 12.2X for 2025 [5] - The report highlights the strong performance of leading brands and the concentration of market share towards top players in the industry [58]