纺织服饰行业周报：12月纺服出口同比+11.4%，25年看好内外需求共振

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [4] Core Viewpoints - The textile and apparel industry is expected to see a weak recovery in overall consumption, supported by policies aimed at boosting domestic demand and increasing consumer confidence. The outdoor economy is driving high demand for sportswear, suggesting a focus on high-certainty opportunities and high-growth segments [2][8] - The sportswear segment is highlighted as a significant contributor to economic growth, with brands like 361 Degrees reporting a 10% increase in retail sales for their main brand and a 30%-35% increase in e-commerce sales [2] - The textile manufacturing sector is projected to grow due to overseas expansion, market share increases, and enhanced core competitiveness. In December, textile and apparel exports rose by 11.4% year-on-year, with textiles and clothing exports increasing by 17.4% and 6.6%, respectively [4][8] Summary by Sections Textile and Apparel - The A-share SW textile and apparel index rose by 3.16% during the week of January 13-17, 2025, outperforming the Shanghai Composite Index [1] - The overall retail sales of clothing and textiles in China for 2024 are expected to stabilize, with a total retail sales figure of 48.79 trillion yuan, reflecting a year-on-year increase of 3.5% [4] Sportswear - The sportswear segment is experiencing high growth, with 361 Degrees reporting a 10% increase in retail sales and a 30%-35% increase in e-commerce sales during FY2024Q4 [2] - The brand is expanding its product applications and successfully launching new products, enhancing its market presence through sponsorships and marketing activities [2] Brand Apparel - Bosideng has implemented an equity incentive plan, granting stock options and shares to senior management, which is expected to boost sales performance during the festive season [3] - The report suggests focusing on leading brands such as Bosideng, Hailan Home, and others for potential investment opportunities [3] Textile Manufacturing - The report emphasizes the long-term growth logic of textile manufacturing driven by overseas expansion and increased market share, recommending companies like Huali Group and Weixing Co. [4] - In 2024, China's textile and apparel export value is projected to reach $301.1 billion, with a year-on-year increase of 2.8% [4] Light Industry - The light industry is expected to benefit from a recovery in real estate and the implementation of policies to stimulate consumption, particularly in the home furnishings sector [8] - Retail sales of furniture in China are projected to grow by 3.6% in 2024, with significant growth in the last quarter of the year [8] Cross-Border E-commerce - The cross-border e-commerce sector is experiencing rapid growth, with a 10.8% increase in imports and exports in 2024, indicating strong potential for future expansion [11] - The report highlights the importance of overseas warehouses and suggests focusing on leading platforms and brands in the cross-border e-commerce space [12][13]