纺织服装行业周报：全球纺织业“抢出口”，12月出口增速做强

Investment Rating - The textile and apparel industry is rated positively, with a focus on recovery and growth opportunities in the coming quarters [2]. Core Insights - The textile and apparel sector has shown signs of recovery, particularly in exports, with December 2024 textile and apparel exports reaching $28.07 billion, a year-on-year increase of 11.1% [4][24]. - Retail sales in December 2024 for clothing, shoes, and textiles totaled 162.9 billion yuan, reflecting a slight decline of 0.3% year-on-year, but the rate of decline has narrowed compared to previous months [4][23]. - The report highlights a positive outlook for brands in the apparel sector, driven by improved consumer sentiment and supportive policies as the Spring Festival approaches [4][9]. Summary by Sections Industry Performance - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 3.2%, lagging behind the SW All A index by 0.4 percentage points [5]. - The SW apparel and home textiles index also increased by 3.2%, while the SW textile manufacturing index rose by 3.4%, outperforming the SW All A index by 0.2 percentage points [5]. Recent Industry Data - In December 2024, the total retail sales of clothing, shoes, and textiles were 162.9 billion yuan, down 0.3% year-on-year, but the decline was less severe than in November [4][23]. - The textile industry saw a significant increase in exports, with December 2024 textile exports reaching $28.07 billion, up 11.1% year-on-year, and cumulative exports for 2024 totaling $301.1 billion, a 2.8% increase [4][24]. Company Highlights - 361 Degrees reported a 10% increase in offline sales for its main brand and a 30-35% increase in e-commerce sales for Q4 2024, indicating a positive sales trend as the Spring Festival approaches [4][9]. - Amer Sports projected a revenue growth of 16-17% for 2024, with an adjusted operating profit margin expected to be in the range of 10.5-11% [4][22]. Investment Recommendations - The report recommends focusing on domestic brands such as Baoshini, Bi Yin Le Fen, and Hai Lan Home, as well as outdoor sports brands like Anta Sports and TBO [4][9]. - For textile manufacturing, companies like Huali Group and Yu Yuan Group are highlighted as potential investment opportunities [4][10].