社零数据点评：12月国内社零同比增长3.7%，11月消费者信心指数环比回落

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1]. Core Viewpoints - The textile and apparel industry has shown a weak recovery in the domestic consumption market, with a slight improvement in consumer confidence index [8]. - The overall retail sales in December 2024 reached 4.52 trillion yuan, a year-on-year increase of 3.7%, which is better than market expectations [4]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.5% in physical goods online retail [5]. Summary by Sections Market Performance - In December 2024, the retail sales of consumer goods increased by 3.7% year-on-year, with food and beverage sales growing by 2.7% and commodity retail by 3.9% [4]. - The consumer confidence index in November 2024 was 86.2, showing a slight decline of 0.7 [4]. Category Analysis - In December 2024, the textile and apparel sector saw a year-on-year decline of 0.3%, but the decline narrowed by 4.2 percentage points [6]. - The sports and entertainment goods category experienced a year-on-year growth of 16.7%, with an increase of 13.2 percentage points compared to the previous month [6]. Investment Recommendations - For the textile manufacturing sector, the report suggests focusing on three investment lines: 1. International sportswear brands with reduced inventory pressure, recommending companies like Yuanyuan Group and Shenzhou International [7]. 2. Companies like Weixing Co., which are expected to benefit from production capacity in Vietnam, and Huali Group, which is expanding its customer base [7]. 3. Companies like Zhejiang Natural and Nanshan Zhishang, which are expanding into new product categories [7]. - In the brand apparel sector, the report recommends focusing on high-demand outdoor sports brands such as Anta Sports and 361 Degrees, as well as home textile leaders like Shuixing Home Textiles and children's clothing leaders like Semir Clothing [8]. - In the gold and jewelry sector, the report highlights the potential recovery in wedding demand in 2025, recommending companies like Zhou Dazheng and Lao Fengxiang [8].