纺织服饰12月社零数据点评：12月社零同比+3.7%，政策支持品类表现亮眼，化妆品、服饰类零售数据回升

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Viewpoints - In December 2024, the year-on-year growth of social retail sales was 3.7%, with a month-on-month increase of 0.7 percentage points. The total retail sales of consumer goods reached 45,172 billion yuan, exceeding the consensus expectation of 3.49% [2] - The online consumption showed resilience, with physical goods online retail sales amounting to 12,757 billion yuan, accounting for 28.2% of total retail sales. Offline retail sales reached 32,415 billion yuan, making up 71.8% [3] - The sales of essential consumer goods such as tobacco, alcohol, and food maintained growth, with year-on-year increases of 10.4% and 9.9% respectively. The sales of optional consumer goods like home appliances and audio-visual equipment saw significant increases of 39.3% and 14.0% respectively [4] Summary by Sections Retail Sales Performance - December's social retail sales showed a good growth trend due to various consumption promotion policies and holiday shopping events, with a total of 45,172 billion yuan, a 3.7% increase year-on-year [2] - The online retail sales for the year reached 155,225 billion yuan, a 7.2% increase from the previous year, with physical goods online retail sales growing by 6.5% [3] Category Performance - The sales of cosmetics and clothing showed recovery, with cosmetics growing by 0.8% year-on-year and clothing decreasing by 0.3%. The month-on-month growth for cosmetics and clothing was 27.2 percentage points and 4.2 percentage points respectively [4] - The performance of optional consumer goods is still under pressure, with overall retail sales for cosmetics and clothing remaining stable compared to 2023 [4] Investment Recommendations - Focus on companies benefiting from sports events and social trends in sports apparel: Anta Sports, Li Ning, Xtep International, 361 Degrees, Sanfu Outdoor [5] - Pay attention to textile manufacturing leaders with good inventory conditions and quick response capabilities: Shenzhou International, Baolong Oriental, Huali Group, Xin'ao Co., Zhejiang Natural [5] - Consider home textile companies benefiting from consumption subsidies and improved real estate expectations: Luolai Life, Mercury Home Textile, Fuanna [5] - Look into the cosmetics sector benefiting from the "beauty economy" and the rise of domestic brands: Proya, Shiseido, Giant Biological [5]