纺织服饰行业周报：年货节有望拉动服饰消费，浙江自然股权激励业绩目标高增

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [7] Core Viewpoints - The upcoming New Year Festival is expected to boost clothing consumption, with various e-commerce platforms launching promotional activities to stimulate demand [2][13] - Zhejiang Natural's stock incentive plan has set ambitious performance targets, indicating strong growth potential for the company [3][14] - The textile and apparel industry is anticipated to enter a recovery phase due to a combination of external demand growth and domestic demand recovery [5][15] Summary by Sections Market Review - During the week of December 30, 2024, to January 3, 2025, the Shanghai and Shenzhen 300 index fell by 5.17%, while the textile and apparel sector declined by 4.09%, outperforming the index by 1.08 percentage points [1][17] - The three sub-sectors, textile manufacturing, apparel home textiles, and accessories, experienced declines of 5.15%, 3.14%, and 5.08% respectively [22] Key Data - In November, the total retail sales of consumer goods reached 43,763 billion yuan, a year-on-year increase of 3.0%, with clothing, shoes, and textiles declining by 4.5% [4] - The cotton price B index was reported at 14,636.33 yuan/ton, while the international cotton price M index was 78.06 cents/pound, showing slight decreases [4][37] - Textile and apparel exports in November amounted to 25.17 billion USD, a year-on-year increase of 6.8% [4][41] Investment Recommendations - Focus on companies benefiting from outdoor sports trends, such as Anta Sports, Li Ning, and 361 Degrees [5][15] - Consider brands with strong fundamentals and seasonal demand, such as Bosideng [5][15] - Pay attention to high brand loyalty in men's and children's clothing brands like Biyinlefen and Hailan Home [5][15] - Look for textile companies with improving valuations due to government support and real estate expectations, such as Luolai Life and Mercury Home Textile [5][15] - Monitor the recovery of the lingerie sector driven by comfort and self-care trends, including Huijie Co. and Urban Beauty [5][15] - Keep an eye on textile manufacturing leaders with good inventory conditions and quick response capabilities, such as Shenzhou International and Zhejiang Natural [5][15] - Watch for jewelry brands benefiting from self-care and value preservation demands, including Laoputang and Zhou Daxing [5][15]