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Investment Rating - The industry rating is "Recommended" [8] Core Insights - The report highlights that Kai Run Co. expects a revenue of 4.1-4.3 billion yuan for 2024, with a net profit of 370-420 million yuan, indicating a year-on-year growth of 32-38% and 220-263% respectively, which aligns with market expectations [2][17] - Zhejiang Natural anticipates a net profit of 174-214 million yuan for 2024, with a significant year-on-year growth of 33.12%-63.73% [3][17] - The introduction of the "Gift" feature by WeChat Shop is expected to enhance e-commerce engagement during the Spring Festival, with various textile and apparel companies participating [4][18] Summary by Sections 1. Weekly Insights - Kai Run Co. and Zhejiang Natural both reported optimistic earnings forecasts for 2024, with significant growth expected in their respective sectors [2][3][17] 2. Market Review - The SW textile and apparel sector increased by 1.04%, outperforming the Shanghai Composite Index by 0.71% [20] - The top-performing stocks included Cooltech Smart, which surged by 34.47%, while Aimer Holdings saw a decline of 21.14% [20][24][25] 3. Industry Data Tracking 3.1 Raw Material Data - The cotton price index in China was reported at 14,707 yuan/ton, with a slight decrease of 0.02% year-to-date [10][34] - The USDA forecasts a 5.9% increase in global cotton production for the 2024/2025 season [47] 3.2 Export Data - Textile and apparel exports in December 2024 grew by 11.4% year-on-year, with total exports for the year reaching 301.1 billion USD, a 2.8% increase [51][52] 3.3 Consumer Data - Online sales in the apparel sector reached 53.511 billion yuan in December 2024, reflecting a year-on-year decline of 3.47% [86] - The Douyin platform saw significant growth in sports categories, with sales of sports bags and shoes increasing by 217.2% and 72.9% respectively [63][67] 4. Industry News - New Balance reported record sales of 7.8 billion USD for 2024, marking a 20% increase [128] - Adidas plans to lay off approximately 500 employees at its German headquarters to streamline operations [129] 5. Investment Recommendations - The report recommends growth-oriented stocks in the manufacturing sector, such as Zhejiang Natural and Kai Run Co., due to their expected recovery and new growth points [5][19] - In the apparel sector, companies like Bosideng and Hazzys are highlighted for their potential despite facing high baseline pressures in Q1 [5][19]