纺织服装行业周报：业绩预告巨大分化，坚定内需回升是重要线索

Investment Rating - The textile and apparel industry is rated positively, with a focus on the recovery of domestic demand as a key indicator for future performance [2]. Core Insights - The report highlights a significant divergence in performance among brands, with outdoor sports brands showing strong growth while women's apparel brands are generally underperforming [4][7]. - The textile sector is experiencing a "rush to export" phenomenon, particularly noted in December, with a year-on-year export growth of 11.4% [8]. - The report emphasizes that the recovery of domestic demand is a crucial mid-term indicator, with expectations for improved performance in 2025 [4][8]. Summary by Sections Industry Performance - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 0.7%, lagging behind the SW All A index by 0.1 percentage points [4][5]. - The SW apparel and home textiles index increased by 1.4%, outperforming the SW All A index by 0.5 percentage points, while the SW textile manufacturing index rose by only 0.1% [4][5]. Recent Industry Data - In December, the total retail sales of clothing, shoes, and textiles amounted to 162.9 billion yuan, a year-on-year decline of 0.3%, although the decline was less severe than in November [4][21]. - Textile exports in December reached 28.07 billion USD, marking an 11.1% increase year-on-year, with significant growth in both textile yarns and clothing [4][24]. Brand Performance - Outdoor sports brands, particularly in Hong Kong, reported accelerated growth in Q4 2024, while women's apparel brands faced significant challenges, with notable declines in profits for brands like Taiping Bird and Geli Si [4][7]. - The report identifies three key areas for potential growth in 2025: outdoor sports due to upcoming events, policy support for home textiles and children's clothing, and the recovery of business and social occasions impacting men's and women's apparel [7]. Investment Recommendations - The report recommends focusing on companies with strong international competitiveness in the textile manufacturing sector, as well as brands in the outdoor sports and home textiles segments [4][8]. - Specific companies highlighted for investment include Anta Sports, Bosideng, and various brands in the home textiles and children's clothing sectors [4][8].