纺织服饰25W4周观点：春节出游增加有望提振节日消费，关注冰雪经济催化

Investment Rating - The textile and apparel industry is rated as "Outperforming the Market" [8] Core Insights - Increased travel during the Spring Festival is expected to boost holiday consumption, with a focus on the ice and snow economy as a catalyst [2][13] - During the 2025 Spring Festival travel period (January 14 to February 22), the total inter-regional mobility is projected to reach 9 billion trips, a year-on-year increase of approximately 7% compared to 2024 [3][13] - The travel structure indicates that self-driving trips will dominate, expected to reach 7.2 billion trips, accounting for about 80% of total mobility [3][14] - The demand for high-quality travel experiences is increasing, with a notable rise in ice and snow tourism, particularly among southern tourists [15] Summary by Sections Investment Suggestions - Under policy support, domestic demand is expected to recover, with recommendations to focus on: 1. Major appliances benefiting from trade-in programs, including Midea Group, Haier Smart Home, Gree Electric, Hisense Home Appliances, TCL Electronics, and Hisense Visual [5][21] 2. The pet industry as a resilient sector, with attention to companies like Guibao Pet, Zhongchong Co., and Petty Co. [5][21] 3. Small appliances and branded apparel facing significant impacts from weak consumption, with potential recovery next year, focusing on leading small appliance brands like Bear Electric, Feike Electric, Supor, and New Treasure, as well as apparel leaders like Anta Sports, Li Ning, 361 Degrees, Bosideng, Baoxini, and Hailan Home [5][21] 4. Electric two-wheelers expected to improve in domestic sales, with recommendations for leading companies like Yadi Holdings, Aima Technology, and Ninebot [5][21] Market Data - The textile and apparel sector saw a weekly increase of 0.75%, with textile manufacturing up 0.1% and apparel/home textiles up 1.4% [4][27] - The current price of 328-grade cotton is 14,722 yuan/ton, down 0.39%, while the Cotlook A price is 77.90 cents/pound, up 0.84% [27] Company Valuations - Key companies in the textile and apparel sector include: 1. Hailan Home with a market value of 41.3 billion yuan, showing a weekly increase of 10.7% [33] 2. Anta Sports with a market value of 230.1 billion yuan, with a 4.4% weekly increase [33] 3. Li Ning with a market value of 40.9 billion yuan, with a 3.1% weekly increase [33]