纺织服装行业周报：推荐康隆达底部机会及成长性制造公司

Investment Rating - The industry rating is "Recommended" [7] Core Views - The report highlights that the negative impacts on the company, such as penalties, goodwill impairment from lithium salt, and the sale of GGS, have already materialized in 2024, allowing for a potential profit rebound in 2025. The company is expected to leverage its advantages in Vietnam to gain market share amid trade tensions, with production capacity gradually increasing in 2024 and anticipated performance improvements in 2025. Additionally, the recent demand for ultra-high molecular weight polyethylene materials driven by robotics applications is seen as a thematic catalyst [2][16] - The report recommends several companies that are likely to benefit from the current tax increases and have significant overseas exposure, including Zhejiang Natural, Kairun Co., and Jian Sheng Group. It also notes that domestic high-end leisure brands may benefit if American brands like CK and TOMMY HILFIGER exit the Chinese market [3][17] Summary by Sections Industry Data Tracking - As of February 21, 2025, the China Cotton 3128B Index is at 14,965 RMB/ton, up 1.73% year-to-date. The medium import cotton price index is at 13,468 RMB/ton, down 1.01% year-to-date [6][33] - In December 2024, textile and apparel exports reached 28.07 billion USD, a year-on-year increase of 11.4%, with textile exports at 13.13 billion USD (up 17.4%) and apparel exports at 14.93 billion USD (up 6.6%) [49][50] Online Sales Performance - In January 2025, sales of sports categories on Douyin saw significant growth, with sports bags, shoes, and clothing increasing by 160.8%, 49.2%, and 49.0% year-on-year, respectively. Men's clothing outperformed women's clothing in growth [4][62] - On Taobao and Tmall, children's clothing sales increased by 13.93%, while women's clothing saw a slight recovery with a 3.14% increase [5][62] Market Trends - The report notes that the textile and apparel sector's performance is currently lagging behind the broader market indices, with the SW textile and apparel sector up 0.83%, which is lower than the Shanghai Composite Index's increase of 0.97% [18]